Somalia has successfully secured its place as the eighth member of the East African Community (EAC), signifying a significant advancement in the push for expanded free trade across the region. The announcement came at a summit in Tanzania, where outgoing EAC Chair Evariste Ndayishimiye confirmed Somalia’s admission under the treaty of accession. President Hassan Sheikh […]

Tanzania’s Foreign Direct Investment (FDI) witnessed a significant upswing in Q1 2023, reaching an impressive $1.05 billion. This figure, nearly doubling from the same period last year, indicates a notable economic shift. China emerged as the primary contributor, injecting $614 million into Tanzania’s economy. Singapore, Germany, India, and Mauritius also played substantial roles, contributing $138.9 […]

A recently unveiled World Bank report has cast a sobering light on the economic havoc wreaked by crime in South Africa, estimating an alarming 10% annual drain on the nation’s Gross Domestic Product (GDP). Titled “Safety First: The Economic Cost of Crime in South Africa,” the report goes beyond mere statistics, emphasizing the pressing concern […]

Nigeria and Germany solidified their economic ties with two key agreements at the 10th German-Nigerian Business Forum in Berlin. President Bola Tinubu witnessed the signing, highlighting Nigeria’s stable democracy and attractiveness for foreign investments. The agreements focus on gas export and renewable energy projects, involving Riverside LNG of Nigeria, Johannes Schuetze Energy Import AG of […]

At the G20 Compact with Africa summit in Berlin on November 20, African leaders passionately underscored the critical need for heightened investment. Azali Assoumani, Chair of the African Union (AU), emphasized the internal investment requirements within African nations as “colossal.” While post-pandemic investment from G20 countries has shown a gradual increase, it falls significantly short […]

Heifer International and the Mastercard Foundation are jointly launching the Stimulating Agriculture for Youth Employment (SAYE) project, aiming to extend agribusiness opportunities to over 250,000 young individuals in the Busoga sub-region of Eastern Uganda from 2023 to 2029. Surita Sandosham, President and CEO of Heifer International, states the project’s core objective: “To transform the market […]

Germany is reinforcing its commitment to sustainable development in Southern Africa by providing substantial financial support for renewable energy projects in South Africa and Namibia. The German state-owned development bank KfW will lend R9 billion (approximately $540 million) to facilitate South Africa’s transition to renewable energy. This contribution is part of the broader Just Energy […]

Nigeria faced economic uncertainty as the naira hit a record low against the dollar on Thursday. LSEG data showed a drop from 830 to 1,105 naira to the dollar before recovering slightly to 800 by day’s end. The official exchange rate’s convergence with the parallel market rate over the past two weeks has heightened anxieties […]

Against the backdrop of global economic challenges triggered by the conflict in Ukraine, Egypt’s Finance Minister, Mohamed Maait, and India’s Ambassador to Cairo, Ajit Gupte, engaged in a pivotal discussion to fortify economic cooperation. The primary focus of their meeting was on diversifying trade settlements by exploring the feasibility of utilizing local currencies between Egypt […]

Nigeria is bracing for a significant economic challenge, with KPMG’s latest report projecting a rise in inflation to 30% by the close of 2023. The primary driver behind this concerning forecast is the sustained weakness of the national currency, the naira. In September, inflation reached a two-decade high at 26.72%, setting the stage for heightened […]