Nigeria, Africa’s leading oil producer, is facing a significant and persistent issue that is taking a toll on its economy: crude oil theft. The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country lost an estimated 620 million barrels of crude oil valued at $46 billion between 2009 and 2020. This revelation highlights […]

In a positive turn of events, South Africa’s net foreign reserves have experienced a significant boost, reaching an impressive $55.510 billion at the close of October, as revealed by the latest central bank data. This surge is a notable increase from the $54.980 billion recorded in September, reflecting the nation’s strengthening financial position in the […]

In a historic announcement made at the 23rd Global Summit of the World Travel and Tourism Council (WTTC) in Kigali, Rwandan President Paul Kagame unveiled a bold initiative aimed at fostering regional integration and trade across Africa. Kagame declared that Rwanda would now allow all Africans to enter the country without the need for a […]

South Africa is taking decisive steps to combat its persistent energy deficit, which has been hampering economic growth. Electricity Minister Kgosientsho Ramakgopa announced that the country is expediting plans to generate 3 gigawatts (GW) of power through gas-fired projects, signaling a shift towards cleaner and more reliable energy sources. The ongoing daily power cuts in […]

The United States has reaffirmed its dedication to fostering regional integration in Africa as a critical driver of the continent’s economic growth and prosperity. This commitment was reiterated during a conference focused on the African Growth and Opportunity Act (Agoa) held in Johannesburg. Agoa, a significant trade agreement, allows duty-free access to the U.S. market […]

ABUJA, Nigeria – Nigeria’s government has approved a supplementary budget of 2.176 trillion naira, equivalent to $2.8 billion, in a strategic move aimed at addressing pressing national priorities. The announcement was made by Budget Minister Atiku Bagudu during a press conference held in Abuja. The supplemental budget is a critical step to address pressing issues, […]

Nigeria, Africa’s largest economy, is set to embark on a comprehensive tax reform to simplify its complex tax system and enhance its business-friendly environment. The primary objective is to reduce the multitude of taxes currently in place to fewer than 10, a move aimed at promoting investment and increasing government revenues. The current tax-to-GDP ratio […]

In a significant legal development, Nigeria has emerged victorious in its endeavor to challenge an $11 billion damages bill associated with a defunct gas processing project. This was achieved on the grounds of an alleged campaign of bribery. The dramatic legal saga saw Nigeria facing off against Process & Industrial Developments (P&ID), a British Virgin […]

In a move met with mixed reactions and public protests, Tanzania’s government officially signed a port management agreement with DP World, a Dubai-based logistics giant, on Sunday. The deal, endorsed in the presence of Tanzania’s President, Samia Suluhu Hassan, aims to enhance trade with neighboring landlocked countries and expedite operations at the nation’s largest port, […]

S&P Global Ratings downgraded Egypt’s sovereign credit ratings. Egypt’s long-term foreign and local currency credit ratings have been lowered from “B” to “B-” with a stable outlook. The decision, communicated through an official statement on October 20th, is attributed to persistent delays in implementing essential monetary and structural reforms in the North African nation. The […]