Former Minister of Work and Housing, Mr Babatunde Fashola, delved into a pressing concern affecting Nigeria’s economic stability— the absence of a petroleum refinery, which contributes significantly to the nation’s foreign exchange demand, estimated at 30%. Fashola highlighted the far-reaching consequences of Nigeria’s reliance on imports due to the absence of a critical infrastructure like […]

In a significant stride towards enhancing Angola’s energy landscape, Abu Dhabi’s clean energy company, Masdar, has revealed plans to construct a 150-megawatt solar power plant. The project, set to be located in Angola’s Quipungo region, aims to bring electricity to 90,000 homes, aligning with the country’s target to achieve a 60% national electrification rate by […]

In response to growing concerns about potential funding reductions for crucial government initiatives, the South African Reserve Bank (Sarb) has entered into discussions with the National Treasury to explore the utilization of the Gold and Foreign Exchange Contingency Reserve Account. The Institute for Economic Justice, along with economists, academics, and civil society organizations, is advocating […]

Mozambique is embarking on a transformative journey with the approval of an $80 billion energy transition plan, set to reshape its energy landscape until 2050. The comprehensive document, greenlit by Mozambique’s Council of Ministers, reflects a strategic commitment to renewable energy and climate action. Scheduled for official presentation on Dec. 2 at the COP 28 […]

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 […]