In a pivotal step to reform Nigeria’s tax system, the Presidential Fiscal Policy and Tax Reforms Committee has recommended establishing the Nigerian Revenue Service (NRS). This centralized agency aims to replace over 100 federal, state, and municipal collection bodies, streamlining tax administration. President Bola Tinubu appointed Taiwo Oyedele, a partner at PwC Nigeria, to lead […]

 In a significant policy shift, Egypt’s Prime Minister Mostafa Madbouly has announced a 300% increase in the price of subsidized bread, effective in June. This will be the first increase in decades for a staple that two-thirds of the Egyptian population depends on daily. Adjusting to Economic Realities The price hike will see the cost […]

Canal Shipping Agencies (CSAG) has reported an impressive 163.2% increase in net profits for the first nine months of the fiscal year 2023/2024. The company’s profits reached EGP 570.868 million, compared to EGP 216.857 million during the same period last year, according to their latest audited financial statement. Revenues also saw a notable rise, increasing […]

Egypt’s engineering exports have seen a significant increase of 32.3% in the first four months of 2024, reaching $1.673 billion, compared to $1.264 billion during the same period in 2023. This impressive growth highlights the sector’s vital role in the country’s economic landscape. April 2024 was particularly noteworthy, with engineering exports jumping by 50.3% to […]

Egypt’s Minister of International Cooperation, Rania Al-Mashat, and Michele Quaroni, the Italian Ambassador to Cairo, met to review the progress of the Egyptian-Italian debt swap program. Held at the Ministry’s headquarters in the New Administrative Capital, the meeting focused on the program’s third phase, valued at $100 million, which supports a range of development initiatives. […]

Egypt’s Central Bank (CBE) recently concluded its Monetary Policy Committee (MPC) meeting, opting to keep interest rates steady. This decision reflects a measured approach towards stabilizing the nation’s economy amidst ongoing uncertainties. During the meeting held on May 23rd, the CBE announced that both the overnight deposit rate and the overnight lending rate would remain […]

TotalEnergies and its partners have reached a final investment decision (FID) on the $6 billion Kaminho deepwater project in Angola’s Kwanza Basin, marking a significant advancement in the region’s oil industry. The project, located approximately 100km off the coast in 1,700-meter deep waters, involves developing the Cameia and Golfinho fields. The Kaminho project is a […]

By: South Africa’s headline consumer inflation eased for the second consecutive month in April, providing some respite for the nation’s economy. Statistics South Africa reported on Wednesday that the inflation rate declined to 5.2% year-on-year, down slightly from 5.3% in March. On a monthly basis, inflation was recorded at 0.3% in April, a notable decrease […]

 South African telecom leader Vodacom and French telecom giant Orange are in discussions to establish infrastructure partnerships across Africa, aiming to reduce connectivity costs and enhance rural access. According to sources cited by Bloomberg, the potential agreements would involve sharing infrastructure in overlapping markets, including Egypt and Congo. This collaboration seeks to make network rollout […]

The United Nations (UN) has issued a warning that Egypt’s economy could suffer losses of up to $20 billion over the current and next fiscal years (FYs) 2023/2024 and 2024/2025 if the Gaza conflict continues to escalate. This forecast, highlighted in a recent UN study, outlines the significant economic risks posed by the ongoing regional […]