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 […]

Johannesburg, South Africa – Inflation in South Africa exhibited a notable uptick in September, primarily propelled by surging food and fuel prices, with transport costs also playing a contributing role. According to data released by Statistics South Africa, headline consumer inflation rose from 4.8% in August to 5.4% year-on-year in September. This has created new […]

The Suez Canal Authority has announced plans to adjust transit fees for different vessel categories, with an upcoming 15% increase for petroleum and natural gas carriers and a 5% rise for dry bulk vessels. These changes are scheduled to take effect in mid-January 2024. In a bid to maintain the Suez Canal’s economic viability, the […]

Nigeria’s annual inflation surged to 26.72% in September, up from 25.8% the previous month, as reported by the country’s Bureau of Statistics today. The primary drivers of this spike were identified as food and non-alcoholic beverages, causing significant financial strain on consumers. The catalyst for this latest inflationary surge can be traced back to President […]