In a significant move towards regional collaboration, Prime Cabinet Secretary and Foreign Affairs Cabinet Secretary of Kenya, Musalia Mudavadi, held talks with Tanzanian Foreign Affairs Minister Dr January Makamba on the sidelines of the Non-Aligned Movement (NAM) Member States Summit. Mudavadi reaffirmed Kenya’s dedication to fostering integration within the East African Community (EAC), emphasizing the […]

In a strategic move to streamline its portfolio and exit onshore oil production in the Niger Delta, Shell has entered into a $2.4 billion agreement to divest its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies. Under the terms of the deal, Shell will […]

In a strategic move, the African Development Bank (AfDB) has announced a pivotal shift in its approach to funding Kenya’s infrastructure projects. Beginning this year and extending through 2028, the bank will streamline its financial support, channeling resources exclusively into transport and water projects, deeming them vital for economic productivity. This recalibration of priorities comes […]

The Suez Canal, a linchpin in global maritime trade, is facing a challenging start to 2024, with revenues witnessing a substantial 40% decline in the first 11 days of the year. Chairman of the Suez Canal Authority (SCA), Osama Rabie, disclosed this alarming figure, shedding light on the canal’s current economic turbulence. A pivotal factor […]

In a pivotal economic juncture, Capital Economics’ recent assessment has spotlighted potential challenges for Egypt as it contemplates expanding its $3 billion loan program with the International Monetary Fund (IMF) to a substantial $6 billion. The implications of this move extend beyond the financial realm, impacting local and international stakeholders who are carefully monitoring for […]

The latest World Bank report on Global Economic Prospects provides a detailed analysis of Sub-Saharan Africa’s economic performance in 2023. The region, while demonstrating commendable resilience, experienced a slight dip in growth, registering 2.9 percent compared to 3.7 percent in 2022. A key highlight is the moderation in growth within the region’s economic powerhouses – […]

In a strategic move to tackle prevailing forex challenges, Nigeria’s Central Bank (CBN) has efficiently disbursed nearly $2 billion over the last three months to settle outstanding foreign exchange forwards. Despite these efforts, the nation grapples with a lingering forex shortage. Facing approximately $7 billion in matured forex forwards, the CBN has prioritized settling these […]

India is set to achieve a substantial 7.3% annual economic growth in the fiscal year ending March 2024, as projected by the National Statistical Office (NSO). This outlook, surpassing forecasts for major global economies, provides a significant political advantage for Prime Minister Narendra Modi in the lead-up to national elections. The NSO, cautioning that these […]

In a positive turn of events, the UN’s Food and Agriculture Organization (FAO) disclosed on Friday that global food prices experienced a substantial decline of 13.7% in 2023, providing relief after the challenges of the preceding year. The FAO’s cereals price index led the downward trend with a 15.4% decrease. This shift was attributed to […]

President Hassan Sheikh Mohamud of Somalia has officially nullified the recent agreement between Ethiopia and the breakaway region of Somaliland. The deal, signed on New Year’s Day, aimed to grant Ethiopia access to the Red Sea in exchange for recognizing Somaliland’s independence. The rejected agreement permitted Ethiopia to lease a strategic 20 km (12 miles) […]