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Impact of Electricity Tariff Hike on Nigerian Manufacturers The recent 250% increase in electricity tariffs imposed on manufacturers in Nigeria is having a crippling effect on the country’s industrial sector. The Manufacturers Association of Nigeria (MAN) has raised alarm over the rising energy costs, particularly for its members in Band A, who are now faced […]

Nigeria’s banking sector has increasingly relied on the Central Bank of Nigeria (CBN) for liquidity support, with banks borrowing $585 million (N930.7 billion) through the CBN’s Standing Lending Facility (SLF) as of October 11, 2024. This borrowing surge reflects growing liquidity pressures faced by financial institutions, as they struggle to meet customer withdrawal demands and […]

In a significant shift for South Africa’s financial and retirement landscape, the South African Revenue Service (SARS) announced that it has paid out 21.4 billion rand ($1.2 billion) in the six weeks following the enactment of the country’s “two-pot” pension reform. This development is poised to provide much-needed financial flexibility for South African workers, while […]

The recent gazetting of the remote work visitor visa and the introduction of a points-based system for work visas marks a significant milestone in South Africa’s immigration policy. This evolution aims to attract skilled and remote workers, offering a pathway to much-needed economic recovery and growth for the nation. These reforms, introduced by Home Affairs […]

The Nigeria Labour Congress (NLC) has issued a stern call for the Nigerian government to urgently reverse the latest increase in petrol prices, marking the third hike in less than a year. The rising cost of fuel continues to compound the economic pressures faced by citizens, igniting further frustration across the country. With inflation and […]

The Bank of Uganda (BoU) has reduced its benchmark Central Bank Rate (CBR) by 0.25% to 9.75%, marking the second rate cut this year. This decision reflects a broader trend of central banks adopting more accommodative monetary policies amid declining inflationary pressures. The move is in line with recent developments seen across global financial markets, […]

On October 6, 2024, South Africa’s Department of Employment and Labour made a significant announcement regarding the expansion of the budget for the Temporary Employer-Employee Relief Scheme (TERS). The budget has been increased from R400 million to R2.4 billion per annum to address the growing economic challenges and prevent layoffs across various industries. The expanded […]

South Africa’s government is set to implement significant visa reforms aimed at stimulating economic growth by attracting skilled workers, tourists, and capital investment. These changes mark a departure from past immigration policies that have been criticized as xenophobic and overly restrictive. Home Affairs Minister Leon Schreiber, who announced the upcoming reforms, emphasized the potential of […]

In April 2024, Zimbabwe introduced a new gold-backed currency, the Zimbabwe Gold (ZiG or ZWG), hoping to stabilize the country’s economy and reign in rampant inflation. The government touted it as a bold move to restore public confidence in the local currency, which had suffered through decades of hyperinflation, devaluation, and dependence on the US […]

South Sudan is facing profound macroeconomic challenges amid a deteriorating political and security landscape. These challenges are compounded by the ongoing conflict in neighboring Sudan, recurrent flooding, and the country’s heavy reliance on oil revenues. As the country struggles with economic instability, the International Monetary Fund (IMF) is assessing the readiness of the South Sudanese […]