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 […]
Kamau Thugge, the Governor of the Central Bank of Kenya (CBK), has been named Central Bank Governor of the Year by the African Banker Magazine. This recognition, announced during the African Bankers Awards event in Nairobi, celebrates Thugge’s pivotal role in implementing economic reforms and stabilizing the market. Under Thugge’s leadership, the CBK has achieved […]
The International Labour Organization (ILO) has updated its forecast for global unemployment, predicting a slight decrease from 5.0% in 2023 to 4.9% in 2024. This revision contrasts with the organization’s earlier January estimate, which anticipated an increase to 5.2%, driven by expected economic slowdowns in advanced economies. Economic Resilience in Key Markets The adjusted forecast […]
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 […]
In a significant development for bilateral relations, South Korea and the United Arab Emirates (UAE) signed a comprehensive trade agreement on May 29, 2024, aimed at substantially reducing import duties. The agreement was finalized during a summit held in Seoul, attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and South Korean President Yoon […]
Kenya’s economic landscape finds its cornerstone in agriculture, a fact reaffirmed by the recent unveiling of the Economic Survey 2024. Despite facing numerous challenges, the agricultural sector has emerged as the driving force behind the nation’s GDP, employment figures, and foreign exchange earnings. Del Monte Kenya stands as a key player in this narrative, playing […]
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 […]
Fitch Ratings has downgraded Bangladesh’s Long-Term Foreign-Currency Issuer Default Rating from ‘BB-‘ to ‘B+’, while maintaining a stable outlook. This adjustment reflects ongoing economic challenges and areas of potential stability within the country’s financial landscape. Key Reasons for the Downgrade The downgrade to ‘B+’ is driven by a continued weakening of Bangladesh’s external buffers, which […]
In a significant stride towards nationwide electrification, Kenya has signed a historic agreement worth Sh27 billion to extend power access to an additional 280,000 households across 32 counties. Deputy President William Ruto presided over the signing ceremony at State House Nairobi, emphasizing the importance of this initiative in aligning with Kenya’s vision of achieving universal […]
Kenya's inflation rate edged lower to 4.5% year-on-year in November 2025, down from 4.6% in October, marking the 29th consecutive...
The euro zone's annual inflation rate edged higher to 2.2% in November 2025, according to flash estimates published by Eurostat...
South Africa's economy maintained its upward trajectory in the third quarter of 2025, expanding by 0.5% quarter-on-quarter, according to data...
The International Finance Corporation and the Kenya Investment Authority have entered into a strategic collaboration that establishes a comprehensive framework...
