The Nigerian government has committed over $450 million to its Presidential Compressed Natural Gas Initiative (PCNGi), which aims to transform the nation’s energy and transportation sectors by promoting Compressed Natural Gas (CNG) as a cleaner, more affordable alternative to petrol. This investment reflects the government’s broader strategy to leverage Nigeria’s abundant natural gas reserves, which […]
The World Bank has revised Kenya’s economic growth projection for 2024 to 4.7%, down from its earlier estimate of 5.0%. This adjustment highlights the toll of fiscal challenges, social unrest, and environmental disruptions on East Africa’s largest economy. While Kenya remains a regional leader with growth outpacing the Sub-Saharan Africa average of 3.0%, the report […]
The World Bank Group has unveiled a historic $100 billion replenishment of the International Development Association (IDA), marking a pivotal milestone in global efforts to tackle poverty and bolster economic resilience in low-income countries. The announcement, following a year-long replenishment campaign, comes as the World Bank aims to streamline and accelerate its operations, ensuring that […]
The Abu Dhabi Fund for Development (ADFD) has signed an agreement to finance the first phase of Côte d’Ivoire’s Social Housing Program, marking its initial venture in the West African nation. This ambitious initiative, valued at AED 183.5 million (US$50 million), will focus on the construction of 25,000 housing units in Abidjan, aiming to address […]
The Kenya Revenue Authority (KRA) has released a series of draft statutory instruments to refine the country’s tax framework, signaling a significant step toward modernizing and streamlining tax compliance in Kenya. This initiative is in line with KRA’s mission to create a more inclusive, transparent, and efficient tax system that aligns with the evolving economic […]
The United Nations Conference on Trade and Development (UNCTAD) has projected that global trade will reach an unprecedented $33 trillion in 2024, marking a $1 trillion increase from the previous year. This growth, representing a 3.3% annual increase, highlights the resilience of global trade amidst ongoing economic challenges, including geopolitical tensions, supply chain disruptions, and […]
The Nigerian Federal Government has unveiled a groundbreaking N20 billion ($12.4 million) consumer credit fund aimed at boosting demand for locally assembled automobiles. Set to launch in January 2025, this initiative is part of President Bola Ahmed Tinubu’s broader economic agenda to stimulate industrial growth and create job opportunities across related sectors. A Catalyst for […]
Woolworths, a leading South African retailer, has made substantial strides in promoting inclusive economic growth by enhancing its support for small and medium-sized enterprises (SMMEs). Over the past year, the company has increased its financial commitment to these businesses by 42%, reaching a significant R4 billion (approximately $221 million). This move reflects Woolworths’ ongoing dedication […]
Global trade is forecast to reach an unprecedented $33 trillion in 2024, according to the latest Global Trade Update released by the United Nations Conference on Trade and Development (UNCTAD). This milestone represents a $1 trillion increase compared to 2023, underscoring the resilience of international trade amid persistent global challenges. Key Highlights of the Report […]
The Central Bank of Kenya (CBK) has announced a reduction in its base lending rate, lowering it from 12 percent to 11.25 percent, effective immediately. This decision was made during the Monetary Policy Committee’s (MPC) meeting on December 5, 2024, following a significant decline in global inflation and slower economic growth in the first half […]
Kenya, a vibrant East African economic hub, finds itself at a critical juncture, grappling with persistent challenges of corruption, illicit...
The United States labor market delivered a robust performance in June, with job growth surpassing economists' forecasts and the unemployment...
Africa is on the cusp of a profound digital transformation, with its data centre sector emerging as a critical backbone...
The vibrant city of Nairobi is currently hosting a pivotal event poised to redefine Africa's investment landscape: the inaugural NextFrontierAfrica...
