In a bold move that promises to reshape Nigeria’s foreign exchange landscape, President Bola Tinubu’s administration has introduced the ‘naira for crude’ initiative, which allows indigenous refineries to purchase crude oil using either the naira or the U.S. dollar. This policy, praised by business magnate Aliko Dangote, is expected to significantly reduce the demand for […]
Introduction China and Africa have long enjoyed a robust economic and trade relationship, which has seen significant expansion and diversification over recent years. According to Assistant Minister of Commerce Tang Wenhong, Sino-African economic and trade cooperation has reached unprecedented levels since the 2021 Forum on China-Africa Cooperation (FOCAC). This collaboration has delivered tangible benefits across […]
Introduction The UK’s offshore energy sector, a critical pillar of the country’s economy, is facing a potential crisis. On September 2, 2024, Offshore Energies UK (OEUK), the leading trade body representing the industry, released a detailed analysis modeling the impact of the UK government’s proposed changes to the Energy Profits Levy (EPL). The findings are […]
Introduction Kenya’s avocado industry, a crucial sector of its agricultural exports, has recently faced a significant downturn in its trade with China. Chinese customs data reveal a staggering 80% drop in avocado imports from Kenya in the first seven months of 2024. This decline from 3.67 million kilograms in 2023 to just 742,934 kilograms this […]
President William Ruto’s official visit to Beijing for the 9th Forum on China-Africa Cooperation (FOCAC) Summit marks a pivotal moment in Kenya-China relations, with significant potential benefits for Kenya’s infrastructure, economy, and strategic partnerships. According to a State House communique, President Ruto is poised to secure critical agreements and investments that could shape Kenya’s development […]
Turkey’s economy has slowed to its weakest pace since the onset of the Covid-19 pandemic, highlighting the impact of the government’s aggressive monetary tightening measures aimed at combating the nation’s persistent inflation crisis. The country’s Gross Domestic Product (GDP) grew at an annual rate of just 2.5% in the second quarter of 2024, a sharp […]
Algeria has officially been authorized to join the BRICS New Development Bank (NDB), marking a significant milestone in the North African nation’s economic and financial integration into the global system. The announcement was made on Saturday by NDB President Dilma Rousseff during the Ninth Annual Meeting of the NDB, held in Cape Town, South Africa. […]
Treasury Cabinet Secretary John Mbadi has called on Kenyans to exercise patience as the government embarks on an ambitious plan to revitalize the country’s economy. Speaking during President William Ruto’s visit to Kisumu, Mbadi reassured the public that significant economic improvements would be realized within 24 months. His optimism comes at a time when Kenya […]
China’s central bank, the People’s Bank of China (PBOC), is navigating the complex and challenging path of reforming its interest rate system to better align with global monetary practices. This shift aims to transition the country’s financial system from a state-dominated framework to one that is more market-driven, enabling credit costs to be dictated by […]
China’s trade with Africa continues to flourish, demonstrating resilience and growth despite global economic challenges. In the first seven months of 2024, trade between China and Africa rose by 5.5% year-on-year, reaching 1.19 trillion yuan (approximately 166.6 billion U.S. dollars), according to the General Administration of Customs (GAC). This steady growth underscores the deepening economic […]
In a decisive move to fortify its economic resilience and reassure international investors, Kenya has finalized a landmark agreement aimed...
A significant trade dispute is brewing between two of the world's largest democracies, India and the United States, as New...
In a strategic move to alleviate its burgeoning debt burden and unlock crucial development financing, Egypt has successfully secured over...
As Kenyans prepare for fresh Saba Saba Day protests on Monday, the government has sounded a strong alarm regarding potential...
