The surge in transportation costs in Nigeria is significantly driving up commodity prices, affecting the daily lives of citizens. The country’s reliance on land transport for haulage, coupled with the recent removal of fuel subsidies, has led to a sharp increase in the cost of moving goods. Paul Kyan, a transporter, noted a dramatic rise […]
In a significant move to bolster the coastal region’s fishing industry, the government has allocated Sh1.4 billion for the development of modern fish landing sites. Spearheaded by Salim Mvurya, the Cabinet Secretary for Mining, Blue Economy, and Maritime Affairs, this initiative aims to uplift local fishing communities and ensure sustainable economic growth. The funds will […]
The Food and Agriculture Organization of the United Nations (FAO) has projected that global cereal stocks will reach an unprecedented 897 million tonnes for the 2024/25 season, a 1.5% increase from their opening levels. This projection highlights a period of significant stability in the global cereal market. Global cereal production is anticipated to reach 2,846 […]
A pivotal moment unfolded at the Korea-Africa Summit in Seoul, where leaders from both regions converged to forge a mutually beneficial agreement on mineral supply. The joint declaration, endorsed by South Korean President Yoon Suk Yeol and AU Chairperson Mohamed Ould Ghazouani of Mauritania, signifies a landmark commitment to ensuring a stable and organized flow […]
The Kenyan government has revealed its plan to allocate part of the recently secured US$ 1.2 billion Development Policy Operations (DPO) loan from the World Bank to address an upcoming Eurobond repayment. With a portion of the Eurobond maturing on 24th June 2024, the government intends to utilize funds from the World Bank loan to […]
The European Central Bank (ECB) has announced a 0.25% cut in interest rates, marking its first reduction since 2019. This decision comes as the ECB aims to support the eurozone economy amid persistent inflation and slow growth. The rate cut adjusts the central bank’s deposit facility rate from 4% to 3.75%, the marginal lending facility […]
Senegal has successfully raised $750 million through a private placement in the international financial markets, according to the Ministry of Finance and Budget. This funding is aimed at meeting the country’s financial needs for 2024. As Senegal prepares to begin oil and gas production, it has mandated J.P. Morgan London to manage a $500 million […]
Kenya’s economic outlook for 2024 shows a projected slowdown, with growth expected to reach 5%, a slight dip from the 5.6% recorded in the previous year, according to the latest report from the World Bank. The report attributes this moderation in growth to several factors, including ongoing efforts towards fiscal consolidation, a tightened monetary policy […]
In a strategic move to rejuvenate its automotive industry and stimulate economic growth, China has announced new trials for autonomous vehicle (AV) technology. The Ministry of Industry and Information Technology (MIIT), along with three other government agencies, revealed on Tuesday that they would allow leading car manufacturers to test AV technologies on restricted roads. This […]
Egypt’s Ministry of Finance has announced the disbursement of $104 million in export subsidy dues to 360 companies. This financial support is part of the Export Development Fund’s initiative to enhance liquidity for exporting companies, helping them to overcome challenges and boost their production and export activities. Since the inception of the lump-sum export subsidy […]
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...
