In a move that could significantly boost Nigeria’s non-oil exports, Agriculture Minister Mohammad Abubakar announced that Saudi Arabia has expressed interest in importing 200,000 tonnes of red meat and one million tonnes of soybeans annually from Nigeria. Economic Diversification and Stability Facing severe dollar shortages and a weakened naira, Nigeria has been actively seeking to […]
Kenyan President William Ruto has announced plans to increase borrowing in response to the recent rejection of a finance bill aimed at boosting tax revenue. Following deadly protests and the subsequent withdrawal of the bill, Ruto emphasized in a televised interview that its failure has hindered government efforts to manage Kenya’s mounting debt, which currently […]
Oil prices saw a slight decline at the end of the previous week, due to tepid U.S. fuel demand and investors cashing in profits as the quarter ended. This comes as inflation data for May increased the likelihood of the Federal Reserve cutting interest rates later this year. Market Movements Brent crude futures for August, […]
The recently inaugurated Dangote Petroleum Refinery, a $20 billion venture by Africa’s richest man Aliko Dangote, is significantly increasing its gasoil exports to West Africa, marking a notable shift in the region’s energy dynamics. In May, the refinery’s gasoil exports surged to nearly 100,000 barrels per day (bpd), almost double the exports from April, according […]
In a recent forum, experts highlighted the crucial synergy between Micro, Small, and Medium Enterprises (MSMEs) and the burgeoning e-commerce sector as pivotal to Kenya’s economic growth trajectory. Kenya’s economy thrives on its diverse MSME sector, encompassing over 7.4 million enterprises across key industries such as agriculture, logistics, and services. These enterprises, predominantly led by […]
Inflation, as measured by the core personal consumption expenditures (PCE) price index, rose 0.1% in May on a seasonally adjusted basis, marking a 2.6% increase from a year ago. This matches forecasts closely, with May recording the slowest annual inflation rate since March 2021, when inflation first surpassed the Federal Reserve’s 2% target. Including food […]
South Africa’s economic landscape saw a notable uptick in the first quarter of 2024, as foreign direct investment (FDI) surged to 24.4 billion rand ($1.34 billion), according to the latest Quarterly Bulletin from the South African Reserve Bank. This marks a significant increase from the revised 2.5 billion rand recorded in the previous quarter. The […]
Kenya faces mounting economic uncertainties following President William Ruto’s decision to retract support for a controversial finance bill amid widespread public outcry and violent protests. The bill, designed to generate 346 billion Kenyan shillings ($2.68 billion) through new taxes on essential goods and services like bread and mobile-money transfers, was a crucial component of Kenya’s […]
Saudi Arabia’s non-oil exports to China have reached an impressive $47 billion over the past five years, highlighting the deepening economic ties between the two nations. China now accounts for 15% of Saudi exports, reflecting its crucial role as a major global economy and a key partner in the Kingdom’s diversification efforts away from oil. […]
The International Monetary Fund (IMF) has approved the second review of Ghana’s $3 billion loan program, clearing the way for an immediate disbursement of approximately $360 million. This follows Ghana’s successful agreement with its official creditor committee, a necessary step for unlocking this tranche of funds. This latest disbursement brings the total IMF support for […]
South Africa's luxury retail sector is poised for exceptional growth, with projections indicating a remarkable 15% expansion by 2025, positioning...
In a significant development for East Africa's telecommunications landscape, Atlas Tower has secured substantial backing from STOA, a French infrastructure...
n a significant geopolitical and economic development, the United States and Australia have announced a comprehensive critical minerals agreement that...
In a significant move to address one of Africa's most persistent economic challenges, British International Investment (BII), the UK's development...
