Nigeria plans to spend 5.4 trillion naira ($3.7 billion) in 2024, a 50 per cent increase from 2023, to maintain fixed petrol prices. It also aims to borrow an extra 6.6 trillion naira to cover budget shortfalls, as per a draft document reviewed by (...)
The African Export-Import Bank (Afreximbank) has allocated $925 million to Nigeria's state-owned NNPC as part of a syndicated $3.3 billion prepayment facility backed by crude oil, according to the bank announcement on Thursday. This disbursement (...)
Zimbabwe's telecommunications regulatory authority has approved Elon Musk's Starlink, the satellite arm of SpaceX, to operate within the southern African nation, according to Reuters citing President Emmerson Mnangagwa on Saturday.
Mnangagwa (...)
In celebration of Africa Day on May 25, Instagram has launched its international and pan-African campaign 'Made By Africa, Loved by the World'. In a first, this year's Instagram campaign celebrates women of impact, spotlighting four trailblazing (...)
The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have entered into a project preparation facility agreement aimed at expanding MobiHealth's telemedicine services in Nigeria and exploring potential services in (...)
The Central Bank of Nigeria (CBN) has on Tuesday implemented a significant adjustment, raising its benchmark lending rate from 24.75 per cent to 26.25 per cent, marking a 150 basis points increase, the CBN announced through its official twitter (...)
Egypt is exploring the merger of its Petroleum and Electricity and Renewable Energy ministries into a single entity, Mohamed Fouad, Secretary General of the Egyptian Gas Association revealed on Wednesday.
Speaking at the Invest in African Energy (...)
Nigeria's recently established Dangote mega refinery, situated near Lagos, is aiming to procure millions of barrels of US crude within the upcoming year as it accelerates its processing operations, Bloomberg reported.
This move underscores the (...)
تواجد بيرسي تاو لاعب فريق الأهلي، على رأس القائمة الأولية لمنتخب جنوب أفريقيا، لخوض مباراتي نيجيريا وزيمبابوي، في التصفيات الأفريقية المؤهلة لكأس العالم 2026.
Bafana Bafana coach Hugo Broos announces preliminary squad for the 2026 FIFA World Cup (...)
أعلن هوجو بروس المدير الفني لمنتخب جنوب أفريقيا القائمة الأولية للبافانا بافانا استعدادا لتصفيات بطولة كأس العالم 2026 .
وشهدت قائمة منتخب جنوب أفريقيا بيرسي تاو لاعب النادي الأهلي بعد غيابه عن المعسكر الماضي في شهر مارس
ومن المقرر أن يخوض منتخب (...)
Microsoft Corporation has closed down the engineering division of its Africa Development Centre in Nigeria, just two years after its establishment in the West African nation, Bloomberg reported.
The centre, located in Lagos, was one of two such (...)
Nigerian firms are addressing overdue dollar commitments following central bank reforms that bolstered liquidity in the nation's foreign exchange market, Bloomberg reported on Wednesday.
Major entities like MTN Nigeria Communications Plc, BUA Foods (...)
Nigeria's central bank announced on Monday that it will introduce a 0.5 per cent levy on all domestic electronic transfers to fund cybersecurity initiatives, Reuters reported on Tuesday.
The levy, outlined in a circular sent to all banks and mobile (...)
Turkey and US energy giant ExxonMobil are in talks to explore a significant deal aimed at purchasing liquefied natural gas (LNG), as part of its strategy to reduce reliance on Russian energy , Reuters reported citing the Financial Times.
Alparslan (...)
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, views the recent surge in the local currency naira positively, attributing it to effective measures against inflation rather than direct interventions to support the currency, Bloomberg (...)
Nigeria has reached an agreement with Shell for the supply of gas to its proposed $3.8 billion Brass methanol facility, overcoming a significant obstacle to the final investment decision on the project, according to Reuters citing the Minister of (...)
Nearly 55 million people in West and Central Africa will face severe food insecurity in the upcoming lean season (June-August 2024), according to a new report by the Permanent Inter-State Committee for Drought Control in the Sahel (CILSS). This (...)
Nigeria has become the first country in the world to introduce a groundbreaking five-in-one vaccine against meningitis. The Men5CV vaccine offers robust protection against the five major strains of meningococcal bacteria (A, C, W, Y, and X) (...)
Adenia Partners Ltd., a private equity firm, has secured its largest Africa-focused fund, amassing $470 million, with new investors such as Norfund AS, the US International Development Finance Corp., and Canada's Findev Inc, according to (...)
The proposed Africa Energy Bank, poised to focus on oil and gas investments continent-wide, plans to commence operations later this year with an initial $5 billion capital, according to Reuters citing a senior official as saying on Wednesday.
The (...)
SWIFT, the global bank messaging network, is set to launch a platform within 1-2 years to integrate the emerging central bank digital currencies (CBDCs) with the current financial system, Reuters reported on Tuesday.
This significant development (...)
Central Bank of Nigeria (CBN) raised its monetary policy rate by 200 basis points to 24.75 per cent from 22.75 per cent, the CBN said in a statement on X on Tuesday.
This is only the second rate hike since Governor Olayemi Cardoso assumed office in (...)
The Lagos Food Bank, vital for residents, faces dwindling supplies as inflation skyrockets in Nigeria while President Bola Tinubu's unpopular economic reforms worsened the cost of living crisis, as per a Reuters report.
Many residents struggle with (...)
The risk of government defaults in emerging markets is decreasing, fueling a bond rally, especially in junk-rated sovereign debt, marking its strongest start since 2019, Bloomberg reported.
Factors such as a $1 trillion effort to rebuild prospects (...)
Shell's impending exit from Nigeria's onshore oil and gas operations, following a $2.4 billion deal with a mostly-local consortium, has raised concerns about the environmental impact of its old infrastructure, Reuters reported on Wednesday.
A report (...)