Second Niger Bridge Opens to Vehicular Movements.
The Second Niger Bridge is now accessible to vehicles. A government official claimed that a few minor changes to the roads leading to the bridge were the cause of the…
AfCFTA Expects to Trade $12 billion in Four Years.
According to supporters of the African Continental Free Trade Agreement, the agreement has the potential to increase trade value in Nigeria by $12 billion between 2023 and 2027. The agreement…
Dollar Edges up Against Euro after U.S. Inflation Data.
The U.S. producer inflation data for November came in somewhat hotter than anticipated. As a result, the dollar nudged higher against the euro. According to data, U.S. producer prices (PPI)…
Buhari: Nigeria Committed to Ending Use of Petrol, Diesel Generator.
According to President Muhammadu Buhari, the Nigerian government would make every effort to totally phase out the use of gasoline and diesel generators in the nation by the year 2060.…
AWHF Urges Tanzania to Use its Heritage Resources.
Tanzania has been challenged to maximize the value of its spectacular heritage resources. The country’s numerous sites of outstanding universal value can significantly boost tourism. This was revealed at the…
IMF to Inject $3bn into Ghana’s Economy.
Ghana has reached an agreement with the International Monetary Fund (IMF) for a $3 billion injection into the economy over the next three years. The staff-level agreement (SLA) for an…
Musk Sells Another $3.6 billion Worth of Tesla Stock.
Elon Musk, the CEO of Tesla, reported an additional $3.6 billion in stock sales, bringing his year-to-date total to close to $40 billion and angering investors as the company’s shares…
As Kenya Battles Drought, Food Prices Rise Significantly.
Food prices such as sukuma wiki (collard greens), matumbo (offal), beef, and tomatoes rose the fastest, hurting Kenyan households whose incomes barely increased during that time. A kilo of beef…
Nigeria: Minister Says Buhari will Leave 22,000 Megawatts of Electricity by 2023.
Abubakar Aliyu, the Minister of Power, estimates that by 2023, the administration of President Muhammadu Buhari would have installed 22,000 megawatts of energy. At the Presidential Score Card of the…
Dangote Cement’s share buyback has been approved by shareholders.
Dangote Cement shareholders unanimously authorized the company’s management to conduct a share buyback of up to 10% of its issued shares, effective from the date of the resolution. The approval…
Banks’ Operating Expenses are Up 19.2% Due to High Inflation and Regulatory Fees.
Following a high inflation rate and regulatory charges, 14 Nigerian banks reported N2. 03 trillion in total operating expenses in nine months of 2022, representing a 19.2 percent increase from…
Nigeria Won’t be Issuing Eurobonds in 2023.
According to Nigeria’s finance minister Zainab Ahmed, the country has no intentions to issue Eurobonds in 2023 unless market conditions improve. Bond prices are too high for African nations. Following…
Microsoft Targets Internet Expansion in Africa.
According to Microsoft Corp. (MSFT.O) President Brad Smith, the company plans to ensure internet access for 100 million more individuals in Africa by 2025 by working with a satellite provider…
Africa’s Food Crisis is the Worst Yet.
African governments haven’t done much to stop periodic food crises. Leaders vowed in 2003 to devote at least 10% of their national budgets to agriculture and rural development within five…
Ghana Secures Conditional Approval for $3bn IMF Support.
Ghana and the International Monetary Fund (IMF) have reached a preliminary agreement for the fund to support the economy with a US$3 billion credit to help resuscitate it and correct…
Senate Approves NCC’s N559 billion Budget.
Following the presentation by the Committee on Communications, the Senate passed the Nigerian Communications Commission’s 2023 budget during a plenary session. According to Ibrahim Bomai, the member for Yobe South,…
World Bank Approves $18 Million for Nigeria and Others to Support Effective Disease Surveillance in West Africa.
In order to enhance efficient disease surveillance in West Africa, the World Bank Group has granted a total of $18 million in two new financings from the International Development Association…
US, Afcfta signs MoU to Promote Business.
The US Chamber of Commerce, through its subsidiary, the US-Africa Business Center, has signed a Memorandum of Understanding with the African Continental Free Trade Area to promote trade between the…
Nigeria’s Import from Russia Dropped by 92%.
Nigeria’s import from Russia has crashed significantly, hitting its lowest this year, as the war in Ukraine persists. The foreign trade report of the National Bureau of Statistics for the…
There are Currently no Takers for the Debt Exchange Program.
The Central Securities Depository Limited (CSD) is still waiting for the consent of institutional bondholders willing to participate in the domestic debt exchange program with only seven days left. It…
In 2022, Airlines will Pay an Additional $222 billion for Fuel.
According to the International Air Transport Association, airlines will pay an additional $222 billion for fuel this year. In his address to the 2022 General Assembly of the African Airlines…
Architectural Business Cannot Claim Sh1.4 billion from NHIF.
A consultant’s attempt to recover Sh1.4 billion from the National Health Insurance Fund (NHIF) for a bungled deal to build a medical center of excellence was denied by the Court…
Kenya’s Highest and Lowest Paying Industries are Revealed.
The financial and insurance sectors employ the greatest proportion of Kenyans earning more than Sh100,000, indicating an economy with few well-paying jobs and high unemployment. Following the recovery from the…
Growth Expectations, Monetary, and Fiscal Policies.
Fiscal and monetary policy are essentially macroeconomic instruments used to control or stimulate the economy. Because the two policies together have such a significant impact on a nation’s economy, firms,…
According to the UN, Global Trade will Reach a Record of $32 trillion in 2022.
According to a UN report, the value of global trade is set to set a new record this year, increasing by about 12% to an estimated $32 trillion, before slowing…
Export repatriation: DMBs to Lend N500 billion to Export Firms According to CBN.
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to grant at least N500 billion in loans to export-oriented companies in order to further stimulate export financing…
PenCom has Identified 34 Lenders for the Mortgage Scheme.
The National Pension Commission has released a list of 34 mortgage lenders to begin the mortgage scheme’s implementation. This was revealed at a seminar in Lagos by the Pension Funds…
OPEC Forecasts Robust Global Oil Demand Growth in 2023.
OPEC said that it expected robust global oil demand growth in 2023, with potential economic upside from a relaxation of China’s zero-COVID policies, which have pushed the country’s oil consumption…
UK Inflation Drops from a 41-year High as Fuel Price Surge Subsides.
Inflation in the United Kingdom came in slightly lower than expected in November, at 10.7%, as lower fuel prices helped ease price pressures, though high food and energy prices continued…
Nigerians Abroad with Expired Passports are Permitted to Return – NIS.
The Nigeria Immigration Service declared that travellers returning to Nigeria may enter the nation using a Nigerian passport that has expired. This information was included in a document sent to…