Cost of Living Crisis: As Food Prices Soar, Families Skip Meals.
Nigeria’s annual inflation continued its seven-month climb in September, rising to 20. 77 per cent, marginally up from 20. 54 per cent in the month before. The rising cost of…
The World Bank Plans to Invest Sh306 billion in Kenyan Projects.
The World Bank will raise $2.5 billion (Sh306. 6 billion) for Kenya to finish a number of private-public partnership projects between 2023 and 2027. President William Ruto’s plan to use…
By 2025, SEC Expects to have Invested N5 trillion in Shariah Products.
Lamido Yuguda, the director general of the Securities and Exchange Commission (SEC), stated in Abuja that the recently released Capital Market Master Plan (2021-2025) revised edition projects the listing of…
Canada’s Largest Pension Plan Abandons its Cryptocurrency Investment Strategy.
CPPI said it has not made any direct investments in cryptocurrencies. The decision by CPPI also comes after the collapse of cryptocurrency exchange FTX and cryptocurrency lender Celsius this year,…
Nigeria: Second Niger Bridge Will Open To Traffic Dec 15.
According to Jimoh Olawale, the Federal Controller of Works for Delta State, the Second Niger Bridge will open to traffic on December 15. However, Olawale stated that the bridge would…
Energy Crisis Worsens in South Africa as Nation Experiences more Severe Power Outages.
Eskom has implemented higher stages of planned power cuts due to ongoing infrastructure failures at power generation facilities. The troubled power utility said in a statement that it wasn’t sure…
Petrol Marketers give a Seven-day Deadline Regarding the Price Disparity.
In a seven-day ultimatum to the Federal Government, the oil industry has threatened to stop using private depots if the latter does not act to reduce price inequity. Akin Akinrinade,…
European Shares Decline amid recession concerns as telecom and utilities struggle.
In response to growing concerns about an impending recession, European shares dropped, with utilities and telecom companies leading declines. The index fell for a fourth straight session as worries about…
Dangote Refinery Valuation to Soar Past $13.8bn on Completion
The European Union is looking for alternative sources of refined products as a result of the sanctions imposed on Russian fuels like diesel, so the Dangote Refinery’s value is expected…
Crude Oil : NSA says Nigeria Might Lose $23 billion in 2023.
Major General Babagana Monguno, the National Security Adviser, has cautioned that if crude oil theft continues in the nation, the Federal Government could lose an estimated $23 billion next year.…
The Trump Organization was Found to have Engaged in Tax Fraud.
The legal difficulties facing the former U.S. President as he runs for the office again in 2024 have been made worse by the conviction of Donald Trump’s real estate company…
Israel’s New 5G Mobile Auction Aims to Benefit “smart” Cities.
Israel launched its second 5G tender and urged mobile companies to increase the deployment of fifth-generation sites to enable “smart” stadiums and hospitals. Smart traffic lights using 5G will reduce…
European Technology Sector’s Market Value Declines by $400 billion.
According to a report from venture capital firm Atomico, the European tech sector lost $400 billion in value this year and saw an 18% decrease in venture capital funding. Public…
South Africa: GDP Grows by 1.6%
According to statistics released by Statistics South Africa, the agriculture, forestry, and fishing industries performed the best in the country’s economy between July and September 2022, with a third-quarter increase…
Ghana: Germany Pledges an Economic Grant of €82 million.
The Federal Republic of Germany’s government has pledged to give grants totaling about €82 million to important sectors of the Ghanaian economy in 2019. Following the conclusion of bilateral negotiations…
Nigeria: UN, FG Select 13 States for Agric Programme.
In collaboration with the Federal Government, the Food and Agricultural Organization of the United Nations has chosen 13 states for intervention in relation to the production of a few specific…
China’s Trade Suffers Worst Slump.
In November, China’s exports and imports declined at their fastest rate in at least two and a half years as the country’s second-largest economy was put under strain by weak…
Nigeria, Saudi Arabia Sign MoU on Aviation Security.
A Memorandum of Understanding was signed by the Nigerian and Saudi Arabian air accident investigation bodies in order to exchange information and enhance air safety in both nations’ airspaces. The…
Ghana: Debt exchange: Financial stability fund confidence booster.
PricewaterhouseCooper’s, an accounting and advisory firm, has applauded the government’s proposal to create an investor protection fund, which would serve as a liquidity reserve bank for financial institutions and investors…
Equinix Announces an Expansion Strategy Six Months after Purchasing MainOne for $320 million.
The supply chain, cybersecurity, and hiring segments of Equinix’s 2022 Global Tech Trends Survey were focused on 100 business leaders in Nigeria. In Nigeria, 85% of respondents said strengthening cybersecurity…
Nigeria National Assembly Suspends Contentious Workers’ Pension Bill.
At the House of Representatives, there was debate over a bill that sought to exclude National Assembly employees from the contributory pension plan. The bill was scheduled for third reading,…
Bank of England to add 50 bps to Bank Rate on Dec. 15.
Despite the economy entering a recession, the Bank of England will increase Bank Rate by another 50 basis points, bringing borrowing costs to 3. 50% in an effort to combat…
MRS Holding Provided $300m to NNPC for Chevron Assets – Bloomberg Report.
According to a Bloomberg report, Sayyu Dantata, a member of one of the richest families in Nigeria, funded the Nigerian National Petroleum Company Limited’s (NNPC) acquisition of oil blocks from…
In Nigeria’s Second 5G Licensing Round, Airtel was the Only Bidder.
Following the failure of another company to pay a deposit required to continue the auction, Airtel Africa (AAF. L) was the only bidder for a 5G high-speed spectrum license in…
Nigeria: FG Recoups N120 billion from Criminal Proceeds.
Following the passage of the Proceeds of Crime (Recovery and Management) Act, 2022, the Federal Government reported that it had recovered over N120 billion from criminal proceeds. It added that…
The African Development Fund Raises $8.9 billion for Low-income Nations in Africa.
The African Development Fund’s (ADF) development partners have agreed to contribute a total of $8.9 billion to the financing cycle from 2023 to 2025. The Fund has never had a…
Lekki Port and LFZ Integration Will Change Nigeria’s Economic Fortunes.
The integration of Lekki Port with Lagos Free Zone, according to Mr. Dinesh Rathi, Chief Executive Officer of Lagos Free Zone, will be a significant catalyst for generating significant economic…
Tanzania Cancels Independence Day Celebration, To Use $445k Budget To Build School Dormitories.
The president of Tanzania, has canceled the Independence Day festivities that were set to take place this Friday, December 9. Hassan ordered that the $445,000 allotted for the 61st Independence…
eNaira Circulation Rises to N400million.
The e-circulation naira’s has increased to N401. 82 million, according to data from the Central Bank of Nigeria. Also, transaction volume has increased from over N4 billion to N5 billion.…
Trade Between Ghana and Italy Totals €500 million.
Ghana and Italy’s bilateral trade increased to a record high of €520 million in 2021. The Italian ambassador to Ghana and Togo, Daniela d’Orlandi, stated that capital goods, worth over…