China Cuts One-Year Lending Rate, But Surprises by Keeping Five-Year Rate Unchanged
China has taken steps to stimulate credit demand by reducing its one-year benchmark lending rate, lowering it by 10 basis…
Day: August 21, 2023
Oil Prices Rise on Tightening Supply Amid Global Demand Concerns
Oil prices increased on Monday due to tightening global supply resulting from lower exports by major oil-producing countries like Saudi…
Kenyan Banks Oppose Government Plan to Raise Threshold for Reporting Large Cash Transactions
Kenyan commercial banks have expressed opposition to a government plan to increase the threshold for reporting large cash transactions by…
Founders Factory Africa Raises $114 Million to Scale Its Impact in African Tech Ecosystem
Founders Factory Africa (FFA), a South African early-stage accelerator and investor, has secured $114 million in funding from partners including…
RMB Corvest and Umoya Capital Partners Acquire Stake in Sants Private Higher Education Institution
RMB Corvest and Umoya Capital Partners have jointly acquired a significant minority stake in Sants Private Higher Education Institution. Sants,…
AFC Invests in East Africa’s Oil and Gas Downstream Player for More Efficient Petroleum Transportation
Africa Finance Corporation (AFC), a prominent infrastructure solutions provider in Africa, has announced its investment of $95.25 million in Mahathi…
Ghana Faces Rising Interest Rates on Government Securities Amid Debt Restructuring Efforts
Ghana has experienced a rise in interest rates on government securities, with the interest on the 91-day treasury bill reaching…
Kenya Reports Slowest Growth in VAT Collections in 10 Years
Kenya has experienced the slowest growth in collections from value-added tax (VAT) in a decade, attributed to elevated inflation that…
ECOWAS Rejects Niger’s Proposed Three-Year Transition Plan by Military Junta
The Economic Community of West African States (ECOWAS) has declined to accept a proposed three-year power transition plan put forth…
NEPC Launches Youth-for-Export Program to Harness Youths’ Export Potential
The Nigerian Export Promotion Council (NEPC) has introduced a youth-for-export program aimed at involving young Nigerians in the global export…
CBN Disburses N37.6 Billion in Loans to Mortgage Banks in 2022
The Central Bank of Nigeria (CBN) has provided loans and advances totaling N37.6 billion to mortgage banks in 2022, according…
Experts Call for Widening Tax Net to Boost Nigeria’s Revenue Base
Amid Nigeria’s challenges in income generation, experts have emphasized the need for the Federal Government to expand its tax net…
Employees Joining Contributory Pension Scheme Boost Assets to N16.76 Trillion
The National Pension Commission (PenCom) has reported that the assets of the Contributory Pension Scheme (CPS) have risen to N16.76…
Petroleum Traders May Benefit from Falling Oil Prices and Strengthening Naira
Major petroleum product traders and independent traders could potentially experience relief from rising gasoline importation costs due to a combination…