- Nigerian authorities have reportedly detained two high-profile Binance executives as part of the government's intensified efforts to stabilise the nation’s foreign exchange market and salvage the value of the local currency.
- The enduring bond between Nigeria and the UK is exemplified in their robust trade partnership, marking a collaborative effort towards mutual advancement. Diverse sectors including oil, gas, agriculture, and finance witness active bilateral trade endeavors between the two nations. Of these sectors,…
- Businesses in high-inflationary situations confront several obstacles, including in African countries. Inflation and economic uncertainty can disrupt industrial processes, raise input costs, and reduce profit margins. Furthermore, unpredictable currency rates and inflationary pressures might…
- Recent figures provided by the UK’s Department for Business and Trade factsheets reveal that as of Q3, 2023, the total trade in goods and services between the UK and Nigeria reached £6.7 billion. This indicates a rise of £136 million compared to Q3 2022. One of the most sold Nigerian goods to the…
- The president of Ghana Nana Akufo-Addo has confirmed that the country’s deal with the International Monetary Fund will remain unaffected despite the change in the office of the finance minister. He said that Finance Minister, Ken Ofori-Atta's reshuffle will not influence the IMF's $3 billion…
- Senegal's political, religious, and civic leaders have suggested holding presidential elections on June 2 as a solution to the recent weeks of instability in the West African nation.
- The trade partnership between Nigeria and the UK is a testament to the enduring ties and shared interests between the two nations. Both nations are currently building on their relationship to create a vibrant trading partnership that holds immense potential for mutual growth. From oil and gas to…
- Africa finds itself at a crossroads, battling the issue of poor internet connections at a time when connectivity is essential to international contact. Even while Africa has a wealth of opportunities for digital innovation and technical growth, many Africans still struggle with a painfully sluggish…
- Binance Nigeria has facilitated transactions exceeding $26 billion from unidentified sources in one year. The digital assets platform, serves as a window for peer to peer transactions allowing users to advertise interest to sell or buy crypotocurrency of their choice.
- In its first policy meeting in eight months, Nigeria's central bank has aggressively raised its monetary policy rate (MPR), which measures interest rate, to 22.75% as a proactive measure to control inflation. This represents 400 basis points from the current 18.75 percent.
- After taking a break for three years, the Central Bank of Nigeria (CBN) has reinstated dollar sales to Bureau De Change (BDC) operators as part of efforts to achieve an appropriate market-driven exchange rate for the Naira and alleviate the pressures contributing to the parallel market.
- Africa has been steadily evolving into a promising destination for residence by investment in recent years. The continent for some time now has been drawing in people looking for new opportunities, diverse cultures, and a good quality of life. Among the various options available the Henley…
- Since assuming the presidency of Nigeria, Bola Ahmed Tinubu has been actively seeking to attract investors in a bid to revive Nigeria's crippling economy bedevilled by slow growth, rising inflation and huge debt.
- Policies and reforms implemented by Ghana in 2023 are beginning to have positive effects on its economy, as stated in a recent press conference by the International Monetary Fund (IMF). During the briefing, the IMF Director of Communications noted that signs of economic stabilization are emerging…
- The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Benedict Oramah says exchange rates don't hold much significance; what truly matters to the markets is stability.
- The United States has kick-started the largest military exercise in East Africa. Dubbed "Justified Accord” as its exercise code-name, the operation began within the borders of the East African giant: Kenya. It is said to have participants from approximately 20 countries across the continent.
- Christo Wiese, South Africa's billionaire retail magnate, known for leading the growth of Africa's largest clothing retailer and the continent's biggest grocer, has now ventured into a realm reminiscent of the early days of his illustrious career – diamonds.
- Christo Wiese, South Africa's billionaire retail magnate, known for leading the growth of Africa's largest clothing retailer and the continent's biggest grocer, has now ventured into a realm reminiscent of the early days of his illustrious career – diamonds.
- Employment opportunities are cropping up for agricultural workers in rural parts of Israel amid the ongoing war with Hamas, which has led to a shortage of agricultural workers within its borders. In response, many African countries, including Kenya and Malawi, have stepped in to help fill this gap…
- In the recent economic estimates highlighted by the African Development Bank, several African countries are poised to have low inflation rates. While inflation has long been viewed with apprehension in economic discourse, the current projections paints a positive picture for most. These projections…
- The recent report by the UK’s Department for Business and Trade factsheets shows that Nigeria’s imports from the United Kingdom (UK) declined. The report noted that the UK’s exports to Nigeria reduced by 21.2% or £357m at the end of the third quarter of 2023. Crude oil remains the most imported…
- On Sunday, President Bola Tinubu set up an economic advisory committee comprising the federal government, sub-nationals and the private sector to deliberate on the prevailing cost of living crisis in the country and strategies to tackle it.
- Algeria just inaugurated the largest mosque in Africa. The president of the country, Abdelmadjid Tebboune oversaw the inauguration of the monument. The mosque known as the Grand Mosque of Algiers or the Great Mosque of Algiers or Djamaa el Djazaïr in the native tongue, is the largest in Africa and…
- In a landmark move that promises to reshape its current economic situation, Egypt has sealed a massive deal, marking a significant milestone in the country's journey toward its economic recovery. The deal was brokered between Egypt and the United Arab Emirates (UAE) in what Egypt’s Prime Minister…
- Nigeria's Finance Minister and Coordinating Minister of the Economy, Wale Edun has revealed that only around 5% of individuals in Nigeria have more than N500,000 in their bank accounts.
- The Financial Action Task Force (FATF), an international financial crime watchdog, added Namibia to its "grey list" on Friday. The South African country now faces special scrutiny to implement standards aimed at preventing money laundering and terrorism financing.
- Low economic growth estimates can create substantial hurdles for African countries, impeding their development goals while perpetuating the probability of sustained poverty and inequality. A few African countries struggle with this issue despite the continent being the fastest-growing economy…
- Kenya and the United Arab Emirates (UAE) just inked a new deal. The UAE’s Minister of Foreign Trade Thani Al Zeyoudioth recently disclosed that both countries have signed a comprehensive economic partnership agreement (Cepa). The deal would help Kenya distribute its products across the Asian market…
- In an interesting turn of events, Niger, a landlocked country in West Africa, has the highest projection for economic growth in 2024. This is despite facing significant challenges, particularly with the West and the Economic Community of West African States. According to the African Development…
- Meta's 2Africa subsea cable, which is 45,000 km long, has reached the shores of Lagos State and Akwa Ibom State in Nigeria. The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa, fostering further growth of 4G and 5G and increased…
- 82 illegal refineries in Nigeria were discovered and demolished between the 10th to 15th of February 2024. The Nigerian National Petroleum Company Limited (NNPCL) relayed that it uncovered these illegal operations in the south-south region of the country. Oil theft has been a major issue plaguing…
- Zambia's kwacha has emerged as the top-performing African currency against the U.S. dollar this year, boosted by the central bank's aggressive monetary policy tightening.
- If racking up air miles is the measure of a successful presidency, President William Ruto of Kenya and President Bola Tinubu of Nigeria would stand out significantly from their peers, given their notable frequency of international journeys since the commencement of their terms.
- A quick and dependable internet connection is essential for everything from business and education to communication and leisure, especially in a developing region like Africa, which also boasts a young population. While Africa is seemingly playing catch-up with other regions in the tech space, the…
- Revenue from Uganda's exports to the European Union is now higher than the revenue the EU makes from exporting goods to the East African country. This new development has tipped the scale in favor of Uganda. The paradigm shift is a result of a higher demand for Uganda’s coffee, while Uganda has…
- South Africa has taken a step to support its crucial export industry with the announcement of a major tax break for investments in electric and hydrogen-powered vehicle production.
- Nigeria’s military chief, General Christopher Musa has urged African nations to unite against any form of uprising from jihadists in the Sahel region and other parts of West Africa following the withdrawal of Mali, Niger and Burkina Faso from ECOWAS in January. The exit of the three member states…
- The Ugandan government is set to borrow Shs13 trillion ($3 billion) from both external and domestic markets for the development of several projects. The money would be used to finance projects between 2024 and 2025. This figure is slightly higher than the originally intended amount. Uganda has…
- Kenya’s objective to ease travel into its borders via its online visitor registration service has begun going through some changes. Prior to these changes, some countries had expressed their frustration with the high charges required when registering online. However, for at least 6 different…
- The United Nations World Food Program (WFP) noted that it can only buy food from Nigeria once the country’s market is stable. The organization disclosed that it is in the process of reviewing its local food procurement, thus its assessment of the possibility of food procurement from Nigeria. The…
- Food is a basic necessity of life; however, its availability is not universal. Food security remains a significant challenge on a continent like Africa, affecting millions of people across its countries to varying degrees.
- Martin Griffiths the United Nation's Emergency Relief Coordinator has given the green light to disburse $100 million from the UN's Central Emergency Response Fund (CERF). This fund is intended for the reduction of the humanitarian crises in seven countries in Africa, the Americas, and the Middle…
- Africa is poised for sustained economic expansion in 2024, building upon the positive momentum witnessed in previous years. The continent currently has one of the fastest-growing economy of any region off the heels of its young population and advancement in tech. Currently, only Asia has a faster…
- After experiencing two consecutive months of decline, South Africa's year-on-year headline consumer inflation accelerated to 5.3% in January from December's 5.1%, as indicated by the data released on Wednesday.