Reuters Africa Business

Islamic development bank to lend Algeria $3 billion for projects over next 3 years

19 May 2025

TUNIS (Reuters) -The President of the Islamic Development Bank said on Monday that Algeria is expected to receive $3 billion in loans over the next three years to support the implementation of key development projects. Bank President Muhammad Sulaiman Al Jasser told Algeria’s Ennahar TV the funding will be directed toward projects including railway development, …

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Oil settles up as signs of US-Iran impasse counter economic concerns

19 May 2025

By Shariq Khan NEW YORK (Reuters) -Oil prices settled marginally higher on Monday as signs of a breakdown in U.S. talks with Iran over its nuclear program offset a Moody’s downgrade of the U.S. sovereign credit rating. Brent crude futures settled 13 cents higher at $65.54 a barrel, while U.S. West Texas Intermediate crude closed …

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Vodacom targets double-digit service revenue growth by 2028

19 May 2025

By Nqobile Dludla JOHANNESBURG (Reuters) -South Africa’s biggest mobile operator Vodacom reported a marginal rise in annual earnings and aims to accelerate group service revenue growth into a double-digit rise over the next three years, it said on Monday. Vodacom, majority-owned by UK-based Vodafone, said headline earnings per share rose by 1.3% to 857 cents …

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Nigeria’s Renaissance reports oil spill from illegal pipeline connection

19 May 2025

By Tife Owolabi YENAGOA (Reuters) -Nigeria’s Renaissance Africa Energy Co. Ltd has confirmed an illegal connection on its Okordia-Rumuekpe pipeline at Oshika community in Nigeria’s coastal Rivers state caused a spill, the independent oil producer said on Monday. The company was immediately isolating the pipeline and stopping production to minimize potential environmental impact, a spokesperson …

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South African rand edges lower before budget and Trump meeting

19 May 2025

JOHANNESBURG (Reuters) -The South African rand edged lower on Monday before this week’s budget speech and a planned meeting between President Cyril Ramaphosa and U.S. President Donald Trump in Washington. At 1510 GMT the rand traded at 18.0625 against the dollar, down about 0.2% on Friday’s close. The rand has gained in recent weeks, supported …

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Morocco, TAQA, Nareva team up to develop energy, desalination projects

19 May 2025

By Ahmed Eljechtimi RABAT (Reuters) -Moroccan electricity and water utility ONEE has signed deals for projects from desalination to renewable energy and transmission lines with a consortium comprising the Mohammed VI Investment Fund and energy groups TAQA Morocco and Nareva, it said on Monday. TAQA Morocco, a unit of Abu Dhabi’s TAQA Group, said the …

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Vodacom pursuing joint fibre ventures in Africa broadband push

19 May 2025

By Nqobile Dludla JOHANNESBURG (Reuters) -Vodacom Group is pursuing partnerships for joint fibre ventures as Africa’s second largest mobile operator looks to accelerate the roll out of high-speed broadband coverage across its markets. With the voice market slowing in parts of the continent including South Africa, telecom companies such as Vodacom and rivals MTN and …

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Ugandan shilling little-changed on easing FX demand

19 May 2025

KAMPALA (Reuters) -The Ugandan shilling was little-changed against the dollar on Monday, supported by a slump in demand for hard currency, traders said. At 0927 GMT commercial banks quoted the shilling at 3,652/3,662, compared to Friday’s close of 3,654/3,664. (Reporting by Elias Biryabarema; Editing by Hereward Holland)

Kenyan shilling flat against dollar, LSEG data shows

19 May 2025

NAIROBI (Reuters) -Kenya’s shilling was stable against the dollar on Monday, data from the London Stock Exchange Group showed. At 0938 GMT, the shilling traded at 129.00/129.40 per dollar, unchanged from Friday’s close. (Reporting by Hereward Holland)

At least 20,000 flee insurgency-hit town in Nigeria, governor says

19 May 2025

By Ahmed Kingimi MAIDUGURI, Nigeria (Reuters) -At least 20,000 people have fled Marte town following increasing attacks by Islamist militants in Nigeria’s northeastern Borno state, its governor has said, four years after residents returned to the town that was once controlled by insurgents. Borno state has witnessed an upsurge in attacks by suspected Boko Haram …

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