Reuters Africa Business

Nigeria’s Renaissance halts oil output via pipeline after spill

6 May 2025

By Tife Owolabi YENAGOA, Nigeria (Reuters) -Nigeria’s Renaissance Africa Energy Co. Ltd has halted oil shipments via its Okordia-Rumuekpe pipeline in the coastal Rivers state following a spill, the independent oil firm said on Tuesday. The pipeline, which transports crude oil south to the Rumuekpe manifold for export via the Bonny terminal, experienced the spill …

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South African rand steady as PMI hits neutral mark

6 May 2025

JOHANNESBURG (Reuters) -The South African rand held steady for much of Tuesday’s trading session after the release of a purchasing managers’ index (PMI) survey that showed the country’s private sector showed signs of stabilisation in April. At 1340 GMT, the rand traded at 18.25 against the dollar, little changed from Monday’s close. The rand gained …

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Nigeria approves $652 million China Exim Bank road finance package

6 May 2025

LAGOS (Reuters) – Nigeria has approved a $652-million China Exim Bank funding package for construction of a road to move goods from a sea port and petroleum refinery on the edge of its main city Lagos to its southern states, the public works minister said. The financing was approved by the federal executive council chaired …

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Kenyan shilling steady, supported by remittances

6 May 2025

NAIROBI (Reuters) -The Kenyan shilling was steady on Tuesday, supported by remittances and muted foreign-currency demand, traders said. As of 0935 GMT the shilling was trading at 129.00/50 to the U.S. currency, the same level as at the close of Monday’s session, London Stock Exchange Group data showed. (Reporting by Hereward Holland;Editing by Alexander Winning)

Gabon names prominent banker as minister of finance

6 May 2025

(Reuters) -Gabon’s leader Brice Oligui Nguema has named a new cabinet, after his landslide victory in a presidential election in April, choosing a prominent banker and businessman to tackle the country’s acute liquidity shortage. President Nguema, inaugurated over the weekend, has said he will boost agriculture, industry and tourism in the oil-dependent economy and fight …

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Kenya’s private sector growth hits 27-month high in April, PMI shows

6 May 2025

NAIROBI (Reuters) -Kenya’s private sector growth accelerated to a 27-month high in April, driven by robust sales volumes and solid business activity, according to the Stanbic Bank Kenya Purchasing Managers’ Index (PMI) released on Tuesday. The PMI rose to 52.0 in April, up from 51.7 in March, marking its highest level since January 2023. A …

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South African business activity stabilises as PMI hits neutral mark

6 May 2025

JOHANNESBURG (Reuters) -South Africa’s private sector showed signs of stabilisation in April, emerging from a four-month downturn as sales picked up slightly and supply chains strengthened, a survey showed on Tuesday. The S&P Global South Africa Purchasing Managers’ Index (PMI) rose to 50.0 in April, up from 48.3 in March. A PMI reading above 50 …

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Egypt’s non-oil private sector contracts further in April, PMI shows

6 May 2025

CAIRO (Reuters) – Egypt’s non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a second month, according to a survey released on Tuesday. The S&P Global Egypt PMI headline index dropped to 48.5 in April from 49.2 in March, marking …

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