Reuters Africa Business

Nigeria posts $6.83 billion payments surplus amid reforms, rising confidence

9 Apr 2025

By Elisha Bala-Gbogbo and Camillus Eboh ABUJA (Reuters) -Nigeria recorded a balance of payments surplus of $6.83 billion in 2024, driven by the impact of reforms, a stronger trade performance and renewed investor confidence in the economy, the Central Bank of Nigeria said on Monday. Since coming into office in 2023, President Bola Tinubu has …

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African Finance Corp reports record $1.1 billion annual revenue

9 Apr 2025

By Ben Ezeamalu LAGOS (Reuters) – The African Finance Corporation’s (AFC) revenue rose 22.8% last year to $1.1 billion, it said on Wednesday, citing project finance and infrastructure deals across Africa. The AFC said the revenue performance was its strongest to date, adding that net income rose 22.3% to $400 million, up from $327 million …

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Egypt to sell stakes in military-owned companies

9 Apr 2025

CAIRO (Reuters) -Egypt will offer stakes in military-owned companies through its sovereign wealth fund, the cabinet said on Wednesday, seeking to meet the requirements of the International Monetary Fund to expand the private sector’s role in the economy. The wealth fund will aim to sell stakes in fuel station operators Wataniya Petroleum and Chillout, mineral …

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Drop in riskier emerging market bonds stokes concerns over market access

9 Apr 2025

By Colleen Goko and Duncan Miriri JOHANNESBURG/NAIROBI (Reuters) -International debt issued by small emerging economies generally viewed as riskier by investors suffered another sharp drop on Wednesday, raising concerns about the countries’ ability to borrow in future as a growing trade war blasted U.S. markets. U.S. Treasuries, the bedrock of the global financial system and …

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Tin hits two-month low as major mine in Congo resumes production

9 Apr 2025

By Polina Devitt LONDON (Reuters) – Tin prices slumped to two-month lows on Wednesday after major producer Alphamin Resources Corp said it was launching a phased resumption of operations at its Bisie mine in Democratic Republic of Congo. A month ago, Alphamin ceased operations at Bisie, which produces about 6% of global tin supplies a …

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US pushed for deal to re-open Alphamin tin mine in war-hit Congo, sources say

9 Apr 2025

By Sonia Rolley (Reuters) – The United States has pushed for a deal that would ensure the reopening of a major tin mine in war-hit eastern Congo, four sources briefed on the negotiations told Reuters. Alphamin Resources said in a statement on Wednesday it was initiating a phased resumption of operations at its Bisie tin …

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Angola’s Sonangol seeks $4.8 billion to bridge Lobito refinery funding gap

9 Apr 2025

By Wendell Roelf CAPE TOWN (Reuters) – Angola’s Sonangol is in talks with Chinese and European banks to overcome a $4.8 billion funding shortfall for its planned 200,000 barrel per day Lobito refinery, an executive with the state-owned oil company told Reuters. Angola is Sub-Saharan Africa’s second-biggest crude oil exporter but imports around 80% of …

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Kenya’s central bank sees economic growth rising to 5.6% next year

9 Apr 2025

NAIROBI (Reuters) – Kenya’s central bank expects economic growth to accelerate slightly to 5.6% next year from 5.4% this year, the bank’s governor said on Wednesday. “The economy is projected to pick up in 2025 and in 2026 supported by resilience of key service sectors and agriculture, expected recovery in growth of credit to the …

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Egypt plans to issue $2 billion sukuk in 2025, finance minister to Reuters

9 Apr 2025

KUWAIT (Reuters) – Egypt, which is short of foreign currency, plans to issue $2 billion in Islamic bonds or sukuks in 2025 via multiple offerings and has appointed banks for the issuance, Finance Minister Ahmed Kouchouk told Reuters on Wednesday. He added that Egypt was also very open to debt-for-investment swaps, similar to the Ras …

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