Reuters Africa Business

JOHANNESBURG (Reuters) – The International Monetary Fund’s executive board has completed the third review of Mozambique’s three-year loan program, allowing for an immediate disbursement to Maputo of about $60.7 million, the fund said. The review brings total disbursements under the $456 million Extended Credit Facility program approved in 2022 to about $273 million, the IMF …

IMF approves disbursement of $60.7 million to Mozambique Read More »

LAGOS (Reuters) – Nigeria’s Dangote oil refinery could begin test runs as early as this week after receiving a sixth crude cargo on Monday, company officials said, finally bringing the 650,000 barrels per day (bpd) plant to life after years of construction delays. The refinery, funded at a cost of $20 billion by Africa’s richest …

Nigeria’s Dangote refinery set for test runs after getting more crude Read More »

JOHANNESBURG (Reuters) -South Africa’s rand recovered slightly on Monday after a lacklustre start to the year, ahead of a key U.S. inflation report later in the week. At 1519 GMT, the rand traded at 18.6200 against the dollar, 0.45% stronger than its previous close. A reading on U.S. inflation due on Thursday is expected to …

South African rand recovers slightly after lacklustre start to year Read More »

By Isaac Anyaogu LAGOS (Reuters) – Nigeria’s electricity regulator has put up for sale the sixth largest power distribution utility over a $130 million debt, less than two years after the lenders who took over the company failed to turn it around and make it profitable. Africa’s biggest economy, Nigeria, has 11 power distribution companies …

Nigeria to sell power distribution firm over $130 million debt Read More »

CAIRO (Reuters) – Egypt’s inflation rate probably fell for a third straight month in December on lower food prices, but may see an uptick in coming months after recent government price rises and a possible currency devaluation, a Reuters poll showed on Monday. Annual urban consumer inflation is seen edging down to 33.4% in December …

Egypt inflation expected to slow in December: Reuters poll Read More »

ABUJA (Reuters) – Nigeria’s central bank has paid nearly $2 billion in outstanding foreign exchange forwards in the last three months in a bid to clear a backlog of dollars, a spokesperson has said, but forex shortages continue to hobble the country’s naira currency. Africa’s biggest economy has nearly $7 billion in forex forwards that …

Nigeria central bank pays nearly $2 billion towards FX backlog Read More »