Reuters Africa Business

By Felix Onuah ABUJA (Reuters) – Nigeria has saved over 1 trillion naira ($1.32 billion) in just over two months by scrapping a popular but costly subsidy on petrol and moved to unify its multiple exchange rates, President Bola Tinubu said on Monday. Tinubu is under pressure as prices soar following the country’s boldest reforms …

Nigeria’s Tinubu says scrapping fuel subsidy has saved $1.32 billion Read More »

By Felix Onuah ABUJA (Reuters) – Nigerian President Bola Tinubu has directed the release of more than 200,000 metric tons of grains to families to alleviate hardship from higher fuel prices after a popular but costly subsidy was axed. Tinubu has announced measures to boost the economy and ease inflation from his decision to scrap …

Nigeria releases grain to ease pain of higher fuel prices Read More »

By David Lawder WASHINGTON (Reuters) -The International Monetary Fund on Monday said it is continuing to closely monitor political developments in Niger after a military junta seized power, but has not yet disbursed under normal procedures a $131.5 million loan to the west African country that was approved on July 5. The IMF has not …

IMF says monitoring Niger developments, has not yet made RSF loan payment Read More »

ABIDJAN (Reuters) – A planned 30 billion CFA francs ($51 million) bond issuance by Niger scheduled for Monday in the West African regional debt market has been cancelled by the regional central bank following the imposition of sanctions over a coup, market sources said. West African leaders on Sunday imposed sanctions on Niger, including a …

Niger’s planned $51 million bond issuance cancelled due to sanctions Read More »

By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) -Ghana’s government said on Monday it had roughly halved this year’s economic growth forecast and saw higher inflation and a primary deficit whereas it was hoping for a surplus previously. Finance Minister Ken Ofori-Atta also disclosed during a mid-year budget review in parliament that last year’s …

Ghana sees slower 2023 growth, higher inflation at mid-year review Read More »

By Alex Lawler LONDON (Reuters) – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday. The Organization of the Petroleum Exporting Countries has pumped …

OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds Read More »

By Andrew Hayley BEIJING (Reuters) – China, Niger’s second-largest foreign investor after former colonial power France, has in the past two decades ploughed billions of dollars into the landlocked West African nation, mainly for the exploration of oil and uranium. Since last week’s coup, in which military leaders detained Niger’s President Mohamed Bazoum and established …

Factbox-China’s oil and uranium business in Niger Read More »