Reuters Africa Business

IMF board approves $1.8 billion for Senegal, frees $216 million immediately

26 Jun 2023

(Reuters) – The Executive Board of the International Monetary Fund approved a 3-year Extended Credit Facility and Extended Fund Facility for about $1.51 billion with Senegal, and a $324 million arrangement under the Resilience and Sustainability Facility, the IMF said on Monday. The EFF/ECF program will help address macroeconomic imbalances while the RSF arrangement will …

IMF board approves $1.8 billion for Senegal, frees $216 million immediately Read More »

Oil prices inch higher after political turmoil in Russia

26 Jun 2023

By Shariq Khan BENGALURU (Reuters) -Oil prices rose slightly in choppy trading on Monday, as investors balanced concerns about global demand growth against upcoming supply disruptions that could be exacerbated by political instability in Russia. Brent crude futures rose 33 cents, or 0.5%, to settle at $74.18 a barrel, while U.S. West Texas Intermediate (WTI) …

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Nigeria investigates Shell’s Trans Niger pipeline spill

26 Jun 2023

By Tife Owolabi YENAGOA, Nigeria (Reuters) – Nigerian authorities and Shell’s local subsidiary were on Monday investigating the cause of a spill on the Trans Niger pipeline that lasted several days. The 180,000-barrel-per-day pipeline is one of two conduits to export Bonny Light crude. The spill at Eleme in Rivers state was detected on June …

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Zambia state firm says Zijin, Sibanye interested in copper mine

26 Jun 2023

By Clara Denina and Felix Njini LONDON (Reuters) -Zambia’s state-owned ZCCM Investment Holdings confirmed on Monday that China’s Zijin Mining and Sibanye Stillwater are among investors short-listed to buy Mopani Copper Mines. The list includes those companies, China’s Norinco Group and an investment vehicle owned by ex-Glencore officials, Reuters reported June 20, citing sources. The …

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South African rand jumps as investors assess Russia impact

26 Jun 2023

JOHANNESBURG (Reuters) -The South African rand gained against the dollar on Monday, as investors watched for potential ripple effects of the aborted weekend mutiny in Russia. At 1506 GMT, the rand traded at 18.6350 against the dollar, around 0.65% stronger than its previous close after jumping over 1% earlier. The dollar was last trading 0.04% …

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Nigeria debt-to-GDP ratio expected to near government’s 40% limit

26 Jun 2023

(This June 22 story has been corrected to fix the debt metric cited in paragraph 5) By Elisha Bala-Gbogbo and Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s total public debt could rise to 37.1% of its gross domestic product (GDP) this year, close to the government’s self-imposed 40% limit, the country’s Debt Management Office said on …

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Nestle ramps up Nigeria raw material sourcing as forex squeeze bites

26 Jun 2023

By Richa Naidu LONDON (Reuters) – Food giant Nestle’s businesses in Nigeria and other African countries are ramping up sourcing of local raw materials like starch and turmeric, a move that may help reduce foreign exchange exposure that has been a headache for the sector. In the wake of the COVID-19 pandemic and the supply …

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Lithium miner Premier’s shares slide on Zimbabwe force majeure

26 Jun 2023

HARARE (Reuters) – Shares in Premier African Minerals plunged 40% on Monday after the company declared force majeure at its Zimbabwe lithium mine, citing a defect at its processing plant. A Premier statement said the plant could not produce sufficient spodumene concentrate to meet conditions of its offtake agreement with China’s Canmax Technologies. Chinese lithium …

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As Nigeria scraps fuel subsidy, a vibrant black market collapses

26 Jun 2023

By Desire Danga Essigue GAROUA, Cameroon (Reuters) – Things have been topsy turvy lately on the roadsides of West African nations where cheap contraband petrol from Nigeria has abruptly doubled in price, upending an informal sector that is central to the region’s economic activity. Since Nigeria scrapped a state fuel subsidy on May 31, black …

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Stocks fall, dollar up as investors weigh more rate hikes

23 Jun 2023

By Caroline Valetkevitch NEW YORK (Reuters) – Global stock indexes fell and the U.S. dollar rose on Friday as investors digested comments from Federal Reserve officials that signalled further interest rate hikes ahead. Major U.S. stock indexes posted losses for the week, with the Nasdaq snapping an eight-week winning streak. The S&P 500 ended a …

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