ABUJA (Reuters) – Nigerian President Bola Tinubu has been advised to reduce the state’s stake in the oil and gas sector to raise up to $17 billion to boost economic growth during his four-year term, a policy document showed. The proposals, drawn up by Tinubu’s policy advisory team and first reported by Nigerian media at …
Nigerian president advised by team to cut state’s stake in oil and gas sector Read More »
By Tannur Anders and Rachel Savage JOHANNESBURG (Reuters) -The South African rand extended gains on Monday, building from the previous week, as investor sentiment towards Africa’s most industrialised economy improved. At 1517 GMT, the rand traded at 18.5600 to the dollar, about 0.87% stronger than its closing level on Friday. The dollar was last trading …
South Africa’s rand jumps on improving investor sentiment Read More »
By Hamza Ibrahim KANO, Nigeria (Reuters) – In a small factory in Nigeria’s northern Kano city, Muhammad Khamis Umar stares at stacks of plastic products that have not been sold for over a week since new President Bola Tinubu scrapped a fuel subsidy, sharply driving up the cost of petrol. Most of Umar’s customers came …
Nigeria’s small businesses feel squeeze after petrol subsidy scrapped Read More »
By Rachel Savage JOHANNESBURG (Reuters) – Angola’s kwanza is Africa’s weakest currency against the dollar so far this year after a 21% plunge in the past month, with analysts flagging low oil prices and an increase in debt payments pushing the central bank to stop propping it up. The kwanza was trading at 637.30 per …
Angola’s kwanza is Africa’s worst-performing currency so far this year Read More »
BUJUMBURA (Reuters) – Burundi’s government expects overall spending to rise by about 65% in the upcoming fiscal year backed by an increase in donor funds and higher revenues, according to a draft budget presented by its finance minister on Monday. Finance Minister Audace Niyonzima said spending was projected to rise to 3.95 trillion Burundi francs …
Burundi forecasts steep rise in spending next fiscal year Read More »
ABIDJAN (Reuters) – Heavy rain in most of Ivory Coast’s main cocoa regions flooded some plantations in lowlands last week, threatening the April-to-September mid-crop, farmers said on Monday Ivory Coast, the world’s top cocoa producer, is in its rainy season which runs officially from April to mid-November. In the southern and western regions, farmers said two …
Heavy rain and floods threaten Ivory Coast cocoa mid-crop, farmers say Read More »
JOHANNESBURG (Reuters) – South African shopping mall developer Vukile on Monday reported an increase in customer visits at its centres as consumers proved more resilient than expected, but it warned the impact of higher interest rates was starting to show. Footfall at Vukile shopping centres increased to 107% of its pre-COVID level in the year …
S.African shopping mall developer Vukile gains footfall despite inflation Read More »
LAGOS (Reuters) – Nigeria’s markets regulator has ordered the world’s largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal. “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” the Securities and Exchange Commission …
Nigeria regulator says local Binance operations ‘illegal’ Read More »
(Reuters) – South African thermal coal exporter Thungela Resources on Monday said it expects its half-year profit to fall by as much as 75% on weaker coal prices, higher costs and persistent rail logistics problems. In a trading update, Thungela said its headline earnings per share, South Africa’s most common profit measure, is expected to …
Thungela forecasts sharp half-year profit fall on weaker coal prices Read More »
By Andrea Shalal WASHINGTON (Reuters) – The World Bank must use “informed risk-taking” to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president Ajay Banga said on Sunday. Banga told CNN’s ‘Fareed Zakaria GPS’ program that efforts now underway to stretch …
World Bank must drive private investment in climate transition, new chief says Read More »
