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LAGOS (Reuters) – Nigeria’s President Bola Tinubu has appointed ex-Shell executive Bayo Ojulari and a new board to run the Nigerian National Petroleum Company, raising hopes of a much-needed overhaul at the troubled state-owned firm and a boost in oil production. Long serving as Nigeria’s golden goose, NNPC’s opaque dealings, corruption and high-level political meddling …

Explainer-What to know as a new CEO takes over at Nigeria’s state oil firm NNPC Read More »

NAIROBI (Reuters) – The Kenyan, Nigerian, Ghanaian and Zambian currencies are forecast to remain broadly steady against the dollar in the next week to Thursday, while Uganda’s shilling is expected to strengthen, traders said. KENYA Kenya’s shilling is expected to be stable, with importer dollar demand low, traders said. Commercial banks quoted the shilling at …

AFRICA-FX – Most African currencies seen stable, Uganda’s shilling to firm Read More »

JOHANNESBURG (Reuters) – South Africa’s private sector shrank in March for the fourth consecutive month, as output and sales declined amid economic uncertainty, a survey showed on Thursday. The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 48.3 in March from 49.0 in February, remaining below the 50.0 threshold that separates growth from …

South Africa business activity contracts for fourth month in a row – PMI Read More »

CAIRO (Reuters) – Egypt’s non-oil private sector slipped into contraction in March, marking the first downturn of 2025 as demand weakened, S&P Global reported on Thursday. The Purchasing Managers’ Index (PMI) fell to 49.2 from 50.1 in February, dipping below the 50.0 threshold that separates growth from contraction. The decline was driven by a fall …

Egypt’s non-oil private sector contracts in March as demand weakens, PMI shows Read More »

WASHINGTON (Reuters) – The International Monetary Fund approved a new two-year $4.5 billion flexible credit line arrangement for Morocco on Wednesday, the IMF said in a statement. “In a highly uncertain environment, the arrangement will enhance Morocco’s external buffers and provide insurance against downside risks. The authorities intend to treat the new arrangement as precautionary,” …

IMF approves 2-year $4.5 billion flexible credit line arrangement for Morocco Read More »