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AfricaEconomy

Nigeria to launch credit guarantee firm to boost economy

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Nigeria is set to launch a new credit guarantee firm aimed at boosting the country’s economy by facilitating access to credit for small and medium-sized enterprises (SMEs) and individuals. This move comes as part of a broader effort by the government to address the persistent challenges faced by businesses in accessing finance, which have long been a significant barrier to economic growth and…
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AfricaPolitics

Malawi Demands Billions from U.S. Firm Over Gem Dispute

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The government of Malawi has escalated a high-stakes dispute with a U.S.-based mining company, alleging the unlawful exploitation of its precious gemstones and demanding billions of dollars in compensation. The case centers on the extraction of rubies and sapphires in the southern region of the country, where Malawi accuses the company of breaching agreements, undervaluing resources, and failing…
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AfricaBusinessEconomy

Cameroon becomes first importer of Dangote's petroleum

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Cameroon has made headlines by becoming the first importer of petroleum products from the Dangote Refinery, Africa’s largest oil refinery, based in Nigeria. This milestone marks a significant step in the continent’s effort to strengthen intra-African trade and reduce reliance on foreign oil imports. The Dangote Refinery, commissioned in 2023, is a multi-billion-dollar project led by…
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AfricaEconomyPolitics

Nigeria seeking BRICS and G20 backers

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Nigeria, Africa’s largest economy and most populous nation, has intensified its push for support to join key global economic coalitions like BRICS (Brazil, Russia, India, China, and South Africa) and the G20. These groups are instrumental in shaping global economic policies and governance, and Nigeria’s inclusion would mark a significant milestone for the country and Africa at…
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AfricaEconomy

Kenya cancels more than $2.5bn in deals with Adani after US indictment

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Kenya recently canceled over $2.5 billion in contracts with India’s Adani Group after U.S. authorities indicted the company’s founder, Gautam Adani, and associates on bribery and corruption charges. President William Ruto made the announcement during a state address, citing information from international investigations as the basis for the decision. The deals, which included airport upgrades…
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AfricaBusinessEconomy

EU pledges $96M loan to Cameroon to boost infrastructure

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The European Union (EU) has announced a $96 million loan to Cameroon aimed at bolstering the country’s infrastructure and supporting sustainable development. This funding aligns with the EU’s broader objectives of fostering economic growth, enhancing connectivity, and improving living standards in Africa. The loan is primarily targeted at modernizing Cameroon’s transportation and…
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AfricaEconomy

Mountain collapses in DR Congo revealing tonnes of copper

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A dramatic geological event in the Democratic Republic of Congo (DRC) has unveiled a massive deposit of copper, drawing both excitement and concern. The collapse of a mountain in the country’s southern Katanga region, known for its rich mineral resources, revealed tonnes of copper, a key material in the global transition to renewable energy. Copper is essential for the production of electrical…
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