Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
The Dangote Petroleum Refinery has started the largest initial public offering (IPO) that allows retail investors to get a part of one of Africa’s largest industrial projects. 4.1 billion shares of the refinery will be offered at a price of ₦525 each, which means that the deal should bring ₦2.15 trillion (approximately $1.6 billion) if […]
Following the revelation of concealed borrowings, Senegal is looking towards restructuring its debts after pushing its public debt level to about 132% of the GDP by the end of 2024. The government has now signed an agreement with the International Monetary Fund (IMF) for a $2.2 billion program spread out over three years while at […]
America’s only wholly US-owned telecom company operating in Africa has just landed a near $100 million loan from Washington. The deal, backed by the US Export-Import Bank, is aimed at helping Africell upgrade its mobile networks and push back against China’s Huawei, which still dominates much of the continent’s 5G infrastructure. For South African readers […]
Senegal’s $2.2 billion IMF programme is being criticized politically following questions raised by lawmakers regarding the decision to increase cooperation with the International Monetary Fund in view of the nation’s heavy debt situation. The Prime Minister of Senegal, Ahmadou Al Aminou Mohamed Lo, defended the programme in a National Assembly debate on Tuesday, stating that […]
Dangote’s plans for a $15-$16 billion refinery in Lamu, Kenya, are advancing, with the megaproject up against the challenge of sourcing enough crude oil for the plant, which is designed to refine 700,000 barrels per day. The construction phase is expected to commence on September 30, 2026, with commissioning to happen around 2030. The refinery […]
In a bid to dispose of assets recovered from the anti-corruption campaign in Angola, the country has approved the public share offer of 34% equity stake in Standard Bank Angola with an aim of raising to $228 million from the sale of shares owned by Carlos São Vicente, a convicted businessman. When Will the Standard […]
Dangote Petroleum Refinery of Nigeria is about to go public with an IPO opening on September 14, 2026, and this is going to be the largest stock offering in Africa’s history. The refinery plans to issue 4.1 billion ordinary shares priced at ₦525 per share and thus raise about ₦2.15 trillion ($1.63 billion), if it […]
The Democratic Republic of Congo (DRC) tightens its state control over the geological data necessary to discover and develop mineral resources of the country. In this way, Kinshasa will have more opportunities to exert influence on the location of future investments and the access of companies to discoveries. Such actions come amid the fast development […]
Air Tanzania has resumed the operation of its Dar es Salaam-Moscow flights today, September 7, following temporary suspension owing to safety concerns along the route. The resumption of services by the airline comes just hours after the airline revealed that the flights will be suspended temporarily. According to Air Tanzania, the decision was made after […]
The rules on gold export have become stricter for Ghana, requiring certain exporters to refine gold doré within the country as it seeks to retain more value from the gold production sector. The new regulation will come into effect on September 1, 2026, and will cover SFAs exporting gold doré purchased under deals with certified […]
The Dangote Petroleum Refinery Initial Public Offering (IPO) has been approved by Nigeria’s Securities and Exchange Commission (SEC), setting the stage for Africa’s largest-ever IPO. A total of 4.1 billion ordinary shares will be made available at the price of ₦525 per share. This will enable the company to raise roughly ₦2.15 trillion ($1.63 billion) […]
Egypt is planning to sign two agreements, totaling $665 million, with Chinese firms for the extension of its Light Rail Transit system and enhancing connectivity of Cairo with Egypt’s growing urban centers. This involves a $515 million agreement for Phase 4 of the LRT and another $150 million for joint studies for Phase 5 of […]
Senegal has struck an agreement with the International Monetary Fund (IMF) on a new $2.2 billion, 36-month financing deal designed to help with economic and financial reforms in the period between 2026 and 2029. The deal was reached on September 1 and comes at a time when Senegal is experiencing debt challenges due to uncovered […]
Shoprite Holdings has shown good financial performance for the year ended 2026, with the increase in merchandise sales to R270.8 billion due to the efforts of the South African retail company in attracting customers with low cost, online shopping, and expansion within its range of supermarkets. The diluted headline earnings per share (DHEPS) for the […]
Kenyans police fired tear gas at protesting traders against new import taxes on Friday as numerous firms based in Nairobi’s business district closed down in protest of the new customs duties. This as hundreds of protesters took to the streets of Nairobi demonstrating against new duties that would increase the cost of doing business. With […]
A wide-ranging crackdown against organised cybercrime gangs has led to the arrest of 58 individuals in 22 countries and six continents, as Interpol targets criminal gangs accused of conducting romance, cryptocurrency, investment and other financial scams. This particular crackdown, dubbed Operation Jackal IV, targeted West African crime syndicates, particularly the Nigerian-based Black Axe syndicate, which, […]
Nigeria is one step away from making one of the most significant discoveries in its offshore oil sector as the $21 billion Bonga Southwest/Aparo deep-water development is getting closer to Final Investment Decision. According to the deal between Nigerian National Petroleum Company Limited (NNPC Ltd), Shell, and their international partners, the development would have a […]
The Nigerian currency is stable at about ₦1,345 to one dollar in the official foreign exchange market, but the black market rate of Nigerian naira has held steady at roughly ₦1,390 to ₦1,411 per dollar. The relatively smaller gap between the two rates indicates that the volatility in Nigeria’s foreign exchange market is lower than […]
The Government of Tanzania has unveiled the Julius Nyerere Hydropower Project (JNHPP) on the Rufiji River, which will contribute to Tanzania’s power generation capacity and accelerate the development of industries in the region. The inauguration ceremony of the Julius Nyerere Hydropower Project was held on 22 August and presided over by President Samia Suluhu Hassan. […]
