Q3 GDP Growth Slips to 0.5% as South Africa’s Economy Slows Further: Africa newsroom update. Markets opened to a softer print as South Africa Q3 GDP edged up 0.5%. The headline says it cleanly. South Africa economic growth cooled, and the South Africa economy’s slow tag felt accurate on trading floors. Cool morning air in […]
The recent Foreign investment news in Congo showcases a recent surge of foreign investment in the mining, energy, and infrastructure sector. The Democratic Republic of Congo (DRC) has remained one of the key global supply chains as the world demands more and more cobalt, copper, and lithium. The increasing confidence of investors in the economic […]
Massive fires have caused South African farmers to suffer losses exceeding 1 billion Rand in crops and livestock. These fires, which have ravaged parts of the Northern Cape, Free State, North West, and Limpopo since mid-August, have affected over 1.2 million hectares of land. The fires have devastated farmers, destroying grazing land and livestock, including […]
South Africa is dealing with a serious problem of frequent power outages, and it’s getting worse. A recent report suggests that by mid-October, the total time without electricity in 2023 could be double what it was in 2022. According to the Power Blackout Statistics report by energy analyst Pieter Jordaan, South Africans have already experienced […]
Chief Bola Ahmed Adekunle Tinubu, the current President of Nigeria, wants to establish stronger economic and diplomatic ties with South Africa. Nigeria and South Africa aim to build a good partnership in order to tackle Africa continent’s economic challenges. What can Nigerians and South Africans expect? Can the two countries boost their economic ties? What […]
Nigeria is set to increase its palm oil production through a new partnership between the Nigerian Institute for Oil Palm Research (NIFOR) and Luscei Investment Limited. Under the agreement, Luscei Investment will host NIFOR’s Extension Works Seed (EWS) fields and receive free seedlings for a 40-hectare field. The private company will manage the planting, maintenance, […]
Last week on the Nigerian stock market, we saw some ups and downs in various sectors. The Insurance sector didn’t do well last week. It was the biggest loser, dropping by 2.9 percent. This happened because people were selling more insurance-related shares, and two specific insurance companies, Cornerstone Insurance and CHIPLC, saw their share prices […]
Kais Saied, the 7th President of Tunisia, has urged the central bank to finance the budget directly by buying state bonds, citing that the central bank is a public institution. On Friday, the President of Tunisia said that the 2016 law should be reviewed to help the central bank finance the budget directly. Previously, Tunisia’s […]
Raymond Ackerman, the founder of Pick n Pay, one of South Africa’s largest supermarket chains, has passed away at the age of 92. He and his wife Wendy started Pick n Pay in 1967 by purchasing four stores in Cape Town. Over the years, the company has grown to serve millions of customers through its […]
President Bola Tinubu has given security agencies a critical mission of recovering a staggering N1.1 trillion in loans from beneficiaries of the Anchor Borrowers’ Loan Scheme by September 18, 2023. The Anchor Borrowers’ Loan Scheme, initiated by the Central Bank of Nigeria (CBN) to boost agricultural production in Nigeria, is facing a crisis as borrowers […]
Paris has become one of the first European cities to ban rented electric scooters (e-scooters) following an overwhelming vote by residents in favor of the decision. In an April referendum, nearly 90% of voters supported a city-wide ban on shared e-scooters. However, it’s important to note that this ban doesn’t affect shared electric bike (ebike) […]
The National Pension Commission (PenCom) has issued a directive to all Pension Fund Administrators (PFAs) in Nigeria to establish branch offices in at least two states within each geo-political zone of the country. Additionally, PFAs have been instructed to open a branch office in any state where they have 10,000 or more funded retirement savings […]
Oil companies are paying popular influencers on social media to promote their gasoline and fuel rewards programs. This has sparked backlash from climate-conscious fans who are concerned about the promotion of fossil fuels among young people. Influencers who are known for posting about video games, dogs, or holidays are now including plugs for gasoline stations […]
Nigeria has been ranked seventh in the world for mobile phone usage and eleventh for internet reach, according to the Nigerian Communications Commission (NCC). This means that a lot of people in Nigeria use mobile phones and have access to the internet. In fact, Nigeria accounts for 82% of all telecom customers and 29% of […]
Nigeria’s big banks are entering the financial technology (fintech) space, which is causing competition for existing fintech firms. The banks are making strategic investments in fintech businesses to secure their future. This move threatens the valuation of top fintech firms like Flutterwave, Interswitch, and Opay, which are currently valued at over $1 billion. Other fintech […]
The Free Trade Zones (FTZs) Committee on Nigerian Customs Service (NCS) Operational Remodeling has recommended that the service allows the quick export of finished and processed commodities containing 100% local raw materials. This means that products made in Nigeria using only materials from Nigeria can be exported easily. The NCS has promised to adopt this […]
The Federal Government has chosen to ignore the debts owed by operators of leased port terminals and has renewed their agreements, despite the operators violating the terms of their contracts. The port concession/lease agreement, which was entered into in 2006, did not have proper legislation or regulations to monitor the concessionaires. Political forces have been […]
Aradel Plc, a company that recently rebranded, has shown significant growth and success in its operations. In the first half of the year, the company’s operating profit increased by 478.7% compared to the previous year, reaching N29.8 billion. Its profit before tax also grew by 269.5%, and profit after tax nearly tripled. The company’s operating […]
The Nigerian Presidency has expressed concern over the removal of fuel subsidy, stating that it has led to increased poverty among Nigerians and a loss of support for the government. President Bola Tinubu announced the removal of subsidy on petrol in May, citing the inability to continue subsidizing petrol for neighboring countries. However, the government […]
Nigeria’s state-oil firm NNPC said on Wednesday it has secured a $3 billion crude oil repayment loan from Cairo-based Afrexim Bank that will support the government’s reforms to stabilize the exchange rate market. Nigeria, Africa’s largest economy, is trying to increase its reserves and prevent the devaluation of its currency. The Nigerian currency has fallen […]