On Thursday, global oil prices climbed as uncertainty over a delicate ceasefire between the United States and Iran grew in relation to energy supply Strait of Hormuz oil prices. Despite initial optimism, markets remain cautious as to whether or not the Strait of Hormuz will reopen in the near future. Oil Prices Rebound After Sharp […]
Many freelancers, remote workers, and online business owners have continued to face payment issues even after years of effort in establishing PayPal availability in Ethiopia as a payment processor. Although global payments through PayPal make up most global transactions, the availability and functionality of PayPal vary based on the country where the transaction originates. Currently, […]
LThe founder and CEO of one of Nigeria’s largest airlines, Air Peace, has been indicted by the U.S. Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said. Allen Onyema was accused of transferring the money from Nigeria through U.S. bank […]
The Debt Management Office (DMO) says that Nigerian’s total debt profile is N25.7 trillion. The Director-General of the office, Patience Oniha, announced this while addressing House of Representatives Committee on Public Account on Friday in Abuja. “As at June 2019, our debt profile is at N25.7 trillion; this includes the federal, states governments and the […]
Amb. Tijani Muhammad-Bande The President of the UN General Assembly, Prof. Tijani Muhammad-Bande, has said that Africa needs to look inward to be able to overcome the negative effects of the trade war between the U.S. and China. Muhammad-Bande gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja when […]
The Minister of Transport, Rotimi Amaechi, said on Thursday that the Federal Government and its Chinese counterpart are holding talks on the Port Harcourt-Maiduguri rail project. The minister disclosed this in a statement issued by his media aide, Israel Ibeleme. He also said the federal government would continue its negotiations with a Russian company for […]
President Emmerson Mnangagwa said that Zimbabwe has had no lines of credit from international institutions for the past 20 years due to sanctions. President Mnangagwa was speaking on Monday at the Global Business Forum Africa 2019 in Dubai. He said: Up until now, we have had no support from international institutions – we’ve had no […]
Jack Ma founder of Chinese conglomerate Alibaba says if Africa wants to build a sustainable economic growth each African must have the spirit of entrepreneurship. The Chinese billionaire was speaking at the Africa Netpreneur conference in Accra on Saturday 16th November 2019. He noted that “If Africa wants to develop if Africa wants to have […]
Mr. John Mahama, Former President of Ghana, on Tuesday, appealed to the Nigeria Government to open up her border so that economic activities can resume in West Africa. Mahama made the plea while delivering the 7th Anniversary Lecture, Investiture into The Realnews Hall of Fame and The unveiling of the Book: Pathways to Political and […]
Online retailer Jumia Technologies, often called “the Amazon of Africa”, said it suspended its e-commerce platform activities in Cameroon on Monday because it is not suitable for the country. Its shares have tumbled from its Wall Street initial public offering price of 14.50 dollars in April, hitting a record low of 5.10 dollars on Monday […]
The Minister of Finance speaking at the Zimpapers breakfast meeting on Friday said it would take time to reach the de-dollarisation target as very few economies had successfully de-dollarised, the Herald reports. The treasury boss according to the publication said: We are in a transition but the trick to de-link from the United States dollar […]
DRC’s $10 billion draft budget for 2020 An ambitious draft budget presented to the National Assembly of the Democratic Republic of Congo. More than US$10 billion is needed for the various projects to be carried out in the 2020. This is an increase of 63.2% compared to 2019. A historic budget that the authorities are […]
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that investigations are already underway to ascertain the source of new notes that have flooded the black market. Mangudya said the banks responsible for channelling the notes onto the streets will be severely dealt with once they are known. He said: We have launched an investigation […]
The African Development Bank has disclosed plans to target projects valued at $67bn with deal makers at its flagship investment conference this week. According to AfDB President, Akinwumi Adesina, who spoke with journalists in Johannesburg, South Africa, the deal which is targeted at 29 countries across the continent, will range from infrastructure development in energy, […]
Nigerian firefighters were battling two fires that broke out almost simultaneously Tuesday at a busy market in central Lagos, the country’s largest city and commercial center. Balogun Market, where the fires erupted, is one of Nigeria’s largest textile markets. “We have split our team in two to fight both fires,” Ganiyu Olayiwola, head of the […]
The Zimbabwe dollar has shown signs of stability in October, with the local currency shedding 3.1 per cent of its value against the greenback on the interbank market. As of September 30, 2019, the official USD/Zimbabwe dollar official rate was 15.1979 and fell to”only” 15.6467 as of October 31, 2019. Some financial experts have opined […]
Nigeria said on Sunday its borders would remain closed to trade until at least January 31, 2020. Nigeria launched a partial border closure in August to tackle smuggling of rice and other goods. Last month the head of customs confirmed that all trade via land borders was halted indefinitely. Joseph Attah, spokesman for the Nigerian […]
US President Donald Trump has indicated his intention to terminate the designation of the Republic of Cameroon (Cameroon) as a beneficiary sub-Saharan African country under the African Growth and Opportunity Act (AGOA). In a letter addressed to Congress, Donald Trump says the measure which is supposed to take effect as from January 1, 2020 is […]
Ratings agency Moody’s followed S&P Global and Fitch in spelling bad news for Africa’s second biggest economy, South Africa, now facing a slowdown in economic growth and rising debt burden. The rating agency moved South Africa one step closer to “junk” status on Friday by revising the outlook on the country’s last investment-grade credit rating […]
The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that the central bank will inject more liquidity on the interbank market to stabilise the exchange rate and ensure efficient forex allocation through the market. Speaking during the inaugural press conference for the central bank’s recently commissioned Monetary Policy Committee (MPC) in Harare on Tuesday, […]