Africa to spend $74 billion on debt servicing in 2024 – AFDB
The African Development Bank, AFDB, says African countries will spend $74 billion in 2024 to meet their debt servicing obligations. The AFDB made this known through its Chief Economist and…
Bitcoin hits $107,000, an all-time high
Bitcoin surpassed the $107,000 mark for the first time on Monday, hitting a series of record highs in recent weeks as investors grow increasingly wary of the cryptocurrency's prospects in…
Regional power grid makes significant progress after Tanzania-Kenya Line opens
The East African Power Pool (EAPP) project will complete the final phase of the Tanzania-Kenya connection project after the test run of the 500-kilometer transmission line.The project will connect the…
Lutai Group to boost Egypt’s textile industry with new $385 million investment
Lutai Group, the world’s largest producer of dyed fabrics and shirts, plans to establish its first factory in Egypt, with an investment of $385 million. Covering 500,000 square meters, the…
Nigeria’s inflation rate hits 34.6%, highest in 26 years
Nigeria's headline inflation increased to 34.60% in November 2024, indicating a continued rise in the prices of goods and services nationwide. The new rate is captured in the Consumer Price…
Access Bank acquires South Africa’s Bidvest bank with new agreement
Access Bank Plc, a subsidiary of Access Holdings Plc, has signed an agreement to acquire 100% equity in South Africa’s Bidvest Bank Limited for $159 million. Bidvest Bank, a specialized…
When African Nations partner for investment projects: Benefits and Opportunities
Collaborative investment projects between African nations have emerged as a cornerstone of global economic integration. By pooling resources, expertise, and markets, such partnerships offer significant benefits and opportunities for all…
Coffee prices hit 50-year high
Analysts say the record surge in coffee prices shows no signs of slowing, warning that it could take years for one of the world’s leading commodities to recover. Arabica coffee futures…
Nigeria meets ECOWAS obligation for first time in 19 years
For the first time in 19 years, Nigeria has fully met its financial obligations to the Economic Community of West African States (ECOWAS). The Federal Government paid ₦85 billion and…
Zambia to improve economic management with AFDB’s new loan
The African Development Bank Group has approved a $108 million loan to Zambia to improve the country’s economic management and implement fundamental public sector reforms.The fund will be used to…
