World Bank, AfDB to improve access to electricity in Africa
The African Development Bank (AfDB) and the World Bank have committed $40 billion to halve Africa’s energy consumption and increase access to electricity by 2030.The African Development Bank will commit…
CBN to sanction banks for FX code violation
The Governor of the Central Bank of Nigeria, Olayemi Cardozo, has warned financial institutions sternly, saying that those who violate the new Nigerian Foreign Exchange cODE will be severely punished.Speaking…
Food, housing triggers more inflation in Zimbabwe
Zimbabwe experienced a significant increase in its inflation rate in January, both in U.S. dollar and local currency terms, driven primarily by rising food and housing costs.In terms of U.S.…
NCC bans telcos from extending deadline granted to banks
The Nigerian Communications Commission and telecommunications companies have ruled out any extension to the deadline for banks to settle their Unstructured Supplementary Service Data debts, meaning defaulters now have until…
Tinubu to Unveil Energy Initiative in Tanzania
President Bola Ahmed Tinubu has announced a transformative energy initiative at the Mission 300 Africa Energy Summit in Tanzania, reaffirming Nigeria’s commitment to energy security, affordability, and sustainability. The initiative…
CBN targets transparent FX market with new compliance guideline
The Central Bank of Nigeria has asked those involved in foreign exchange transactions to submit documents that comply with Nigeria’s foreign exchange regulations by January 31, 2025.The guidelines are part…
Marketers opt for imported fuel as landing cost reduces
The landing cost of Premium Motor Spirit (PMS) has decreased to ₦922.65 per litre, sparking a significant shift in Nigeria’s downstream oil market. This figure, a reduction of ₦32.35 from…
Nigeria’s trade volume with China exceeded $20 billion in 2024
Trading activities between Nigeria and China exceeded $20 billion in 2024, indicating a thriving business climate and growing economic ties between both countries. The Chinese Ambassador to Nigeria, Yu Dunhai…
PMI hits 51.0 in December 2024 after months of economic contraction
Nigeria's Purchasing Managers' Index (PMI) for December 2024 increased to 51.0 index points, indicating a resurgence in economic activities following two months of decline.This progress reflects a steady recovery path…
Mauritania, Senegal begin production at new GTA gas project
The Grand Tortue Ahmeyim (GTA) gas project, a joint venture between Senegal and Mauritania, has began gas production.Officially launched by British Petroleum (BP) in January 2025, the project represents a…
