China pledges $50 billion to Africa in fresh financial aid
China has pledged $50 billion to African countries as it looks to deepen economic and trade ties with the region. President Xi Jinping made the pledge at the China-Africa summit…
Hotels in Tanzania given licenses to operate currency exchange business
The Governor of the Bank of Tanzania has approved the licenses for more than 30 hotels to establish the Bureau de Change.Its purpose is to facilitate currency exchange in the hotel industry and to comply with national financial regulations.However, as of March this year, only one hotel…
Increased fuel prices may cause SMEs to cease operations – MAN
The Manufacturers Association of Nigeria (MAN) has expressed concern that the recent increase in petrol prices could have devastating effects on Small and Medium Scale Enterprises (SMEs), potentially leading to…
Kenya pursues oil agreement with Rwanda after losing authority to Uganda
Kenya is in talks with Rwanda to buy all its oil supplies from Mombasa as part of a new strategy to maintain its dominance of the region’s transportation industry.This comes after an intergovernmental agreement signed by the Uganda National Petroleum Corporation (UNOC) and Bahrain's Vitol, with Uganda agreeing to import more oil from Dar es Salaam.Uganda is…
Nigeria’s non-oil exports hits $2.7 billion
Nigeria's non oil export sector has recorded a revenue increase, hitting $2.7 billion in the first half of this year. This is a 6.26% increase from the $2.53 billion recorded…
Morocco’s Green Hydrogen initiative attracts 40 projects proposals
Morocco's Green Hydrogen Initiative has received 40 project proposals, marking a significant step towards sustainable energy. The Moroccan Agency for Sustainable Energy (MASEN) received the applications six months after the…
US set to extend the African railway project through Tanzania
The United States has unveiled plans to extend the 1,744 kilometres Lobito Corridor, a critical transport route that links Angola, The Democratic Republic of Congo (DRC) and Zambia to Tanzania’s…
China and Nigeria pledge to strengthen economic ties
Chinese President Xi Jinping and Nigerian President Bola Tinubu have pledged to deepen their economic ties, signing deals on nuclear energy, media exchanges, and Beijing’s signature $1 trillion infrastructure drive.The…
Kenya eyes funding as it joins Asian Infrastructure Investment Bank
The President of Kenya William Ruto has announced that Kenya has formally joined the Asian Infrastructure Investment Bank (AIIB) as a fully paid member.The deal to join AIIB was signed…
DMO opens two bonds for September, offers up to 18% Interest
The Debt Management Office (DMO) has announced the opening of offers for subscription to two Federal Government of Nigeria (FGN) savings bonds for September 2024. This announcement was made in…