Nigerian Government Announces Plans for 4 New Refineries by South Korean Investors
A South Korean consortium plans to build four 100,000-barrel capacity refineries in Nigeria, according to Heineken Lokpobiri, the country’s Minister of State for Petroleum Resources. Speaking at the Crude Oil Refineries Owners Association of Nigeria summit, Lokpobiri revealed the government’s approval to invite the investors and emphasized its commitment to fostering a conducive environment for […]
Zambia Partners with China on First Cholera Vaccine Plant
Zambia has signed a Memorandum of Understanding (MOU) with China to establish its first cholera vaccine manufacturing facility, a significant step in combating the disease that has adversely affected the southern African country. Announced in Lusaka, the project will be developed via a partnership between Zambia’s Industrial Development Corporation (IDC) and China’s Jijia International Medical […]
Top Five Nations Powering Africa’s Economic Growth
According to a recent report by the International Monetary Fund, five African nations—South Africa, Egypt, Algeria, Nigeria, and Ethiopia—contribute nearly half of the continent’s combined GDP, valued at $1.4 trillion. South Africa leads due to its strong financial sector, manufacturing, and mining industries. Egypt ranks second, benefiting from its strategic position and control of the […]
IMF Chief Advocates for Increased African Representation
IMF Managing Director Kristalina Georgieva has emphasized the IMF’s commitment to addressing Africa’s debt crisis and promoting growth. During a recent interview with Deutsche Welle, a German media company, she highlighted the IMF’s provision of liquidity through special drawing rights and financing during the COVID-19 pandemic, as well as support for debt restructuring in nations […]
22% Decline in Nigeria’s Capital Importation in Q2 2024
Nigeria’s capital importation dropped by 22.85% in Q2 2024, falling to $2.60 billion from $3.37 billion in Q1, according to the National Bureau of Statistics. Despite this quarterly decline, capital inflows surged by 152.8% compared to Q2 2023, when capital importation stood at $1.03 billion. Portfolio investments led the inflow, contributing $1.40 billion (53.93%), with […]
Kenya’s Parliament Vote to Impeach Deputy President Gachagua
Kenya’s Deputy President Rigathi Gachagua faces impeachment after lawmakers voted in favor of a motion accusing him of corruption, insubordination, and ethnic divisiveness, among other things. The motion passed with 281 votes, surpassing the two-thirds majority required, with 44 members opposing and one abstaining. Gachagua has denied all the charges against him and, during an […]
Mozambique’s Ruling Party on Track to Win Elections
Mozambicans headed to the polls on Wednesday in elections where the ruling Frelimo party is anticipated to maintain its stronghold, despite growing discontent among the youth. The country’s candidate, Daniel Chapo, was relatively unknown until his nomination in May. His candidacy marks the first time Frelimo is fielding a presidential candidate who was born after […]
Congo Accuses Rwanda of Hindering M23 Peace Talks
The Democratic Republic of Congo has accused Rwanda of obstructing negotiations aimed at resolving the ongoing M23 rebel conflict in eastern Congo, which has displaced over 1.7 million people. Congolese Foreign Minister Therese Kayikwamba Wagner presented these claims to the UN Security Council, following Rwandan accusations that Congo refused to sign a deal reached in […]
Cameroon’s Government Insists President Paul Biya is Alive and Well
Cameroon’s government has asserted that President Paul Biya, 91, is in “excellent” health despite his long absence from public view, which has sparked speculation regarding his condition. Biya has not appeared publicly since September 8, when he attended the China-Africa forum in Beijing. Consequently, he has missed several significant events, including the United Nations General […]
US Sanctions Official Procuring Arms for Sudan’s RSF
The US has imposed sanctions on Algoney Hamdan Daglo Musa, brother of Sudan’s Rapid Support Forces (RSF) commander, accusing him of procuring weapons for the paramilitary group, thereby prolonging Sudan’s civil war. The RSF, led by his brother Mohamed Hamdan Dagalo (Hemedti), has been in conflict with Sudan’s army since April 2023, causing widespread famine […]
