The increase comes as Shell prepares to exit its onshore oil operations in Nigeria after decades marked by controversy. Nigeria remained the highest recipient of Shell’s payments, with the top four countries collectively receiving $11.7 billion. Shell paid approximately $28.1 billion to governments globally in 2024 for extractive-related taxes and charges. The company is exiting…
Zimbabwean professionals seeking a way out of their country’s prolonged economic crisis are facing fresh hurdles as the UK government moves to permanently scrap care worker visas, a route many had used to migrate. The UK government announced the cancellation of care worker visas, affecting migration routes for Zimbabwean professionals. Care worker visas had been…
Europe can offer Africa a stable and reliable partnership when global trade faces growing uncertainty due to U.S. President Donald Trump’s escalating tariff war, according to an European Investment Bank official. Europe is positioning itself as a stable trade partner for Africa amid global economic uncertainties, including rising U.S. tariffs. The European Investment Bank (EIB)…
The Minister of Energy, John Jinapor, has issued a stark warning about an impending nationwide electricity crisis, disclosing that the country has less than three days’ supply of liquid fuel available to run its thermal power plants. The Energy Minister, John Jinapor, has warned of a potential nationwide electricity crisis due to critically low fuel…
South African President Cyril Ramaphosa is set to visit the United States next week for a working trip, where he will meet U.S. President Donald Trump on May 21. South African President Cyril Ramaphosa plans a working trip to the United States next week. He will meet President Donald Trump on May 21 to discuss…
Ghana is urging investors to help boost oil production as the global push for decarbonization threatens to leave fossil fuel assets stranded. Ghana is encouraging increased oil production amidst global emphasis on decarbonization. President John Mahama highlighted the decline in oil output and the need for renewed investment during the Africa CEO Forum. Despite calls…
While economic development in Sub-Saharan Africa is improving, it is still insufficient to significantly reduce poverty levels in the area. Economic growth in Sub-Saharan Africa is projected to reach 3.5% in 2025 and 4.3% during 2026-27. Per capita income growth in the region, anticipated to accelerate to 1.8% by 2027. Poverty levels measured at $2.15…
A maintenance exercise at the Dangote Refinery, which lasted approximately 30 days and involved shutting down its 204,000 barrels-per-day gasoline unit, caused a significant rise in fuel imports across West Africa. The Dangote Refinery underwent a 30-day maintenance exercise, shutting down its gasoline production unit and reducing output by 100,000 barrels per day. The temporary…
Petrobras, Brazil’s state-controlled oil company, is actively pursuing a return to Nigeria’s oil market, focusing on frontier deepwater exploration opportunities. Petrobras plans to re-enter Nigeria’s oil sector, focusing on deepwater exploration. This marks a reversal from its previous strategy of exiting Nigerian investments in 2020. Petrobras aims to acquire frontier deepwater acreage as part of…
