It’s no secret that Nigeria ranks among the top recipients of remittances globally. Every year, millions of Nigerians living abroad send billions of dollars home to help support their families, invest in businesses, and contribute to the country’s socioeconomic progress. Remittances from Nigerians abroad play a significant role in the country’s economy, reaching $20.93 billion…
South Africa has surpassed Nigeria to become Africa’s largest importer of petrol, signaling a major shift in the continent’s energy trade dynamics. South Africa has overtaken Nigeria as Africa’s largest petrol importer, reflecting key energy market changes. Nigeria has reduced its petrol imports due to expansions in domestic refining capacity including the Dangote Refinery. South…
Nearly half of Africa’s currencies are expected to weaken against the U.S. dollar in 2025, driven by geopolitical tensions and internal economic pressures. Nearly half of African currencies are anticipated to weaken against the U.S. dollar by 2025 due to geopolitical tensions and internal economic challenges. The African Development Bank (AfDB) forecasts currency depreciation in…
Roughly 49% of South Africa’s refining capacity remains idle. Over the past five years, South Africa’s refining capacity has been cut in half due to a combination of accidents and underinvestment. Nearly half of South Africa’s refining capacity is currently idle. Domestic refining has declined due to accidents and underinvestment, halving capacity over five years.…
The United States Mission in Nigeria has issued a security alert to American citizens and expatriates following a suspected bombing near the Mogadishu Barracks in Abuja. The US Mission in Nigeria issued a security alert following a suspected bombing near the Mogadishu Barracks in Abuja. The explosion resulted in one fatality, identified as the suspected…
The African Development Bank (AfDB) has announced a record $11.1 billion in new investments for 2024–2025. The African Development Bank (AfDB) has announced $11.1 billion in investments for 2024-2025, marking record new commitments. $5.5 billion of the funding is devoted to climate finance to promote inclusive growth and resilience. The Bank’s progress aligns with its…
In 2024, African countries collectively lost tens of millions of euros in non-refundable application fees due to European Union (EU) visa rejections, indicating a growing financial and mobility burden for African travelers. Business Insider Africa presents African countries that lost the most money to E.U. visa rejections The ranking is courtesy the LAGO Collective Nigeria…
The tone of Nigeria’s debt conversation in less than a month has pivoted from jubilant to concerned, owing to the intent of President Bola Tinubu to borrow more money, despite recently clearing its IMF debts. President Bola Tinubu proposes additional borrowing to finance key sectors including infrastructure, agriculture, and healthcare. The new loan could potentially…
Egypt’s economic challenges are seemingly being mitigated per the International Monetary Fund (IMF), as it only needs to widen its tax base to completely recover from one of its worst economic hits in recent history. Egypt faces ongoing economic challenges but has made strides in stabilizing its macroeconomy, according to the IMF. The IMF conducted…
