A weak currency, in which a country’s currency loses value relative to international currencies, frequently does more harm than good. This, unfortunately, seems to be the case for several African countries. Devalued currencies often harm households, businesses, and governments. For example, Nigeria faces challenges from its volatile naira, impacting inflation, prices, and economic stability. Households…
Russia and East Africa’s largest economy, Ethiopia, are moving forward to cement a nuclear deal that has been touted for years. Russia and Ethiopia have signed a nuclear cooperation agreement to establish a nuclear power plant in Ethiopia. The deal was finalized by leaders of the Ethiopian Electric Power Company and Rosatom during a nuclear…
Nigeria’s oil regulator has approved a $510 million deal for TotalEnergies to divest its entire 12.5 per cent stake in Oil Mining Lease (OML) 118, home to the Bonga deepwater oilfield, to Shell and Agip. Nigeria’s oil regulator approved a $510 million deal for TotalEnergies to divest its stake in OML 118. Shell and Nigerian…
Russia has signed a wide-ranging cooperation agreement with Sudan to modernise the country’s transport system, including railways, ports, airports and civil aviation. Russia has entered a comprehensive agreement with Sudan to enhance the country’s transport infrastructure and civil aviation. The deal includes expansions in trade, financial collaboration, and training programmes for Sudan’s central bank. Sudan…
Niger plans to build two 2,000-megawatt nuclear reactors in partnership with Russia’s state-owned nuclear company. Niger announced plans to build two 2,000-megawatt nuclear reactors with Russia’s Rosatom. The initiative is part of Niger’s strategy to enhance power generation using its uranium reserves. The projects will comply with International Atomic Energy Agency (IAEA) oversight and regulations.…
Japan’s aid agency, the Japan International Cooperation Agency (JICA), has scrapped its ‘Africa Hometown’ initiative following widespread confusion and public concern over supposed migration benefits. Programme Aimed at Cultural and Educational Exchanges Launched in August during the 9th Tokyo International Conference on African Development, the programme was originally designed to foster cultural, educational, and social…
Oil production continues to be a reliable asset, contributing significantly to the GDP of many African countries and serving as a significant source of revenue. August has been no exception to the typical monthly fluctuations in this resource’s output. Oil production remains a key economic driver for many African nations, significantly contributing to GDP and…
Despite being home to some of the fastest-growing economies in the world, Africa still struggles with ports that rank among the least efficient globally. Business Insider Africa presents the 5 African countries with the biggest port improvements. The list is courtesy of the World Bank Group and S&P Global’s Container Port Performance Index. Despite advancements,…
Taiwan has suspended planned restrictions on semiconductor exports to South Africa, days after announcing the measure, in a move that highlights its hesitation over deploying its world-leading chip industry in diplomatic disputes. Taiwan suspended planned restrictions on semiconductor exports to South Africa after initial announcement. The decision stemmed from South Africa’s action to downgrade Taiwan’s…
