Four African countries are teetering on the brink of default as mounting debt burdens, rising interest rates, and declining revenues strain national budgets. African countries are expected to spend approximately $74 billion on debt servicing as of 2024 AFRODAD named the affected countries and called for a UN-led mechanism to assist distressed countries Zambia, Ghana,…
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After more than two decades of dormancy, the Port Harcourt refinery has successfully completed 180 days of uninterrupted operation, marking a crucial milestone in Nigeria’s push to revive its domestic refining capacity. Port Harcourt refinery in Nigeria has completed 6 months of uninterrupted operation Nigeria is making significant progress in revitalizing its refining capacity to…
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For the first time in over a year, Zambia records an inflation decline, presenting the Southern African country with some much-needed economic relief. Zambia records first inflation decline in over a year. Annual inflation rate declines to 16.5% in March from 16.8% in the previous month. Drop in food prices due to increased rainfall following…
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In a recent turn of events, the World Bank has brought to notice, the alarming state of Nigeria’s poor statistical performance. World Bank compares Nigeria’s poor statistical performance to Mexico, Colombia, South Africa, and Brazil. Delegation from World Bank meets with Nigerian Minister of Budget and Economic Planning to express concerns. World Bank recommends annual…
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South Africa, in partnership with the World Bank, has launched a $3 billion initiative to restore essential services and improve infrastructure in eight of its largest cities. South Africa and the World Bank launched a $3 billion initiative to improve infrastructure in eight major cities. The plan includes a $1 billion loan from the World…
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The company behind Uganda’s EACOP crude pipeline has secured its first tranche of external financing from a consortium of institutions, including commercial banks and Afreximbank, EACOP Ltd announced on Wednesday. EACOP secures first tranche of external financing from commercial banks and Afreximbank. The successful closing of the first tranche is a significant milestone for the…
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