Recent events in the Nigerian oil market may lead to a major loss for Africa’s richest man, Aliko Dangote, whose refinery, the Dangote Refinery, is projected to lose a substantial amount. NNPC’s Naira-for-crude initiative halted, causing potential loss for Dangote’s Refinery. Dangote Refinery forced to source local crude in USD after suspension of Naira-for-crude initiative.…
Details
Lagos State has solidified its status as a leading economic force in Africa, with its Gross Domestic Product (GDP) reaching approximately $259.75 billion in 2023, based on purchasing power parity (PPP). Lagos State’s GDP reached approximately $259.75 billion in 2023, making it the continent’s second-largest economy Lagos’s economy expanded to ₦27.38 trillion in the first…
Details
Given the conflict in the East African region between the Democratic Republic of Congo (DRC) and M23 rebels, the Southern African country of Angola has opted to intervene. Angola to mediate between DRC and M23 rebels. Direct peace talks set for 18th of March in Luanda. DRC government yet to confirm attendance at negotiations. Following…
Details
Governments across Africa intensified efforts to silence dissent in 2024, leading to a record number of digital blackouts shutting down internet connections across the continent. A record number of 21 internet shutdowns were recorded in 15 African countries in 2024 Shutdowns were linked to political unrest, elections, and security crackdowns Four countries, including Myanmar and…
Details
Nuclear weapons remain one of the most powerful and destructive forces in modern warfare. Despite efforts to reduce global stockpiles, the world still holds thousands of nuclear warheads, with the majority controlled by just two nations ,Russia and the United States. There are approximately 12,100 nuclear warheads worldwide as of January 2024 90% of these…
Details
Since its inception in 1952, the International Monetary Fund (IMF) has played a significant role in Africa’s economic landscape, providing financial assistance to numerous countries across the continent. Botswana, Libya, and Eritrea have maintained financial independence by never borrowing from the IMF 48 African countries collectively owe approximately USD 42.2 billion to the IMF The…
Details
