Africa Business

Nigeria's electoral commission allows resumption of campaigning after vote delay -statement

18/02 Nigeria's electoral commission approved on Monday the resumption of political campaigning, the body said in a statement, after the general elections were delayed by a week last Saturday.. . .  Full story

Nigeria's main opposition party accuses Buhari of "jungle justice" threat

18/02 Nigeria's main opposition on Monday said President Muhammadu Buhari's threat to use soldiers to deal with any attempts to tamper with voting material during a delayed vote was a "direct call for jungle justice".. . .  Full story

Nigeria commission says transport delays behind vote postponement

16/02 Nigeria's presidential election was delayed by a week due to delays in transporting electoral material and was not a result of external pressure, the chairman of the electoral commission said on Saturday.. . .  Full story

Nigeria opposition candidate Atiku Abubakar urges voters to be patient

16/02 Nigerian opposition candidate Atiku Abubakar on Saturday appealed to voters to be patient following the postponement of a presidential election by a week.. . .  Full story

Morocco’s competition council advises against fuel price cap

15/02 Capping fuel prices would not be in the best interests of consumers or the economy, the head of Morocco’s competition regulator said on Friday, opposing a government plan to restore price. . .  Full story

Zimbabwe inflation quickens to 56.9 percent in January

15/02 Zimbabwe's inflation accelerated to a new 10-year high of 56.9 percent year-on-year in January, from 42.09 percent in December, propelled by increases in the price of basic goods and beer, the. . .  Full story

Uganda's economy seen expanding at 6.3 pct in 2018/19 - IMF

15/02 Uganda's economy is expected to grow 6.3 percent in the 2018/19 (Jul-Jun) fiscal year, slightly higher than the 2018 rate, helped by robust activity in sectors including manufacturing and construction, the. . .  Full story

Namibia's central bank expects first economic growth in three years

13/02 Namibia's central bank expects the domestic economy to grow in 2019 for the first time in three years, Bank of Namibia Deputy Governor Ebson Uanguta said on Wednesday.. . .  Full story

Nigeria's 2019 elections

12/02 Nigerians vote on Feb. 16 to choose a president to lead Africa's biggest oil producing nation. Here are selected stories on the election: > Economy haunts Nigerian president at ballot box > The men who. . .  Full story

Sluggish economy haunts Nigerian president at ballot box

12/02 Timi Soleye returned home to Nigeria from the United States to set up a gas logistics business six years ago, encouraged by predictions of growth and an expanding middle class.. . .  Full story

Tanzania's economy seen expanding by 7.3 pct this year - central bank

11/02 Tanzania's economy is forecast to grow at 7.3 percent in 2019, from an estimated 7.2 percent last year, helped by public infrastructure investments and favourable weather, a central bank report said.. . .  Full story

The men who would lead Nigeria: the presidency, power and petroleum

11/02 Nigeria had more than 70 candidates for president when campaigning began for Saturday's elections.. . .  Full story

recognised govt of Libya says its forces reach El Sharara oil field

10/02 Forces belonging to the internationally-recognised government of Libya reached the El Sharara oil field on Sunday, a Tripoli-based government source said.. . .  Full story

Algeria energy revenues up 15 pct in 2018, trade deficit down

10/02 Algeria's energy earnings rose 15.27 percent in 2018 from the previous year due to higher global oil prices, the government said on Saturday.. . .  Full story

Zimbabwe miner RioZim again suspends production over dollar payments

08/02 Zimbabwean gold miner RioZim said on Friday it had suspended production at its three mines for the second time in four months because the central bank had failed to pay it. . .  Full story

Botswana sees budget surplus in 2020 - finance minister

07/02 Botswana plans to swing back to a budget surplus in 2020 after three straight years of deficits, Finance minister Kenneth Matambo said on Thursday.. . .  Full story

Uganda central bank holds its key lending rate at 10 pct

07/02 Uganda's central bank held its benchmark lending rate at 10 percent for the second time in a row on Thursday, citing subdued inflation, the bank's governor said.. . .  Full story

Libya's sovereign wealth fund chairman detained -official

07/02 The chairman of Libya's LIA sovereign wealth fund, Ali Mahmoud Hassan Mohamed, was detained on Wednesday for an investigation into alleged "corruption and exploitation of (his) position," an official in the attorney general's office said.. . .  Full story

Angola's Endiama sees diamond output rising to 13.8 mln carats by 2022

06/02 Angola's state-owned diamond firm Endiama sees production rising to 13.8 million carats in 2022 compared with 9.5 million carats forecast for this year, a senior official said on Wednesday.. . .  Full story

Morocco’s unemployment rate drops to 9.8 pct in 2018 - planning agency

05/02 Morocco’s unemployment rate dropped to 9.8 percent in 2018 from 10.2 percent in 2017 with services topping job creating sectors, the planning agency said on Tuesday.. . .  Full story

Kenya's PMI falls to 53.2 in January from 53.6 in December

05/02 Kenya's private sector activity slowed slightly in January, hurt by a dip in the growth rate for new orders, although output rose, a survey showed on Tuesday.. . .  Full story

Botswana forecasts slower economic growth, deficit unchanged

04/02 Botswana's economy is expected to expand at a slower pace in 2019 compared with last year, Finance Minister Kenneth Matambo said on Monday.. . .  Full story

Zambia fires CEO of state mining investment arm ZCCM-IH

01/02 Zambia has fired Pius Kasolo, the chief executive of state mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason.. . .  Full story

Kenya inflation falls, helped by lower transport costs

31/01 Kenya's annual inflation fell in January, helped by falling transport prices, the statistics office said on Thursday.. . .  Full story

Kenya's NIC to merge with Commercial Bank of Africa -NIC chairman

31/01 Kenya's NIC will merge with the country's biggest privately owned bank, Commercial Bank of Africa (CBA), to create the third-biggest bank in the region, the chairman of NIC said on Thursday.. . .  Full story

Ivory Coast 2018 cotton exports up 13 pct

29/01 Ivory Coast exported 366,871 tonnes of cotton in 2018, up around 13 percent from the previous year, provisional port data showed on Tuesday.. . .  Full story

Kenya central bank holds main lending rate at 9.0 pct

28/01 Kenya's central bank held its benchmark lending rate at 9.0 percent on Monday, the bank's monetary policy committee said, saying inflation was anchored within the target range.. . .  Full story

Zambia's mining investment arm ups stake in Copperbelt Energy

28/01 Zambia's state mining investment arm is increasing its shareholding in Copperbelt Energy Corporation (CEC) by four percent, its CEO said on Monday.. . .  Full story

Kenyan bank KCB looks to M&A deals for growth -CEO

28/01 KCB Group, Kenya's biggest bank by assets, is looking to bolster growth by joining a wave of consolidation in the country's banking industry in the next few years, its chief executive. . .  Full story

Climate Investment Funds to issue $500 mln green bond this year or next

27/01 The Climate Investment Funds (CIF) plans to raise $500 million this year or next by issuing a green bond to finance renewable energy projects, the organisation's head said on Sunday.. . .  Full story

Diamond Bank rises as Access Bank sets completion date for merger

25/01 Shares in Diamond Bank rose 10 percent on Friday to a three week high, a day after rival Access Bank said it was aiming to complete a $235 million takeover of. . .  Full story

Madagascar names Richard Randriamandranto as finance minister

24/01 Madagascar has appointed Richard Randriamandranto as its economy and finance minister, Valery Ramonjavelo, secretary general of the presidency, said on Thursday.. . .  Full story

Nigeria's Access Bank sees no need to raise equity raise in Diamond Bank merger

24/01 Nigeria's Access Bank sees no need to raise equity capital as part of its merger with local rival Diamond Bank, Access chief executive Herbert Wigwe said on Thursday.. . .  Full story

Kenya's finance ministry confirms it sought Eurobond proposals

23/01 Kenya's finance ministry has sought proposals from banks and firms to provide lead manager services for the issuance of a new Eurobond, it said on Wednesday, confirming an earlier source-based report. . .  Full story

Nigerian trade union rejects minimum wage recommendation -spokesman

22/01 A leading Nigerian trade union has rejected a recommendation that the national monthly minimum wage be raised to 27,000 naira ($88) from 18,000 naira, its spokesman said on Tuesday. . .  Full story

Morocco's trade deficit rises 8 pct in 2018

22/01 Morocco's trade deficit rose by 8 percent to 204 billion dirhams ($21.36 billion) compared with a year earlier, the foreign exchange regulator said on Tuesday.. . .  Full story

Nigeria's central bank holds benchmark lending rate at 14 pct

22/01 Nigeria's central bank held its benchmark interest rate at 14 percent, its governor said on Tuesday, following the first meeting of its monetary policy committee this year.. . .  Full story

Nigeria to recommend 27,000 naira minimum wage to lawmakers -labour minister

22/01 Nigeria is to send a bill recommending a national minimum monthly wage of 27,000 naira ($88.15) to lawmakers in the national assembly, labour minister Chris Ngige said on Tuesday.. . .  Full story

Zimbabwe public workers reject latest wage offer after protests

19/01 Zimbabwe's public workers have rejected a second offer to raise their salaries and demanded to be paid in dollars, days after at least three people died in violent anti-government protests.. . .  Full story

Guinea-Bissau's economic growth slows on declining cashew exports

18/01 Economic growth in Guinea-Bissau slumped to 3.8 percent last year from an average of about 6 percent in the previous three years, due largely to a 25 percent drop in cashew exports, the International. . .  Full story

Sudan inflation quickens to 72.9 pct in Dec -state news agency

18/01 Sudan's inflation rate increased to 72.94 percent in December from 68.93 percent in November, state news agency SUNA said on Thursday.. . .  Full story

African growth too slow for expanding workforce - AfDB

17/01 Africa's anticipated healthy annual economic growth of about 4 percent in coming years will still be too slow to create enough jobs for its fast-expanding labour force, a regional loan body said on Thursday.. . .  Full story

Sudan must reform or seek bailout to pull economy out of nosedive

17/01 Sudan must implement radical reforms or seek a bailout from friendly nations to pull its economy out of the downward spiral that helped trigger the nationwide protests now rocking the country, economists and bankers say.. . .  Full story

Big strike paralyses Tunisia, thousands protest over pay row

17/01 Rail, bus and air traffic stopped in Tunisia and street protests drew thousands on Thursday as the huge UGTT union staged a one-day nationwide strike to challenge the government's refusal to raise the salaries. . .  Full story

Zimbabwe's inflation soars to 42 percent Y/Y in December: Zimstats

17/01 Zimbabwe's inflation hit a fresh 10-year high of 42.09 percent year-on-year in December, from 31.01 percent in November, driven by increases in the price of basic goods, the statistical agency Zimstats. . .  Full story

Tunisair says strike to disrupt flight schedule

16/01 Tunisia's state-owned airline Tunisair expects major disruptions to its flights schedule on Thursday due to a planned nationwide strike and urged customers to change bookings, it said on Wednesday.. . .  Full story

Nigeria inflation rises to 11.44 pct y/y in Dec– stats office

16/01 Annual inflation in Nigeria stood at 11.44 percent in December, up from 11.28 percent in November, the National Bureau of Statistics said on Wednesday in a report.. . .  Full story

Kenya 2019/20 budget deficit forecast to fall, overall spending to rise - finance ministry

11/01 Kenya's budget deficit is forecast to fall in the 2019/20 fiscal year, while overall spending will rise, the Finance Ministry said on Friday.. . .  Full story

Kenya's NSE halts equities trading due to technical hitch

08/01 Kenya's Nairobi Securities Exchange said on Tuesday it had stopped trading of shares just before noon due to an unspecified technical hitch, adding it expected the issue to be resolved in. . .  Full story

Congolese mining company leaves ITSCI certification scheme over cost

07/01 Congo's biggest miner of coltan, an ore that is the source of metals used in mobile phones, says it is leaving the ITSCI certification scheme, relied on by major companies as. . .  Full story

Nigerian militant group claims 'warning' strike on Conoil facility

06/01 A Nigerian militant group said on Sunday it had carried out an as yet unconfirmed warning strike on an oil facility owned by local energy firm Conoil on Friday in the southern state of. . .  Full story

Nigerian militant group says carried out "warning" strike on Conoil facility in Bayelsa state

06/01 A Nigerian militant group on Sunday said it carried out a "warning" strike on an oil facility owned by energy company Conoil in the southern state of Bayelsa on Friday. . .  Full story

Zambia says audit shows mining firms in arrears to government

04/01 The Zambia Revenue Authority (ZRA) said on Friday an audit shows mining companies owe the government more than the state is due to pay them in tax refunds.. . .  Full story

Libya suspends oil exports due to bad weather - sources

03/01 Libya's oil exports have been suspended as bad weather conditions forced the OPEC country to shut all its export terminals, a local shipping agent and a Libyan oil source told Reuters on Thursday.. . .  Full story

Morocco’s economic growth to slow to 2.7 pct in Q4- planning agency

02/01 Morocco’s economic growth is expected to have dipped to 2.7 percent in the fourth quarter of 2018 from 3 percent the previous quarter, the planning agency said on Wednesday, citing a. . .  Full story

Nigeria's crude output rises to 2.09 mln bpd in 2018

02/01 Nigeria's crude oil production rose to 2.09 million barrels a day in 2018 compared with 1.86 million bpd the year before, the state oil company, the Nigerian National Petroleum Corporation (NNPC),. . .  Full story

Niger expects GDP growth to rise to 6.5 pct in 2019

02/01 Niger expects economic growth to rise to 6.5 percent in 2019 from 5.2 percent last year, owing in part to significant investments in the oil sector, President Mahamadou Issoufou has said.. . .  Full story

Zambia's 2018 copper output to be above last year's 800,000 tonnes

31/12 Zambia's 2018 copper production is projected to rise above the 800,000 tonnes produced last year, its Minister of Finance Margaret Mwanakatwe said in a statement on Monday.. . .  Full story

Tanzania seeks buyers for surplus cashew nut output -minister

28/12 Tanzania's government plans to sell around 150,000 tonnes of surplus cashew nuts to private buyers as factories will be unable to process all the stock bought up by government from farmers, its agriculture minister said.. . .  Full story

Ivorian cocoa arrivals seen at 725,809 T by Nov 30

26/12 *Cocoa arrivals at ports in top grower Ivory Coast reached 725,809 tonnes between Oct. 1 and Nov. 30, CCC data showed on Wednesday, up about 48 percent from 551,020 tonnes in. . .  Full story

Nigeria leader presents 8.83 trln naira 2019 budget to raucous lawmakers

19/12 Nigeria's President Muhammadu Buhari presented an 8.83 trillion naira ($28.80 billion) budget for 2019 on Wednesday, laying out plans to drive growth to a raucous parliament that highlighted divisions two months before an election.. . .  Full story

Nigeria's president presents 8.83 trln naira budget for 2019

19/12 Nigerian President Muhammadu Buhari presented a 8.83 trillion naira ($28.80 billion) budget for 2019 to parliament on Wednesday, and laid out a plan to drive growth two months before elections.. . .  Full story

Nigeria unemployment rises to 23.1 pct in Q3 from 18.1 pct year earlier -stats office

19/12 Nigeria's unemployment rate stood at 23.1 percent of the work force in the third quarter, up from 18.1 percent a year earlier, the head of the statistics office Yemi Kale said. . .  Full story

Nigeria's first gold refinery plans to triple capacity in five years

18/12 Nigeria's first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday.. . .  Full story

IMF approves $3 billion Precautionary and Liquidity Line for Morocco

18/12 The IMF has approved financing of about $2.97 billion in the form of a Precautionary and Liquidity Line (PLL) to help Morocco ward off external economic shocks.. . .  Full story

China pork prices may rise in 2019 due to swine fever - official

16/12 China's pork prices are likely to climb in 2019 due to tight supply caused by the further spread of African swine fever, an official at the National Development and Reform Commission said in remarks. . .  Full story

Nigeria's president Buhari said economy in "bad shape" -state governor

14/12 Nigeria's President Muhammadu Buhari said the country's economy was in "bad shape", the governor of a northwestern state told reporters on Friday after a meeting with governors from across the country.. . .  Full story

Libya's National Oil against paying 'ransom' to reopen El Sharara field

14/12 Libya's state-owned National Oil Corp. (NOC) said it was against paying a ransom to an armed group that has halted crude production at the country's largest oilfield.. . .  Full story

Nigeria inflation rate rose slightly in November - stats office

14/12 Nigeria's inflation rate rose slightly in November over the previous year, with price increases across a broad range of products, the statistics office said on Friday,. . .  Full story

MTN, Nigerian central bank dispute will be over "very soon" -regulator

13/12 The Nigerian telecoms regulator said on Thursday that an $8.1 billion dispute between South African telecoms group MTN and the Nigerian central bank "is being resolved and very soon it will be over.". . .  Full story

Ivory Coast inflation rises to 1.8 pct year-on-year in November

12/12 Consumer price inflation in Ivory Coast rose to 1.8 percent year-on-year in November, up from 0.8 percent in October, data from the National Statistics Institute showed on Wednesday.. . .  Full story

Nigeria budget minister expects economy to grow by 3 pct in 2019

12/12 Nigeria's economy is expected to grow by 2 percent this year and by 3 percent in 2019, the country's Minister of Budget Udoma Udo Udoma said on Wednesday.. . .  Full story

Zambia's chamber of mines sees 21,000 job cuts due to higher taxes

11/12 Mining companies in Zambia may lay off more than 21,000 workers due to reduced capital expenditure over the next three years if the government introduces higher taxes in January, an industry. . .  Full story

Somalia's GDP growth seen expanding to 3.1 pct in 2018 - IMF

11/12 Somalia's economic growth is expected to pick up in 2018 as it recovers from drought that had reduced farming output, the International Monetary Fund said on Tuesday.. . .  Full story

Tunisia central bank holds key interest rate at 6.75 pct

11/12 Tunisia’s central bank kept its key interest rate unchanged at 6.75 percent on Tuesday.. . .  Full story

Libya's NOC won't negotiate with group that closed Sharara oilfield - chairman

10/12 Libya's National Oil Corporation (NOC) will not pay or negotiate with those who closed Sharara oilfield, NOC Chairman Mustafa Sanalla told a local TV channel on Monday.. . .  Full story

Nigeria's economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says

10/12 Nigeria's economy grew 1.81 percent in the third quarter of 2018 from a year earlier, pushed higher by the non-oil sector, the statistics office said on Monday.. . .  Full story

Sudan's inflation rises slightly in November to 68.93 pct

10/12 Sudan's inflation rose to 68.93 percent in November year-on-year, from 68.44 pct in October, the state statistics agency said on Sunday.. . .  Full story

Kenya's Consolidated Bank says seeking investor to inject 3.5 bln shillings

10/12 Kenya's Consolidated Bank said on Monday it was seeking an investor, either foreign or local, to inject 3.5 billion Kenyan shillings ($34.21 million) as part of its balance sheet reorganisation.. . .  Full story

Nigeria's cabinet agrees to send 2019 budget to parliament

07/12 Nigeria's cabinet has agreed to send the 2019 budget to parliament, the budget minister, Udoma Udo Udoma, said on Friday.. . .  Full story

Ivory Coast withdraws licences of two defaulting cocoa exporters -sources

07/12 Ivory Coast has revoked the licences of two cocoa exporters which relinquished their contracts after they were denied bank financing, two sources at the country's cocoa marketing board CCC said on. . .  Full story

Kenyan finance minister welcomes NIC Bank, CBA merger talks

07/12 Merger talks between NIC Bank and Commercial Bank of Africa were welcome, because a deal would help strengthen the financial sector, Kenya's finance minister said on Friday.. . .  Full story

Kenya's NIC Bank and Commercial Bank of Africa to explore merger

06/12 Kenya's NIC Bank and Commercial Bank of Africa will hold talks on a potential merger, to combine their separate expertise in retail and corporate banking, they said in a joint statement. . .  Full story

Tunisia's inflation stable at 7.4 pct in November

05/12 Tunisia’s inflation rate remained at 7.4 percent in November, the third consecutive month at that figure, official data showed on Wednesday.. . .  Full story

Kenya private sector activity slows slightly in November: PMI

05/12 Kenya's private sector expanded at a slower pace in November compared with the previous month, a survey showed on Wednesday.. . .  Full story

Zimbabwe doctors strike again for better pay as economy struggles

04/12 Zimbabwean doctors at public hospitals went on strike on Monday for the second time this year to demand better pay and conditions, a union official said, as President Emmerson Mnangagwa's government. . .  Full story

Sudan decides to allow private sector to export gold - PM on twitter

03/12 Sudan has decided to allow the private sector to export gold, Sudanese Prime Minister Moataz Moussa said in a message on his Twitter account on Monday.. . .  Full story

IMF agrees new loan programme for Sierra Leone

02/12 The International Monetary Fund (IMF) board has approved a new $172 million loan programme for Sierra Leone to help the West African country combat rising inflation and lacklustre economic growth.. . .  Full story

Rwanda's economy to grow 7.2 percent this year - IMF

01/12 The International Monetary Fund (IMF) said it expected Rwanda's economy to grow a projected 7.2 percent this year, up from 6.1 percent last year.. . .  Full story

Nigeria's Diamond Bank in talks to raise medium-term funding

30/11 Nigeria's Diamond Bank is in talks with a multilateral agency to raise medium-term funding over a 5-year period and will repay a $200 million Eurobond due in May on maturity from. . .  Full story

Kenya's inflation edges up to 5.58 pct in November

30/11 Kenya's annual inflation inched up to 5.58 percent in November from 5.53 percent a month earlier, the statistics office said on Friday.. . .  Full story

Rwanda's Bank of Kigali to set aside $40 mln for lending to firms

30/11 Rwanda's Bank of Kigali will spend more than half of the $67.5 million it raised from a cash call this month to boost lending to local firms, its chief executive said.. . .  Full story

Kenya's HF Group warns of lower FY profit on declining interest income

30/11 Mortgage-focused lender HF Group Plc warned on Friday its 2018 net earnings would be 25 percent lower than the previous year, after posting a nine-month loss.. . .  Full story

World Bank sees Nigerian 2018 GDP growth at under 2 percent

29/11 The World Bank expects Nigeria's economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign. . .  Full story

Zimbabwe on course to meet budget deficit targets - finmin

28/11 Zimbabwe is on track to meet a narrower budget deficit of 5 percent of GDP in 2019 from an estimated 11.7 percent this year, Finance Minister Mthuli Ncube said on Wednesday.. . .  Full story

Kenyan central bank holds main lending rate at 9.0 pct

27/11 Kenya's central bank held its benchmark lending rate at 9.0 percent on Tuesday, saying inflation remained within a band favoured by the government.. . .  Full story

Zimbabwe sees no radical change for platinum, diamond ownership

27/11 Zimbabwe does not plan to change its ownership rules for diamonds and platinum, its mining minister said on Monday, denting hopes among some miners the country will open up ownership as. . .  Full story

Kenya's Centum H1 pretax profit soars on higher investments

26/11 Kenya's Centum Investment Co Plc said on Monday its first-half pretax profit surged 35 percent to 2.39 billion shillings ($23.36 million), aided by higher investments.. . .  Full story

Energy revenues cut Algeria trade deficit in Jan-Oct - customs

25/11 Algeria's energy earnings rose 18.21 percent in the first 10 months of this year from the same period in 2017, pushing down the trade deficit by 58.65 percent, official figures showed. . .  Full story

Kenya Power gets tough on late bill payers after profit plunges

23/11 Kenya Power Co said on Friday it will be much tougher on chasing unpaid bills after its provisions for bad debts surged in the financial year through June, sending its full-year. . .  Full story