The absence of a unified currency in the West African sub-region has hampered viable exports, according to Dr. Sidie Mohamed Tunis, Speaker of the Economic Communities of West African States (ECOWAS) Parliament. Speaking yesterday in Bissau, Guinea-Bissau, at the start of the fifth legislative with the topic “ECOWAS Common Currency and the Inter Bank Payment...
The 12th edition of Obangame Express (OE23), the largest international maritime exercise in Western and Central Africa, began on Monday with 33 organizations and nations taking part, including Nigeria. From the West African island of Cabo Verde to the Central African coastlines of Angola, including the Economic Community of West African States (ECWAS) and Economic...
Chinese officials in Zambia had a direct answer this week when U.S. Treasury Secretary Janet Yellen referred to China as a “block” to debt restructuring in Africa. They said: “Get your own house in order.” The biggest contribution the United States can make to the debt problems outside the country, according to the Chinese Embassy...
Stakeholders warned yesterday in Abuja that unless the continent develops a local market for its hydrocarbon resources, its 125 billion barrels and more than 630 trillion cubic feet (TCF) of natural gas reserves may remain untapped. Timipre Sylva, the minister of state for petroleum resources, and Gabriel Obiang Lima, the minister of hydrocarbons for Equatorial...
The East African Trade Council reached a value of $10.17 billion in intra-trade during the final quarter of 2022, accounting for 20% of all intra-trade in global trade. The East African Business Council’s Chairperson, Ms. Angelina Ngalula, expressed hope as well, adding that intra-African trade has only increased. She stated that she believed current political...
President Muhammadu Buhari gave the $1.5 billion Lekki Deep Seaport in Lagos its formal commission on Monday. The largest seaport in West Africa and state-of-the-art infrastructure will revolutionize how commodities are carried and exchanged in Nigeria, increasing connectivity and efficiency and acting as a key engine for economic growth in the area. The largest container...
Renergen, a natural gas producer, has announced that the first batch of liquid helium has been generated at the South African-based Virginia Gas Project. The Virginia Gas Project is the sole onshore oil and gas facility in South Africa, and it is owned and run by Tetra4, a subsidiary of Renergen. Welkom, Virginia, and Theunissen...
By implementing sound policies to improve its digital sectors, Ghana outperformed other African nations such as Cote D’Ivoire, Nigeria, Burkina Faso, and Niger, among others, in the poll. Nigeria came in third with 65.0%, followed by Carbo Verde in second place with 65.5%. The least competitive West African countries in terms of internet infrastructure were...
In Kenya, remittances from the diaspora currently make up a larger portion of the nation’s overall revenue than some of its actual exports. According to a recent estimate, Kenya now earns more foreign currency from remittances from its diaspora than it does from any of its main exports, including coffee, tea, and horticulture. According to...
According to figures from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria maintained its position as the top oil producer in Africa for two consecutive months by pumping 1.235 million barrels per day (bpd) in December. Based on direct contact, the most recent monthly oil market report issued by OPEC on Tuesday indicates that...
