Africa Business

Nigeria's NNPC secures $3.15 bln to develop oil mining licence

14h02 Nigeria's state oil company has secured $3.15 billion from Sterling Oil Exploration and Energy Production Company Limited to develop oil mining licence 13, it said in a statement on Twitter on Tuesday.  Full story

Kenya's Consolidated Bank extends its bond maturity by 3 months

22/07 The Consolidated Bank of Kenya has extended the maturity of its 2 billion shilling ($19.39 million) medium-term note by three months to allow its biggest shareholder, the government, to inject more. . .  Full story

Zambia first-half copper output down 4% –mines ministry

18/07 Zambia's copper production dropped 4% to 393,419 tonnes in the first six months of the year, ministry of mines data showed on Thursday.. . .  Full story

Nigeria's state oil firm awards oil-for-fuel swap deals - sources

16/07 Nigerian state oil firm NNPC issued award letters on Monday for highly sought-after contracts to exchange crude oil for imported fuel, oil industry sources told Reuters.. . .  Full story

Abruptly appointed Zambian finance minister to review sales tax plan

15/07 Zambian President Edgar Lungu abruptly fired his finance minister on Monday, appointing in her place the respected deputy head of the central bank, who said he might further delay a sales. . .  Full story

Zambia dollar bonds soar after president swaps finance minister

15/07 Zambia's dollar-denominated government bonds jumped on Monday after the country's president sacked Finance Minister Margaret Mwanakatwe and appointed central bank deputy governor Bwalya Ng'andu to replace her.. . .  Full story

Tanzania's central bank sacks CEO of state-run bank

14/07 Tanzania's central bank has removed the chief executive of the state-run TIB Corporate Bank with immediate effect, citing poor performance of the financial institution.. . .  Full story

Tanzanian central bank fines lender for breaching rules

13/07 Tanzania's central bank on Saturday said it had fined Diamond Trust Bank Tanzania Limited 1 billion Tanzanian shillings ($435,000) for breaching regulatory rules on data and service availability. . . .  Full story

Morocco’s budget deficit grows to 21.8 bln dirhams in first half

13/07 Morocco’s budget deficit rose to 21.8 billion dirhams ($2.28 billion) in the first six months of 2019, up from 20.4 billion dirhams in the same period the previous year, the treasury. . .  Full story

United Nations chief calls for more support for cyclone-hit Mozambique

11/07 U.N. Secretary General Antonio Guterres on Thursday called on the international community to provide more aid to Mozambique, where two cyclones spurred by climate change killed hundreds and wrought widespread destruction. . .  Full story

-Nigeria to force lending by capping deposits at central bank

11/07 Nigeria plans to encourage lending by capping banks' interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth.. . .  Full story

Nigeria to force lending by capping deposits at central bank

11/07 Nigeria plans to encourage lending by capping banks' interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth.. . .  Full story

Morocco prepares to launch tender for 230 MW plant in Atlas mountains

10/07 The Moroccan agency for sustainable energy (Masen) said it opened on Tuesday the first stage in a tender process to build, operate and maintain a 230 megawatt solar plant near the. . .  Full story

Zimbabwe public workers reject government's $21 million pay rise-union official

09/07 Zimbabwe's government on Tuesday offered its workers 180 million Zimbabwe dollars ($21 million) additional pay for the July to December period, which unions rejected as inadequate in the face of soaring. . .  Full story

South Sudan 2019/20 spending to more than double - finmin

08/07 South Sudan's finance minister unveiled dramatically higher spending for the 2019/20 fiscal year to be partly funded by increased oil revenues, following criticism from the IMF for deep cuts in prior. . .  Full story

Tunisia's tourism revenues jump 42.5% in the first half of 2019

08/07 Tunisia’s tourism revenues soared 42.5% in the first half of 2019 to $692 million compared to the same period last year, official figures showed on Monday.. . .  Full story

Congolese army fires in the air during protest near Glencore plant

08/07 Congolese soldiers fired in the air on Monday as illegal miners protested outside a metallurgical plant on a copper and cobalt concession run by Glencore, a witness said.. . .  Full story

Tunisia expects this year's grain harvest to rise to 2.1 mln tonnes -ministry

05/07 Tunisia expects its grain harvest to jump to 2.1 million tonnes this year, up from about 1.4 million tonnes in 2018, the agriculture ministry said on Friday.. . .  Full story

Morocco’s Q2 economic growth slows to 2.4%, planning agency says

03/07 Morocco’s economic growth slowed to 2.6% in the second quarter from 2.8% in the first quarter, the country's planning agency said on Wednesday, citing a drop in agricultural activity.. . .  Full story

Kenyan private sector activity jumps in June -PMI

03/07 Kenya's private sector activity jumped in June, helped by increased local and external demand for goods, a survey showed on Wednesday, but there were concerns about cashflows, partly arising from late. . .  Full story

Ivory Coast economic growth seen near unchanged in 2019 at 7.5% - IMF

02/07 Ivory Coast's economy is expected to grow by 7.5% this year, in line with 7.4 percent last year, and medium-term growth will remain strong, the International Monetary Fund said on Tuesday.. . .  Full story

Ethiopia's economy seen expanding at 9.2% in 2019/20 FY

01/07 Ethiopia's economy is projected to expand at 9.2% in 2019/2020 fiscal year, up from a growth rate of 7.7% in previous year, according to the prime minister, Abiy Ahmed.. . .  Full story

Kenya's Q1 economic growth slows, hurt by agriculture

28/06 Kenya's economic growth slowed in the first quarter of this year compared with the same period last year due to dry weather which curbed the farming sector, the statistics office said. . .  Full story

Zimbabwe moves to keep a lid on maize prices after drought

28/06 Zimbabwe has banned farmers from selling maize to anyone other than the state Grain Market Board as the government moves to keep prices of the staple crop down after a severe. . .  Full story

Kenya's inflation at 5.70% year-on-year in June

28/06 Kenya's inflation rose slightly to 5.70% year-on-year in June from 5.49% a month earlier, the statistics office said on Friday.. . .  Full story

Nigerian stocks dip to 5-week low

27/06 Nigerian stocks dropped to its lowest in five weeks on Thursday after heavyweight Dangote Cement declined.. . .  Full story

Morocco’s BMCE Bank to raise $199 mln in share issue

27/06 BMCE Bank, one of Morocco's largest lenders, said it has secured approval from the market regulator to raise 1.9 billion dirhams ($199 million) by issuing new shares and a rights issue on the. . .  Full story

Zambia directs state power firm to take cost-cutting measures

27/06 Zambia's Zesco Ltd should freeze staff hiring, merge some of its departments and take other steps to cut costs and make the state power utility more efficient, a government body said.. . .  Full story

NNPC gets temporary alternate board chair, replacing outgoing Kachikwu

26/06 Nigeria's President Muhammadu Buhari has appointed a temporary alternate chairman for state oil company NNPC, the company said in a statement.. . .  Full story

Nigerian court adjourns Oando case against securities regulator to 22 July

24/06 A federal court in Lagos on Monday adjourned until 22 July a case brought by local oil firm Oando to halt management changes the country's securities and exchange commission is trying. . .  Full story

Ivory Coast, Ghana proposed cocoa price floor lacks other growers' support

21/06 A cocoa price floor of $2,600 per tonne agreed by Ivory Coast and Ghana with buyers for the 2020/21 season lacks the support of other producing nations, the vice president of. . .  Full story

Ivory Coast cocoa mid-crop to reach record 600,000 T - exporters and pod counters

21/06 Ivory Coast's cocoa mid-crop is expected to reach a record 600,000 tonnes this season, exporters and pod counters said on Friday, up 20% from the previous season.. . .  Full story

Heavy rains dampen Nigeria's 2018/19 cocoa outlook

20/06 Heavy rainfall and poor sunshine across Nigeria's cocoa-growing regions raises the likelihood of black pod disease which would hurt the main crop this season, an industry body said on Thursday.. . .  Full story

Marketing division manager Kyari to head Nigerian state oil firm

20/06 Nigerian President Muhammadu Buhari has appointed a new group managing director of the Nigerian National Petroleum Corporation (NNPC), the state oil firm said on Thursday, one of his first appointments since. . .  Full story

Nigeria to consider its industries in Africa free trade zone decision

20/06 Nigeria will consider the interests of its industries in deciding whether to sign up to a $3 trillion Africa free-trade agreement, President Muhammadu Buhari said in a meeting with local manufacturers. . .  Full story

Namibia targets $1 billion worth of investments

20/06 Namibia is to host a two-day economic summit which is expected to attract at least $1 billion worth of investments over the next two years, the Ministry of Information and Communications. . .  Full story

Kenya slashes 2030 power production targets as usage still low-media

20/06 Kenya has cut its target for expanding its electricity output by 2030 by nearly 30% as demand is growing more slowly than expected, its energy minister was quoted as saying.. . .  Full story

Malawi president appoints economist Mwanamvekha as finance minister

20/06 Malawian President Peter Mutharika has appointed minister of agriculture Joseph Mwanamvekha, an economist and former banker, as finance minister in his new cabinet, the chief secretary to the government said on. . .  Full story

Kenyan parliament committee proposes nationalisation of Kenya Airways

18/06 A Kenyan parliamentary committee on Tuesday recommended the nationalisation of loss-making Kenya Airways as part of efforts to turn the airline around, a draft report said.. . .  Full story

Uganda central bank holds key lending rate, sees faster GDP growth

18/06 Uganda's central bank held its key lending rate on Tuesday and forecast faster economic growth for 2019/20.. . .  Full story

Cargo handled by Kenya's Mombasa port up 6% in eleven months to May

18/06 Kenya’s main port of Mombasa handled 6.3% more cargo in the last eleven months thanks to higher efficiency, a surge in imports and greater capacity after the port was expanded, the. . .  Full story

From poo to food: Kenyan toilet waste key for new animal feed

17/06 Kenyan farmer Victor Kyalo's chickens have doubled the number of eggs they are laying. The reason: Human excrement.. . .  Full story

Zimbabwe inflation soars to 10-year high of 97.85% year/year in May

17/06 Zimbabwe’s annual inflation raced to a 10-year high of 97.85% in May from 75.86% the previous month, the national statistics agency Zimstats said on Monday.. . .  Full story

Kenyan parliament will block repeal of rate cap, lawmaker says

17/06 Kenya's parliament will block an attempt to repeal a cap on commercial lending rates, the lawmaker who sponsored the law imposing the cap said on Monday.. . .  Full story

Kenya to raise capital gains tax to shore up revenues

13/06 Kenya will more than double its capital gains tax rate to 12.5% from 5% to bring it in line with international standards, Finance Minister Henry Rotich said in budget proposals to parliament on Thursday.. . .  Full story

Disease lowers Ghanaian cocoa output, processors must import -sources

13/06 Bad weather and crop disease have hampered the cocoa crop in second-largest producer Ghana, forcing processors there to import beans at rates higher than usual, sources familiar with the matter told Reuters.. . .  Full story

South Sudanese president appoints new oil minister

12/06 The South Sudanese president has appointed a new petroleum minister, removing Ezekiel Lol Gatkuoth, the presidential spokesman told Reuters on Wednesday, but the reasons for the move were unclear.. . .  Full story

Nigeria's economy is expected to grow 2.7% this year, President Buhari says

12/06 Nigeria's economy is expected to grow 2.7% this year, President Muhammadu Buhari said on Wednesday, in his first public speech since his inauguration for a second term last month.. . .  Full story

Centum Investment profit up, to sell stake in drinks firms

12/06 Kenya's Centum Investment expects to complete a sale of its stakes in two drinks firms in the next four months, chief executive officer James Mworia said on Wednesday, after the company. . .  Full story

Ethiopia forecasts 9% growth, plans higher spending in 2019/2020

11/06 Ethiopia's economy is projected to grow by 9% in 2019/2020, finance minister Ahmed Shide told lawmakers on Tuesday as he presented plans to raise spending in one of Africa's fastest-growing economies.. . .  Full story

Ethiopia finance minister proposes 386.9 billion birr for 2019/2020 budget

11/06 Ethiopia's finance minister Ahmed Shide proposed to parliament on Tuesday 386.9 billion birr ($13.48 billion) in government spending for the 2019/2020 budget.. . .  Full story

Mauritius says economic growth may climb to 4.1 pct in 2020

11/06 Mauritius expects its economy will expand by 4.1 percent next year up from 3.9 percent this year, while the fiscal deficit will remain flat in the fiscal year beginning July from. . .  Full story

Rwanda re-opens border with Uganda to trucks for 12 days

10/06 Rwanda said on Monday it would re-open its busiest border post with Uganda to cargo trucks for 12 days, more than three months after it was closed amid tensions between the two neighbours triggered. . .  Full story

Ethiopia 2019/20 coffee exports to rise to record high -USDA

07/06 Ethiopia, Africa's top coffee producer, is expected to export a record-high 4 million 60-kg bags of coffee in 2019/20, the U.S. Department of Agriculture attache in Addis Ababa said, as yields. . .  Full story

Namibia's economy expected to contract again in 2019 - IMF

05/06 Namibia's economy will mildly contract again in 2019 due to poor rains and reduced diamond production but economic growth will return in 2020, the International Monetary Fund said on Wednesday.. . .  Full story

Mozambique's top court says state-guaranteed Eurobond illegal

05/06 Mozambique's top court has ruled that a government-guaranteed $850 million Eurobond issued by state-run tuna-fishing company Ematum in 2013 was illegal, court documents showed.. . .  Full story

Kenya private sector activity rebounds in May: PMI

05/06 Kenya's private sector activity grew modestly in May, rebounding from the first contraction since 2017 registered in the previous month, a survey showed on Wednesday.. . .  Full story

CEO of Nigeria's Oando gets five-year director ban - watchdog

01/06 Nigeria's financial watchdog said on Friday it had barred the CEO of oil firm Oando, Wale Tinubu, from directing public companies for five years over financial infractions - though he dismissed. . .  Full story