First Independent Mena Newspaper
The weak growth trajectory of Africa’s three largest economies, Egypt, Nigeria and South Africa, which together account for about 60% of Africa’s GDP, could exacerbate social unrest in the region, a report by UNCTAD, the United Nations trade body, has warned. Growth prospects in South Africa and across the continent have deteriorated, which threatens to […]
The acquisition of Nigeria-based Daystar Power by Shell is significant for the UK-headquartered oil giant, which has long been active in the continent’s hydrocarbons market, as it must look for new sources of growth as fossil fuels are phased out. Shell has acquired Daystar Power, a Nigeria-based provider of hybrid solar power solutions to commercial […]
The next 12-18 months will be “very difficult” for African banks as widespread inflation, currency devaluations and interest-rate hikes sweep the region, a senior director of credit ratings agency Fitch said on Wednesday (21 September). African economies have struggled over the last year in the face of external forces including lingering effects from the COVID-19 […]
Only three African nations control about 56% of the continent’s total wealth, according to the 2022 Africa Wealth Report published by UK investment consultancy firm Henley & Partners in partnership with South African wealth intelligence firm New World Wealth. South Africa, Egypt, Nigeria, Morocco, and Kenya are Africa’s wealthiest countries. The first three countries possess […]
Nigeria is facing a record reduction in oil production, dropping from the first largest producer in Africa to the fourth, behind Angola, Algeria and Libya, according to the latest report of the Organization of Petroleum Exporting Countries (OPEC). The monthly oil market report for August, published by the oil cartel OPEC, showed that Nigeria’s production […]
Investing in long-term gas projects in Africa as countries wrestle with powering their development with clean energy may not be a very good idea, United States’ special envoy on climate John Kerry has noted, as African countries denounce developed nations’ pledge to curb fossil fuel investment is unfair. “We are not saying no gas,” he […]
As Africa reflects on the legacy of Britain’s Queen Elizabeth II, from Kenya to Nigeria to South Africa, the monarch’s passing has reignited a sensitive debate about Britain’s colonial past in parts of the continent, particularly the queen’s role as head of state during British rule. The death of the British monarch has prompted an […]
Tigrayan rebels from Ethiopia’s northern region called for an “immediate” cease-fire Sunday (11 September) and said they would accept a peace process with the federal government led by the African Union (AU) after three weeks of renewed fighting ended a fragile truce. In a statement to mark the beginning of the Ethiopian new year, the […]
Central African countries have signed an agreement to create a regional oil and gas pipeline network and hub infrastructures which proponents say will strengthen energy supply and reduce dependence on imports of refined products. The deal, inked on Thursday (8 September), aims to construct three multinational oil and gas pipeline systems of around 6,500 km, […]
Africa’s volatile Sahel region risks becoming a forgotten crisis because of the many competing emergencies around the world, a senior United Nations official has warned. The head of the regional office for West and Central Africa for the Office of the Coordination of Humanitarian Affairs, Charles Bernimolin, noted that millions of people in six Sahel […]