West Africa

Changing Dynamics in Nigeria's Oil Sector: A New Chapter Initiated by Dangote Refinery In a move that underscores his prominence in the African economic landscape, Aliko Dangote has once again adjusted the ex-depot price of premium motor spirit, commonly known as petrol. Earlier this week, the Dangote refinery implemented a second noteworthy price reduction for February, now lowering costs from N890 to N825 per litre. Just a few weeks back, on February 1, we witnessed a similar trend when prices dropped by N60 per…

Unraveling the Thread: The Economic Impact of Clothing Prices The Consumer Price Index (CPI) is an economic concept many of us hear about, but few truly grasp. It consists of various elements, with food, clothing, and housing being the most significant. However, there are other interesting items on this list—recreation, health, and education, to name a few. My friend once said, "It’s like trying to balance plates on a stick—you’ve got to keep an eye on each one." Have you ever noticed…

In the vast, ever-evolving landscape of African economies, a quiet resilience often dominates the narrative. While major players like South Africa and Nigeria have been grappling with economic challenges and currency depreciation, Ghana, with its fortitude, presents a compelling case study in banking resilience. As the world turns its gaze towards West Africa, Ghanaian banks stand firm, holding strong Tier 1 capital positions that inspire confidence and stability. Performance of…

In a pointed discussion during the recent G20 gathering in South Africa, a coalition of former African heads of state convened to spotlight an urgent crisis: the escalating debt burden on the continent. United under the African Leaders' Debt Initiative, these seasoned leaders articulated a clarion call for "intensified international cooperation." But what does this cooperation truly entail? It begs the question: can the global financial structure be adjusted to genuinely uplift developing nations? The atmosphere during this…

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In the heart of Mogadishu, a momentous occasion unfolded on a significant Thursday as Ethiopia's Prime Minister, Abiy Ahmed, touched down in Somalia's capital. His agenda was clear: to bridge the chasm that had formed between Ethiopia and Somalia. The reception, marked by reverence, was just the prelude to the dialogues expected to reshape their bilateral relations. History has a peculiar way of weaving its narrative, and in this tale, the frostiness of relations dates back to January 2024. It was a time when…

Edited By Ali Musa Axadle Times International–Monitoring. Garowe, Somalia: A Strategic Bastion in the Fight Against Global Terror Under the starlit skies of Garowe, whispers of change are taking flight. In a world where news often travels at the speed of a tweet, a significant revelation emerged from the heart of Northeastern State. Imagine, if you will, a landscape marked not just by desert winds and rolling sand dunes, but also by the invisible lines drawn by global networks of terror. On a breezy Thursday evening,…

Stuart Young, the Acting Prime Minister of Trinidad and Tobago, recently highlighted a major factor that set Nigerian oil company Oando apart from other bidders vying for ownership of the Guaracara Refinery. Their robust financial backing, evidenced by their ability to secure sizable investments in the upstream oil sector, gave them an undeniable advantage. But what does it really mean to have such financial muscle, and how does it influence a bidding process? Young, who also serves as the Minister of Energy,…

Bridging Horizons: The Kenya-Somalia Trade Facilitation Endeavor In the heart of East Africa, an evolving conversation is taking place, one that holds the promise of profound economic transformation. This dialogue, centered around a trade facilitation agreement, is set to dismantle the irregular non-tariff barriers that have historically strained the economic synergy between Kenya and Somalia, two neighboring nations with rich cultural ties. Setting the Stage for Regional Collaboration In December 2023, a pivotal…

Food inflation looms as a profound challenge for numerous African nations, exacerbating existing economic hardships and amplifying food insecurity for millions of citizens. Life in various parts of Africa is already mired in complexity, as many countries grapple with systemic issues. With the spike in food prices, the situation is akin to salt on an open wound—undermining not only household well-being but threatening the broader economic landscape. Consider a family struggling to make ends meet, now facing the relentless…