Business and Finance

Africa's wealthiest individual, Aliko Dangote, who heads the Dangote Group, has announced ambitious plans to collaborate with Kenya and Uganda on a significant oil refinery project in Tanzania. This proposed facility is inspired by his landmark operation in Nigeria, which has a capacity of 650,000 barrels per day. During a recent conference that featured key figures like Kenya's President William Ruto and Uganda's President Yoweri Museveni, Dangote expressed optimism about the project. He emphasized that its success hinges…

In a significant move aimed at boosting infrastructure, President Bola Tinubu has formally requested the Senate's approval to secure a $516.3 million loan from Deutsche Bank AG. This lending initiative is backed by insurance from the Islamic Corporation for the Insurance of Investment and Export Credit, part of the Islamic Development Bank. Tinubu emphasized that the funding would be directed towards the construction of the Sokoto-Badagry Superhighway, a centerpiece project within his Renewed Hope Agenda. The ambitious…

Fuel shortages have pushed the country to a perilous brink, the government warned, saying the nation is now "dangerously exposed" as the crisis hobbles transportation, commerce, and daily routines. In a statement, government spokesperson Shadric Namalomba linked the worsening situation to the conflict in the Middle East and a severe shortage of foreign exchange. Namalomba said international fuel suppliers are demanding cash upfront, a shift that has further tightened the country’s ability to bring in fuel. He added that…

The Nigerian Federal Ministry of Finance is refuting claims made by the World Bank regarding alleged undisclosed expenditures and the misallocation of federal revenue. Minister of State for Finance, Taiwo Oyedele, has characterized these allegations as a misunderstanding of the situation. He emphasized that media narratives indicating a substantial portion of federal earnings is being improperly channeled are not only incorrect but also misleading. This clarification comes as the ministry addresses interpretations of the…

At least 18 people were killed when a commuter omnibus erupted in flames and exploded on the Bulawayo-Beitbridge Highway, authorities confirmed. The Zimbabwe Republic Police (ZRP) said the deadly incident occurred between Chipangali and the Gwanda tollgate. Officials added that more information will be released as investigations progress. The cause of the blaze and subsequent explosion remains undetermined, and it is still unclear how many passengers were on board. The Bulawayo-Beitbridge Road, a key artery linking…

A shocking new survey highlights a distressing trend in Liberia: a staggering 90% of women reportedly use antibiotics monthly to address their menstrual issues. This revelation has alarmed health experts, who label the findings "frightening" and express deep concern about the potential for escalating antibiotic resistance within the nation. Antibiotic misuse has long been a significant issue plaguing Liberia's healthcare system. Health officials are increasingly worried that the very medications essential for treating…

The African Development Bank Group is set to convene its 2026 Annual Meetings in Brazzaville, Republic of Congo, from May 25 to 29. The event will focus on the theme: "Mobilising Africa's Development Financing at Scale in a Fragmented World." For further details, visit the AfDB section on AllAfrica.

President Netumbo Nandi-Ndaitwah used her State of the Nation Address to unveil an ambitious plan to jump-start growth, anchoring it on targeted investment, energy stability, and a renewed push in agriculture. She outlined headline domestic commitments, notably the introduction of fully subsidised tertiary education for qualifying students, supported by broader access to financial aid. Calling the moment “decisive,” the president pressed Parliament to fast-track the petroleum amendment bill, cautioning against the…

President Netumbo Nandi-Ndaitwah’s move to appoint seven new deputy ministers has drawn swift criticism from political analysts and opposition figures, who argue the decision will meaningfully inflate government spending. They describe the plan as poorly conceived, saying it places fresh strain on the national budget. Each of the seven deputies will earn N$65 000 a month — N$780 000 a year — adding nearly N$1.7 million annually to the wage bill for public office bearers. Critics also questioned whether the appointees can…

Zimbabwe’s central bank says the rollout of the new ZWG notes is ready, with distribution set after banks completed the logistics and operational plans required for a "seamless" transition, according to an official statement. Central Bank Governor John Mushayavanhu said the "Big Five" series has already been deployed nationwide in volumes sufficient to meet demand, remaining within existing daily and weekly withdrawal limits, and will be introduced in phases.