Business and Finance

The Nigeria Emergency Management Agency has reported a grim development: 14 bodies have been retrieved from the waters of central Niger State. Unfortunately, around 150 passengers are still unaccounted for following a tragic boat capsizing incident. According to officials, the boat overturned after it was overloaded, carrying about 300 passengers from the Mundi community. These individuals had congregated for a religious event in the nearby Gbajibo village. Of those on board, 150 were successfully rescued, leaving a…

Lawmakers are pressing Finance Minister Mthuli Ncube to deliver a comprehensive statement addressing the recent plunge in value of Zimbabwe's newly unveiled gold-backed currency. Dubbed the ZiG, or Zimbabwe Gold, this currency made its debut in April. However, it has already suffered a staggering decline of more than 40%. This drop stems from mounting market pressure urging the Reserve Bank of Zimbabwe to establish a more realistic and pragmatic exchange rate. Throughout the last several years, efforts to create a stable…

In a notable response to potential unrest, authorities in Nigeria are bolstering police presence in several key states ahead of an anticipated national protest, driven by concerns over soaring living costs and dissatisfaction with current governance. Organized by the Take It Back movement, demonstrators have slated their gathering for October 1, coinciding with the nation’s 64th anniversary of independence. Protesters claim that the government has neglected the issues raised during their August rally. The Nigerian…

The White House has recently disclosed that President Joe Biden is set to embark on a journey to Angola this October, fulfilling a commitment he made to African leaders during the U.S.-Africa summit in 2022. This highly anticipated visit, slated for October 13th to 15th, will provide a platform for dialogue between the U.S. President and Angolan President João Lourenço, focusing on mutual interests and objectives. "We'll be aiming to strengthen our economic partnerships," stated White House Press Secretary Karine…

As Africa grapples with the rising financial toll of climate change, accessing climate finance becomes vital for both addressing these challenges and adapting to them. Moreover, it's essential for steering the continent's development in line with the global aim of capping temperature increases to 1.5°C.  African representatives face a pivotal moment at COP29 in Azerbaijan, where they are encouraged to push for fair climate finance allocation for their continent. A new financing strategy is anticipated to be established by a…

A recent study conducted by the IHE Delft Institute for Water Education sounds the alarm on how climate change is intensifying both the frequency and severity of extreme weather phenomena. This escalation is placing the world’s aging network of dams—more than 70,000 in total—under increased threat, particularly in regions marred by conflict where some structures lie neglected and abandoned. Take, for instance, the catastrophic failure of the Arbaat Dam in Port Sudan last August. The region experienced an unprecedented…

A recent parliamentary investigation has revealed a troubling lack of dam inspectors within the Department of Water and Sanitation. This alarming situation comes on the heels of the catastrophic failure of three dams in the Western Cape back in August. The aftermath of the collapse was devastating, as it displaced over a hundred individuals, wreaking havoc on their livelihoods and communities. To put things into perspective, dam owners are legally obligated to provide safety evaluations conducted by certified inspectors.…

The Central Bank of Libya has officially declared a halt to its operations following the alarming kidnapping of its IT chief by unidentified armed assailants. This disturbing event unfolds amid escalating tensions among various armed factions throughout the nation. Prior to this incident, gunmen had surrounded the bank's headquarters located in Tripoli, demanding the resignation of Governor Seddik al-Kabir. This bold move has sparked international outrage, notably from Richard Norland, the U.S. Ambassador to Libya. He…

The U.S. government is gearing up to embark on a significant railway initiative that extends from Angola to the Indian Ocean, passing through Tanzania. This ambitious venture, known as the Lobito Corridor, aims to create vital connections among various African nations, facilitating access to global markets while “bolstering regional trade and stimulating economic advancement.” On her latest visit to the area, Helaina Matza, the U.S. acting Special Coordinator for Partnership on Global Infrastructure and Investment, focused…

Pravin Gordhan, the former minister and notable anti-apartheid campaigner, has passed away. His legacy is celebrated for his unwavering integrity, exceptional leadership, and courage in combating state capture. Gordhan held the position of Minister of Finance for two significant periods: first from 2009 to 2014, and then again from 2015 to 2017. He also took on the role of Minister of Cooperative Governance and Traditional Affairs from 2014 to 2015, followed by his service as Minister of Public Enterprises from February…