Business and Finance

Nigeria is making strides toward revitalizing its Warri oil refinery, which has been dormant for nearly a decade due to a series of technical problems. The Warri Refinery, boasting an impressive capacity of 125,000 barrels per day, had faced prolonged closures as a result of aging infrastructure and a lack of crude oil supply. However, recent reports indicate that operations have recommenced, and the facility is currently functioning at about 60% of its capacity, as shared by Bayo Onanuga, spokesperson for the presidency.…

In a bold move, Eskom has put forth a proposal to raise electricity tariffs by a staggering 36%, set to launch in April 2025. This ambitious plan, pending approval from the National Energy Regulator of South Africa (Nersa), includes further hikes: an 11.81% increase for the 2026/27 fiscal year, followed by another 9.10% jump in 2027/28. These proposed increases threaten to significantly tighten the grip on household budgets and overall living expenses. Reactions have been swift and severe. The Democratic Alliance (DA),…

In a groundbreaking move, South Africa has stepped into the G20 presidency, marking a historic milestone as the first African nation to take the helm of this influential assembly of countries. The upcoming term is set to officially kick off on December 1, 2024, and will extend for a full calendar year. President Cyril Ramaphosa expressed his profound gratitude upon receiving the presidency from Brazil during the G20 summit held in the vibrant city of Rio de Janeiro. “I stand here humbled and honored to accept the G20…

Ghana is grappling with the severe repercussions of illegal mining, commonly referred to as Galamsey. This rampant activity, primarily conducted by small-scale miners, is taking place across countless sites, igniting widespread protests and prompting the military to take action against it. As a key player in the global gold and cocoa markets, Ghana is feeling the pinch, as land degradation from these mining operations is significantly affecting agricultural productivity. Despite the apparent environmental hazards and…

António Guterres, the Secretary-General of the United Nations, has called on G20 leaders to tackle the pressing crisis of global hunger, a plight afflicting one out of every eleven individuals around the globe last year. This plea comes amid alarm over rising food insecurity, worsened by a medley of conflicts, climate change, and economic inequalities. South Africa's President Cyril Ramaphosa has also chimed in, pushing global leaders to ramp up efforts to eradicate poverty and hunger. "Achieving gender equality is vital.…

In a significant move, Resolute Mining, an Australian-based company, has agreed to pay a hefty sum of $160 million to the Malian government in a bid to settle an ongoing tax dispute. This decision comes on the heels of a troubling incident where Mali's authorities detained the company’s CEO, Terence Holohan, along with two other staff members during their trip to Bamako for what was supposed to be routine negotiations with the current regime. As tensions rise, the spotlight on foreign mining operations in Mali grows ever…

A collaborative effort among various firms has welcomed the arrival of the initial set of 275 container wagons, designed to boost the transport capabilities of the Lobito Corridor project. This ambitious railway initiative stretches from Angola's Lobito port, reaching into the Democratic Republic of Congo and extending to Zambia. Unveiled in 2023 as part of the G7 Partnership for Global Infrastructure and Investment, this corridor is backed by both the United States and the European Union. Once fully operational, it…

The task force known as Operation Vala Umgodi, part of the South African Police Service operating in the North West province, has reiterated its plea for illegal miners who remain underground to resurface. Currently, law enforcement is engaged in a tense standoff with a significant number of illegal miners who find themselves stuck in an abandoned mining shaft. In response to the situation, police have effectively sealed off the entry points that these miners use to bring in supplies. As a result, these individuals are now…

Disinformation plays a pivotal role in Russia's hybrid warfare strategy throughout Africa. This tactic aims to bolster Moscow's influence and seize control of the continent's precious resources, as outlined by the Africa Defense Forum (ADF). According to reports, Russia accounts for a staggering 40% of disinformation initiatives across Africa, driven by its so-called "cognitive warfare" approach. This method exploits local grievances and the complex history of colonialism in Africa, cleverly redirecting attention away from…

The European Commission has made the call to let the current fishing agreement between Brussels and Dakar lapse, citing significant issues related to illegal, unreported, and unregulated fishing practices. Jean-Marc Pisani, the EU’s ambassador to West Africa, highlighted that the decision stems from Senegal's lack of adequate measures against these harmful fishing activities. As a result, he noted, European fishing vessels will cease operations in Senegal’s exclusive economic zone starting from midnight on November 17th.…