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Saudi Arabia is set to invest €250 million ( about $275 million) in a solar-powered desalination project in Senegal, strengthening economic and development cooperation between both countries.
Nigeria’s president, Bola Tinubu, has asked parliament to approve $2.8 billion in new external funding, including the country’s first sovereign sukuk on the international market.
Portuguese Energy Company, Galp Energia, has begun steps to resolve its ongoing tax dispute of about $300 million with Mozambique through an International Arbitration Tribunal.
Muhammad Sanusi II, Emir of Kano and former central-bank governor, warns that Nigeria’s early monetary loosening risks reigniting inflation and undoing recent gains in economic stability.
Zest Payments has been fined $1.89k by Nigeria’s Central Bank for late filing of its 2023 accounts, a fresh setback for the two-year-old fintech, yet to break even despite hefty capital injections.
Nigeria is in discussions with China’s Export-Import Bank for a $2 billion loan to finance a new super electricity grid aimed at improving the country’s power supply and driving industrial growth.
Algeria will invest $60 billion in its energy sector between 2025 and 2029, with most of the funds going into oil and gas exploration and production.
Nigeria’s petrol imports fell to their lowest level in at least eight years in September, even as the country’s flagship Dangote refinery grappled with maintenance and industrial unrest.
NNPCL has revealed that Nigeria lost about 1,200 megawatts (MW) of power generation capacity due to the recent strike action involving the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Dangote Refinery.
The move marks a shift from over a decade of debt-driven infrastructure expansion that has left the country with one of Africa’s highest debt service burdens.
The AfDB’s proposed funding comes shortly after the World Bank disclosed plans to extend $750 million in new loans to the western African nation, covering projects in digital infrastructure and healthcare resilience.
Mwanamvekha returns to office amid severe economic headwinds marked by persistent inflationary pressures, severe foreign exchange shortages, mounting debt and slow growth.
Bayo Ojulari, NNPCL boss, has explained that the recent surge in gas prices across Nigeria was caused by short-term disruptions in product loading and distribution following a workers’ strike.
According to the Group, the West African nation must grow by an average of 15% annually to reach the milestone, noting that while ongoing reforms are commendable, they remain insufficient to bridge the country’s wide growth gap.
British energy major, Shell PLC, has sold part of its majority stake in Egypt’s North Cleopatra exploration block to QatarEnergy, marking another strategic expansion by the Gulf state oil company in the Mediterranean.
Italian energy giant Eni has restarted drilling operations in Libya, marking its return to the country after a five-year pause triggered by the COVID-19 pandemic.
The latest PMI reflected sustained growth in output and new orders, as firms reported an uptick in domestic and regional demand.
The upturn comes after months of sluggish performance weighed down by political protests and higher costs earlier in the year.
Stanbic IBTC, Nigeria’s priciest banking stock, has named Chukwuma (Chuma) Nwokocha as Group Chief Executive after a year under interim leadership.
Italian Energy Company, Eni, has expanded its exploration footprint in Côte d’Ivoire after securing rights to a new offshore block, CI-707, as part of its plan to strengthen its operations in the country’s upstream oil and gas sector.
