Tag: Economy

Fresh cocoa harvest
MarketsBusinessHot News

Ghana turns to local lenders for $1.4 billion cocoa rescue plan

COCOBOD is turning to local investors for $1.4 billion to finance the new cocoa season as debts mount and traditional international backing falls away.

Omokolade Ajayi Omokolade Ajayi
South African Reserve Bank
BusinessMarkets

South African Reserve Bank raises rate to 7.25% as global risks mount

South Africa’s Reserve Bank raises its policy rate to 7.25% as fuel prices lift inflation risks and economic growth remains under pressure.

Oluwatosin Alao Oluwatosin Alao
UBA CEO Oliver Alawuba
BusinessHot News

UBA CEO Oliver Alawuba says economic indicators point to Nigeria’s stabilisation journey

UBA CEO Oliver Alawuba says Nigeria’s improving economic indicators show stabilisation, but sustained reforms are needed to deliver jobs and investment.

Omokolade Ajayi Omokolade Ajayi
Nigeria LNG Ltd. (NLNG) plans to start operations at its $10 billion Train 7 project by the end of 2027, as the liquefied natural gas producer works to expand output and address persistent constraints on gas supply. Managing Director Adeleye Falade disclosed the target to reporters on the sidelines of the Gastech conference in Bangkok. The project, located on Bonny Island in Nigeria, is designed to increase NLNG’s production capacity to 30 million metric tons a year from 22 million metric tons. Train 7 has faced repeated delays, including setbacks linked to the COVID-19 pandemic and the war in Ukraine. The latest target puts the project on a path toward completion as Nigeria seeks to increase its LNG production capacity. Gas supply remains key constraint NLNG remains under a force majeure declared in 2022 after widespread flooding disrupted its gas supply, Falade said at the conference. The company expects to lift the force majeure once plant utilization reaches 90 percent. NLNG is currently operating at between 82 percent and 83 percent utilization, according to Falade. “We still have a delta of about 15 percent that we need to close,” he said. “Operationally, we are able to do that, but our biggest constraint is gas supply, and we're working with all the relevant people, including the government, to be able to get more gas to flow into the plant.” The comments highlight the importance of securing additional feed gas as NLNG works to raise production and meet its existing commitments. The company is focused on fulfilling its contractual obligations to buyers while seeking to maximize available production, Falade said. Buyers seek more LNG Interest in additional LNG volumes and spot cargoes has increased following disruptions to exports through the Strait of Hormuz during the Iran war, Falade said. “People are looking at more diversified, reliable sources of supply,” he said. The increased interest comes as buyers seek alternative sources of LNG amid disruptions affecting established supply routes. For NLNG, the priority remains its existing customer commitments while making use of additional production capacity where available. “Our priority currently is to continue to make sure that we fulfil our obligations to our existing customers and maximize as much production opportunity as possible that we have,” Falade said. Ownership and expansion NLNG is majority-owned by the Nigerian National Petroleum Company, with foreign partners including Shell, TotalEnergies and Eni. The Train 7 expansion is expected to raise the company’s nameplate capacity by 8 million metric tons a year, taking total capacity from 22 million metric tons to 30 million metric tons. For NLNG, the expansion comes alongside efforts to improve utilization at its existing facilities. The company’s ability to increase output remains tied to the availability of sufficient gas supplies, according to Falade. The end-2027 startup target therefore places both the completion of Train 7 and continued improvement in gas supply at the center of NLNG’s plans to increase LNG production.
BusinessHot News

Nigeria’s trade surplus doubles to $9.5 billion on refining shift

Nigeria’s trade surplus doubled to $9.5 billion in the second quarter of 2026 as rising output from Dangote Refinery curtailed costly petroleum imports.

Omokolade Ajayi Omokolade Ajayi
Eskom transmission lines carrying electricity across South Africa’s power grid.
BusinessHot News

South Africa pushes $16.5 billion in public works to revive stalled economy

South Africa plans to offer $16.53 billion in public works projects for private bidding to rebuild infrastructure and revive economic growth.

Omokolade Ajayi Omokolade Ajayi
UK-based Zimbabweans became the country’s top senders.
Global NewsBusinessHot News

Diaspora Dollars: How UK-based Zimbabweans became the country’s top senders

Zimbabwe received a record $2.45 billion in diaspora remittances in 2025, as the UK narrowly overtook South Africa as the top source.

Omokolade Ajayi Omokolade Ajayi
Egypt
Hot NewsBusiness

Egypt leads Africa with $15 billion in foreign direct investment despite continental drop

Egypt pulled in $15 billion in foreign direct investment to lead Africa in 2025, anchoring continental inflows alongside Morocco and South Africa.

Omokolade Ajayi Omokolade Ajayi
Sasini Tea Estate in Kenya, where tea, avocado, and macadamia crops are cultivated and harvested.
Hot NewsBusiness

Kenya eyes $8.3 billion agricultural plan to boost growth, slash food imports

Kenya launches a $8.3 billion agricultural plan, targeting private investors to fund a five-year overhaul to slash food imports and boost growth.

Omokolade Ajayi Omokolade Ajayi
The Central Bank of Nigeria.
Hot NewsBusiness

Oil exports lift Nigeria’s current account surplus to $4.98 billion in Q1 2026

Oil and gas export growth lifted Nigeria's current account surplus to $4.98 billion in Q1 2026 as refined petroleum imports plummeted.

Omokolade Ajayi Omokolade Ajayi
Zimbabwe's Parliament building
Hot NewsBusiness

Zimbabwe hikes minimum wage by 80% as new gold-backed currency steadies

Zimbabwe boosts unclassified minimum wage by 80 percent to $270 and sets new tiered pay scales for domestic staff.

Omokolade Ajayi Omokolade Ajayi
Hot NewsBusiness

World Bank prepares $750 million loan to support Kenya’s fiscal reforms

The World Bank prepares a $750 million budget support loan for Kenya to ease debt pressures and drive fiscal reforms.

Omokolade Ajayi Omokolade Ajayi
Egyptian wheat supply linked to import diversification strategy.
Hot NewsBusiness

Egypt buys record amount of wheat from farmers after reforms

Egypt bought a record 4.6 million tons of local wheat after policy reforms raised domestic prices to ease foreign currency shortages.

Omokolade Ajayi Omokolade Ajayi