Algeria has officially received approval to join the BRICS New Development Bank (NDB), marking a significant step in the nation’s economic and diplomatic engagement with the BRICS bloc. The announcement was made by the bank’s president, Dilma Rousseff, during the ninth annual meeting of the NDB in Cape Town, South Africa, Reuters reported on Saturday….
The Nigerian National Petroleum Company Limited (NNPC) has announced its plan to engage reputable and credible Operations and Maintenance (O&M) companies to operate and maintain two of its major refineries: the Warri Refining and Petrochemical Company (WRPC) and the Kaduna Refining and Petrochemical Company (KRPC). This development was disclosed in a statement released on Friday…
Burkina Faso has taken a significant step by nationalizing two contentious gold mines following a legal dispute involving Endeavour Mining Plc and Lilium Mining. This decision marks a pivotal moment in the country’s efforts to assert greater control over its natural resources, in line with a broader trend observed across Africa. The resolution of the…
As of August 26, 2024, the exchange rate between the US dollar and the Nigerian naira on the black market, also known as the parallel market or Aboki FX, is recorded at 1 USD to ₦1,610. This figure offers a glimpse into the current state of Nigeria’s currency outside the formal banking system, highlighting the…
The Dangote Refinery, touted as the world’s largest single-train refinery, has entered a crucial phase of its development. This facility, located in Lagos, Nigeria, is not just a remarkable feat of engineering but also a potential game-changer for the nation’s energy sector and the broader African economy. The refinery has now commenced test runs for…
Botswana has once again made headlines in the diamond industry with the discovery of a colossal 2,492-carat diamond, marking it as the second-largest rough diamond ever found. This remarkable find was unearthed at the Karowe mine, operated by Lucara Diamond Corp., a Canadian mining company. While the quality of the gem has yet to be…
South Africa’s Johann Rupert has once again claimed the title of Africa’s richest man, edging out Nigerian billionaire Aliko Dangote in a fierce competition that has seen the two tycoons constantly exchanging positions at the top. This is not the first time Rupert has held the title, but it marks a significant shift in the…
On Monday, President Bola Ahmed Tinubu embarked on a trip to France using a newly acquired presidential aircraft. This development has raised eyebrows across Nigeria, particularly given the ongoing economic challenges facing the country. The new jet, an Airbus A330-200, reportedly landed in Nigeria on Sunday, August 18, 2024, just in time for the President’s…
Nigeria’s inflation rate has been a major talking point for both economic experts and everyday Nigerians. The recent inflation data released by the National Bureau of Statistics (NBS) for July 2024 indicates a slight decrease in the headline inflation rate from 34.19% in June to 33.40% in July. Although this reduction appears promising on paper,…
Nigeria’s crude oil production experienced a modest rise in July 2024, according to the latest data released by the Organisation of the Petroleum Exporting Countries (OPEC). The country’s average daily output reached 1.307 million barrels per day (mbpd), reflecting a slight improvement from the 1.27 mbpd recorded in June 2024. This increase, though modest, is…