The Libyan national oil corporation (NOC) reports that losses induced by the shutdown of oil fields reached $502 million over a period of 10 days.
NOC says the country’s oil production slid by more than a million barrels a day. “The total value of losses since the beginning of the blockades has reached $502,289,339 as of Monday, January 27, 2020.” Average daily loss is estimated at $50.2 million.
The closure of the oil facilities is the work of powerful tribal groups loyal to General Haftar, in a move to defy the international community, in the West, that supports the Tripoli government.
A few days ago, Mustafa Sanalla, the head of the NOC said that this measure is suicidal as it deprives the government of precious resources that will be used to finance the budget, rebalance public finances and revive the economy that has been in decline for the past 10 years.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
• The U.S. imposed a 20% tariff on cashew exports from Vietnam and a 40% tax on suspected transshipm...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 mil...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
MTN has announced the launch of the MTN Cloud Accelerator, a 12-week hybrid program designed to help African startups scale faster by leveraging MTN’s...
• CMOC increased cobalt production by 13% to 61,073 tonnes in the first half of 2025.• The DRC extended its cobalt export ban, forcing CMOC to stockpile...
Kenya plans to import 1.05 million tonnes of palm oil in 2025/2026, near its highest ever level. Malaysia supplies 90% of Kenya’s palm oil, sharply...
Power Africa closed after 12 years, leaving a gap in Africa’s electrification push. Mission 300 aims to connect 300 million Africans to electricity...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...
Malawi’s Mount Mulanje and Cameroon’s Diy-Gid-Biy added to UNESCO World Heritage List Africa still holds 25% of endangered sites, despite recent...