(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance and Green Growth Programme (IGGGP). This financing marks a significant milestone in the country’s transition toward a sustainable, low-carbon economy. This IGGGP is the second phase of the Bank's strategic support for South Africa's Just...

UK, Kenya, and Singapore launch coalition to restore trust in voluntary carbon markets. Market value plummeted by over 70% since 2021 amid greenwashing scandals and poor-quality credits. Coalition aims to set unified rules and enhance transparency ahead of COP30 The voluntary carbon market is facing a profound crisis in 2025, marked by questionable credits, greenwashing...

New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African trade Rollout follows strong growth of PAPSS system, now active in 16 countries Afreximbank unveiled its new Papsscard system on June 30, introducing a pan-African payment card designed to simplify money transfers and payments across African...

Libya signed a deal with TPAO to restart offshore exploration across four maritime zones The NOC is marketing 22 blocks and shifting to more flexible contracts to attract investors Goal is to boost oil output to 2 million b/d, depending on seismic results and investor confidence Libya is charting a new course in its energy strategy, breathing fresh life into offshore oil...

Congo launched a 30,000-ton oil plant with Eni to supply Italy’s biofuel production. The project will support 80,000 hectares of local crop development and livestock feed. Congo remains a raw material supplier, with processing done abroad. Denis Sassou Nguesso, the President of the Republic of Congo, on June 28, officially inaugurated a new soybean and sunflower oil extraction...

West African Resources began gold production early at Burkina Faso’s Kiaka mine, set to yield 234,000 oz/year. The project aims to reverse declining national output, forecast to rise to 65 tonnes by 2027. Other mines, including Bomboré and a new Nordgold site, will also boost production. West African Resources (WAF) has poured the first gold bar at its new Kiaka gold mine in...

Liberia ranks 9th in Africa’s 2024 Electricity Regulatory Index, up 28% since 2022. Reforms boosted scores, but power supply remains unreliable, with major cuts in imports from Côte d’Ivoire. The country aims for 75% electricity coverage by 2030. Liberia ranks ninth out of 43 countries in the 2024 Electricity Regulatory Index (ERI), with an overall score of 0.803. This marks...

The U.S. resumed soybean exports to Nigeria in 2024 with 64,000 tons shipped after a six-year pause A conference in Lagos aimed to boost agricultural ties and promote U.S. soy Nigeria’s soybean output fell 14% in three years, unable to meet rising domestic demand The United States aims to strengthen its soybean exports to Nigeria. As part of this effort, the U.S. Soybean Export...

The report urges project stakeholders to shift away from a limited extract-and-export approach to critical minerals, which often stems from geopolitical rivalries among major powers. Instead, it recommends transforming the project into a deeply integrated logistics platform that both shapes the regions it crosses and aligns with the needs of local economies. Announcements about financing for the...

External debt hits 70.63 trillion naira ($45.97 billion), up from $42.11 billion Domestic debt also increases as government faces growing budget pressures Parliament reviews new $24.14 billion loan plan for critical infrastructure Nigeria’s external debt rose by 26.07% year-on-year in the first quarter of 2025, according to data released by the Debt Management Office...