The African Development Bank has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria. The Bank’s Nigeria Country Department, Director General Lamin Barrow disclosed this at the Nasarawa Investment Summit 2024, held from 15 – 16 May in Lafia, the Nasarawa State capital. The event was attended by local and...

At the end of 2023, BGFIBank surpassed 5,000 billion CFA francs in total assets and nearly reached 100 billion CFA francs in net profit, solidifying its position as the leading banking group in Central Africa. In an interview with Business in Cameroon (IC) and EcoMatin (EM), the CEO of this Libreville-based institution, Henri-Claude Oyima, revealed the secrets behind this success, explained the...

Sonatel, the leading telecom company in Senegal, announced it will launch commercial 5G mobile services on June 1. The announcement was made by CEO Sékou Dramé on May 21, during the commercial launch event of Orange's ultra-high-speed internet services in Senegal. Dramé assured customers with compatible devices that they could expect download speeds up to 10 times faster than 4G, promising a...

The Board of Directors of the African Development Fund – the African Development Bank Group’s concessional financing window – approved a grant of $42.86 million to Ethiopia on 22 May 2024 to fund the implementation of the Agri-MSMEs development for jobs Program.   Aimed at boosting the growth and productivity of youth and women-led MSMEs in Ethiopia, the program focuses on...

Huawei Cloud becomes world's first company to open a public cloud in Egypt, Industry AI accelerates digitization in Egypt and in Northern Africa region.   Huawei launched a Cloud Region in Egypt on Tuesday, May 21, making it the first company to establish a public Cloud in Northern Africa region. The Cairo Region will bring Huawei Cloud’s intelligent and innovative capabilities and...

The long-awaited Open Skies agreement between the United States and Nigeria is finally becoming a reality, 24 years after its initial signing. This landmark deal aims to boost bilateral air travel and economic ties between the two nations. The US Embassy in Nigeria announced over the weekend that the agreement originally signed nearly a quarter of a century ago, is now entering its...

The Board of Directors of the African Development Bank Group approved the mid-term review of the Country Strategy Paper (CSP) 2022-26 for Rwanda in Abidjan on 21 May 2024. The progress during the first half of the implementation period has been significant. The CSP for Rwanda was approved by the Boards of Directors of the African Development Bank and the African Development Fund – the Bank...

Gold's upward trajectory continues, setting a new historical record above $2,400 per ounce, thus getting closer to the $3,000 mark. On Monday, May 20th, gold traded at $2,440.59 per ounce on Asian markets, marking a new record. The surge was mainly driven by renewed optimism around a potential US Federal Reserve interest rate reduction. Some traders anticipate the reduction to...

Copper prices keep climbing. After surging past $9,000 in March, they hit a new high above $11,000 per ton. While long-term prospects for copper remain robust, opinions vary regarding short-term outlooks. On Monday, May 20th, copper reached a record $11,460 per ton, outperforming Macquarie analysts' Q3 2023 peak prediction of $9,500. The analysts had also forecast copper...

London-listed firm KEFI Minerals “officially” kicked off its first African mine, Tulu Kapi. The project was started amid a historic rise in gold prices. It should have been launched in Q4 2023. After months of delays, construction works at the Tulu Kapi gold mine in Ethiopia have begun. KEFI Minerals, the project’s owner, announced the launch on May 20th. The project, the firm’s...