Foreign direct investment (FDI) flows into Nigeria have significantly increased since President Tinubu eased currency controls and implemented other investment-friendly measures. Although Nigeria is not yet a member of the BRICS, the country has clearly shown its interest in joining the group, while maintaining strong trade relations with its member countries. In June 2024, Nigeria...

After Mali, Burkina Faso, and Niger, Chad has now announced the end of its military agreements with its long-time ally, France. Paris has 1,000 troops stationed in Chad, and their future will likely be discussed in the coming days. On the night of November 28, Chad announced its decision to terminate military agreements with France. The move, framed as an assertion of sovereignty, represents a...

Australia's Leo Lithium, co-owner of Mali's first lithium mine, has sold its entire stake in the project to its joint venture partner, China's Ganfeng Lithium. Mali is set to receive tax payments from the new owner. Leo Lithium completed the sale of its 40% stake in Goulamina, Mali's first lithium mine, to China's Ganfeng Lithium on November 26, 2024. The Australian company reported that the...

Four Barrick Gold employees were arrested last September. However, they were released after the company struck a deal with the Malian government. Mali now pursues Barrick Gold for around $500 million. Barrick owns the largest gold mine in the country. As its dispute with the Malian government persists, four Barrick Gold employees have been arrested in the West African country. The Canadian...

Coris Invest has made an offer to gradually take over Hummingbird Resources, a British firm that operates two gold mines in Mali and Guinea. Led by Burkinabe businessman Idrissa Nassa, the acquisition requires multiple regulatory approvals before proceeding. UK-based Hummingbird Resources, which operates the Yanfolila gold mine in Mali and the Kouroussa gold mine in Guinea, has signed an...

Since 2017, Sodim has had three joint venture partners on the Afema gold project, including Australia's Turaco Gold. The Israeli company recently signed an agreement with Turaco Gold to develop the project and received an immediate payment of $14.2 million in return. On November 27, Turaco Gold is raising its stake in the Afema gold project in Côte d'Ivoire from 51% to 80%. The Australian...

In Sub-Saharan Africa, the digital divide remains stark, with rural areas often lagging behind urban centers in internet access. Improving connectivity could create jobs, enhance productivity, and foster innovation in sectors like agriculture, education, and financial services. On November 27, Pan-African telecommunications leader Paratus Group announced its expansion into Kenya, marking a...

The IDMC reports that conflicts and natural disasters are the leading causes of internal displacement in Africa. In 2023, 32.5 million people were displaced by conflicts, and 6.3 million by natural disasters. In 2023, Africa had 35 million internally displaced people (IDPs), nearly half of the global total and three times more than in 2009. This alarming statistic comes from a report released on...

Nigeria's inflation rate rose again from September to October 2024, reaching 33.88%. Between January and October 2024, the Nigerian naira lost 82% of its value, according to data analysis firm Dataphyte. The Central Bank of Nigeria (CBN) has increased its benchmark interest rate by 25 basis points to 27.50% from 27.25% in September. This decision was made during the bank’s monetary policy...

Kouroussa should have started commercial production in Q1 2024 but the gold mine faced delays, due to operational and financial difficulties affecting its owner, Hummingbird Resources. While the company has resolved some operational challenges, it still has significant financial hurdles. Guinea’s Kouroussa gold mine has officially commenced commercial production, several months behind...