Google has revealed plans for a new fiber optic cable system named Umoja, connecting Africa to Australia to enhance digital connectivity across the continent. The American tech giant announced this initiative on Thursday, May 23. The terrestrial portion of the network will be built in partnership with Liquid Intelligent Technologies. This segment will link Kenya, Uganda, Rwanda, the Democratic...

Benin has closed the river trade route to Niger, citing its use as a hub for informal trafficking between the two countries. President Patrice Talon had previously justified banning the export of Nigerien crude oil from Sèmè by highlighting the illicit activities along this route. On May 22, local media reported that a contingent of security forces was deployed to enforce the closure of the...

The Institut national polytechnique Félix Houphouët-Boigny (INP-HB) in Côte d'Ivoire has climbed to second place in the Top University Rank 2024 ranking of Francophone African universities, just two points behind Morocco's Mohammed V University. The growing prestige of the INP-HB is reflected in its improved international rankings, a testament to the quality of its teaching and research...

The upcoming decisions of the European Central Bank (ECB) regarding its key interest rates are being closely watched by the international financial ecosystem. This scrutiny is particularly crucial for the Central Bank of Central African States (BEAC) and the Central Bank of West African States (BCEAO), which manage currencies pegged to the euro at a fixed parity and have cooperation agreements...

The African Development Bank is the driving force behind one of the world's most ambitious energy projects: the Desert to Power initiative aims to bring energy to one of the least developed and most marginal parts of the continent. This transformative and bold effort aims to turn Africa’s vast, sun-drenched Sahel region – one of the most vulnerable regions in the world - into a powerhouse of...

Standard & Poor’s Global Ratings expects increased exports of raw materials over the next 24 months to significantly reduce Côte d'Ivoire's external and budgetary imbalances. Côte d'Ivoire has overtaken South Africa to become the second-best-rated country in Sub-Saharan Africa for sovereign risk concerning external debt. On May 17, Standard & Poor’s Global Ratings affirmed Côte...

The Nigerian government has issued domestic bonds to refinance a debt of 4,900 billion nairas (equivalent to $3.4 billion) owed to the Central Bank. The information was relayed yesterday by Bloomberg, which cited Patience Oniha, the Director of the Debt Management Office. According to Mrs. Oniha, these bonds were issued between February and April to spread out the repayment burden of the...

The Board of Directors of the African Development Bank Group approved a loan of $240 million to Mauritius in Abidjan on 22 May 2024 to implement the second phase of the Economic Competitiveness and Resilience Support Program. “Following the approval and implementation of the first phase of the Program in 2023, the aim of this second phase is to continue to support improvements in economic...

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...