Several multinational companies on the Lagos Stock Exchange are grappling with the adverse effects of the Nigerian naira's depreciation and are currently exploring coping strategies. For example, Nigerian Breweries, the subsidiary of the Dutch group Heineken, reported a loss of 106.3 billion nairas ($92.27 million) for 2023, marking its first loss in a decade. Despite an 8.9% increase in sales,...

The report highlights the mixed experiences African nations that have implemented a continent-wide visa-free policy for their citizens have been facing recently, noting varying impacts on both tourism flows and trade exchanges. In recent years, African nations have been gradually relaxing visa policies. Yet, the success of these initiatives in boosting intra-regional trade depends on their...

The African Development Bank successfully concluded a three-day workshop in Nairobi, Kenya, aimed at enhancing its Empowering Novel Agri-Business-Led Employment (ENABLE) Youth Program in preparation for its next phase. The ENABLE Youth program helps young African men and women access financing to grow their enterprises. Currently active in 15 countries with investments exceeding $490...

Gold prices hit record highs in Q1 2024, reaching a new historical peak of over $2,300 per ounce. However, the Bomboré gold mine in Burkina Faso has seen little benefit from this performance. On April 11, 2024, Orezone Gold released its activity report for Q1 2024 at the Bomboré gold mine in Burkina Faso. During the period, the Canadian company sold 31,229 ounces of gold...

Congolese officials are divided about setting export restrictions as technologies for cobalt-free electric vehicle batteries rapidly advance. The Democratic Republic of Congo (DRC) has sought input from several international industry organizations and foreign research bodies on potentially implementing cobalt export quotas to drive up prices. Bloomberg reported the news on Thursday, April 11,...

Zambia had its copper output fall for the third consecutive year last year. It stood at 680,000 tons. Meanwhile, the country seeks to bring it to more than a million tons per year by 2026 and triple it in the following years.  The Luanshya copper mine is back online. President Hakainde Hichilema launched the revival works on April 11, 2024. The $500 million project is carried out by...

Ukraine has further solidified its ties with Côte d'Ivoire by inaugurating its embassy in Abidjan yesterday April 11. The ceremony was attended by Maksym Soubkh, a special envoy of the Ukrainian Foreign Minister, and Wautabouna Ouattara, the Ivorian Deputy Minister of Foreign Affairs. Local media highlighted the strategic importance of the new embassy, underscoring the reciprocal nature of the...

The Cameroonian government is stepping up its efforts to resolve the security crisis in the North-West, South-West, Far-North, and Adamaoua regions. Official figures reported by Paul Atanga Nji (pictured, center), Minister of Territorial Administration, showed that terrorists in the NoSo regions have collected CFA320 million (around $524,100) in ransom via mobile money over the past 12...

Société Ivoirienne de Banque (SIB) has reported strong financial results for 2023, but also disclosed a significant allocation of $3.25 million (CFA2 billion) to cover unspecified "operational risks." This precautionary measure raised the bank's risk-related expenses to an unprecedented CFA8 billion. The exact nature of these risks was not detailed, leaving room for speculation that they...

Amidst a raging competition for graphite which is a key element of EV batteries, companies active in Africa look for ways to make more money. NextSource, which is active in Madagascar, wants to invest more in processing. NextSource Materials, the company operating the Molo graphite mine in Madagascar, announced this week the signing of a long-term lease agreement to set up its first Battery...