Africa

After briefing President Bola Tinubu on Sunday, the chief executive of Nigeria's State Oil Company said that it was betting on a delayed gas pipeline to ignite an industrial revolution for the north. Bashir Ojulari is the Group CEO of NNPC Ltd. He told reporters the company had completed the welding of the main line for the $2.8 billion Ajaokuta - Kaduna - Kano (AKK), including the crucial River Niger crossing – a feat which has slowed progress for years. This milestone will allow the pipeline to be connected?early in the next year. According to Ojulari, this move "will bring...

West African crude oil faces competition from Middle East, Latin America China and India switch to alternative, cheaper oil grades Dangote refinery reduces Nigerian imports of oil Robert?Harvey & Seher Dareen LONDON 18 DECEMBER - West African crude sellers are struggling to find buyers for up-to-26 December-and-January-loading cargoes due?to stiff competitors from abundant and cheaper alternatives, traders and analysts have told. Analysts say that the amount of crude oil from Nigeria and Angola which is not being sold, is indicative of an overall surplus in the oil market. This led to a sell-off on the international futures markets, which pushed...

Bola Ahmed Tinubu, the President of Nigeria has asked Parliament to approve a 43.56 trillion Naira (US$29.96 billion), spending plan that repeals and reenacts 2024's budget to?run until December 2025. The goal is to eliminate fiscal cycles that overlapped in recent years and tighten control on public finances. This move comes after months of criticism from lawmakers about the government's reliance upon?rolling forward capital budgets. As a result, the 2024 capital spending was extended to June 2025 and then December 2025. After years of budget mismanagement, the 'proposal' aims to restore discipline and accountability in Africa’s most populous nation. The...

Ammu Kanampilly NAIROBI (Dec. 11) - On Thursday, the United States threatened to reduce their foreign aid to South Sudan unless Juba lifted what they said were illegal?fees? on humanitarian shipments. In a remarkably pointed statement entitled "Time to Stop Taking ADVANTAGE of the United States," U.S. Bureau of African Affairs alleged that South Sudan's Government "imposed exorbitant charges on humanitarian shipments", and "obstructed U.N. Peacekeeping Operations". South Sudan's Minister of Humanitarian Affairs did not respond immediately to a comment request. The U.S. is the biggest humanitarian donor in South Sudan. This year, it has made rapid and 'deep' cuts...

The Ghanaian economy grew by 5.5% a year on an annual basis?in 2025's third quarter, according to the Statistics Agency. This was mainly due to?improvements in the agriculture and services sectors, it said. Alhassan Iddrisu, a government statistician, told reporters that growth was down from 7.0%, which had been revised, in the same time period of last year. The industrial sector, however, only grew by 0.8%. Iddrisu stated that fishing?and crop production boosted the growth of the agricultural sector to 8.6%. He added that the services sector, which includes finance, insurance and trade, as well as education, grew by 7.6%....

The Senate of Nigeria approved President Bola Tinubu’s deployment of troops to Benin Republic on Tuesday after Benin’s government asked for assistance from its larger neighbour on Sunday. Tinubu wrote to legislators that Benin had requested "exceptional and urgent air support" from Nigerian armed forces following a report of an "attempted unconstitutional seizure and disruption of democratic institution." According to Nigerian law?the president is required to seek Senate approval before deploying troops into a foreign country. Benin's Government said on Monday that Nigerian fighter jets carried out airstrikes in order to?thwart an attempted coup by mutinying troops who tried to...

The Sudanese paramilitary Rapid Support Forces, or RSF, announced on Monday that they had taken over the strategic Heglig Oilfield in South Kordofan Province. Heglig is the largest processing plant for South Sudanese crude oil. This makes up a large part of the government's revenue. Sources from the government said that the workers and the government forces at Heglig oilfield retreated on Sunday in order to avoid any clashes which could have damaged oil facilities. Sources at the Heglig Oil Field said that oil workers and the army had left the oil field for South Sudan. The Greater Nile Pipeline...

The companies announced on Friday that Gecamines, Congo's state-owned miner, is working with Swiss commodities group Mercuria in order to increase transparency and revenue for the world's largest cobalt producer. The Democratic Republic of Congo is also a major supplier of copper. It has undertaken reforms to gain more control over the mining output of its country and increase its global influence. In October, it introduced a cobalt export quota to reduce oversupply. Last month, the country launched its first batch traceable artisanal copper. Gecamines, based on the memorandum it signed earlier this summer, will have direct control over its...

Nigeria's oil-and-gas content regulator announced on Tuesday a $100 million equity scheme to increase indigenous participation in energy sector. It also said that it will tighten the compliance rules starting next year. Felix Ogbe (executive secretary of the Nigerian Content Development and Monitoring Board, NCDMB) told the Practical Nigerian Content Forum at the Bank of Industry that the fund would be launched in partnership to provide equity financing for high-growth local energy services firms. Ogbe stated that the board would also introduce, from January 1, 2026 onwards, a certificate of compliance, which will confirm companies' compliance with a mandatory 1%...

Saudi Energy Minister Prince Abdulaziz Bin Salman stated on Monday that a new mechanism adopted by OPEC+ for assessing members' maximum production capacity will help stabilize markets and reward those investing in production. OPEC announced on Sunday that the OPEC+ group has approved a mechanism for assessing members' maximum production capacities to be used to set baselines starting in 2027 against which output targets will be set. Prince Abdulaziz claimed that the production level determination mechanism was "fair" and "transparent". He said, "Now, we have the most detailed and transparent approach to managing the market in the future, as well...

Two delegates and a source with knowledge of OPEC+ meetings said that OPEC+ will likely leave oil production levels unchanged during its Sunday meeting and agree on a method to measure members' maximum capacity to produce. Two delegates stated that the eight OPEC+ nations who have gradually increased output in 2025 will keep their policy of halting hikes in the 1st quarter of 2026. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia and pumping about half the oil in the world, has been discussing production capacity figures for years, against...

Umaro Sissoco Embalo, the President of Guinea-Bissau, struck a confident tone when he launched his reelection campaign in early November. He claimed that "stability" had been achieved since he assumed office in 2020. Embalo told journalists that he was deposed ahead of the results to be announced Thursday. Army officers announced on Wednesday that they had been deposed on state television. seized power In the country prone to coups. The unrest is consistent with Embalo’s turbulent tenure, during which his government attempted three coups. Critics claim that, as long as the political instability continued, Embalo failed to control the notorious...

China's iron ore state buyer uses increasingly aggressive tactics against mining giants like BHP in order to tighten their grip on the $132 Billion seaborne market, and to extract better terms from steel?mills. This is happening just as an enormous new supply source is about to strengthen China's hand. China Mineral Resources Group, (CMRG), in November asked their steel mills and traders to refrain from buying spot cargoes for a second BHP-product. This was months after the group blacklisted a product that had raised concerns with Australia's top supplier. Analysts and traders said that the standoff over a supply deal...

Guinea will vote on Sunday for a president whose election is widely expected to give Mamady Doumbouya a seven-year mandate. This would complete the transition of West Africa's nation back to civil rule. Former special forces commander, believed to be in early 40s, is up against eight other candidates, in a field fragmented with no clear challenger. Former president Alpha Conde, and longtime opposition leader Cellou Dallein Diallo are still in exile. Guinea has the largest bauxite reserve in the world and the richest iron ore deposit that is still untapped. Simandou was officially opened last month, after many years...

Mamady doumbouya, the leader of the coup in Guinea, is expected to win Sunday's presidential election. This will be aided by a launch of an iron ore mine that has been long-awaited and a weak field of competitors. Doumbouya was a commander of the special forces when he ousted Alpha Conde four years ago. This was one of 'nine coups' that have rocked West and Central Africa in recent years. He had initially promised not to run, but the new constitution that was approved in September removed any language that would have prohibited him from running and increased the term...

Here's a list of the candidates who will be challenging Guinea junta chief Mamady Doumbouya at Sunday's first presidential election since his coup in 2021. ABDOULAYE YERO BALDDE Balde, 60 years old, is the leader of?Democratic Front of Guinea(FRONDEG). He is an economist who holds degrees from Columbia University and the Sorbonne. In 2020, he left?Alpha Conde’s party to oppose Conde's bid for a second term. Conde won the election in 2010 but was overthrown in a coup in 2021. He now lives in exile. Balde was a former vice-governor of the central bank and minister for higher education. He...

The third year has been tough for battery metals like lithium, nickel, and cobalt. All three markets are struggling to absorb the supply wave that followed the price boom of 2022. The electric vehicle revolution continues. The demand for batteries, and the metals needed to make them work, is still rising at an accelerated pace. It is only a matter time before the current glut of supply is absorbed by demand. This was at least the hope. Chinese companies are undergoing a technological revolution at the same time, as they work to create ever-more powerful batteries for ever-lower costs. Battery...

Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more...

The third year has been tough for battery metals like lithium, nickel and copper as the three markets struggled to absorb the supply wave that followed the price boom of 2022. The electric vehicle revolution continues. The demand for metals and batteries that power them is growing at an accelerated rate. It is only a matter time before the current glut of supply is absorbed by demand. This was at least the hope. Chinese companies are, however, embarking on a "simultaneous" technological revolution, as they seek to develop batteries that are ever more powerful at a lower cost. Battery chemistry...

Botswana’s government has forecast an economic contraction of nearly 1% in this?year, as its diamond sector continues to struggle. The government of Southern Africa had hoped to achieve a gross domestic product (GDP), or growth, of 3.3% this year. This would be a rebound from the 3% decline last year. By mid-year, it was "projecting almost no growth" as the global diamond market continued to show signs of a long downturn. Around one-third of Botswana’s revenues come from diamonds, and about three quarters of its foreign exchange earnings. The macroeconomic outlook for 2025 is fragile. GDP is projected to shrink...

According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took...

A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover....

Guinea's Simandou Mega Mining Project, promoted by the government's military as a symbol for the country's transformation in terms of economics, is now laying off tens of thousands of workers as it finally begins to export iron ore, after years of delays and scandals. Simandou, the first election since the 2021 military coup that brought Mamady to power, was launched in November with pomp and?a public holiday. Political analysts believe that the junta's leader will be the favorite to win and could stay in power for seven more years. Guinea, even without Simandou - the largest untapped iron ore reserve...

Three industry sources have confirmed that gold mining companies in the Ivory Coast are now paying an 8% royalty backdated to January after months of disputing its legality. The world's largest cocoa producer has replaced the previously linked 3%-6% contract rate with a flat 8%?rate. The miners refused to pay at first, claiming that it was illegal because their contracts protected them from fiscal changes. They then entered into negotiations with the government in order to get the new royalties scrapped. The three people who are familiar with the issue, but declined to be identified because they weren't authorised to...