Africa

S&P, the credit rating agency, upgraded Nigeria's long term sovereign rating from "B-" to "B" on Friday citing improved creditworthiness. The agency stated that higher oil prices and production, an increase in domestic refining capacity, and the decision to liberalize exchange rates by 2023 will boost Nigeria's economy and improve the balance of payments. It also revised Nigeria's outlook from "positive" to "stable". The World Bank said in April that it expected Nigeria's economic growth to be about 4.2% in 2026, despite the Iran War, and encouraged authorities to conserve windfalls from higher oil prices, to maintain a tight monetary...

Nigeria's pensions regulator has granted fund managers a "special waiver" to invest in the planned initial public offering of?Dangote Oil?Refinery. This is an unusual policy change aimed at supporting a key asset for the country. A circular dated May 13 stated that the National Pension Commission would suspend eligibility criteria, such as "profitability" and a track record of dividends which typically govern how pension funds allocate their assets. The move is part of an broader effort to channel domestic long-term?capital towards large industrial projects viewed as?vital for growth and energy security. PenCom stated that the decision was made after a...

Masoud Suleman, chairman of the National Oil Corporation in London, told reporters that Libya plans to restart its 220,000 barrels-per-day Ras Lanuf refinery within six to twelve months to supply the domestic market. Since 2013, the refinery, Libya’s largest, was idle due to an arbitration dispute between Trasta and NOC, its Emirati partner. NOC announced on Monday that it had signed an agreement to end the partnership with Trasta, and transfer full control of the Ras Lanuf refinery and complex to Libyans. Suleman said that the budget for the restart was already allocated. He added that NOC had the necessary...

Bola Tinubu, the President of Nigeria, said that Nigeria will spend $11.6 billion in 2026 servicing its debt, which is nearly half of the projected revenue for government. He called for a reform to a global financial structure he claimed penalized African borrowers. He said that debt-servicing costs were crowding out expenditures on infrastructure, health care and education despite the government's tax reform aimed at increasing revenues in Africa’s most populous nation. Data from the Debt Management Office shows that Nigeria will spend $5.15 billion servicing debt by?2025. Tinubu, speaking at the Africa Forward Summit, held in Nairobi on Tuesday,...

The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that...

Guinea and Emirates Global Aluminium have reached an agreement to settle a long-running disagreement over the seizure its local operations, allowing the resumption bauxite shipment. The two companies released separate statements on the matter. The deal is subject to certain conditions. Guinea will pay an upfront sum to Abu?Dhabi based miner, in exchange for the transfer of Guinea Alumina Corporation assets to state-owned Nimba Mining Company. Financial details were not revealed. Guinea, the top producer of aluminium feedstock in the world, took over GAC's Bauxite Operations last year after a disagreement about plans to build an Alumina Refinery. The assets...

Two sources familiar with the matter said that Trafigura, a global commodities trader, is "among" three companies competing for a 36.36 percent stake in Natref Refinery of South African petrochemical giant Sasol. After the British-based Prax group, which bought the minority stake in South Africa's sole inland crude oil refining plant from TotalEnergies two years ago for an undisclosed amount, went into bankruptcy in 2025, the remaining shares in the 108.500 barrels per daily plant are up for sale. South?African fuels are among the biggest in Africa, and analysts predict that it will continue to grow for?the near future. This...

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

The presidency announced on Tuesday that President Bola Tinubu has nominated Rabiu Abdullahi as the new chief executive officer of the Nigerian Midstream & 'Downstream Petroleum Regulatory Agency (NMDPRA). This is the second 'leadership -change' at the petroleum regulator within the last four months. Umar replaces Saidu Mohammed, who was appointed in December, after their predecessors quit abruptly, amid a high-stakes conflict between one agency, and Africa's wealthiest man,?Aliko Daniel. The nomination of Wednesday comes at a time when Nigeria is grappling with increasing domestic energy prices, partly due to higher global oil costs following the escalation in 'conflict' involving...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

South Africa said on Tuesday it would extend the fuel tax cut 'for two more months' to cushion the impact of the iran war on household budgets. However, the relief will end after this period and the country will recoup lost revenue through other means. According to the?International Energy Agency, the U.S. and Israeli war on Iran has led to the largest oil supply disruptions in history. This has hurt countries like South Africa, which import most of their fuel, as global energy prices are rising. The government announced a reduction of one month in the general fuel tax for...

William Ruto, the Kenyan President, said that East African countries were discussing plans for a joint refinery in?Tanzania’s port of Tanga modeled after Nigeria’s Dangote Plant. East Africa imports all of its refined petroleum, mainly in the Middle East. This leaves the region susceptible to disruptions of supply and price spikes, as was seen with the fallout from the Iran conflict. Ruto said at a Nairobi conference on infrastructure financing that "we're going have a shared refinery in Tanga, which will benefit us all, because this refinery will take the oil coming from DRC, the oil coming from Kenya, the...

Zambia's ZCCM IH, the state investment company, announced a joint venture on Monday with Mining Mineral Resources in order to explore and mine gold. The copper-producing African country is looking to diversify its mine sector. ZCCM Investments Holdings announced in a statement that Kyalo Goldfields Limited was formed on May 6, to explore, develop, and mine gold in the Kikonge Mining Area of?Zambia’s North Western Province. KGL said it would support the formalisation?of artisanal and small-scale mining in the region to ensure safe and regulated gold production. It will also enhance processing capabilities to increase value retention within Zambia. ZCCM...

The CEO of Valterra Platinum in South Africa said that despite the uncertainty caused by the U.S./Israeli war against 'Iran', they were able to maintain healthy stock levels for critical operational inputs such as diesel, lubricants and other 'critical' items. It is essential that mines have a stable supply of lubricants, explosives and diesel. These disruptions, especially during geopolitical tensions which can disrupt global fuel supplies, can lead to operational delays and higher costs. Craig Miller said on the sidelines London Platinum Week that he had engaged with his local suppliers extensively to ensure they were supplying enough diesel, lubricants...

Fuel marketers in Nigeria have protested against a suit filed by Dangote Petroleum Refinery to invalidate import licenses. They warned that the move could disrupt supply and competition in Africa's biggest oil market. Dangote filed a new suit last week against the Nigerian Government, reporting, challenging permits granted to marketers and to state oil firm NNPC for imports of refined products. He argued that these permits undermine Dangote’s $20 billion refinery?and risk entrenching efficiencies. The refinery had previously asked for limits on imports. It claimed that it could meet the domestic demand. The Depot and Petroleum Product Marketers Association (DAPPMAN),...

Rwanda's Trinity Metals plans to list on an international exchange in order to raise between $100 and $200 million as it expands its tin and tungsten mines, and moves forward with what could be one of the top lithium deposits in the world, according to its CEO. The soaring demand for metals known as 3T, which are used in electronic, defence, and energy supply chain, is driving a move toward traceable non-Chinese suppliers, bringing Rwanda's 3T mine belt near the Democratic Republic of Congo into sharper focus. Trinity has consolidated three undercapitalised properties in 2022, the Nyakabingo mine for tungsten,...

A joint report by the government and civil society revealed that Nigeria is losing vast amounts of mineral revenue to illegal trading networks, which are dominated by shell companies, foreign buyers, and armed criminals groups. This highlights the extent of illicit activity. The report was produced by Nigeria's extractive industry watchdog NEITI and Africa Network for Environment and Economic Justice with UK government funding. It found that illicit financial flow in the mining sector occurs through commercial manipulation, corrupt officials, and cross-border smuggling. Nigeria's mining industry contributed only 0.72% of GDP in 2023, 0.28% of revenue, and 0.75% % of...

Kakenenwa muyangwa, the CEO of ZCCM Investments Holdings, said that ZCCM Investments Holdings was keen to increase its stakes in mining assets, but only on a commercial basis and not by forcing sales. African nations are making efforts to increase their share of the revenue generated by the region's natural resources, especially as new investments are being made due to global demand for vital minerals. ZCCM has stakes as low as 10%, in mines owned by China Nonferrous Metal Mining Group and Canada's First Quantum Minerals. Muyangwa said on Thursday that there was a clear intention to increase our stakes...

Court documents obtained by us show that Dangote Petroleum Refinery filed a new lawsuit in Nigeria against the attorney general to challenge fuel import 'licences' issued to NNPC and NNPC-owned marketers. This case marks a return of tensions nearly a year after Dangote withdrawn an earlier lawsuit that challenged similar licences. This case was filed to invalidate import permits issued to the Nigerian National Petroleum Company (NNPC) and to several traders. The 'new filing' asks the Federal High Court of Lagos to'set aside import permits that were issued or renewed by Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), arguing...

Three sources claim that the largest contractor of Barrick Mining’s Loulo-Gounkoto Gold Complex in Mali has closed operations and laid off more than 600 employees. This is a new sign the Canadian miner wants to reduce its exposure to high-risk assets. Sources familiar with the situation said that the move was prompted by a sluggish investment and production at the complex. Barrick had taken control of the complex from Malian administrators after a standoff over taxes and ownership. First and second sources said Barrick did not intend to renew its contract with Gounkoto Mining Services in 2026. They added that...

South Africa's?Gold?Fields?expects that its costs will increase, as the Iran War has pushed up prices for inputs like fuel and explosives. The forecast impact, assuming $100 oil per barrel on a portfolio basis, is between 40 and $50 per ounce, it said. Gold Fields has not changed its cost guidance for this year. However, it says that measures such as fuel-efficient and high-capacity transport systems? at its mines should contain costs. Diesel, the company's biggest cost, has increased by as much as 70%. Freight costs rose by 40%, and the price of liquefied gas, used to power Gold Fields' remote...

Thyssenkrupp announced on Saturday that it had 'paused' talks with India's Jindal Steel International about a potential'sale' of the 'German industrial group's' steel unit. This is a setback to CEO Miguel Lopez’s restructuring efforts. Reports in March indicated that discussions may be canceled due to disagreements over pension liabilities, investments, and energy costs. Four people who are familiar with the issue were cited. Jindal Steel International made a bid indicative?for Thyssenkrupp Steel Europe in the past year. This led to months of due diligence, and negotiations on a possible purchase of Europe's?second-largest steelmaker. Thyssenkrupp stated that "the?original assumptions, and prerequisites...

Official data released on Tuesday showed that Guinea's bauxite production grew by 25% in the first quarter of 2026. This was largely due to Chinese demand. The government is planning export restrictions to protect smaller producers and boost prices. Guinea is the largest exporter in the world of bauxite - a major feedstock for aluminum - and has experienced a strong growth rate. In 2025, Guinea's bauxite output reached 183 million tons. Mines Minister Bouna Sylla told ? In March, Mines Minister Bouna Sylla told? Guinea exports more than 70% of its bauxite to China. This makes the West African...

According to court documents and legal filings by the company, an Indian court has halted the 'antitrust investigation' into the state-run Steel Authority of India after the company questioned the Indian watchdog over alleged 'procedural errors. Exclusively reported in January, the Competition Commission of India conducted an investigation into the antitrust scandal involving India's Steel Sector. The investigation found that 28 companies colluded to fix steel prices. This included Tata Steel, JSW Steel, and state-run SAIL & RINL. Online Madras High Court records show that the judge at an April 21 hearing halted the investigation of?SAIL. ? is reporting for...