Africa

Nigeria's finance minister announced on Monday that the country will be seeking stronger international financial support during this week's IMF/World Bank Spring Meetings as a result of the Iran War, which has increased fuel prices at home and complicated reforms. Wale Edun, Africa's leading oil producer, said that the surge in crude prices has benefited him by boosting his foreign exchange earnings. This statement was made ahead of this week's Washington meetings. He added, "But the shock occurs at a critical transition point that intensifies inflationary pressures while raising household living costs." Since the beginning of the conflict, petrol prices...

The World Bank stated that Nigeria's economy will grow despite the Iran war in the first half of 2026. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity is still in expansion mode. The conflict between the U.S./Israel/Iran has so far raised prices while leaving the output mostly intact. The impact on growth is relatively limited, as the overall business activity has increased in the last few months. Haile stated that the shock was still felt by higher inflation. Bola Tinubu is now in his third year as president. He has implemented...

The World Bank stated on Tuesday that Nigeria's economy will grow in the first half of 2026, despite the Iran War. However, rising fuel prices and persistently high inflation could squeeze incomes, slowing poverty reduction. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity remains in growth territory. The conflict between the U.S./Israel and Iran has so far lifted prices while leaving output mostly intact. The impact of the growth shock has been contained, as the overall business activity has increased over the last few months. "But the shock is still felt...

The electricity ministry announced on Saturday that Egypt will raise electricity prices for residential and commercial consumers who use more electricity. This increase is due to a global energy crisis caused by the Gulf War. The government has taken a number of measures to reduce energy consumption and curb fiscal pressures as rising import costs put pressure on the finances of the most populous Arab country. The ministry stated that the increase would only affect households with higher consumption and commercial users. This was done to ensure the supply of electricity across residential, industrial and commercial sectors. The report said...

Senegal has banned all travel abroad by top officials and ministers that is not essential. The government warned of "extremely challenging" times as a result of the U.S./Israeli conflict with Iran, which will increase global oil prices, straining Senegal's budget. The price of Brent crude has soared and governments have been urged to act to reduce the negative effects. Senegal Prime Minister Ousmane sonko, speaking at a youth event on Friday night in Mbour, pointed out that oil is trading for about $115 per barrel, almost twice what was assumed to be the price in Senegal’s budget projections. He announced...

Sudan appointed General Yassir al-Atta as the chief of staff for the Armed Forces of the country. He is a member of the 'Sovereign Council' of the 'country and an assistant to commander-in-chief Abdel Fattah al-Burhan. This is the biggest personnel change?since the war between the Sudanese Army and the paramilitary Rapid Support Forces, three years ago. It could also lead to a shift in strategy as a?new front opens in the southeastern Blue Nile State. Al-Atta has been in the military more than 40 year and has made many public speeches accusing the United Arab Emirates of supporting the...

The oil prices continued to rise on Monday. Brent is on track for a monthly record after the Yemeni Houthis launched their first attack on Israel, escalating the Iran War. Brent futures were up 66?cents (0.6%), or $113.23 per barrel, at 1031 ET (1431 GMT), after closing 4.2% higher Friday. U.S. West Texas Intermediate?futures rose $2.2 or 2.2% to $101.83 following a 5.5% gain in the previous session. Brent's price has risen by 58% in the last month. This is the highest monthly increase since 1988. Brent also outperformed gains during the Gulf War of 1990. U.S. Crude, on the...

The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum...

The U.N. Mission to Libya (UNSMIL), on Wednesday, called on the?Libyan government to'release political activist Al-Mahdi Abdulati. He said he was arrested and detained last week. UNSMIL reported that Abdulati was arrested on March 18 in Misrata. Misrata is located about 200 km east of Tripoli. It is home to the internationally-recognised Government of National Unity. The U.N. Mission said Abdulati had been?reportedly detained by the Internal Security Agency which operates directly under the GNU. Abdulati has been known to criticize the GNU’s performance in public spending and security issues through his Facebook page, as well as interviews with local...

Bashir Bayo, CEO of Nigerian National Petroleum Company, stated that Nigeria can increase oil production to a level of?100,000. barrels per day?over the next few months. Bayo Ojulari said that Nigeria averaged 1.6 to 1.7 millions barrels of crude oil per day last year. It hopes to achieve 1.8 million barrels this year. Bayo Ojulari was asked on the sidelines CERAWeek by S&P Global?conference, in Houston, if Nigeria could help?make-up for the crude shortage resulting from U.S. and Israeli war against Iran. He said "We are building this capacity," though he added that "we aren't like Saudi (Arabia), " referring...

The Congo Republic held a presidential election on Sunday, which was expected to extend the reign of Denis Sassou Nguesso - one of Africa's most experienced leaders. A low turnout highlighted the lack of suspense about the result. Sassou is facing a "weak" field of opponents, as two of the most well-known opposition leaders are in prison or exile. Many opposition parties boycotted this election because they felt the process was untrustworthy. Analysts and civil society groups predict that the turnout will be lower than the 68% in 2021 when Sassou was elected to his five-year term with 88.4%. A...

Oil prices spiked due to the war in Iran, and for now this has halted any monetary easing efforts by emerging market central bankers from Poland to Turkey. This is because policymakers are coping with an increase in inflation expectations as well as a rise in risk aversion. After a series of shocks, from the COVID outbreak to Russia's invasion in?Ukraine, that have shook markets, slowed growth, and fueled inflation, central banks are finally becoming more optimistic about global economic resilience?and easing price pressures. The dollar gained ground, and U.S. Treasury Yields rose as a proxy of borrowing costs in...

China's Securities Journal, a state-run media outlet, reported on Monday that Zimbabwe had granted two Chinese mining firms export quotas to export lithium concentrates. This comes two months after Africa's top lithium producer, Africa, suspended the exports of this key battery material. According to the report, the quotas have been granted to Chengxin Lithium, and Sinomine Resource who operate lithium mining projects within Zimbabwe. Zimbabwean authorities halted the exports of raw minerals, including lithium, in February citing "alleged malpractices" and "leakages". In early February, Zimbabwean authorities told producers that they would introduce "quotas" for exporting lithium concentrates, and they'd require...

Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition...

The firms have announced that a Canada-based advisory firm and a Zambian mid-tier copper miner will pilot a sustainability bond this year to integrate artisanal mining into formal supply chains. Globally, artisanal mining is a source of livelihood for millions. In Africa, it is often done informally near or on company-owned mines. This reduces their profits, spreads pollution, and robs nations of revenue. Rob Karpati said that the proposed "stakeholder prosperiy bond" developed by?Veridicor and Zambia's Metalex Commodities aims to remedy this, according to its finance director. He said that the model "professionalises" the artisanal miners instead of removing them...

The Mines Minister announced on Tuesday that Ghana has selected local mining'services' company Engineers & Planners Ltd. to take over Gold Fields Damang gold mine. Ghana, which wants to increase local ownership of its mining industry, rejected Johannesburg-based Gold Fields’ lease renewal bid last year and took control of the mine, breaking years of automatic extension. Then, it?began to assess local bids in order to revive the asset for $1 billion. Emmanuel Armah Kofi Buah, in a'statement', said that the 'Minerals Commission had recommended e&p as the winning bidder. The company showed that it could access funding of up to...

Four?people with knowledge of the matter have said that discussions about a possible sale of Thyssenkrupp Steel Europe to Jindal Steel International may be called off because of differences regarding pension liabilities, energy costs and investments. Despite the fact that?talks are still ongoing over a possible sale of 'Thyssenkrupp - Steel Europe (TKSE), and an agreement could still be reached, a deal now seems less likely. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE'several times over the last decades. If TKSE is not sold, it would...

Four people with knowledge of the matter said that discussions of a potential sale of Thyssenkrupp Steel Europe (TKSE) to Jindal Steel International may be cancelled due?to disagreements over pension liabilities and investments, as well as energy costs. The people say that while discussions over a possible sale of Thyssenkrupp Steel Europe are ongoing and could still lead to an agreement, a?deal is less likely now after nearly six months' worth of due diligence. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE a number of times...

South32, an Australian diversified miner, announced on Monday that it had put its Mozal aluminum smelter in Mozambique under a 'care and maintenance' program on March 15. The company claimed that it was unable to secure a sufficient and affordable supply of power for Mozal after March 2026. As a result, it placed the smelter in care and maintenance. The Perth-based company and Mozambique’s government and energy suppliers have been negotiating for years in order to come up with an agreement that would allow the smelter to continue its energy-intensive operations. South32 has been in discussions with Hidroelectrica de Cahora...

South Africa's Harmony Gold reported a 13% increase in its half-year profits on Wednesday as higher gold prices offset lower production and grades. This allowed the miner more than double their dividend. Harmony's headline earning per share, a measure of profit, was 14.31 rand ($0.8827) for the six-month period ending December 31. It had previously been 12.70 rand. The largest gold producer in South Africa announced an interim dividend at 5.30 rands per share. This is up from the previous?2.27, which made a record payment. Gold prices are expected to rise by?60% by 2025 due to geopolitical uncertainty and economic...

The state-owned gold trading house of the Democratic Republic of Congo plans to increase the amount of metal it sells from the artisanal mining industry of the country this year. The central bank could be a major buyer. Congo, which is the top gold producer in the world and has vast reserves of untapped gold, established DRC Gold Trading as a joint venture between the United Arab Emirates and Congo on December 20, 2022. It has only bought 10 tons of gold in the last three years. In 2024, the government will take full responsibility for converting artisanal gold into...

Guinea's main opposition leader said "direct resistance" to the ?country's coup leader-turned-president was now the only ?way to bring about change after the government consolidated its ?position by dissolving 40 political ?parties. Mamady Doumbouya is a former special forces commander who seized power from his rivals in December 2021. In the West African country, rich in bauxite ore and iron, legislative elections are scheduled for May. The Ministry of Territorial Administration and Decentralization in Guinea announced late Friday night that the headquarters and local offices of 40 political parties would be closed and that use of their logos, acronyms and...

Two people who are familiar with the discussions say that Japan and India are in talks to explore rare earth deposits together in Rajasthan's arid state. Tokyo is looking to reduce its reliance on China as a source of magnet manufacturing supplies. India's Mines minister G. Kishan Reddy announced last month that three hard rock deposits of rare earth oxides containing 1,29 million metric tonnes had been identified in Rajasthan state and Gujarat in western India. Sources directly involved in decision-making said that Tokyo expressed interest in the Rajasthan deposits, and planned to send experts there. The sources declined to...

The war between the U.S. & Iran is likely to cause a prolonged disruption in Middle East aluminium imports, which will hit European and U.S. consumers the hardest. This is because they are heavily reliant on this region for supply. The U.S.,?Israel and other countries attacked Iran on Saturday in a move which could result in the closure of Strait of Hormuz. This important trade route was disrupted due to Iranian attacks against U.S. military base. The impact of sustained disarray will be significant According to BNP Paribas commodities analyst David Wilson, the Arabian Gulf has around 7 million tons...