Africa

El Nino could cause cocoa prices to rise by several thousand pounds per metric tonne, according to the chief executive of Barry Callebaut, one of 'the world's leading cocoa processors. El Nino, an 'climatic pattern that can increase temperatures and increase risk of extreme weather conditions, could reduce the yields of crops, including cocoa. This would limit supply and push up prices. Hein Schumacher, CEO of Hein Schumacher, said in a press conference that the prices shouldn't jump as much as they did over the past couple of years. London cocoa futures are trading at PS2,944 per ton ($3,964), down...

Early trading on Monday saw oil prices rise by more than 2 percent after Israel ordered troops to advance further into Lebanon, in the midst of a battle against Hezbollah, an Iranian-backed militant group. This was despite a ceasefire that had been announced more than six weeks earlier. U.S. crude?futures?rose by $2.37, or 2.71%, to $89.73 per barrel as of 0028 GMT. Brent futures increased $2.16, or 2.37%, to $93.28 per barrel. This increased fighting came just days after the U.S. held Israeli-Lebanon talks in Washington, and dimmed expectations of a U.S.-Iran ceasefire agreement extension. Brent and WTI had both...

Bola Ahmed Tinubu, the Nigerian president, said that his economic reforms had stabilised the nation and re-invigorated investor confidence despite a severe cost-of-living pinch on households three years after he assumed office. Tinubu is running for re-election in January and cited the near fivefold increase in stock prices to a record level of 250,000 points. He also cited an increased market capitalisation, as well as a rise in infrastructure spending. This included more than 2,700 km (1.678 miles), worth over $2 billion, on roads that are under construction or rehabilitation. Tinubu’s reforms – scrapping an expensive petrol subsidy, reducing electricity...

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

Senegal could see its fuel subsidy bill exceed the budget for 2026 by as much as $115 per barrel if oil prices rise during the Iran War, said Finance Minister Cheikh Diba on Friday. Premier Ousmane sonko stated that this level would represent a fifth or less of the budget. Diba said that the prime minister turned down his request to increase fuel prices in order to share the financial burden with him when the Iran Crisis erupted and oil prices soared. Senegal’s $40 billion economy is in turmoil since the end of 2024 when the newly-elected government revealed debts...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

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...

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...

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...

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...

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,...

CopperTech Metals, which is pursuing the Trump administration's push for mineral self-reliance, reported an increase in revenue when it filed for its initial public offering in the United States on Tuesday. The IPO market in the United States has recovered with big names like Elon Musk’s SpaceX, and AI giant Anthropic seeking to go public. Vedanta Resources, the global mining conglomerate, set up CopperTech Metals as a U.S. based integrated copper and cobalt manufacturer to own and run the Konkola Copper Mines located in Zambia's Copperbelt Province. Vedanta has announced that it will launch CopperTech in November of 2025. The...

The?U.S. has stated that Russian unwrought Palladium, which is used to reduce emissions from gasoline vehicles, doesn't?harm American companies. The International Trade Commission announced a decision?on Friday to end Washington's antidumping investigation. Last week, the U.S. Department of Commerce decided on a separate countervailing duty of 109.1%. Sibanye Stillwater, which produces in South Africa as well as the United States, and the United Steelworkers Union had asked Washington to consider imposing duties so that they could 'protect the long-term sustainability of U.S. supplies. The USITC has now concluded the investigation with its negative determination. USITC stated in a press release...

Senegal's President Bassirou Diomaye Faye dismissed Ousmane sonko on Friday and dissolved his government. This move could deepen uncertainty in the country, which is already dealing with a debt crises and long-drawn out talks with the International Monetary Fund. According to Oumar Sambo Ba, the secretary-general of presidency, a statement read by state media stated that all ministers had been dismissed. The outgoing government was tasked with managing day-today affairs. The decision follows months of growing tensions between the two allies-turned-rivals. Sonko is a charismatic leader with a large youth following. He backed Faye for the 2024 elections after being...

After the Department of Commerce reached a final decision on a countervailing duty of 110.1%, the United States is moving closer to imposing prohibitive 'tariffs' on imports of Russian Palladium. It also issued a final ruling in April 2026 setting a 132.83% anti-dumping duty for Russian palladium. If an independent investigation by the International Trade Commission finds that the U.S. manufacturing industry has been harmed, the duties will be imposed. These decisions "support" a petition from Johannesburg-based Sibanye-Stillwater which, last summer, along with the United Steelworkers'?union asked Washington to consider imposing tariffs on imports Russian palladium in order to "ensure...

The rebel alliance in the area confirmed a case of Ebola on Thursday. It is located hundreds of kilometres away from the epicenter of the outbreak. The outbreak, which was undetected in Ituri Province, some 300 kilometres north of Bukavu for two months, has now been detected. According to the World Health Organization, 139 deaths have been linked to this outbreak. As of Wednesday, 600 suspected cases had been reported in Ituri province and North Kivu. Two cases were also confirmed in the neighboring country of Uganda. Alliance Fleuve Congo (which includes the Rwandan-backed M23 M23 rebels that seized eastern...

A spokesperson said that Barrick Mining has increased Ebola preventions at its gold mine in the eastern Democratic Republic of Congo. This includes worker screenings and tracking after an outbreak occurred in a neighboring province. Ebola is a deadly virus that spreads through bodily fluids. It was first detected in Congo's Ituri Province in early May, but the outbreak can be traced back to late April. Officials confirm that 131 people have died, but say the death toll could be much higher. A Barrick spokesperson confirmed that preventive measures are being taken at the Kibali mine in Haut-Uele, a neighbouring...

South Africa has imposed higher import duties of 10% to 30% on certain steel products to protect the industry from the weak demand and the rising imports of China. ArcelorMittal South Africa, among others, has closed some mills. The country's International Trade Administration Commission recommended that the government take immediate action to protect the steel sector by proposing import duties starting at 10%. The government's notice of May 15, 2015, announced the duties that will be applied to flat-rolled steel, non-alloy, bars, rods and tubes. South Africa had previously applied tariffs ranging from zero to as high as 15% to...

A deputy finance minister said that Russia will introduce diamond export duties this year to help the struggling domestic industry. Alexei Moiseev, the Finance Minister, said that the ministry is discussing the proposed "lenient export tariff scheme" with Russian diamond exporter and miner Alrosa. Alrosa is the largest diamond producer in the world by carat. He said that tariffs will only be applied to stones that can be cut cost-effectively in Russia. Moiseev stated that the ministry did not see the need to purchase diamonds from Alrosa for the state owned repository Gokhran, even though the company is facing a...

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...

A senior official said that Ghana had asked large-scale miners to sell 30 percent of their annual output to the central bank as part of an overhauled reserve building?drive. This is up from 20 percent, but miners claim key commercial terms are still unresolved. Globally, central banks are stockpiling more bullion due to the soaring price of this asset. Ghana, Africa's largest gold producer, began its bullion purchasing programme in 2022. The Ghana Chamber of mines later secured an agreement with the miners to supply 20% of the annual production to the central banks. Bank of Ghana data revealed that...

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,...

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...