ABUJA — Nigeria recorded a ₦12.59 trillion merchandise trade surplus in the second quarter of 2026, according to fresh figures from the National Bureau of Statistics. The country’s total merchandise trade reached ₦41.44 trillion between April and June. Exports accounted for about ₦27.02 trillion, while imports stood at approximately ₦14.42 trillion. The latest surplus represents […]
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Kenya has moved to tighten restrictions on foreigners operating certain small-scale businesses, sparking concern among foreign traders and reactions from other African countries. President William Ruto has said foreigners remain welcome to invest in Kenya, but small businesses such as petty trading and hawking should largely be left to Kenyans. The policy has already created […]
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Nigeria is looking to the Gulf region for fresh investment as the Federal Government steps up efforts to improve the country’s electricity infrastructure. The move is part of a wider push to attract private capital into the power sector and strengthen Nigeria’s energy security. For years, unreliable electricity has remained one of Nigeria’s biggest economic […]
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Ghana has introduced tighter rules around the export of unrefined artisanal gold as the country seeks to capture more economic value from its gold resources. Under the new policy, gold doré purchased by self-financing aggregators must undergo local refining before it can be exported. The government wants more of the processing and economic benefits associated […]
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Uber has officially ended its ride-hailing operations in Nigeria, bringing its presence in the country to an end after years of operation. The company also exited Uganda as part of the latest restructuring of its African business. Uber’s departure leaves existing competitors with an opportunity to expand their market share as millions of passengers and […]
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The amount of currency held outside Nigeria’s banking system fell to about ₦4.8 trillion in July, the lowest level recorded in eight months. The decline suggests that more money may be moving through the formal banking system rather than remaining as physical cash outside banks. The development comes amid continuing efforts to encourage digital payments […]
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Uganda has officially named its crude oil blend “Pearl Sweet” as the country moves closer to producing oil commercially. President Yoweri Museveni unveiled the name on Thursday during a visit to the Kingfisher oilfield in western Uganda. “Pearl” reflects Uganda’s description as the Pearl of Africa, while “Sweet” refers to the crude’s low sulphur content. […]
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The currencies of Ghana and Uganda could weaken further against the US dollar in the coming days, according to market traders. The Ghanaian cedi has come under pressure from strong demand for dollars from businesses needing foreign currency for imports. Uganda’s shilling is also facing pressure, particularly from demand for dollars from energy importers. Recent […]
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Nigeria’s foreign exchange reserves have climbed above $53 billion, strengthening the country’s external position and providing additional support for the naira. Recent market data put Nigeria’s reserves at around $53.9 billion, while the naira has also recorded a strong performance in the official foreign exchange market. The improvement comes amid stronger foreign exchange inflows, including […]
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Tinubu orders arrest of promoter, suspends three permanent secretaries Nigeria’s anti-corruption fight has taken another turn after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced the discovery of another alleged fake government office operating within the premises of the Office of the Secretary to the Government of the Federation (OSGF). The office, […]
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