Dangote Refinery Drives Down Nigeria’s Petrol Imports by 54% in Q1 2025
Nigeria’s petrol import bill plunged by 54% in Q1 2025, dropping from $2.49 billion to $1.15 billion year-on-year, thanks largely to increased output from the Dangote Refinery. This marks a significant reversal of the country’s long-standing reliance on imported fuel, bringing import values back to pre-2022 levels. Despite this progress, petrol still dominates Nigeria’s import profile, with […]
South Africa’s Parliament Approves Fiscal Framework After Months of Delay
After months of political gridlock, South Africa’s parliament has finally passed the fiscal framework and revenue proposals, marking a crucial step toward full budget approval. The delay stemmed from disagreement within the coalition government—mainly over a proposed VAT hike—which forced multiple rewrites. A revised version, minus the VAT increase, won support from both the African National Congress […]
Japan Bets Big on Africa’s Infrastructure Future
At this year’s Tokyo International Conference on African Development (TICAD), Japan reaffirmed its push to invest in Africa’s infrastructure—from bridges and roads to satellites and critical minerals. Though often overshadowed by China, Japan is quietly scaling up, offering patient capital from both the public and the private sectors. Notable successes, such as South Sudan’s Freedom Bridge and […]
Fitch’s Loss Exposure View ‘Erroneous,’ Says Afreximbank
Afreximbank is fiercely defending itself against Fitch Ratings’ claim that it faces significant losses from risky loans to countries like Ghana and South Sudan. Fitch accused the bank of weak risk management and overstating loan performance, prompting a rating downgrade. Afreximbank refuted the allegations, insisting it operates transparently and complies with global standards. At the heart of […]
South Africa Secures $2.6B Boost for Coal Phase-Out Plan
South Africa’s coal-reduction ambitions have received a major lift, with the Climate Investment Funds (CIF) approving the country’s plan to accelerate its energy transition. After a delay tied to energy shortages and global politics, including US hesitations, the plan now unlocks $500 million from the CIF and paves the way for an additional $2.1 billion from partners […]
New Mali-Russia Gold Refinery Aims to End Raw Exports
Mali is teaming up with Russia’s Yadran to build a state-controlled gold refinery, aiming to end its dependence on raw gold exports and keep more profits at home. The new venture, SOROMA-SA, will be 62% owned by the Malian government and is expected to process up to 200 metric tons annually—four times the country’s current capacity. Yadran […]
Burkina Faso Finalizes Takeover of Five Gold Mines
Burkina Faso has officially nationalized five key gold mining assets, cementing its push for greater control over natural resources. The move transfers ownership from subsidiaries of Endeavour Mining and Lilium to the state-owned SOPAMIB, following a stalled attempt by Endeavour to sell its assets to Lilium. This marks a major step in the country’s mining reform, […]
