Africa Business

Nigeria imposes offshore oil worker restrictions in coronavirus battle

29/03 Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters.  Full story

Vedanta to suspend operations at Namibian zinc unit

30/03 Vedanta Zinc International, a unit of diversified miner Vedanta Resources, said on Monday it would suspend operations at its Skorpion Zinc mine and refinery in Namibia by the end of April.. . .  Full story

Angola to cut budget as fifth year of recession looms large

29/03 Angola's finance minister said the country's economy will contract by 1.21% in 2020, marking a fifth year of recession, as the coronavirus and a slump in oil prices batter its finances.. . .  Full story

Namibia suspends mining operations as coronavirus lockdown takes effect

28/03 Namibia on Saturday ordered mining companies to cease operations for three weeks as the country entered its first day of a partial lockdown, and stepped up measures to curb coronavirus infections. . .  Full story

National Bank of Ethiopia to inject $450 million as liquidity for private banks

27/03 Ethiopia's National Bank plans to inject 15 billion Ethiopian birr ($456 million) as liquidity for private banks, part of government measures to cushion the economy over the impact of the coronavirus, the prime minister's office. . .  Full story

National Bank of Ethiopia to inject $450 million as liquidity for private banks - Fana

27/03 Ethiopia said on Friday the National Bank of Ethiopia plans to inject 15 billion Ethiopian birr ($456 million) as liquidity for private banks to cushion the economy over the impact. . .  Full story

Namibia’s GDP contracts by 1.1% in 2019

26/03 Namibia’s economy contracted by 1.1% in 2019 compared to growth of 0.7 percent in 2018, as the worst drought in a century took its toll, the central bank said on Thursday.. . .  Full story

War-ravaged, impoverished Somalia starts on road to debt relief

26/03 Shattered by decades of war, Somalia can finally look forward to rebuilding normal economic ties with the world after the IMF and World Bank announced it had taken the necessary steps. . .  Full story

-Kenya announces tax cuts and curfew in battle with coronavirus

25/03 Kenya announced tax cuts on Wednesday to protect East Africa's richest economy against the coronavirus and said it was imposing a curfew at night to curb its spread.. . .  Full story

Air Namibia suspends all flights until 20 April

25/03 Air Namibia has suspended all flights from Friday following a partial lockdown directive by the government earlier this week to curb the coronavirus that has so far infected seven people.. . .  Full story

Kenya to seek IMF help, pay arrears and speed tax refunds

24/03 Kenya's government plans to seek help from the International Monetary Fund, pay pending bills to suppliers and quickly process company tax refunds to support the economy in the face of the. . .  Full story

Kenya central bank cuts main lending rate to 7.25%

23/03 Kenya's central bank cut its benchmark lending rate by 100 basis points to 7.25 percent on Monday to cushion the economy from the new coronavirus outbreak, its monetary policy committee said.. . .  Full story

Morocco's CPI slows to 1.1% y/y in February- planning agency

20/03 Morocco’s annual consumer price inflation slowed to 1.1% year-on-year in February compared to 1.3% a month earlier, the high commission for planning said on Friday.. . .  Full story

Nigerian stocks at 8-year low as coronavirus cases rise

19/03 Nigerian stocks fell 2.94% on Thursday to their lowest level in more than eight years as the number of coronavirus cases in the West African nation rose.. . .  Full story

Kenyan lender Equity Group's 2019 profit after tax jumps 14%

19/03 Kenya's second biggest lender by assets Equity Group's 2019 profit after tax rose 14% to 22.6 billion shillings ($215.34 million), helped by a rise in loans to customers, it said. . .  Full story

Nigeria cuts gasoline prices, says official cap will fluctuate with oil

19/03 Nigeria will cut government-capped gasoline pump prices and allow global oil prices to affect the cost of that fuel, officials said on Wednesday.. . .  Full story

Nigeria eyes $4.9 bln budget cut amid coronavirus

19/03 Nigeria is looking at reducing its budget by 1.5 trillion naira ($4.90 billion) as the global spread of the coronavirus takes a massive toll on Africa's largest economy and one. . .  Full story

Stanchart Kenya's pretax profit rises 3% in 2019, dividend jumps

19/03 Standard Chartered Bank of Kenya said on Thursday its pretax profit rose 3% to 12.2 billion shillings ($117 million) in 2019, as a focus on keeping a lid on bad loans. . .  Full story

Kenyan, Rwandan banks to offer relief to distressed borrowers, central banks say

18/03 Kenyan banks will allow personal borrowers who get into difficulties because of the coronavirus crisis to extend their loans for up to a year, the central bank governor said on Wednesday.. . .  Full story

Nigeria to lower gasoline pump prices to 130 naira -sources

18/03 Nigeria will lower government-capped gasoline pump prices to 130 naira a litre, from 145 naira, four sources told Reuters on Wednesday.. . .  Full story

Kenyan banks to offer relief to distressed borrowers -central bank

18/03 Kenyan banks will allow personal borrowers who get into difficulties due to the new coronavirus pandemic to extend their loans for up to a year, the central bank governor said on. . .  Full story

Nigerian annual inflation edges up to 12.20% in February

17/03 Annual inflation in Nigeria rose for the sixth straight month to a near two-year high, the statistics office said on Tuesday, as the impact of the country's closed borders continued to. . .  Full story

Zimbabwe inflation 540.16% year-on-year in February - Zimstats

16/03 Zimbabwe's year-on-year inflation was 540.16% in February, statistical agency Zimstat said, as the southern African nation resumed publishing annual consumer price data it suspended last year.. . .  Full story

Kenya's Safaricom waives fees for small M-Pesa transfers amid virus outbreak

16/03 Kenya's biggest telecoms operator Safaricom said on Monday it will waive transaction costs on mobile money transfers under 1,000 shillings ($10) after the government said cashless payments can curb the. . .  Full story

Tunisia asks citizens for donations to help tackle coronavirus

15/03 Tunisia has created a voluntary fund dedicated to fighting the coronavirus outbreak and reducing its economic repercussions, the North African country's Ministry of Finance said Sunday.. . .  Full story

Mauritius central bank pumps in liquidity to support businesses

13/03 The Bank of Mauritius said on Friday it will offer 5 billion rupees ($130 million) in liquidity support to businesses through commercial banks, to cushion firms from the impact of the. . .  Full story

Revision to GDP methodology gives boost to Ivory Coast's reported economy

12/03 Ivory Coast has revised how it calculates its gross domestic product, a move that resulted in a big jump in the reported size of its economy.. . .  Full story

Kenya's KCB to cushion borrowers from virus-related delays

12/03 Kenya's top lender by assets, KCB Group, will seek to cushion customers from the effects of supply chain disruption, it said on Thursday after posting higher full-year profit while warning of earnings pressure from the. . .  Full story

Kenyan lender KCB Group's full year pretax profit rises 7.5%

12/03 Kenya's top lender by assets KCB Group said on Thursday its pretax profit for 2019 jumped 7.5% to 36.73 billion shillings ($358.69 million).. . .  Full story

Uganda gold exports more than doubled to $1.2 bln last year

11/03 Uganda's gold exports more than doubled in 2019 compared with the previous year, according to data from the central bank seen by Reuters on Wednesday.. . .  Full story

Co-op Bank Kenya seeks to fully acquire Jamii Bora Bank

11/03 The Co-operative Bank of Kenya has offered to fully acquire Jamii Bora Bank, the central bank said on Wednesday, in the latest instance of consolidation in the banking industry.. . .  Full story

-Co-op Bank Kenya seeks to fully acquire Jamii Bora Bank

11/03 The Co-operative Bank of Kenya has offered to fully acquire Jamii Bora Bank, the central bank said on Wednesday, in the latest instance of consolidation in the banking industry.. . .  Full story

Drought, coronavirus to slow Morocco's economic growth to near 2% - planning agency chief

11/03 Morocco's economic growth is expected to be revised downwards to near 2% in 2020 from an initial forecast of 3.5% due to drought slashing agricultural output and fewer tourists due to. . .  Full story

Nigeria to scale down budget in face of oil price crash

10/03 Nigeria, Africa's top oil producer, will cut the size of its record 10.6 trillion naira ($34.6 billion) budget for 2020 because of a sharp decline in the price of crude, the. . .  Full story

OPEC and non-OPEC states might need to reconsider supply cuts -Nigerian minister

09/03 OPEC and non-OPEC states might need to meet again to reconsider production cuts, Nigeria's oil minister said on Monday, expressing frustration with the collapse in oil prices after Saudi Arabia and. . .  Full story

Nigeria to cut budget in face of oil price crash -finance minister

09/03 Nigeria will cut size of its budget in the face of sharp declines in the price of crude oil, the nation's finance minister told reporters on Monday.. . .  Full story

Tanzania's 2019 economic growth estimated at close to 6% - IMF

05/03 Tanzania's economic growth in 2019 is estimated at close to 6%, the International Monetary Fund said on Thursday, driven by "buoyant" activity in the construction and mining sectors.. . .  Full story

Kenya fines 5 banks $3.75 mln under anti-money laundering laws

05/03 Kenya's chief prosecutor on Thursday fined five banks a total of 385 million shillings ($3.75 million) for not reporting suspicious transactions under anti-money laundering laws, adding his office reserved the right. . .  Full story

East African industries to gain from continental free trade - study

05/03 The greater East Africa region could gain two million new jobs if the African Continental Free Trade Area (AfCFTA) - due to start in July - works as planned, according to a study the. . .  Full story

Nigerian shoemakers tap national pride, nostalgia to spur local industry

05/03 Two men in grey jumpsuits brush glue onto rubber soles, while factory machines whir in the background. Elsewhere, women perched behind industrial sewing machines attach leather swatches to sturdy-looking men's shoes.. . .  Full story

Sierra Leone iron ore crisis creates debt-racked ghost town

05/03 In the months since Sierra Leone's largest iron ore mine laid off almost all its workers due to a legal dispute with the government, the once bustling town of Lunsar has. . .  Full story

Kenya private sector activity drops further in February -PMI

04/03 Private sector activity in Kenya fell further in February as orders for new goods dropped for the first time in more than two years, a survey showed on Wednesday, as imports. . .  Full story

IMF says in broad agreement with Kenya on deficit reduction plan

04/03 The International Monetary Fund is in broad agreement with the Kenyan government on the main aspects of a fiscal deficit reduction plan, the fund said late on Tuesday.. . .  Full story

Zambian agriculture business launches $81 mln farmer financing scheme

01/03 Zambia's African Green Resources (AGR) on Sunday launched an $81 million financing programme under which the company and its partners will provide farm supplies and technology to farmers in exchange for. . .  Full story