The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and […]
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The International Monetary Fund has said it expects inflation in Nigeria and Angola to remain elevated at two-digit levels next year. The IMF said this would reflect the persistent effects of past inflationary shocks coming from sharp currency depreciations as well as higher electricity and fuel prices and, “in the case of Nigeria, reflecting the […]
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Anglo-Dutch consumer goods group Unilever will take part in a ₦58.85 billion ($162 million) share sale by its Nigerian subsidiary and will not convert a loan made to the subsidiary into equity, the company said on Wednesday. Unilever Nigeria, 60.05 percent owned by Unilever, is aiming to raise money to pay off loans owed to […]
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African Trade Insurance (ATI) is currently discussing with Nigeria’s insurance industry and those of seven other nations on the need to be a part of the association as member countries. The seven other countries are: Ghana, South Sudan, Angola, Cameroon, Sudan, Djibouti and Sierra Leone. ATI’s Chief Executive Officer, George Otieno, who noted that some […]
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South African retailer Shoprite reported a 15.5 percent jump in half-year profit on Tuesday, buoyed by sales growth in Angola and Nigeria, reassuring investors after a merger with Steinhoff foundered. Shoprite, which mainly sells groceries, has grown rapidly outside its home market with sales in other African countries now accounting for more than a fifth […]
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Angolan President Jose Eduardo dos Santos on Monday sacked his finance minister Armando Manuel, the presidency announced, as the country battles an economic crisis caused by sinking oil prices. No reason was given for the dismissal of the 44-year-old London-educated minister who has held the post for three years. He has been replaced by Augusto […]
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Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown. OPEC, in its Monthly Oil Market Report for August, which was released on Wednesday, put crude […]
Read More Angolan President Jose Eduardo dos Santos has appointed his billionaire businesswoman daughter Isabel as head of state energy firm Sonangol in a shake-up that cements his dynastic grip on power in a major African oil exporter, a Reuters reports. Isabel, ranked as Africa’s richest woman by Forbes, would become chief executive after the firing of […]
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