<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="810" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg" alt="" class="wp-image-423481" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg 810w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-768x512.jpg 768w" sizes="auto, (max-width: 810px) 100vw, 810px" /><figcaption class="wp-element-caption">FILE PHOTO: A person holds a new 1000 naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Dec 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s foreign exchange reserves dipped to a six-year low of $32.87 billion at the end of December, data showed on Friday, as the central bank sold dollars to try to prop up the ailing naira currency.



A backlog of unsettled forwards, undelivered promises of dollar inflows and a two-decade peak in inflation have translated into a tumultuous year for the naira, which has lost over 50% of its value to become the third worst-performing global currency in 2023, said Kyle Chapman, FX markets analyst at London-based Ballinger &amp; Co.



This prompted the Central Bank of Nigeria (CBN) to run down its foreign exchange reserves, which peaked at $47.63 billion in June 2018, to defend the naira. The dollar reserve of Africa&#8217;s biggest economy in December dwindled to a level last seen in September 2017, when it stood at $32.16 billion.



&#8220;The naira&#8217;s downwards momentum is likely to continue through much of 2024, and its ultimate trajectory will depend on whether the CBN&#8217;s rhetoric transforms into concrete policy moves that drive up the flow of U.S dollars into Nigeria and shore up trust in the official market,&#8221; Chapman said.



The naira last week touched a low of 1,248 naira on official market and sold for 845 naira on Friday.



It was quoted at 1,210 naira on the parallel market while on the forwards market the naira sold for 1,037.50 to dollar for one-month settlement&nbsp;NGNNDFOR=.



CBN Governor Olayemi Cardoso has said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations.



&#8220;If the CBN&#8217;s promised measures materialise and (President Bola) Tinubu&#8217;s government enacts structural changes to increase oil production or to drive foreign investment, there is plenty of opportunity for the naira to lift from its record lows,&#8221; Chapman said.



&#8220;But a quick fix is unlikely, and further depreciation will come to counteract supply and demand imbalances.&#8221;



(Reporting by Chijioke Ohuocha; Editing by Nick Macfie)

download-62

Nigeria’s FX reserves dip to six-year low as naira falls

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-820x461.jpg" alt="" class="wp-image-400703" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, June 2, 2016. Saudi Arabia is ready to consider a surprise deal with fellow OPEC members, attempting to mend divisions that had grown so wide many dubbed the group as good as dead. Photographer: Akos Stiller/Bloomberg via Getty Images</figcaption></figure>



LUANDA/LONDON, Dec 21 (Reuters) &#8211; Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.



Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million bpd for the whole group.



Confirming an earlier report by local news agency ANGOP, Azevedo told public television the decision to leave was because OPEC membership was not serving Angola&#8217;s interests, but did not give further details.



Oil prices extended losses on the news, with Brent prices down over $1 to $78.50 a barrel by 1250 GMT.



Angola&#8217;s exit is a setback for OPEC and its allies, just as the group tries to get members to cut output to support prices.



Last month, Azevedo&#8217;s office protested a decision by OPEC to cut its production quota for 2024. Bloomberg also quoted Angola&#8217;s OPEC Governor Estevao Pedro as saying the country was unhappy with its 2024 target and did not plan to stick to it.



Disagreements over African output quotas had earlier helped delay a meeting of the wider OPEC+ oil producer group. (Reporting by Miguel Gomes in Luanda, Ahmad Ghaddar and Alex Lawler in London; writing by Bhargav Acharya and Nellie Peyton; Editing by Alexander Winning, Jason Neely and Catherine Evans)

The 169th Organization Of Petroleum Exporting Countries (OPEC) Conference

Angola says it is leaving OPEC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LONDON, Dec 21 (Reuters) &#8211; An $11 billion damages bill against Nigeria for a collapsed gas processing project which was procured by bribery has been thrown out by London&#8217;s High Court.



The West African country was on the hook for the sum – representing around a third of its foreign exchange reserves – after a little-known British Virgin Islands-based company took Nigeria to arbitration over the deal.



But the High Court ruled in October that the contract was procured by Process &amp; Industrial Developments (P&amp;ID) paying bribes to a Nigerian oil ministry official.



Judge Robin Knowles also found that P&amp;ID failed to disclose the bribery when it later took Nigeria to arbitration.



He said in a further ruling on Thursday that the damages award should be thrown out immediately, rejecting P&amp;ID&#8217;s argument that the case should be sent back to arbitration.



P&amp;ID was also refused permission to appeal against the ruling, though the company can apply directly to the Court of Appeal. (Reporting by Sam Tobin; Editing by Kate Holton

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s $11 bln damages bill for collapsed gas deal thrown out by London court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-820x575.jpg" alt="" class="wp-image-438747" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-1536x1077.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Democratic Republic of the Congo&#8217;s President Felix Tshisekedi casts his ballot at a polling station during the presidential election, in Kinshasa, the Democratic Republic of Congo December 20, 2023. REUTERS/Zohra Bensemra</figcaption></figure>



KINSHASA, Dec 21 (Reuters) &#8211; The Democratic Republic of Congo voted on Thursday on the second day of a chaotic and in parts violent general election after authorities extended opening hours for polling stations that failed to open the previous day.



The elections across Africa&#8217;s second-largest country were disrupted on Wednesday by delays in delivering election kits and malfunctioning equipment. People also struggled to find their names on registers, while violence caused chaos in other places.



The decision by the election commission, known as CENI, to extend the vote was rejected by five presidential candidates who have called for a rerun.



At stake is not just the legitimacy of the next administration. Congolese election disputes often spark violent unrest with potentially far-reaching consequences. Congo is the world&#8217;s third-largest copper producer, and the top producer of cobalt, a battery component needed for the green transition.



Early on Thursday in Kabare in Congo&#8217;s restive eastern region, 21-year-old Jean Claude Irenge Kalumuna was among the first residents to cast his vote.



&#8220;It makes me happy because yesterday I left here angry,&#8221; Kalumuna said. &#8220;I condemn this way of operating by the CENI with all this disorder, which proves that they were not ready, but they led people to believe that everything was ready.&#8221;



At a school in the capital Kinshasa, Reuters reporters saw voting taking place in one classroom, while vote-counting from Wednesday was under way in another.



Throughout Wednesday, observers warned about delays and failures to open polling stations and other issues, including malfunctioning electronic voting systems.



Speaking to reporters on Wednesday, CENI president Denis Kadima acknowledged that many polling stations had opened late and some not at all.



He said that around 70% of voters had been able to vote and that the delays would not affect the credibility of the process.



Five opposition candidates, including top challengers Martin Fayulu and Nobel Laureate Denis Mukwege, said the commission had no constitutional or legal right to extend the vote.



They demanded &#8220;the reorganisation of these failed elections by a differently structured CENI&#8221; and at a date agreed by all stakeholders in a joint statement late on Wednesday.



Congo&#8217;s former ruling coalition, the Common Front for Congo of former president Joseph Kabila, called the elections a &#8220;parody&#8221; that had brought shame on the country.



It said that half the polling stations had not opened on Wednesday and two-thirds of those that did faced problems.



&#8220;What we witnessed today was a genuine shipwreck of the electoral process,&#8221; the coalition said in a statement late on Wednesday. It asked its members to stand by for further instructions on actions to be taken.



The tumult of election day followed a campaign marred by political violence and repeated warnings from the opposition and observers about a lack of transparency. Their concerns included issues with the voter list and illegible ID cards.



For months, the electoral commission rejected the opposition&#8217;s allegations of mismanagement and fraud. It insisted it could deliver a free and fair vote as promised, even as critics flagged irregularities they said would jeopardise the legitimacy of the results.



(Reporting by Crispin Kyala, Ange Kasongo, Sonia Rolley and Christophe Van Der Perre Writing by Bate Felix Editing by Nellie Peyton and Nick Macfie)

Congo holds presidential election  in Kinshasa

Congo votes in extended, chaotic election as opposition seeks rerun

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="477" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0.jpg" alt="" class="wp-image-438378" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0-137x90.jpg 137w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A general view of Adabraka in Accra, Ghana, File. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ACCRA, Dec 20 (Reuters) &#8211; Ghana&#8217;s economic growth slowed to 2.0% year-on-year in the third quarter of 2023 from 3.2% in the previous quarter, driven by a decline in the industrial sector, its statistics agency said on Wednesday.



The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency and double-digit price rises for consumers .



Contributing to the third-quarter slowdown were contractions in sub-sectors of industry such as mining and construction, the statistics agency said. Agriculture made a positive contribution, even though cocoa farming is having an unusually bad season.



Meanwhile producer inflation slowed to 2.0% year-on-year in November from a revised 9.7% in October, the statistics office said separately on Wednesday.



Consumer inflation also slowed last month, to 26.4% from 35.2% in October.



Ghana is negotiating a debt restructuring deal with its official creditors. It hopes to reach a deal soon to secure the next $600 million from the International Monetary Fund under a $3 billion rescue package. (Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Nellie Peyton; Editing by Alexander Winning and Alex Richardson)

FILE PHOTO: A general view of Adabraka in Accra

Ghana’s third-quarter economic growth slows to 2.0%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="524" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-820x524.jpg" alt="" class="wp-image-438354" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-820x524.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-1536x981.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa, the Democratic Republic of Congo December 19, 2023. REUTERS/Zohra Bensemra</figcaption></figure>



KINSHASA/GOMA, Democratic Republic of Congo, Dec 20 (Reuters) &#8211; Democratic Republic of Congo was holding presidential and legislative elections on Wednesday after a chaotic campaign marred by opposition allegations of fraud, electoral violence, and logistical setbacks that could prevent many from voting.



At stake is not just the legitimacy of the next administration. Congolese election disputes often spark violent unrest with potentially far-reaching consequences. Congo is the world&#8217;s third largest copper producer, and the top producer of cobalt, a battery component needed for the green transition.



Delays were reported in several towns in Congo&#8217;s rebel-plagued east and in the capital Kinshasa, voting materials had not arrived at polling stations and voter lists were not published.



In the eastern cities of Goma and Beni, some people struggled to find their names on voter lists, which were only made available at their polling stations on Wednesday morning, according to Reuters witnesses.



&#8220;The last (election) wasn&#8217;t like this. We could find our names following an alphabetical order. But this time trying to verify your name is a headache for some of us who did not study. If we don&#8217;t get any help, we&#8217;ll go home,&#8221; resident Kahindo Katsotyo said.



In Bunia, also in eastern Congo, security forces fired warning shots to disperse protesters after a voting centre was vandalised and kits destroyed, a Reuters reporter said.



A provincial election commission official told journalists that people displaced by violence in the region had protested because they wanted to vote in their home towns.



For months, Congo&#8217;s national election commission has insisted it would deliver a free and fair vote as promised across Africa&#8217;s second-largest country, even as independent observers and critics flag irregularities they say will jeopardise the legitimacy of the results.



About 44 million Congolese are registered to take part in the voting, which also includes regional ballots.



As voting day neared, the authorities sought extra helicopters, raising concerns about the commission&#8217;s ability to open polling stations in areas otherwise unreachable due to bad roads or a lack of security.



Full provisional results are expected by Dec. 31.



ELECTORAL TRANSPARENCY



President Felix Tshisekedi is competing against 18 opposition challengers in the hope of a second term running the mineral-rich yet poverty-stricken nation.



&#8220;I have asked you to give me strength to continue the work that we have started,&#8221; Tshisekedi said in his final rally on Monday, promising to expand a free education policy if elected.



Opposition candidates have wooed voters with pledges to bring stability, peace, and the economic development they say was absent from Tshisekedi&#8217;s first term.



They and religious and civil society electoral observers have sounded the alarm about electoral transparency, highlighting issues including the voter list and illegible ID cards.



&#8220;It is evident that the greatest electoral fraud of the century is taking place,&#8221; Nobel Laureate and opposition candidate Denis Mukwege said on Monday. The election commission has repeatedly rejected the opposition&#8217;s allegations of fraud.



The election will be decided in a single round, requiring a simple majority of the vote to win. The final run-up to the vote has been particularly fraught.



Two parliamentary candidates were killed in separate incidents on Dec. 15 &#8211; part of a spate of election-related violence condemned by human rights groups and the European Union.



Ahead of election day in Kinshasa, some locals were not convinced their vote would count. &#8220;Every time we vote, we are disappointed, but if I had to vote, it would be for a change,&#8221; said 43-year-old Lucie Mpiana, who is unemployed.



Polls are due to close at 1600 GMT.



(Additional reporting by Sonia Rolley, Yassin Kombi, Fiston Mahamba, Erikas Mwisi Kambale and Crispin Kyala; Writing by Alessandra Prentice and Bate Felix; Editing by Sandra Male, Gerry Doyle, Sofia Christensen and Alison Williams)

People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa

Congo holds presidential election, opposition alleging fraud

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="662" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-820x662.jpg" alt="" class="wp-image-416524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-820x662.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-300x242.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-111x90.jpg 111w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-768x620.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh</figcaption></figure>



In a significant development in the banking sector, Standard Chartered Bank announced the sale of its Consumer Banking business in Côte d&#8217;Ivoire to Coris Group. This move, pending regulatory approvals and business transfer formalities, marks the culmination of Standard Chartered&#8217;s divestment strategy initiated in April 2022, targeting various markets.



Sunil Kaushal, the CEO of Standard Chartered for Africa and the Middle East (AME), alongside Coris Group Chairman Idrissa NASSA, formalized the agreement. Kaushal expressed that this deal signifies a pivotal moment in Standard Chartered&#8217;s strategy within the AME region. He emphasized the bank&#8217;s commitment to refining its business model, enhancing service quality, and focusing on growth opportunities in the region. He assured a smooth transition in partnership with Coris Bank International, prioritizing customer satisfaction and employee welfare.



While exiting the retail segment, Standard Chartered Bank reaffirms its commitment to Côte d&#8217;Ivoire, maintaining a strong focus on its Corporate, Commercial, and Institutional Banking sectors. The bank aims to continue delivering exemplary services in these areas.



Idrissa NASSA, President of Coris Group, acknowledged the strategic importance of this acquisition. He highlighted Coris Bank International&#8217;s ambition to strengthen its position in the burgeoning Ivorian market, promising the introduction of new products and innovative services. NASSA reassured new clients about the institution&#8217;s dedication to maintaining and enhancing service quality.



This sale is the latest in a series of strategic divestments by Standard Chartered, following its exits from markets including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the Consumer banking business in Tanzania since April 2022. These moves are part of the bank&#8217;s global strategy to streamline operations, reduce complexities, and scale its presence across the AME region. The Jordan transaction was completed in August 2023, with other business migrations progressing as planned.



This agreement, expected to be finalized in the coming months, represents a significant shift in Standard Chartered&#8217;s operational focus and a promising expansion for Coris Group in the West African Economic and Monetary Union (WAEMU) region.

MPQ6F6Q53BNTZO5LPN4WBMJEAM

Standard Chartered announces sale of Consumer Banking business in Côte d’Ivoire to Coris Bank

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-820x615.jpg" alt="" class="wp-image-435695" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/2Y6XTVFSZVPOPO5NVBOIEAEKKY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People carry bags of relief grains at a camp for the Internally Displaced People in Adadle district in the Somali region, Ethiopia, January 22, 2022. Picture taken January 22, 2022. Claire Nevill/World Food Programme/Handout via REUTERS/File Photo</figcaption></figure>



DAKAR, Dec 12 (Reuters)&nbsp;&#8211;&nbsp;A record 49.5 million people are expected to go hungry in West and Central Africa next year due to a combination of conflict, climate change and high food prices, the United Nations said on Tuesday.



The figure is 4% higher than in 2023. In coastal countries, the number of people facing acute hunger is expected to reach 6.2 million in 2024, up 16% from this year, according to a new regional food security analysis released by the U.N. World Food Programme (WFP) and other humanitarian agencies.



&#8220;Acute hunger remains at record levels in the region, yet funding needed to respond is not keeping pace,&#8221; said Margot Vandervelden, WFP&#8217;s acting regional director for Western Africa.



&#8220;Insufficient funding means the moderately hungry will be forced to skip meals and consume less nutritious food, putting them at risk of falling back into crisis or emergency phases, perpetuating the cycle of hunger and malnutrition,&#8221; she said.



More than two out of three households in West and Central Africa cannot afford healthy diets, the analysis found.



The cost of a daily nutritious diet in the central Sahel countries Burkina Faso, Mali and Niger is 110% higher than the daily minimum wage in the region, it said.



Sahel countries are facing an Islamist insurgency that has displaced some four million people from their homes and farms, according to U.N. figures. Democratic Republic of Congo also has multiple ongoing conflicts that have displaced nearly seven million.



The Sahel crisis has pushed people to seek refuge in neighbouring coastal countries such as Ivory Coast, Togo and Ghana, which is grappling with its worst economic crisis in a generation.



&#8220;Almost 80% of people who are currently in a difficult food situation are in areas affected by conflict,&#8221; said Ollo Sib, a senior research adviser for the WFP.



He warned that without intervention, the situation could deteriorate further in certain areas as over 2.6 million people were at risk of falling into famine.



(Reporting by Ngouda Dione; Writing by Nellie Peyton; Editing by Mark Potter)

WFP warns millions facing hunger as driest weather in decades ravages Horn of Africa

Nearly 50 mln facing hunger in West, Central Africa as conflict spreads

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-820x553.jpg" alt="" class="wp-image-435050" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-1536x1036.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Colonel Assimi Goita, leader of Malian military junta, looks on while he stands behind Niger&#8217;s President Mahamadou Issoufou during a photo opportunity after the Economic Community of West African States (ECOWAS) consultative meeting in Accra, Ghana September 15, 2020. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



DAKAR, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;Niger, Mali and Burkina Faso are eyeing a political and monetary alliance, Niger&#8217;s military leader said on national television of a move that could mark a further break with the West African regional bloc.



Niger&#8217;s General Abdourahamane Tiani did not give a timeline or details about the project, but said it was one of the reasons for his recent visit to both countries.



&#8220;In addition to the security domain, our alliance must evolve in the political domain and in the monetary domain,&#8221; he said in an interview on Niger&#8217;s RTS channel late on Sunday.



The three neighbouring states are all ruled by military juntas that have seized power in coups since 2020. This has put them at odds with the rest of the Economic Community of West African States (ECOWAS), the region&#8217;s main political and economic bloc which is urging them to return to democratic rule.



Abandoning the eight-member West African monetary union and adopting a new currency would further isolate Niger, Mali and Burkina Faso, who have called their new union the Alliance of Sahel States (AES).



The three countries and five others in the region currently use the West African CFA franc, a currency which is pegged to the euro and which critics see as a relic from French colonial rule.



Burkina Faso&#8217;s military leader Ibrahim Traoré also discussed his vision for closer ties with Mali and Niger in a speech on Sunday night.



&#8220;The Alliance of Sahel States &#8230; (is) a defence alliance a priori, but which will evolve toward an economic alliance and much more,&#8221; Traore said.



The three states&#8217; finance ministers in November issued a joint statement recommending that a committee of experts be set up to study the question of an economic and monetary union. They also recommended the creation of a joint stabilisation fund and investment bank, among other measures.



(Reporting by Bate Felix; Additional reporting and writing by Nellie Peyton; Editing by Alessandra Prentice and Alison Williams)

FILE PHOTO: Colonel Assimi Goita, leader of Malian military junta, looks on while he stands behind Niger’s President Mahamadou Issoufou during a photo opportunity after the Economic Community of West African States (ECOWAS) consultative meeting in Accra

Niger, Mali and Burkina Faso to move toward monetary alliance, Niger leader says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg" alt="" class="wp-image-433983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People sit at the Shell booth on the day of the opening of the Nigeria Oil and Gas 2022 meeting in Abuja, Nigeria July 4, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;Shell&nbsp;SHEL.L&nbsp;sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell&#8217;s director of gas and upstream operations.



Nigerian President Bola Tinubu held talks with Shell&#8217;s Zoe Yujnovich in a move to attract capital to Africa&#8217;s top energy producer, presidential spokesperson Ajuri Ngelale said in a statement.



Yujnovich was cited as saying Shell has &#8220;an imminent $5 billion investment opportunity&#8221; in the offshore Bonga North oil project.



&#8220;I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,&#8221; Yujnovich said.



A Shell spokesperson confirmed talks with the Nigerian president but declined to give further details because the discussions were private.



Nigeria&#8217;s oil output has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.



Tinubu pledged to resolve &#8220;all investment-related issues&#8221; slowing the flow of capital into Nigeria&#8217;s energy industry.



&#8220;There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investments,&#8221; Tinubu was quoted as saying.



(Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Lisa Shumaker)

YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-820x543.jpg" alt="" class="wp-image-431338" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-1536x1016.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Congolese police officers secure the streets during a campaign rally of presidential candidate Moise Katumbi in Kitutu village within Mwenga territory of South Kivu province, Democratic Republic of the Congo November 24, 2023. REUTERS/Arlette Bashizi/File Photo/File Photo</figcaption></figure>



BRUSSELS/KINSHASA, Nov 30 (Reuters) &#8211; The European Union has cancelled its election observation mission for the Democratic Republic of Congo&#8217;s Dec. 20 general election, saying it would not be able to deploy people across the country for security reasons.



&#8220;Due to technical constraints beyond the control of the EU, we are forced to cancel the EU election observation mission to the Democratic Republic of Congo (DRC),&#8221; the EU said in a statement on Wednesday.



&#8220;The EU mission had planned to deploy long-term observers in most provinces of the DRC, but this is now no longer possible,&#8221; it said.



EU spokesperson Nabila Massrali told Reuters on Tuesday that election observers were already in Kinshasa and were supposed to be deployed across the country on Nov. 21, but that they were not able to go for security reasons.



Tensions are running high in the run-up to presidential, legislative and regional elections in Africa&#8217;s second-largest country, which is also struggling to contain a myriad of armed groups in its mineral-rich east.



A youth activist was killed on Tuesday by stones pelted during an opposition campaign rally in the city of Kindu.



Opposition candidates have also expressed concerns about the fairness of the vote, alleging irregularities that play in favour of the ruling coalition during voter registration. The electoral commission has denied this.



Congo&#8217;s government said it regretted the EU&#8217;s decision and that it was committed to holding transparent, free and inclusive elections.



It remained open to welcoming other observation missions, it added in a statement late on Wednesday.



&#8220;When the long-distance observers were due to be deployed, the authorities began to raise a whole series of problems relating to the use of satellite equipment and to impose other conditions that did not allow the observers to work in a secure and independent manner outside Kinshasa,&#8221; said a European diplomat who spoke on condition of anonymity.



The EU said it was exploring other options with the Congolese authorities, including the possibility of maintaining a mission of electoral experts to observe the electoral process from the capital. (Reporting by Charlotte Van Campenhout and Sonia Rolley; Additional reporting by Ange Kasongo; Writing by Nellie Peyton; Editing by Sharon Singleton)

FILE PHOTO: Congolese police officers secure the streets during a campaign rally of presidential candidate Moise Katumbi in Kitutu village, South Kivu province, Democratic Republic of the Congo

EU cancels Congo election observation mission

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria plans to narrow its budget deficit to roughly 3.9% of gross domestic product (GDP) next year from about 6.1% this year, President Bola Tinubu said on Wednesday, as he projected lower borrowing costs and higher revenues.



Tinubu has embarked on Nigeria&#8217;s boldest reforms in decades, removing a popular fuel subsidy in May and scrapping foreign exchange controls, which have pushed up inflation to its highest levels in nearly two decades.



His government is seeking to balance between cushioning the impact of the double-digit inflation and the removal of the fuel subsidy with keeping spending in check.



In his first budget speech to lawmakers, Tinubu projected higher oil production and tax collection would boost government revenues and his administration would borrow slightly less next year.



&#8220;Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue,&#8221; Tinubu said while presenting his 27.5 trillion naira ($34.85 billion) expenditure plan for next year.



Spending priorities include security, infrastructure and measures to ease a cost-of-living crisis.



The president said the economy was expected to grow by at least 3.76% next year while inflation would moderate to 21.4%.



Analysts said the government&#8217;s revenue expectations looked ambitious and warned that there were downside risks to global prices of oil and production of crude, Nigeria&#8217;s biggest export.



The government would also need to keep its promise to do away with the petrol subsidy and allow the market to determine the exchange rate.



&#8220;They are going to have to increase the price of petrol and allow the exchange rate to move. If not, it may be difficult to achieve that deficit figure,&#8221; said Bismarck Rewane, managing director of Lagos-based Financial Derivatives Company.



Tinubu inherited an economy that is struggling with high debt levels, low revenue collections, widespread insecurity, including a long-running insurgency in the northeast and kidnappings for ransom in the northwest.



(Additional reporting by Camillus Eboh; Writing by MacDonald Dzirutwe; Editing by Alexander Winning and Bernadette Baum)

Nigeria plans to trim budget deficit to 3.9% of GDP next year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-820x547.jpg" alt="" class="wp-image-412146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">View of the Dangote Oil Refinery under construction in Ibeju Lekki district, on the outskirts of Lagos, Nigeria July 5, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



The President of Dangote Group, Aliko Dangote, has revealed plans to list the $20 billion Dangote Petroleum Refinery on the Nigerian Exchange (NGX), as the refinery prepares to start operations in December with a production volume of 350,000 barrels per day. <a href="https://www.cnbcafrica.com/media/6341906454112/analysing-dangotes-plan-to-list-20bn-refinery-on-ngx/">In an interview on CNBC Africa</a>, Oyeyemi Oke, Partner at AO2 Law, discussed the potential impact of this listing on the Nigerian Stock Exchange and the oil and gas industry.



Oyeyemi expressed optimism about the listing, citing the recent increase in activities on the Nigerian Stock Exchange. He stated, &#8220;In the last one year, we&#8217;ve seen some significant listings by financial services companies and the Nigerian Infrastructure Debt Fund. The proposed listing of Dangote Refinery Limited on the Nigerian Stock Exchange is good for opening up investment opportunities and improving market capitalization.&#8221;



Regarding the operation of the refinery, Oyeyemi highlighted the resolution of domestic crude oil supply issues, stating, &#8220;The domestic supply issues have been resolved, at least to a certain extent, to enable the refinery kick-off. There&#8217;s an estimate that about 6 million barrels of crude will be refined before the end of 2023.&#8221; He expressed hope that the refinery would start operations soon, as it is the largest single-train refinery in the country.



The discussion then shifted to the Nigerian National Petroleum Company Limited (NNPCL) and its aim to end petrol imports by the end of 2024. Oyeyemi acknowledged the ambitious target set by the NNPCL and attributed it to the company&#8217;s profitability-focused management team. He emphasized the importance of resolving domestic crude oil supply issues and ensuring a long-term commitment to the volume of crude oil required by the refineries.



Oyeyemi also urged the government to create an enabling environment for local refiners, emphasizing the need for availability of refined products in the domestic market. He stated, &#8220;Government should also create an environment for operators&#8230; in order to be able to ensure that there&#8217;s availability of product in the domestic market.&#8221;



The interview concluded with a discussion on the postponed OPEC Plus meeting, which is now scheduled for the 30th of the month. The delay is reportedly due to disagreements among producers regarding production levels and possible reductions, with African countries such as Angola, Nigeria, and the Congo being implicated. Oyeyemi commented that the challenges and issues discussed in the meeting were a continuation of the previous OPEC meeting in June. He mentioned Nigeria&#8217;s intention to increase its production level and highlighted the need to balance national interests with the collective interests of OPEC Plus members.



As the Nigerian oil and gas industry experiences these developments, investors and stakeholders are eagerly awaiting the listing of the Dangote Petroleum Refinery on the Nigerian Exchange. It is hoped that this listing will attract investment and contribute to the growth and stability of the Nigerian Stock Exchange.

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Dangote Group plans to list $20bn refinery on NGX, with operations set to begin in December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-820x547.jpg" alt="" class="wp-image-430849" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Tinubu arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s President Bola Tinubu has asked lawmakers to approve the government&#8217;s external borrowing plan for 2022-2024, to finance projects across sectors of the economy, according to a letter read in parliament on Tuesday.



Tinubu asked parliament to approve $8.69 billion and 100 million euros ($109.71 million) for projects across infrastructure, agriculture, health, education, water supply, growth, security, employment generation, as well as financial management reforms.



The president needs parliament&#8217;s approval for the government, elected in May, to amend the 2022-2024 borrowing plan that was set by the previous government.



He added that African Development Bank and the World Bank have indicated interest in assisting Nigeria mitigate the impact of a fuel subsidy removal&nbsp;with potential loans of $1 billion and $1.5 billion respectively.



Nigeria&#8217;s parliament last week passed the country&#8217;s medium-term expenditure framework for 2024-2026, setting out the government&#8217;s fiscal plan for the next three years and paving the way for the president to present next year&#8217;s budget.



($1 = 0.9115 euros)



(Reporting by Camillus Eboh; Writing Chijioke Ohuocha; Editing by Alison Williams and Susan Fenton)

FILE PHOTO: Summit for a new global financing pact takes place in Paris

Nigeria’s president asks parliament to approve $8.6 billion borrowing plan

Data from the <a href="https://www.ey.com/en_za/attractiveness/21/africa-attractiveness-report-">EY Africa Attractiveness Report</a> reveals that 2022 witnessed a significant rebound in foreign direct investment (FDI) into Africa, with the cleantech sector emerging as the leading driver of FDIs. The report also indicates that African governments need to implement various reforms to attract the next generation of critically needed FDIs. In an interview with CNBC Africa, Damilola Aloba, a partner at Ernst &amp; Young, discussed the key findings of the report and offered insights into how Africa can make the most of the attention it is currently receiving.



Aloba highlights the challenges faced by FDI in Africa, citing global shocks such as the COVID-19 pandemic and the Russia-Ukraine war. These shocks dampened investor confidence and made them cautious about committing capital to African markets. Travel restrictions and disruptions in the global supply chain further worsened the situation, impeding investment processes and causing vulnerabilities in sectors like tourism, hospitality, and manufacturing.



Looking into the future, Aloba emphasizes the importance of Africa pivoting to sectors like cleantech to attract more FDIs. The continent is already gaining attention in emerging industries such as the electric vehicle space and minerals. To make the most of this attention, Africa needs to have investor-friendly policies, accelerate reforms, develop technology and infrastructure capacity, invest in skills development, and prudently manage public finances. These measures, along with economic diversification, will accelerate FDI inflows into African countries.



Aloba addresses the issue of countries like Nigeria that still heavily depend on extractive industries. He states that Nigeria&#8217;s current government is focusing on policies and initiatives aimed at attracting investments into the mining industry. The country&#8217;s oil and gas sector, which falls under the extractive industry, has faced challenges in recent years, but it has started to recover. Aloba suggests that Nigeria should also focus on producing materials for electric vehicles and explore the lithium space, which is already attracting significant investments. By playing a critical role in the cleantech sector, Nigeria can ramp up FDI inflows.



The report highlights the strong rebound of FDIs into Africa in 2022, driven by the cleantech sector. To attract the next generation of critically needed FDIs, African governments need to implement investor-friendly policies, develop technology and infrastructure capacity, invest in skills development, and prudently manage public finances. Economic diversification will also play a crucial role in accelerating FDI inflows. Nigeria, in particular, can leverage its focus on extractive industries by expanding into clean technology and attracting investments in the mining industry, electric vehicle materials, and the lithium space. These measures will enhance Africa&#8217;s attractiveness to investors and contribute to the continent&#8217;s economic growth and development.

Acciona SA To Ramp Up South Africa Business After Solar Success

Cleantech Drives Foreign Direct Investment Rebound in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-820x526.jpg" alt="" class="wp-image-430401" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Sierra Leone&#8217;s President and ruling party candidate Julius Maada Bio speaks to journalists after casting his vote for national elections at a polling station in Freetown, Sierra Leone, June 24, 2023. REUTERS/Cooper Inveen/File Photo</figcaption></figure>



FREETOWN, Nov 26 (Reuters) &#8211; Sierra Leone President Julius Maada Bio said most of the leaders of an attack on a military barracks in the capital Freetown earlier on Sunday had been arrested, adding that security operations and an investigation were ongoing.



&#8220;We will ensure that those responsible are held accountable,&#8221; Bio said on national television.



&#8220;As your commander-in-chief, I want to assure everybody who is resident in Sierra Leone that we have overcome this challenge,&#8221; he said, and calm had been restored.



Earlier, the government said security forces had repelled &#8220;renegade soldiers&#8221; who attempted to break into a military armoury in Freetown during the early hours of Sunday.



A nationwide curfew was imposed. Gunfire was heard across the city as the assailants attacked a prison and a police station.



It was not immediately clear if there were any casualties in the barracks attack or during the gunfire in Freetown on Sunday.



The country&#8217;s former president Ernest Bai Koroma, said in a statement that a military guard assigned to his residence in the capital was shot point blank, while another was &#8220;whisked away to an unknown location&#8221;.



Koroma did not say who shot the guard. He condemned the killing and the attack on the barracks.



&#8220;I am deeply concerned that once again our beloved nation could be subject to such insecurity,&#8221; he said.



The West African country&#8217;s civil aviation authority urged airlines to reschedule flights after the curfew was declared, while a soldier on its frontier with neighbouring Guinea told Reuters they had been instructed to shut the border.



A Reuters journalist, who earlier witnessed an armed group of men commandeer a police vehicle near the Wilberforce barracks, said streets were mostly empty on Sunday as residents hunkered down.



&#8220;We&#8217;ll clean this society. We know what we are up to. We are not after any ordinary civilians who should go about their normal business,&#8221; one of the masked men, who was dressed in military fatigues, said before driving away.



Sierra Leone has been tense since Bio was re-elected in June, a result rejected by the main opposition candidate and questioned by international partners including the United States and the European Union.



In August 2022, at least 21 civilians and six police officers were killed in anti-government protests in Sierra Leone, which is still recovering from a 1991-2002 civil war in which more than 50,000 were killed. Bio said the protests were an attempt to overthrow the government.



In his address to the nation on Sunday night, Bio called on Sierra Leone&#8217;s political and traditional leaders, and civil society to work to preserve peace.



&#8220;Let us not succumb to fear or division,&#8221; he said.



Information minister Chernor Bah said earlier on Sunday that security forces were making progress in apprehending those involved in the attack, but gave no further details.



A video on social media showed three men, two in fatigues and one in civilian clothes, with their arms tied behind their backs sitting in a military truck surrounded by soldiers. Reuters has not authenticated the video.



Bah said that major detention centres including the Pademba Road prisons were attacked and inmates released by the unidentified assailants.



It was not immediately clear how many prisoners had broken out of the facility, which a U.S. State Department report said was designed for 324 inmates but held more than 2,000 in 2019.



Videos posted on social media, which were not authenticated by Reuters, showed several people fleeing from the area of the prison, while gunshots could be heard in the background.



&#8220;The security forces were forced to make a tactical retreat. The prisons were thus overran,&#8221; said Bah, who had earlier declared a nationwide curfew and called for people to stay indoors.



The Economic Community of West African States condemned what it called an attempt by certain individuals to &#8220;acquire arms and disturb constitutional order&#8221; in Sierra Leone. The U.S. embassy in Freetown said such actions were not justified.



There have been eight military coups in West and Central Africa since 2020. (Reporting by Umaru Fofana; Writing by Bate Felix; Editing by Alexandra Zavis, David Goodman, Jan Harvey, Alexander Smith, Louise Heavens and Giles Elgood).

FILE PHOTO: Sierra Leone’s President and ruling party candidate Julius Maada Bio speaks after casting his vote at the 2023 Sierra Leone general election

Sierra Leone president says calm restored, most leaders of barracks attack detained

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-820x547.jpg" alt="" class="wp-image-429766" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People crowd a market place in Lagos, Nigeria December 18, 2021. Picture taken December 18, 2021. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy recorded flat growth in the third quarter, data showed on Friday, as the oil sector contracted at a slower pace while the impact of government reforms aimed at boosting output were yet to take effect.



Africa&#8217;s largest economy grew by 2.54%, up from the 2.51% posted in the second quarter, but far from President Bola Tinubu&#8217;s ambition to expand the economy by at least 6% a year, which he promised during his inauguration in May.



Tinubu has vowed to lift barriers to investment, create jobs and tackle insecurity. He has embarked on Nigeria&#8217;s boldest reforms in decades to try to boost output, which has been sluggish for about a decade. But they have yet to impact growth.



&#8220;The performance of the GDP in the third quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.99% and contributed 52.7% to the aggregate GDP,&#8221; the National Bureau of Statistics (NBS) said.



Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and 90% of foreign-exchange reserves, contracted 0.85% in the third quarter, a rise of 12.6% from the second quarter when the sector shrank by 13.43%.



Daily average oil output&nbsp;NGOIL=ECI&nbsp;stood at 1.45 million barrels per day (mbpd) in the three months to September, up from the 1.20 mbpd in the same period last year.



Tinubu in May scrapped a costly but popular petrol subsidy and lifted currency controls, which he said was to save the country from going under.



But his actions have worsened inflation currently in double-digits, fuelling anger and frustration for a population grappling with a cost of living crisis. Tinubu has been under pressure from unions to offer relief to workers.



He has travelled from Asia, Europe, Middle East and United States to promote investments to try to revive the economy rather than relying on borrowing.



The NBS said the agriculture and industrial sectors, which create jobs, contributed less to GDP in the third quarter of 2023, compared with the same quarter a year ago.



(Reporting by Chijioke Ohuocha; Editing by Alex Richardson and Alexander Smith)

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West Africa

Nigeria’s FX reserves dip to six-year low as naira falls

Angola says it is leaving OPEC

Nigeria’s $11 bln damages bill for collapsed gas deal thrown out by London court

Congo votes in extended, chaotic election as opposition seeks rerun

Ghana’s third-quarter economic growth slows to 2.0%

Congo holds presidential election, opposition alleging fraud

Standard Chartered announces sale of Consumer Banking business in Côte d’Ivoire to Coris Bank

Nearly 50 mln facing hunger in West, Central Africa as conflict spreads

Niger, Mali and Burkina Faso to move toward monetary alliance, Niger leader says

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

EU cancels Congo election observation mission

Nigeria plans to trim budget deficit to 3.9% of GDP next year

Dangote Group plans to list $20bn refinery on NGX, with operations set to begin in December

Nigeria’s president asks parliament to approve $8.6 billion borrowing plan

Cleantech Drives Foreign Direct Investment Rebound in Africa

Sierra Leone president says calm restored, most leaders of barracks attack detained

Nigeria records flat Q3 growth as oil sector contraction slows

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