<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-820x513.jpg" alt="" class="wp-image-429688" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-820x513.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Eni&#8217;s logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo</figcaption></figure>



ABIDJAN, Nov 23 (Reuters)&nbsp;&#8211;&nbsp;Italy&#8217;s Eni&nbsp;ENI.MI&nbsp;will invest $10 billion in the development of the Baleine field offshore Ivory Coast, which will take place in three phases from 2023 to 2027, Energy Minister Mamadou Sangafowa Coulibaly said on Thursday.



The Baleine field, where certified reserves are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, was discovered in 2021 by the Italian energy group off the east coast of the West African country.



The field&#8217;s crude oil production should reach 200,000 barrels per day by 2027, compared with 30,000 barrels per day in 2023, the energy minister said.



&#8220;With a total investment estimated at $10 billion, the Baleine project will have a lasting impact on our economy,&#8221; he added.



Eni began oil and gas production from the field in late August, two years after its discovery.



Thursday&#8217;s announcement came as Ivory Coast President Alassane Ouattara and Eni CEO Claudio Descalzi met in Abidjan to mark production start-up from the Baleine field and review the company&#8217;s activities in the country, according to an Eni statement.



The field will also enable Ivory Coast to produce 200 million cubic feet of natural gas per year by 2027.



The energy minister said annual production of 150,000 metric tons of butane, equivalent to a third of current household consumption, will make the country less dependent on gas imports in the future.



Eni currently holds interests in the CI-101 and CI-802 blocks &#8211; where the Baleine field extends &#8211; as well as in five other deep-water Ivorian blocks, all with Petroci Holding as a partner.



(Reporting by Ange Aboa; Writing by Anait Miridzhanian; Editing by Kirsten Donovan)

J2H2KZXCLBMJRANOGKF2IEX2CE

Italy’s Eni to invest $10 bln in Ivory Coast Baleine field, minister 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/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg" alt="" class="wp-image-429348" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo</figcaption></figure>



ABUJA, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate passed the medium-term expenditure framework for 2024-2026 on Wednesday, setting out the government&#8217;s fiscal plan for the next three years.



Lawmakers in the House of Representatives, the lower arm of parliament, had passed the framework on Tuesday.



The framework, a key document in the Nigerian budget process, ensures that government spending aligns with its economic and social goals. It is a three-year rolling plan that sets out the government&#8217;s spending priorities and how it will fund them.



The passage of the framework by Nigeria&#8217;s two arms of parliament paves the way for President Bola Tinubu to send the country&#8217;s 2024 budget proposal of 26 trillion naira ($34 billion) to parliament for approval.



The document, which was agreed by Tinubu&#8217;s cabinet before going to lawmakers for approval, expects the naira currency to trade around 700 per dollar next year before firming slightly in 2025 and 2026.



(Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration

Nigeria lawmakers approve mid-term fiscal plan for next three years

<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/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg" alt="" class="wp-image-429220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">German Chancellor Olaf Scholz shakes hands with Nigerian President Bola Tinubu, during the &#8220;Compact with Africa&#8221; investment summit, at the Chancellery in Berlin, Germany, November 20, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



ABUJA, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said.



Union Bank of Nigeria and Germany&#8217;s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement.



A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany&#8217;s Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. The first deliveries will be in 2026, Ngelale said.



The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.



Nigeria holds Africa&#8217;s largest gas reserves of more than 200 trillion cubic feet, but flares, or burns off, about 300 million cubic feet daily due to inadequate processing facilities.



President Bola Tinubu, who is attending the G20 Compact with Africa conference in Berlin, welcomed the deals, Ngelale said.



On Monday German Chancellor Olaf Scholz said Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe&#8217;s largest economy achieve its own transition to carbon neutrality.



Germany will need to import large quantities of green hydrogen going forward, including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.



The forum preceded the G20 Compact with Africa summit that aims to drum up investment in the world&#8217;s poorest but fast-growing continent by coordinating the development agendas of reform-minded countries and identifying business opportunities.



Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.



Tinubu is seeking to make Nigeria attractive to investors as he strives to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation and theft of crude oil, its main export.



(Writing by Elisha Bala-Gbogbo; editing by David Evans)

‘Compact with Africa’ summit in Berlin

Nigeria and Germany sign $500 mln renewable energy and gas deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-820x547.jpg" alt="" class="wp-image-429150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Opposition Unity Party and Liberia President-elect Joseph Boakai speaks during an interview with Reuters at his home in Monrovia, November 19, 2023. REUTERS/Carielle Doe/ File Photo</figcaption></figure>



MONROVIA, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;Liberian President-elect Joseph Boakai, who defeated President George Weah in the Nov. 14 presidential runoff, says his administration will take a close look at mining concessions to ensure they benefit the country.



Boakai, 78, a former vice president who lost to Weah in the 2017 runoff and campaigned on a promise to &#8220;rescue&#8221; Liberia, told Reuters in an interview on Sunday evening that he expected a lot of challenges, particularly with the economy.



&#8220;The first step of rescuing Liberia is taking it from these people. It has been rescued. The next thing is to deal with the issues that have being hanging over this country,&#8221; Boakai said, citing corruption and lack of basic services.



Boakai said a key area from which Liberians had not benefited was the mining sector, despite the West&nbsp;African country&#8217;s rich mineral reserves, including diamonds, gold, iron ore and timber.



&#8220;To be frank with you, the mining sector has been one of the problems in this country. I have seen our resources exploited and the life of the people remains the worse,&#8221; Boakai said, adding that he would take a close look at the sector.



Asked if this would include reviewing mining concessions, Boakai said reviews would be pursued if warranted.



&#8220;We have to, because we are inheriting,&#8221; he said.



Several companies operate in Liberia&#8217;s mining sector, including ArcelorMittal&nbsp;MT.LU&nbsp;and Bao Chico Resources in iron ore mining concessions, Bea Mountain Mining and Avesoro Resources, which operates Liberia&#8217;s first commercial gold mine in gold.



Liberia&#8217;s economy grew 4.8% in 2022, driven by gold production and a relatively good rice harvest, but more than 80% of the population still face moderate or severe food insecurity, according to the World Bank.



(Reporting by Alphonso Toweh, Writing by Bate Felix, Editing by Sofia Christensen and Ed Osmond)

Liberia president-elect Joseph Boakai attends an interview at his home in Monrovia

Liberia’s President-elect Boakai to review mining concessions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-820x460.png" alt="" class="wp-image-429048" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-820x460.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-300x168.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-768x430.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64.png 1456w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Lagos is one of the most congested cities in the world. 40 percent of cars in Nigeria are registered in Lagos. Commuters spend at least three hours in traffic. | Image: Midjourney</figcaption></figure>



Lagos, a dynamic urban hub celebrated for its lively markets and diverse culinary tapestry, finds itself at the forefront of a technological revolution in the food industry. As the city undergoes a metamorphosis, so does its gastronomic landscape, witnessing the ascendancy of a vibrant food-tech scene that is reshaping the dining experience for Lagosians.



A standout phenomenon is the surge of food delivery platforms seamlessly linking eager consumers with a plethora of culinary delights. Whether craving traditional Nigerian fare or international flavors, these platforms provide a hassle-free means for Lagosians to relish their preferred dishes in the comfort of their homes or offices. Beyond catering to the city&#8217;s fast-paced lifestyle, this trend bolsters local eateries, fostering a mutually beneficial relationship between consumers and businesses.



According to data from the National Bureau of Statistics (NBS), Lagos’ residents splurged N830 billion ($2 billion) on dining out in 2019, constituting 34% of their total food expenditure. Additionally, Jumia Food&#8217;s 2020 Nigeria Food Index Report identifies Lagos as one of the frontrunners in food order volume.



A significant facet of Lagos&#8217; food-tech landscape lies in the integration of artificial intelligence (AI) and data analytics. Innovation is propelled by tech-savvy startups utilizing cutting-edge solutions to elevate the dining experience. The prevalence of smart menu systems and mobile ordering applications is on the rise, empowering diners to peruse menus, tailor orders, and facilitate payments, all through the convenience of their smartphones.



QSR Magazine notes that digital ordering and delivery have outpaced dine-in traffic, growing at 300% since 2014.



In tandem, the online food delivery market in Nigeria surged to $834.7 million in 2022, with projections from the International Market Analysis Research and Consulting (IMARC) Group foreseeing a substantial leap to $1,719.4 million by 2028, reflecting an impressive growth rate (CAGR) of 12.2% during 2023-2028.







<h2 class="wp-block-heading" id="h-homemade-by-eden-life-revolutionizing-culinary-experiences-through-tech">Homemade By Eden Life: Revolutionizing Culinary Experiences Through Tech</h2>



Eden Life, a tech startup founded in 2019 boasting $1.4 million in investor backing, recently unveiled Homemade by Eden Life, a home service solution designed to facilitate healthy living.



The brainchild of ex-Andela staffers Nadayar Enegesi, Prosper Otemuyiwa, and Silm Momoh, Eden Life secured funding from investors like EXPERT DOJO, Goodwater Capital, Village Global, and Google for Startups Accelerator: Black founders, Future Africa, Samurai Incubate, and Village Global.



In an interview with CNBC Africa, Firi Adoki, Eden Life&#8217;s food production lead, explains the strategic use of technology that propels Homemade to the forefront of the market in Lagos.



Adoki emphasizes the pivotal role of web and mobile apps: &#8220;Our apps enable us to move closer to our customers, offering on-demand or subscription services seamlessly.&#8221; The mobile app not only facilitates easy ordering but also sends timely reminders to subscription users, ensuring a worry-free experience, even for the busiest individuals.



One of Homemade&#8217;s key differentiators, according to Adoki, is its commitment to affordability without compromising on quality. She explains, &#8220;We offer a rotating menu with up to 40 meal combinations weekly, spanning diverse food categories. Our users enjoy this variety without the premium price tag attached elsewhere.&#8221; Additionally, Homemade provides nutritional information for each meal, empowering users to make informed choices aligned with their health goals, a service that usually comes at a premium but is offered for free by Homemade.



For busy professionals in cities like Lagos, Homemade&#8217;s customized subscription model becomes a culinary lifesaver. Adoki notes, &#8220;Users can explore a variety of home-cooked meals without juggling multiple service providers—a pain point for many with hectic schedules.&#8221;



To navigate industry challenges, Homemade continually refines its operations. Adoki states, &#8220;We focus on strengthening backend operations, ensuring proximity to quality suppliers to maintain affordability.&#8221; The company stays ahead by understanding market trends, implementing strategic buying, and unveiling innovative products like the recent beta launch for individuals with diabetes, offering consultation, meal plans, and delivery services tailored to their needs.



Looking to the future, Adoki envisions Homemade as a trailblazer in the intersection of culinary and technology. &#8220;We aim to release features that enhance user experiences across our diverse services, from events catering to office and individual subscriptions.&#8221; Homemade also plans to expand its distribution models to reach untapped audiences.



<h2 class="wp-block-heading" id="h-chowdeck-reengineering-food-delivery-in-lagos-bustling-business-landscape">Chowdeck: Reengineering Food Delivery In Lagos&#8217; Bustling Business Landscape</h2>



Founded in October 2021 and headquartered in Lagos, Chowdeck emerged as a leading on-demand food delivery service and marketplace. This innovative platform connects customers with their favorite meals from a diverse array of restaurants, offering a delivery experience in under 30 minutes.



Co-founded by Femi Aluko, former Principal Engineer at Paystack, Olumide Ojo, and Lanre Yusuf, Chowdeck&#8217;s leadership team brings a wealth of experience from the realms of African fintech and engineering.



At the core of Chowdeck&#8217;s mission is the empowerment of African restaurants to efficiently reach customers anytime, anywhere. The platform extends support to its restaurant partners, fostering growth that resonates in the success stories of the majority of establishments within its network while reporting the delivery of over 80,000 meals in the last six months across two major cities in Lagos.



“We are greatly impressed by Chowdeck’s rapid industry growth and its well-established reputation for consistently delivering exceptional customer experiences. As a customer-focused brand, it is crucial for us to align with partners who prioritize the customer at the core of their operations, particularly in addressing the last mile challenge,” says Kofi Abunu, managing director of Food Concepts Plc (owners of Chicken Republic), during the announcement of the restaurant’s integration into Chowdeck&#8217;s ecosystem as a new partner.



Chowdeck reportedly processes more than 800 deliveries daily with $156,000 monthly gross merchandise value (GMV) and $35,000 monthly revenue. Additionally, the startup is reportedly growing 42% month-over-month.



<h2 class="wp-block-heading" id="h-foodcourt-revolutionizing-lagos-culinary-landscape-through-virtual-restaurants">FoodCourt: Revolutionizing Lagos’ Culinary Landscape Through Virtual Restaurants</h2>



FoodCourt, formerly known as CoKitchen, founded in 2021, positions itself as a virtual restaurant company, having delivered over 350,000 meals.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="509" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-820x509.png" alt="" class="wp-image-429047" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-820x509.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-300x186.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-145x90.png 145w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-768x477.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt.png 1259w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Food Court Website | Image: Food Court</figcaption></figure>



Co-founded by Henry Nneji and Paul Adokiye Iruene with a mission to enhance accessibility to high-quality food and convenient goods, FoodCourt employs virtual restaurants and dark stores to address the unique challenges of the on-demand food delivery market.



“Consumer behavior is changing in Africa, and despite the rise of food delivery aggregator apps, there is still a massive amount of inefficiency in the food delivery space. We realized that all customers really wanted was good food and a seamless ordering experience,” Nneji, FoodCourt’s co-founder and CEO told Disrupt Africa.



Distinguishing itself by adopting a comprehensive full-stack approach, FoodCourt takes control of various aspects of the value chain, including technology, production, and delivery.



Bootstrapped initially, the startup participated in Y Combinator’s S22 Batch shortly after its launch, and since then has seen significant uptake. Around 65% of its monthly active users order at least twice a month, and some as much as 30 times in a single month. The startup reported revenues of $222,000 in August 2022.

food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64

Feeding The Future: Tech Innovations In Lagos’ Culinary Sector

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg" alt="" class="wp-image-422637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Ghana&#8217;s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen</figcaption></figure>



ACCRA, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s finance minister said on Wednesday in a budget speech that the economy was getting back on track, pointing to a smaller budget deficit than targeted so far this year and higher economic growth than last year.



The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency&nbsp;GHS=&nbsp;and rampant inflation.



The government of the gold, oil and cocoa producer turned to the International Monetary Fund for financial support last year as it was locked out of international capital markets.



Finance Minister Ken Ofori-Atta told lawmakers on Wednesday that Ghana had recorded an overall budget deficit of 3.0% of gross domestic product (GDP) over January-August, better than a targeted deficit of 4.6% of GDP.



He said real GDP growth had averaged 3.2% in the first half of this year, an improvement on 2.9% growth in same period in 2022.



The central bank had bought gold worth more than $1 billion to boost its reserves since it launched a gold-for-reserves programme, he added.



For 2024, Ghana is targeting GDP growth of at least 2.8%, a year-end inflation rate of 15% from more than 35% in October this year&nbsp;GHCPIY=ECI&nbsp;and a primary budget surplus of 0.5% of GDP.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Sofia Christensen; Editing by Alexander Winning and Bate Felix)

Ghana’s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra

Ghana’s economy getting back on track, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-820x615.jpg" alt="" class="wp-image-429028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers check out at the cash register in a mall in Abuja, Nigeria, September 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigerian inflation rose for the tenth month in a row in October, increasing pressure on the new central bank governor to raise interest rates when the monetary policy committee meets for the first time since his appointment.



Consumer inflation rose to 27.33% year on year in October from 26.72% in September, its highest in about 18 years, data from the National Bureau of Statistics showed.



Olayemi Cardoso took over as governor of Nigeria&#8217;s central bank in September, after Godwin Emefiele was suspended earlier in the year.



Cardoso has pledged to pull the bank back from much-criticised fiscal interventions pursued by Emefiele that undermined the central bank&#8217;s ability to effectively manage inflation. Instead the central bank will take a &#8220;more limited advisory role&#8221; in support of the government&#8217;s economic growth agenda, Cardoso said.



Price rises for food and non-alcoholic beverages were the biggest driver of inflation in October in annual terms, the statistics bureau said.



Food inflation, which accounts for the bulk of Nigeria&#8217;s inflation basket, rose to 31.52% in October from 30.64% in September.



Inflation in Africa&#8217;s biggest economy and most populous nation has been in double digits since 2016, eroding incomes and savings.



&#8220;We are reaching almost four months since the central bank&#8217;s last policy meeting in July, a meeting which underwhelmed,&#8221; said David Omojomolo, Africa economist at research firm Capital Economics.



&#8220;The central bank will need to act with aggressive hikes to maintain its credibility and bring down inflation,&#8221; he said.



At the July monetary policy meeting, the central bank opted for a smaller-than-expected 25 basis point hike, saying it preferred a moderate increase to anchor inflation expectations while continuing to support investment.



President Bola Tinubu, who has embarked on some of Nigeria&#8217;s boldest reforms in decades, has been under pressure from labour unions as some of those reforms have contributed to price pressures.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Toby Chopra)

Customers check out at the cash register in a mall in Abuja

Nigeria inflation rises further in October, upping pressure on new central bank head

<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/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg" alt="" class="wp-image-428991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-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 14 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a &#8220;multi-billion dollar infrastructure finance facility&#8221; to help build ports and power plants, his spokesperson said on Tuesday.



Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn&#8217;t provide further details of the finance package sought by the Nigerian government.



&#8220;We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities,&#8221; Tinubu said in the statement.



&#8220;These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent,&#8221; he said.



On Friday, Nigeria agreed to a series of investments and cooperation deals with Saudi Arabia, including a pledge by the Saudi government to make a &#8220;substantial deposit&#8221; of foreign exchange to help boost Nigeria&#8217;s forex liquidity.



Under Tinubu, Nigeria has embarked on its boldest reforms in decades, ending a costly petrol subsidy and restrictions on foreign currency trading as part of measures to boost economic growth.



Tinubu, who was sworn into office in May, has pledged to revive the economy fraught with sluggish growth, double-digit inflation, foreign currency shortages, and widespread insecurity and crude oil theft.



Muhtar said the IsDB is ready to work with the government to support big investments in Nigeria, which is expected to get a &#8220;significant share&#8221; of a $50 billion Africa investment fund announced by the bank in cooperation with the Arab Coordination Group.



The Jeddah, Saudi Arabia-based IsDB is a multilateral development bank that provides financing for infrastructure and other development projects in Muslim-majority countries.



(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Christina Fincher)

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

Nigeria in talks with Islamic bank for infrastructure finance

<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/GettyImages-1581510610-820x547.jpg" alt="" class="wp-image-428983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NIAMEY, NIGER &#8211; AUGUST 06: A coup supporter raises the flag of Niger during a demonstration at a stadium in the capital city of Niger, Niamey on August 6, 2023. The 7-day deadline given by Economic Community of West African States (ECOWAS) to the military junta on July 30 for the release and reinstatement of President Mohamed Bazum will expire before midnight. (Photo by Balima Boureima/Anadolu Agency via Getty Images)</figcaption></figure>



DAKAR, Nov 14 (Reuters) &#8211; Niger has missed payments on interest and capital totalling 187.136 billion ($304 million) CFA francs since a July coup and its suspension from regional financial markets, data from the West African regional debt management agency showed on Tuesday.



The West African monetary union debt management agency UMOA Titres said in a statement on Tuesday that the country had missed another interest payment of around 2.464 billion CFA francs ($4 million) on its debt.



&#8220;This payment incident occurs in a context where the State of Niger is subject to sanctions taken against it by the conference of heads of state and government of the West African Economic and Monetary Union,&#8221; the agency said.



Niger has been suspended from the regional financial market, and the regional central bank by the Economic Community of West African States (ECOWAS) and the West African monetary union following a military coup in July that ousted President Mohamed Bazoum.



ECOWAS has imposed severe economic and financial sanctions on the junta, including cutting off its access to the state&#8217;s accounts with the regional central bank, and has threatened to use force to restore constitutional rule.



($1 = 615.5300 CFA francs)



(Reporting by Bate Felix; Editing by Andrew Heavens and Bernadette Baum)

Demonstration of coup supporters in Niger

Niger debt default reaches $304 million due to sanctions- agency

<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/GYBDMAWD7JPHZNI5FAKUIQVG7A-820x547.jpg" alt="" class="wp-image-428965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GYBDMAWD7JPHZNI5FAKUIQVG7A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Leader of Liberia&#8217;s ruling party Coalition for Democratic Change(CDC), President and former soccer player George Weah, speaks to the press after casting his vote during the presidential elections in Monrovia, Liberia, October 10, 2023. REUTERS/Carielle Doe</figcaption></figure>



MONROVIA, Nov 14&nbsp;&#8211;&nbsp;Liberians&nbsp;started voting early on&nbsp;Tuesday in a runoff election between President George Weah and former vice president Joseph Boakai,&nbsp;who were&nbsp;neck-and-neck in the first round&nbsp;of voting but&nbsp;below the 50% needed to secure an outright victory.



Former soccer star Weah won 43.83% of the vote, against Boakai&#8217;s 43.44% &#8211; a razor-thin margin that has raised expectations of a closely fought second round.



A Reuters reporter saw queues of people at five polling stations in the capital Monrovia.



&#8220;We want to thank all Liberians who left their bed this morning. Stay on the line and vote,&#8221; the head of the national elections commission, Davidetta Browne-Lansanah, told state radio.



Incumbent&nbsp;Weah has&nbsp;asked voters for more time to make good on his first-term promises to root out corruption and improve livelihoods. The West African nation is still suffering the fallout from two civil wars between 1989 and 2003, and the 2013-16 Ebola epidemic that killed thousands of people.



Meanwhile Boakai has campaigned on the need to rescue the nation from what he calls mismanagement by Weah&#8217;s administration, which has been dogged by graft scandals.



Both Weah and Boakai have received endorsements from candidates who lost in the first round.



A key point will be who the 6% of voters whose ballots were invalidated in the first round favour in the run-off.



Although generally peaceful, the electoral period saw a few clashes between rival factions, and any alleged irregularities in the second round could potentially fuel unrest.



The economy grew 4.8% in 2022, driven by gold production and a relatively good harvest, but more than 80% of the population still face moderate or severe food insecurity, the World Bank said in July.



(Writing by Alessandra Prentice and Anait Miridzhanian; Editing by Hugh Lawson and Bernadette Baum)

FILE PHOTO: Presidential elections in Liberia

Liberians vote in tight presidential run-off

Nestled within Lagos, Nigeria&#8217;s largest city, is a side often overshadowed by skyscrapers and markets. Beyond the urban beat lie spaces for ecotourism enthusiasts, offering sustainable adventures and untamed natural beauty.



In the city&#8217;s heart, wildlife conservation efforts testify to the preservation of ecological treasures. Green environments and protected habitats reveal diverse species thriving, weaving a narrative of coexistence between the city and its wild inhabitants.



Lagos&#8217; ecotourism potential isn&#8217;t just an environmental testament; it&#8217;s a thriving economic force. Statista forecasts a $3.4 billion direct tourism contribution to Nigeria&#8217;s Gross Domestic Product (GDP) from Lagos in 2026. This underscores the city&#8217;s appeal to conscientious travelers and highlights the economic vitality of sustainable tourism practices.



Sustainable initiatives and natural attractions are transforming the city into a haven for eco-conscious travelers. From pristine beaches to urban green spaces, businesses are capitalizing on the demand for eco-friendly experiences while preserving the environment.



CNBC Africa highlights key ecotourism destinations in Lagos, where every step taken is a stride towards a greener, more harmonious future.



<h2 class="wp-block-heading" id="h-preserving-nature-s-balance-exploring-lekki-conservation-centre">Preserving Nature&#8217;s Balance: Exploring Lekki Conservation Centre</h2>



At the Lekki Conservation Centre (LCC), tourists traverse elevated canopy walkway, witnessing diverse bird species, and grasp the delicate balance of nature. As mentioned in multiple reports, the longest canopy walkway in Africa draws thousands, emphasizing the site&#8217;s allure. The 401-metre-long canopy walkway features six towers that rise over 22 feet each.



The Nigerian Conservation Foundation (NCF), a non-governmental organization dedicated to nature conservation and sustainable development, established the LCC in 1990. The LCC spans 78 hectares at the heart of Lagos – Lekki, a peninsula known for its upscale neighborhoods, beaches, and real estate developments. The management practices at the LCC include the availability of tour guides, parking space, security, and entrance.



“I found myself immersed in a lush haven of nature, surrounded by towering trees and diverse wildlife. The canopy walkway offered a thrilling adventure, providing panoramic views of the expansive surroundings. The serene atmosphere, coupled with informative signage, created an educational and enjoyable experience. It left me with lasting memories of the natural beauty,” Dayo Mustapha, a Nigerian web developer, shares with CNBC Africa.



<h2 class="wp-block-heading" id="h-epe-mangrove-navigating-nature-s-tranquil-tapestry-and-cultural-legacy">Epe Mangrove: Navigating Nature’s Tranquil Tapestry And Cultural Legacy</h2>



Located approximately 96km east of Lagos, the Epe mangrove spans from the Lekki-Ibeju axis to Epe town, located on the north side of the Lekki Lagoon. Tourists often begin exploration across the Ibeju Tow, in the grey-green waters of the mangrove, navigating the shallow creek with its shore-hugging waters and thriving mangrove forests at about 16ft deep. These coastal wonders, situated along river banks and lagoons, boast an elevation of 105 metres above sea level.



Epe, known as the fish basket of Lagos State, is adorned with a giant fish sculpture at Lekki-Epe T-Junction. The locals, heavily reliant on fishing, gather shrimp, oysters, shellfish, and more, bringing their bounty to the fish market located 13km from the mangrove.



Tourists are able to immerse themselves in the tranquility of the Epe Mangrove as towering trees form a serene canopy, providing a habitat for diverse bird species. Navigable water channels serve as an invitation to explore this natural wonder by boat.



Beyond its scenic allure, Epe Mangrove holds cultural significance. Engaging with local guides provides discovery about the traditional uses of mangrove resources and their crucial role in sustaining nearby communities&#8217; livelihoods.



&#8220;Navigating the intricate waterways surrounded by towering mangrove trees was a serene escape from bustling urban life. The air was filled with soothing sounds of nature – chirping birds, rustling leaves, and the gentle lapping of water against the boat. It also presented an opportunity to engage in adventurous activities,&#8221; Moses Adeolubodun, a Nigerian realtor, shares with CNBC Africa.&nbsp;



<h2 class="wp-block-heading" id="h-tarkwa-bay-s-coastal-gems-and-community-involvement">Tarkwa Bay&#8217;s Coastal Gems And Community Involvement</h2>



Tarkwa Bay, accessible only by boat or water taxis due to its island status, exemplifies a commitment to maintaining pristine coastal areas. Swimmers and water sports enthusiasts revel in the clean shores, appreciating the city&#8217;s waste management and environmental education programs.



Situated on an island near the Lagos harbor, Tarkwa Bay is an artificial, sheltered beach with a welcoming resident community, setting an example as an eco-conscious destination. Visitors can indulge in sunbathing, unwind on the clean shores, and appreciate its beauty.



<h2 class="wp-block-heading" id="h-badagry-s-cultural-and-historical-riches">Badagry&#8217;s Cultural And Historical Riches</h2>



Badagry, an ancient city, recently hosted the &#8216;Fourth Door of Return&#8217; programs, reuniting diaspora Africans with their roots. With attractions like Whispering Palms Beach and the Slave Port, Badagry showcases Lagos&#8217; rich historical and cultural tapestry.



Despite the sombre past of the transatlantic slave trade, Badagry has transformed into a resilient community, preserving its heritage while embracing new possibilities for economic growth.



“What Bagadry has, no place in the world has it. Door of Return is going to be the biggest tourism event from Badagry, Lagos and Nigeria,&#8221; says the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa during the press briefing ahead of the programs.



Governor of Lagos State Babajide Sanwo-Olu, after the programs’ conclusion, reiterated the state&#8217;s &#8220;dedication to transforming Lagos State into a global tourism by focusing on making Badagry, in particular, a preferred destination for tourists.&#8221;



<h2 class="wp-block-heading" id="h-omu-resort-a-wonderland-of-adventure">Omu Resort: A Wonderland Of Adventure</h2>



A world of adventure awaits tourists at Omu Resort, located in the heart of Bogije, Ibeju Lekki, just 30 minutes beyond Ajah — an area rapidly gaining popularity in Lagos.



Since 2014, this 22-hectare haven has offered visitors a diverse range of rides, including the gravity-defying Pendulum Ride and the laughter-inducing Rainbow Slide.



In a serene neighborhood, the resort is bordered to the North by the crystal-clear waters of Omu Creek. Tourists are also treated to the wonder of the animatronic dinosaurs and new additions to the animal family, enhancing the overall experience of the site.



The space blends leisure and commerce, offering a multifaceted experience for both locals and tourists alike.

Omu Resort offers a haven for rides gaining popularity in Lagos (1)

Ecotourism Marvels: The Green Horizons Of Lagos

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-820x590.jpg" alt="" class="wp-image-428788" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MCDMHXO42NKDXGY53Q62NDMHBI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Nov 6 (Reuters)&nbsp;&#8211;&nbsp;A Nigerian court on Monday ordered that former central bank governor Godwin Emefiele, who has been in detention for three months, be unconditionally released or that the government produce him in court on Wednesday for a bail hearing.



Emefiele has been in detention since June 10, charged with procurement fraud, but his trial has stalled since August when the Department of State Services failed to present him in court to enter a plea.



The former central bank chief was not present in court for his bail hearing on Monday prompting Judge Olukayode Adeniyi to demand that the Attorney General of the Federation and the Economic and Financial Crimes Commission (EFCC) release him or bring him to court in two days.



Emefiele was initially detained by the Department of State Services (DSS) but the EFCC, a government anti-corruption agency, said on Monday he had now been in their custody for a week.



Emefiele, who has not commented publicly on the case, was suspended by President Bola Tinubu on June 9 and was arrested a day later by the DSS.



He resigned in August, paving the way for the appointment of new central bank governor Olayemi Cardoso in September.



(Reporting by Camillus Eboh; Editing by Alison Williams)

Nigeria’s Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja

Nigerian court orders release or bail hearing for ex-central bank head

<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/HV3OXVMTAJNSBPE3ZZLYUIZMTM-820x547.jpg" alt="" class="wp-image-428778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo</figcaption></figure>



ABUJA, Nov 6 (Reuters) &#8211; Nigeria&#8217;s naira firmed to 1,000 per dollar on the black market on Monday, online platform abokiFX showed, recovering from a record low of 1,300 naira, after the central bank started to clear outstanding currency forwards owed to banks.



The naira has hit successive record lows on the black market, where it trades freely, as excess demand on the official market gets funnelled to the unofficial market.



The central bank last week said it had started clearing outstanding foreign currency forwards owed to banks, with banking sources saying an initial payment of $1 billion had been made. The naira has been under pressure from past due obligations.



The naira crossed the 1,000 naira mark on the black market on Sept. 26, the day newly-appointed central bank governor Olayemi Cardoso appeared before the Nigerian senate for his confirmation hearing.



The central bank has not intervened on the official market since October, helping accelerate the naira&#8217;s slide on the black market.



The currency hit a record low of 1,300 naira per dollar on the black market, a month after it crossed the 1,000 naira mark, amid thin trading volumes on the parallel market and dollar shortages on the official market.



Nigeria lifted restrictions on trading the currency on the official market in June, to the delight of investors, but the expected dollar inflow is yet to materialise, sending the naira tumbling.



Cardoso has said the naira will adjust once rules for market participants are made clear. Finance Minister Wale Edun has said Nigeria is expecting $10 billion in foreign currency inflows in weeks to improve foreign exchange market liquidity.



On the official market, the naira was trading at 884.53 to the dollar at 1200 GMT.



(Reporting by Chijioke Ohuocha; Editing by Mark Potter)

Nigeria’s naira firms on black market, central bank settles FX forwards

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-820x615.jpg" alt="" class="wp-image-428696" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-1536x1151.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WJU3YXOKM5J2TD2HJQTQRK2VFI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Aerial view shows Lake Kivu and the skyline of the city of Goma, North Kivu province, Democratic Republic of the Congo October, 21, 2023. REUTERS/Arlette Bashizi</figcaption></figure>



LONDON, Nov 2 (Reuters)&nbsp;&#8211;&nbsp;Yilport Holding will buy a controlling 35% stake in the operator of Ghana&#8217;s Takoradi port from Africa Finance Corporation (AFC), the two parties said on Thursday.



AFC did not disclose the value of the deal, but said it exited its $138 million investment in Atlantic Terminal Services Limited at a double digit return.



It cited the deal, which expands Yilport&#8217;s first foothold in Africa after an initial investment in Takordi in January, as an example of its ability to attract third-party capital and de-risk investment in African infrastructure.



&#8220;This serves as a strategic gateway for us to establish our presence in the African market,&#8221; Robert Yuksel Yildirim, Yilport&#8217;s chief executive, said in a statement.



Yilport Holding is a subsidiary of Amsterdam and Istanbul-based Yildirim Group.



The Takoradi investment marks Yilport&#8217;s first competition with the likes of DP World, the Dubai firm that has been investing in a string of ports across Africa in recent years.



In 2021, DP World announced a plan to jointly invest up to $1.72 billion in logistics infrastructure in Africa with CDC Group, Britain&#8217;s development finance agency.



Takoradi, a seaport in Ghana&#8217;s western region, serves as a gateway between west and central Ghana and neighbouring landlocked countries through a container and multipurpose terminal at the port. Yilport said it would make the port a logistics and trading hub for the region.



Ibistek and Ghana Ports &amp; Harbours Authority will remain the other stakeholders in Takoradi, with 19% and 30% respectively.



(Reporting by Libby George; Editing by Alexander Smith)

Aerial view shows Lake Kivu and the skyline of the city of Goma

Yilport takes controlling stake in Ghana’s Takoradi port operator

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-820x547.jpg" alt="" class="wp-image-428615" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/HJI2YRMBIRMIVPIX75IA7MESLQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street vendor is pictured next to a campaign poster of Atiku Abubakar, leader of the People&#8217;s Democratic Party (PDP) in Lagos, Nigeria, February 12, 2019. Picture taken February 12, 2019. REUTERS/Luc Gnago/File Photo&nbsp;</figcaption></figure>



ABUJA, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s main opposition leader Atiku Abubakar said on Monday last week&#8217;s Supreme Court decision&nbsp;affirming&nbsp;President Bola Tinubu&#8217;s election win would erode trust in elections and called for changes to the electoral laws to improve transparency.



The country&#8217;s top court rejected a challenge by Atiku and Peter Obi, who came second and third in the vote, slamming the door on any legal challenge against Tinubu, who says he won fairly.



Reacting to the judgment for the first time, Atiku told reporters the court&#8217;s decision would lead to &#8220;the erosion of trust in the electoral system and our democracy&#8221;.



He criticised the judges for refusing to admit new evidence he said showed Tinubu had used a fraudulent university certificate to contest, which the president denies.



&#8220;As for me and my party this phase of our work is done. However, I am not going away,&#8221; the 76-year-old Atiku said, hinting he may not be ready to retire from active politics.



Atiku, a former vice president between 1999-2007, said Nigeria&#8217;s electoral laws should be amended, including making electronic voting mandatory and requiring a candidate for president to garner more than 50% of the vote to win.



In Nigeria, a candidate only requires a simple majority and at least 25% of the votes in three quarters of the country&#8217;s 36 states to be declared president.



The Supreme Court judgment followed a pattern seen in previous presidential elections that have been challenged in court. None of the attempts to overturn results through the courts has been successful.



(Reporting by Camillus Eboh, editing by Ed Osmond)

HJI2YRMBIRMIVPIX75IA7MESLQ-1

Nigeria’s Atiku says court ruling will erode trust in elections

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/download-23.jpg" alt="" class="wp-image-412705" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/download-23.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/download-23-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/download-23-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/download-23-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo</figcaption></figure>



ABUJA, Oct 27 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s naira&nbsp;NGN=D1&nbsp;is on the brink of breaching 1,000 per dollar after falling to an official record low of 999 last week, Refinitiv data showed, tracing its weakness on the unofficial market where it trades freely.



President Bola Tinubu removed Nigeria&#8217;s foreign currency controls in June in a bid to get transactions flowing through the official market again to help unify the naira&#8217;s exchange rates.



But that has only fuelled the currency&#8217;s weakness and added to inflationary pressures.



Here is what you need to know about the naira.



<h2 class="wp-block-heading" id="h-why-is-the-naira-falling">WHY IS THE NAIRA FALLING?</h2>



The central bank has a backlog of accumulated forex demand on the official market, which effectively forces individuals and businesses to head to the black market if they need dollars.



But dollar flows to Nigeria have been falling in the last few years due to declining investment and lower exports of crude oil, which account for more than 90% of the country&#8217;s export income.



Investors cheered when Tinubu lifted the currency controls, hoping a unified exchange rate would make it easier to access foreign currency, but that is yet to happen.



<h2 class="wp-block-heading" id="h-how-big-is-the-foreign-currency-backlog">HOW BIG IS THE FOREIGN CURRENCY BACKLOG?</h2>



Nigeria has nearly $7 billion in forex forwards that are past due, which corporates bought from local banks. Banks then repaid foreign credit lines with their own funds when the central bank did not pay out.



That means corporates are unable to get new letters of credit, while the banks are owed dollars. New central bank governor Yemi Cardoso said clearing the backlog was a priority but he gave no timeline for how long it would take.



Some analysts say the forward agreements could be rolled over by 24 to 36 months, giving the central bank more time to find the dollars to pay off the corporates.



<h2 class="wp-block-heading" id="h-how-big-are-nigeria-s-forex-reserves">HOW BIG ARE NIGERIA&#8217;S FOREX RESERVES?</h2>



The country&#8217;s forex reserves fell to $33.5 billion in September from $37 billion in January, central bank data shows.



In August, the central bank published audited accounts for the first time since 2018, and revealed that its reserves included a $19 billion commitment in derivatives &#8211; slashing the liquid amount of the reserves.



JPMorgan calculated that the country&#8217;s net FX reserves stood at $3.7 billion as of the end of 2022, &#8220;significantly lower&#8221; than prior estimates.



Nigeria&#8217;s crude excess account only has $473,755, the National Economic Council said in August, down from a peak of $20 billion in 2008, after successive governments withdrew dollars to support the naira and budget spending.



<h2 class="wp-block-heading" id="h-will-the-central-bank-restore-forex-open-positions">WILL THE CENTRAL BANK RESTORE FOREX OPEN POSITIONS?</h2>



Nigerian banks are not allowed to have open positions on the dollar, meaning that they cannot buy forex for their own account from the market or speculate on the value of the currency.



Banks use their open net positions on foreign currency to finance short-term trade lines without resorting to the central bank for bidding. That means banks &#8220;make the market&#8221; for dollars and provide two-way quotes for buying and selling the currency, effectively creating a fully functioning forex market.



A trader said if banks were allowed to make the market on the dollar, the local currency could weaken further because they would sell to customers at rates determined by demand and supply.



Nigeria&#8217;s 2024 budget assumes a benchmark exchange rate of 700 naira to the dollar. The finance minister says the parallel market rate of 1,300 naira does not reflect the true value of the local currency.



&#8220;Given that the naira remains much weaker on the parallel market, further devaluations – and rises in inflation – are likely,&#8221; Capital Economics said in a research note.



(Reporting by Chijioke Ohuocha, Editing by MacDonald Dzirutwe and Hugh Lawson)

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What is pushing the Nigerian naira to record lows?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-820x576.jpg" alt="" class="wp-image-425831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja//File Photo</figcaption></figure>



ABUJA, Oct 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Supreme Court on Thursday upheld President Bola Tinubu&#8217;s election win, bringing to an end a legal challenge brought by his two main rivals, who argued that his victory was marred by irregularities.



The ruling will give the 71-year-old Tinubu a clear mandate to govern Africa&#8217;s most populous nation, which is grappling with double-digit inflation, foreign currency shortages, a weakening naira, widespread insecurity and crude oil theft.



Nigeria returned to democracy in 1999 after three decades of almost uninterrupted military rule, but accusations of ballot-rigging and fraud have followed its electoral cycles.



The judgment by seven Supreme Court judges, which is final, follows a pattern seen in previous presidential elections that have been challenged in court. None of the attempts to overturn results through the courts has been successful.



Atiku Abubakar of the People&#8217;s Democratic Party and Peter Obi of the Labour Party came second and third respectively in the February vote, but rejected the result and called for Tinubu&#8217;s win to be annulled.



The two opposition leaders had appealed a Sept. 6 tribunal judgment that endorsed Tinubu&#8217;s victory.



In the appeal, they argued that the electoral commission failed to electronically transmit results from polling stations to an online portal, which undermined their authenticity.



They also said Tinubu had won less than 25% of the vote in the federal capital Abuja so he did not meet the legal threshold to become president.



The judges dismissed all their arguments.



&#8220;There is no merit in this appeal, and it is hereby dismissed,&#8221; said Supreme Court judge John Okoro.



The court also rejected Atiku&#8217;s bid to introduce new evidence that alleged Tinubu had submitted a forged university certificate to the electoral agency. Tinubu had denied this.



(Reporting by Camillus Eboh and MacDonald Dzirutwe; Editing by Estelle Shirbon and Sharon Singleton)

FILE PHOTO: Nigeria’s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

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