<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, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Supreme Court will rule on Thursday whether to uphold President Bola Tinubu&#8217;s disputed election victory, a court notice showed on Wednesday, after two of his main contenders challenged the decision of a lower court last month.



Atiku Abubakar of the People&#8217;s Democratic Party and Peter Obi of the Labour Party, who came second and third respectively in the February vote, allege that the election was marred by irregularities.



The Supreme Court is the highest court in Africa&#8217;s most populous nation, and its decision will be final.



No legal challenge to the outcome of a presidential election has succeeded in Nigeria, which returned to democracy in 1999 after three decades of almost uninterrupted military rule and has a history of electoral irregularities.



Abubakar and Obi on Monday asked the Supreme Court to quash a Sept. 6 tribunal decision upholding Tinubu&#8217;s win, in a last bid to overturn a result widely accepted by the international community.



The Supreme Court has 60 days to pass judgment on the tribunal ruling.



Lawyers for Atiku and Obi told the Supreme Court the tribunal erred when it declared that it was not mandatory for the electoral agency to electronically transmit results from polling stations even though it had promised to do this.



They also argued that Tinubu did not score 25% of the vote in the federal capital Abuja, which meant he did not meet the legal threshold to be declared winner.



Under Nigeria&#8217;s electoral law, a presidential candidate is deemed to have won if he or she gets no less than a quarter of the votes cast in at least two-thirds of all the 36 states and Abuja.



The provision has been interpreted differently by the opposition and Tinubu&#8217;s lawyers.



The opposition says a successful candidate should get 25% of the vote in three quarters of the states and the same in Abuja, while Tinubu argued that the 25% refers to the states and Abuja combined.



(Reporting by MacDonald Dzirutwe; Writing by Chijioke Ohuocha; Editing by Alexander Winning and Emelia Sithole-Matarise)

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

Nigeria’s top court to rule on presidential election challenge on Thursday

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-820x539.jpg" alt="" class="wp-image-428505" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Oct 24 (Reuters) &#8211; Nigeria is aiming to reduce the number of taxes levied by federal and state governments from more than 60 to fewer than 10, the head of a tax reform committee said on Tuesday, part of changes to make it easier to conduct business and to boost revenues.



Africa&#8217;s biggest economy, Nigeria, has a tax-to-GDP ratio of 10.8%, one of the world&#8217;s lowest, forcing the government to rely on borrowing to fund its national budget.



Investors often cite Nigeria&#8217;s many taxes and multiple revenue collection agencies for adding to the cost of doing business and discouraging investment.



Taiwo Oyedele, President Bola Tinubu&#8217;s advisor on tax reform, told reporters that Nigeria has over 60 official taxes and levies collected by federal and state governments and local authorities, mandated by law.



Including unofficial taxes &#8211; taxes that agencies legally or illegally levy without the backing of law &#8211; Nigeria has more than 200 taxes, Oyedele said, adding that the large number was &#8220;making life difficult for our people.&#8221;



&#8220;The more taxes you have, actually, the less revenue you collect because it just creates the opportunity for leakages and some non-state actors collecting money and keeping it to themselves,&#8221; he said.



Oyedele said part of the reforms would see changes to the constitution to clarify which level of government should collect particular taxes.



Some states like Lagos, which generates the most tax revenue, passed laws last year designed to allow state governments to collect value-added tax rather than a federal agency, causing a dispute with the federal government that is before the courts. (Reporting by MacDonald Dzirutwe; Editing by Rod Nickel)

FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria aims to cut number of taxes to fewer than 10 – official

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg" alt="" class="wp-image-403037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b.jpg 1023w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



SINGAPORE, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Ghana is looking to boost its oil and gas production by selling more exploration rights, aiming to avoid leaving valuable fossil fuels in the ground and generate revenue to fund its energy transition, a Ghanaian official said on Tuesday.



The West African country is suffering its worst economic crisis in generations and has been seeking investors from countries such as the United States, China and India for its oil and gas sectors.



&#8220;For any investor to look at a temporary hiccup as a basis for decisions in Ghana I think would be making a mistake,&#8221; said Andrew Kofi Egyapa Mercer, deputy minister at Ghana&#8217;s energy ministry, in an interview with Reuters on the sideline of a conference during the Singapore International Energy Week.



&#8220;Post Russia, we have all recognise the need for energy security. And it&#8217;s important that we are not caught pants down,&#8221; he added, referring to Russia&#8217;s invasion of Ukraine.



Mercer said Ghana is marketing oil and gas blocks including both new acreages and fields relinquished by ExxonMobil.



&#8220;The plan really is that we do not intend to get any of our assets stranded. (As) all the commitments that the West with respect to the Paris agreements have never been met, so it&#8217;s important for us to fund our own transition or at least a significant part of it,&#8221; said Mercer, referring to international agreements on combatting global warming.



Currently, Ghana produces 160,000-170,000 barrels-per-day (bpd) of crude oil and about 325 million standard cubic feet per day (scfd) of natural gas, he said.



Sankofa, a major gas field in Ghana and part of the Offshore Cape Three Points (OCTP), has boosted gas output to 235 million scfd from 210 million scfd after some enhancement programmes, he added.



&#8220;We are looking to get to 250 million scfd,&#8221; said Mercer, adding Sankofa&#8217;s expansion plan was expected to be submitted to the Ministry of Energy in January or February next year. &#8220;That is a significant milestone for us.&#8221;



Mercer also said African Finance Corp had secured approval to develop the Pecan field project, which will churn out 80,000 bpd of oil. The final investment decision is expected in the first quarter of 2024, with production starting in 2025-2026, he said.



Ghana is also looking to increase clean energy in its power generation mix and export more electricity to neighbouring countries, he said.



Currently, about 60% of Ghana&#8217;s power is generated from natural gas, 5% from heavy oil and the rest is hydropower and solar.



(Reporting by Muyu Xu and Florence Tan; Editing by Mark Potter)

2770193028_68edc662a9_b

Ghana looks to market more oil and gas blocks

<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/SXAQKAVSKBOUDIV2WJWWIWAOQY-820x547.jpg" alt="" class="wp-image-428441" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">World Bank President Ajay Banga speaks on the second day of the annual meeting of the International Monetary Fund and the World Bank, following last month&#8217;s deadly earthquake, in Marrakech, Morocco, October 10, 2023. REUTERS/Susana Vera</figcaption></figure>



LONDON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nigeria on Monday won its bid to overturn an $11 billion damages bill for a collapsed gas processing project it said was procured by a concerted campaign of bribery.



The West&nbsp;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.



Process &amp; Industrial Developments (P&amp;ID) was awarded a 20-year contract in 2010, to construct and operate a gas processing plant in southern Nigeria, as part of a wider plan to exploit Nigeria&#8217;s abundant reserves of gas.



After the deal collapsed, P&amp;ID took Nigeria to arbitration in London and in 2017 was awarded $6.6 billion for lost profits – a sum which has swelled with interest to over $11 billion, representing ten times the country&#8217;s 2019 health budget.



However, Nigeria&#8217;s lawyers say the country was the victim of &#8220;a campaign of bribery and deception&#8221; by P&amp;ID, which they say paid bribes to senior officials to obtain the contract and then corrupted the country&#8217;s lawyers to obtain confidential documents during the arbitration.



P&amp;ID denied that it procured the contract through bribery or that it corrupted Nigeria&#8217;s legal team during the arbitration, blaming the failure of the gas deal and the country&#8217;s arbitration defeat on institutional incompetence.



Judge Robin Knowles allowed Nigeria&#8217;s challenge in a written ruling on Monday.



(Reporting by Sam Tobin, Editing by Kylie MacLellan)

Second day of the International Monetary Fund and the World Bank meeting in Marrakech

Nigeria wins bid to overturn $11 billion bill for collapsed 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/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-820x547.jpg" alt="" class="wp-image-428431" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/RJUL736CIBMWRICRDSGJHBJ5IE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell speaks during a news conference in Beijing, China October 14, 2023. REUTERS/Xiaoyu Yin/File Photo</figcaption></figure>



BRUSSELS, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;European Union countries on Monday adopted a framework to impose sanctions on members of a junta that seized power in Niger in July.



The new framework will allow the EU to sanction individuals and entities responsible for actions that threaten the peace, stability and security of Niger, undermine the constitutional order, or constitute serious violations to human rights or international humanitarian law, the EU Council said.



With this, the EU aims to mirror and strengthen any measures taken by the West&nbsp;African regional body ECOWAS.



&#8220;The EU has from the very beginning condemned the coup d&#8217;état in Niger in the strongest terms,&#8221; EU foreign policy chief Josep Borrell said.



&#8220;With today&#8217;s decision, the EU strengthens its support to ECOWAS&#8217; efforts and sends a clear message: military coups bear costs.&#8221;



With the restrictive measures, the EU could freeze assets of targeted entities and individuals and hand them travel bans.



This is a developing story&#8230;



(Reporting by Bart Meijer; Editing by Bernadette Baum)

High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell speaks during a news conference in Beijing

EU agrees on framework for Niger sanctions

<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/GettyImages-1251769072-820x547.jpg" alt="" class="wp-image-428375" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo via Getty Images</figcaption></figure>



Africa, with its rich tapestry of cultures, traditions, and histories, has always been a cradle of inspiration for the world. Over the past few decades, the continent has started to garner more international attention not just for its traditional styles but for its modern, avant-garde fashion trends. In particular, Johannesburg, Lagos, and Dakar, have emerged as the epicenters of this fashion renaissance, paving the way for African designers to shine on the global stage.



<h2 class="wp-block-heading" id="h-1-johannesburg-south-africa-a-fusion-of-modernity-and-tradition">1. Johannesburg, South Africa: A Fusion of Modernity and Tradition</h2>



In the heart of South Africa, Johannesburg pulses with the energetic rhythm of urbanization, economic growth, and cultural exchange. Here, the fashion scene is characterized by a harmonious blend of African heritage with contemporary designs.



<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/GettyImages-1252795879-820x547.jpg" alt="" class="wp-image-428374" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JOHANNESBURG, SOUTH AFRICA &#8211; MAY 06: A mannequin makes preparation ahead of Soweto Fashion Week in Soweto district of Johannesburg, South Africa in May 06, 2023. (Photo by Ihsaan Haffejee/Anadolu Agency via Getty Images)</figcaption></figure>



High-end shopping districts like Sandton City and Maboneng Precinct showcase this mix, with boutique stores offering everything from bead-embellished evening gowns to chic, urban streetwear.



Prominent designers like David Tlale and Rich Mnisi have represented Johannesburg in major international fashion weeks. Their designs often narrate a story of the South African experience, combining modern aesthetics with elements inspired by traditional African motifs.



<h2 class="wp-block-heading" id="h-2-lagos-nigeria-the-pulse-of-pan-african-fashion">2. Lagos, Nigeria: The Pulse of Pan-African Fashion</h2>



Lagos, often dubbed the &#8216;New York of Africa&#8217;, is the beating heart of the continent&#8217;s fashion scene. The city&#8217;s influence transcends Nigeria, making ripples throughout Africa and across oceans.



<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/GettyImages-1350638169-820x547.jpg" alt="" class="wp-image-428376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">LAGOS, NIGERIA &#8211; OCTOBER 30: A model walks the runway for Cynthia Abila, during Lagos Fashion Week 2021 on October 30, 2021 in Lagos, Nigeria. (Photo by Emmanuel Obianke/Getty Images)</figcaption></figure>



Lagos hosts the internationally renowned Lagos Fashion Week, an annual event that draws designers, media, and fashion enthusiasts from around the globe. The city&#8217;s designers, such as Lisa Folawiyo and Mai Atafo, have successfully integrated the vibrant textiles and patterns indigenous to West Africa with global fashion trends, creating universally appealing designs.



Street fashion in Lagos is equally compelling. Balogun Market, for instance, offers a mesmerizing array of fabrics, from Ankara to Adire, which local tailors transform into bespoke outfits.



<h2 class="wp-block-heading" id="h-3-dakar-senegal-where-art-meets-fashion">3. Dakar, Senegal: Where Art Meets Fashion</h2>



Dakar is not just Senegal&#8217;s capital; it&#8217;s the artistic soul of West Africa. Fashion in Dakar is deeply intertwined with the city&#8217;s art, music, and dance scenes.



<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/GettyImages-1245350409-820x547.jpg" alt="" class="wp-image-428377" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DAKAR, SENEGAL &#8211; DECEMBER 04: Models walk the runway during the 20th Dakar Fashion Week in Goree Island, Dakar, Senegal on December 04, 2022. (Photo by Stefan Kleinowitz/Anadolu Agency via Getty Images)</figcaption></figure>



The Dakar Fashion Week, founded by designer Adama Ndiaye, is a testament to the city&#8217;s position in the fashion world. The event showcases the innovative designs of Senegalese and pan-African designers who often fuse traditional Wolof styles with contemporary fashion elements.



Bright boubous, tailored pantsuits, and intricate embroidery are just a few of the elements that Senegalese designers incorporate into their globally inspired collections.



<h2 class="wp-block-heading" id="h-4-nairobi-kenya-east-africa-s-fashion-gem">4. Nairobi, Kenya: East Africa&#8217;s Fashion Gem</h2>



Nairobi, Kenya&#8217;s bustling capital, is an emerging fashion hub that represents the spirited amalgamation of traditional Maasai beadwork with contemporary styles. With its burgeoning middle class and a young, tech-savvy population, Nairobi is increasingly becoming the nexus of East African fashion.



The Nairobi Fashion Week is a significant event on the city&#8217;s calendar, spotlighting designers who adeptly blend Kenyan heritage with global trends. Designers like Anyango Mpinga, known for her eco-friendly and ethically-produced designs, and Ugandan born, Sylvia Owori, one of East Africa’s most enduring designers, are putting Nairobi on the global fashion map.



<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/GettyImages-1726724935-820x547.jpg" alt="" class="wp-image-428378" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; OCTOBER 14: A model dressed in a outfitwalks on the catlwak during the Kibera Fashion Week. (Photo by Donwilson Odhiambo/Getty Images)</figcaption></figure>



Places like the Maasai Market offer visitors a sensory overload with an array of vibrantly colored fabrics, jewelry, and handcrafted items that influence and shape local fashion narratives.



<h2 class="wp-block-heading" id="h-5-marrakesh-morocco-a-tapestry-of-timeless-elegance">5. Marrakesh, Morocco: A Tapestry of Timeless Elegance</h2>



Nestled at the foothills of the Atlas Mountains, Marrakesh has long been a destination for luxury and mystique. The city, with its rich history as a trading hub and a melting pot of Berber, Arabian, and European cultures, naturally infuses this eclectic heritage into its fashion.



<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/GettyImages-1145935997-820x547.jpg" alt="" class="wp-image-428380" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">MARRAKECH, MOROCCO &#8211; APRIL 29: A model walks the runway during the Christian Dior Couture S/S20 Cruise Collection on April 29, 2019 in Marrakech, Morocco. (Photo by Pascal Le Segretain/Getty Images for Dior)</figcaption></figure>



Marrakesh’s medinas are alive with tailors and artisans crafting everything from flowing kaftans to intricately designed leather goods. Designers like Yassine Morabite, who integrates Moroccan traditional elements with modern art, encapsulate the essence of Marrakesh&#8217;s style.



The Caftan du Maroc show, an annual event in Morocco, often held in Marrakesh, showcases the evolution of the traditional Moroccan Caftan, highlighting its transition and relevance in modern haute couture.



<h2 class="wp-block-heading" id="h-a-symphony-of-styles">A Symphony of Styles</h2>



While Johannesburg, Lagos, Dakar, Nairobi, and Marrakesh each bring their distinct flavors to the table, they collectively depict a continent that is not only proud of its deep-rooted traditions but is also unafraid to reinvent and redefine itself. These cities, with their fashion weeks, designers, street styles, and vibrant markets, are not just shaping African fashion but are also leaving indelible imprints on the global fashion narrative. As Africa continues its ascent in the global fashion arena, these capitals remain testament to its boundless creativity and resilience.

Friends  in colorful clothes on roof terrace in the city, Maputo, Mozambique

From Runways to Rooftops: Discover Africa’s Top 5 Trendsetting Fashion Capitals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GBWK4H7B3ZI2ZMQX6TI6OQT76A-820x429.jpg" alt="" class="wp-image-428267" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GBWK4H7B3ZI2ZMQX6TI6OQT76A-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GBWK4H7B3ZI2ZMQX6TI6OQT76A-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GBWK4H7B3ZI2ZMQX6TI6OQT76A-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GBWK4H7B3ZI2ZMQX6TI6OQT76A-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GBWK4H7B3ZI2ZMQX6TI6OQT76A.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



LONDON, Oct 17 (Reuters) &#8211; Ghana&#8217;s sovereign dollar bonds dropped sharply on Tuesday after a government presentation of debt rework scenarios that aimed for a haircut of between 30-40% on the principal disappointed investors.



Some bonds fell to their lowest level in three months, with the 2061 issue down as much as 2.9 cents in the dollar to 38.9 cents, Tradeweb data showed.&nbsp;XS2115147287=TE&nbsp;The bonds later recovered some ground, though were still down between 1.5 cents and 2.2 cents in the dollar.



The West African country, which produces gold, cocoa and oil, is in talks with bilateral and commercial creditors to restructure its debts during its worst economic crisis in a generation, having been locked out of international capital markets as it struggles with spiralling domestic debt costs.



Apart from the haircut, Finance Minister Ken Ofori-Atta also told investors that the government was aiming for a coupon of no more than 5% and a final maturity of not more than 20 years on the bonds that would be issued as part of the debt rework for its $13 billion of outstanding international bonds.



While exact details were still missing, Morgan Stanley said in a note to clients it had calculated a recovery value of $38 versus the current average price of $44 on the bonds.



&#8220;In our view, this proposal is unlikely to be accepted by the bondholders as the ultimate recovery value would be extremely low compared to history,&#8221; Morgan Stanley&#8217;s Neville Z Mandimika said.



&#8220;However, it is important to note that this is only a first proposal and various revisions will likely be made, presumably with a higher recovery value,&#8221; Mandimika said, adding that the government had also indicated that a value recovery instrument was being considered.



(Reporting by Karin Strohecker Additional reporting by Marc Jones Editing by Amanda Cooper and Mark Potter)

GBWK4H7B3ZI2ZMQX6TI6OQT76A

Ghana dollar bonds tumble as investors balk at debt overhaul plans

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-820x547.jpg" alt="" class="wp-image-428233" style="aspect-ratio:1.4990859232175502;width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, Oct 16 (Reuters) &#8211; Nigeria&#8217;s annual inflation rose to 26.72% in September from 25.8% in August, its bureau of statistics said on Monday.



Food and non alcoholic beverages were the biggest contributors to the rise in inflation, the bureau said.



President Bola Tinubu has been under pressure to ease economic hardship after scrapping a costly decades-old petrol subsidy that has tripled prices and allowed the naira to depreciate more than 50%, leading to soaring prices in Africa&#8217;s top oil producer and most populous nation.



Inflation in Africa&#8217;s biggest economy has risen to double-digits since 2016, eroding incomes and savings, and prompting the central bank to hike interest rates to their highest level in nearly two decades.



Reporting by Elisha Bala-Gbogbo; Editing by Toby Chopra

People buy and sell vegetables at Mile 12 International Market in Lagos

Nigeria’s inflation rises to 26.72 y/y in September

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-820x539.jpg" alt="" class="wp-image-428168" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IB6MGVQQYJPTRDC3PJGNDCLXOQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Oct 12 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank said on Thursday it plans to intervene in the country&#8217;s foreign exchange market occasionally to boost liquidity, while ending an eight-year ban on 43 items that had been restricted from accessing forex on the official market.



The ban, which covered items such as rice, cement and poultry, was imposed as part of the unorthodox policies under former central bank Governor Godwin Emefiele in an effort to prop up the naira currency.



The lifting of the ban will cheer analysts and investors who had been warning that the restriction showed the central bank was still maintaining some form of capital controls.



The Central Bank of Nigeria (CBN) also restated a pledge by new Governor Olayemi Cardoso last month to quickly clear the bank&#8217;s backlog of unsettled forex obligations to local lenders, estimated at about $7 billion.



Africa&#8217;s largest economy has struggled to get to grips with chronic dollar shortages on the official market, where trading volumes have steadily declined, causing the naira to slump to a record low against the dollar, with a 37% premium over the official exchange rate in street trading on Thursday.



&#8220;As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time,&#8221; central bank spokesperson Isa Abdulmumin said.



&#8220;As market liquidity improves, these CBN interventions will gradually decrease,&#8221; he said in a statement.



The naira has been weakening on the parallel market due to speculation and as excess demand is funnelled into the informal market, widening the gap with the official market, where restrictions on trading the currency were lifted in June.



The latest measures announced by the central bank are &#8220;another market-friendly step&#8221; to unify the exchange rates and ease pressure on the naira in the parallel market, where importers of the 43 items had to access dollars, said Charlie Robertson, head of macro strategy at U.K. based FIM Partners.



&#8220;There is still more to do. To reduce forex shortages in the official market, the CBN might also need to signal that commercial banks can offer a weaker naira rate for dollars, to help increase the supply of dollars,&#8221; Robertson said.



The central bank said it would continue to promote orderliness and professional conduct by all market participants to ensure market forces determine exchange rates on a &#8220;willing buyer-willing seller&#8221; principle.



The bank also reiterated that the prevailing foreign exchange rates should be referenced from its website and from other recognised trading systems to promote &#8220;price discovery, transparency, and credibility in the forex rates.&#8221;



Abdulmumin said the central bank seeks to attain a &#8220;single forex market&#8221; and &#8220;consultation is ongoing with market participants to achieve this goal.&#8221;



(Additional reporting by Rachel Savage; Writing by Elisha Bala-Gbogbo; Editing by Mark Heinrich, Jane Merriman, Leslie Adler and Diane Craft)

FILE PHOTO: FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria central bank to intervene in forex market, lifts forex ban on 43 items

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-820x547.jpg" alt="" class="wp-image-424241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo in Washington, United States, September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



ACCRA, Oct 6 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund and Ghana&#8217;s government have reached a staff-level agreement on the first review of a $3 billion loan programme, paving the way for a disbursement of $600 million once it is approved by the IMF&#8217;s executive board.



&#8220;To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023,&#8221; the IMF said in a statement on Friday.



The West African country asked the IMF for financial support last year as it grappled with its worst economic crisis in a generation brought on by spiralling public debt.



The three-year extended credit facility is contingent on domestic and external debt restructuring, spending cuts and other fiscal adjustments. Ghana received a first $600 million tranche of the loan in May.



The IMF noted that growth had been more resilient than initial expectations, with declining inflation, a more stable exchange rate and better fiscal and external positions.



Ghana is on track to lower the fiscal primary deficit on a commitment basis by about 4 percentage points of GDP in 2023, it said, adding that spending had remained within programme limits.



Ghana is currently negotiating with bilateral and commercial international creditors and aims to cut around $10.5 billion in interest payments on its external debt over the next three years.



At the end of 2022, its debts to countries including China and members of the Paris Club of creditor nations were $5.4 billion of the $20 billion external debt due to be restructured, according to a government presentation to investors. The total external debt stock was about $30 billion.



Prices of Ghana&#8217;s international dollar bonds&nbsp;XS2325742166=TE,&nbsp;XS2115122538=TE,&nbsp;XS1297557412=TE&nbsp;rose up to 0.9 cents on the dollar on Friday. They have been rising gradually since March on hopes a restructuring deal can be achieved, although they had suffered a minor relapse this week due to a widespread selloff in global debt markets.



(Reporting by Bhargav Acharya; Additional reporting by Marc Jones; Writing by Sofia Christensen and Rachel Savage; Editing by Alexander Winning and Sharon Singleton)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

IMF staff, Ghana agree first review of $3 bln programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



Oct 5 (Reuters)&nbsp;&#8211;&nbsp;Ivory Coast President Alassane Ouattara said on Thursday he hoped to finalize negotiations with the International Monetary Fund on a loan from its Resilience and Sustainability Trust (RST) before the IMF board meets next month.



Ouattara made the comment after hosting a speech by IMF Managing Director Kristalina Georgieva ahead of next week&#8217;s annual meetings of the IMF and World Bank in Marrakech, Morocco.



She told the event that the IMF had already approved loans under the new RST facility to 11 countries, including six in Africa, of which five were in sub-Saharan Africa. Many more would follow in the next year or two, she said, including one for Ivory Coast.



The new trust, which became operational in October 2022, provides longer-term affordable financing to help lower-income and vulnerable middle-income countries implement reforms aimed at mitigating the impact of climate change and adapting to it.



The IMF on Wednesday said its staff had reached agreement with Ivory Coast on the first semi-annual review under a $3.5 billion loan program approved in May, clearing the way for disbursement of another $500 million once approved by the IMF board.



No details were immediately available on Ivory Coast&#8217;s request for a loan under the RST program.



Georgieva recognized Ivory Coast&#8217;s transformation in recent years &#8220;from a conflict-affected and fragile economy &#8230; to one of the fastest growing economies in Africa.&#8221;



The IMF plans to host a session on the new lending instrument at the annual IMF-World Bank meetings in Marrakech next week.



(Reporting by Andrea Shalal; Writing by Anait Miridzhanian; Editing by Chris Reese and Bill Berkrot)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

Ivory Coast president hopes to wrap up IMF talks on climate loan next month

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-820x615.jpg" alt="" class="wp-image-427875" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigerias-labour-unions-suspend-indefinite-strike-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Members of the Nigerian Labour Union, holding flags and placards, gather to protest against fuel price hike and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham Achirga</figcaption></figure>



ABUJA, Oct 2 (Reuters) &#8211; Nigeria&#8217;s biggest labour federations on Monday said they were suspending an indefinite strike that was set to begin on Tuesday after last minute talks with President Bola Tinubu&#8217;s government, which had warned that the action could damage the economy.



Tinubu is under pressure to ease economic hardships after he scrapped a decades-old petrol subsidy and allowed the naira currency to depreciate, leading to soaring prices in Africa&#8217;s biggest economy and major oil producer.



The government agreed a temporary wage increase for government workers, a three-month income subsidy for 15 million poor households and a pause in a value-added tax on diesel, among several concessions to prevent the strike.



In return, unions will suspend the strike for 30 days while negotiations continue, including on a new minimum wage for all Nigerian workers.



&#8220;After 30 days if these issues are not implemented &#8230; it will show bad faith on the side of government,&#8221; Joe Ajaero, the leader of Nigeria Labour Congress, the country&#8217;s largest federation, told reporters. (Reporting by Felix Onuah, writing by MacDonald Dzirutwe, Editing by Rosalba O&#8217;Brien)

Members of the Nigerian Labour Union protest against fuel price hike and rising costs, in Abuja

Nigeria’s labour unions suspend indefinite strike

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-820x574.jpg" alt="" class="wp-image-427865" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-768x538.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-1536x1076.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/3FJWW72S7VLMHIATYDNMZI7MY4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil &amp; Gas 2014 conference in Abuja, March 18, 2014, REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LONDON, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;A former Nigerian oil minister appeared in court in London on Monday charged with receiving bribes in the form of cash, luxury goods, flights on private jets and the use of high-end properties in Britain in return for awarding oil contracts.



Diezani Alison-Madueke was Nigeria&#8217;s minister for petroleum resources between 2010 and 2015, during the administration of former president Goodluck Jonathan.



Appearing at Westminster Magistrates Court, she spoke only to give her name, date of birth and address. She was not asked to formally enter a plea, although her lawyer Mark Bowen told the court she would be pleading not guilty.



She is the second high-profile Nigerian politician to face prosecution in Britain in recent years, following James Ibori, a former state governor who was convicted of fraud and money-laundering in 2012 and received a 13-year jail sentence.



Nigeria is Africa&#8217;s top oil producer but it suffers from systemic corruption in the political class which has hampered development and prevented its oil wealth from benefitting wider society.



Alison-Madueke was arrested in London in 2015, shortly after stepping down as minister, and was charged in August with six bribery offences. She has spent the past eight years on police bail, living in St John&#8217;s Wood, an expensive area of London.



The charges against her, read out in court, all related to events alleged to have taken place in London.



Prosecutor Andy Young said she was alleged to have accepted a wide range of advantages in cash and in kind from people who wanted to receive or continue to receive the award of oil contracts which he said were worth billions of dollars in total.



The advantages included a delivery of 100,000 pounds ($121,620) in cash, the payment of private school fees for her son, and the use and refurbishment of several luxurious properties in London and in the English countryside.



They also included the use of a Range Rover car, payment of bills for chauffeur-driven cars, furniture, and purchases from the upmarket London department store Harrods and from Vincenzo Caffarella, which sells Italian decorative arts and antiques.



District Judge Michael Snow granted Alison-Madueke bail but imposed terms including an 11 p.m. to 6 a.m. curfew, an electronic tag to be worn at all times and a 70,000-pound surety to be paid before she could leave the court building.



Her next court appearance will be at Southwark Crown Court, which deals with serious criminal cases, on Oct. 30.



Britain, Nigeria&#8217;s former colonial ruler, has long been a destination of choice for affluent members of the Nigerian political elite seeking to enjoy the benefits of their wealth.



London is a global money-laundering hub but it remains rare for public figures like Alison-Madueke to face prosecution for corruption-related offences.



($1 = 0.8222 pounds)



(Reporting by Estelle Shirbon; Editing by Jan Harvey and Angus MacSwan)

FILE PHOTO: Nigeria’s Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil & Gas 2014 conference in Abuja

Former Nigerian oil minister faces bribery charges in London court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-820x615.jpg" alt="" class="wp-image-427185" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Members of the Nigerian Labour Union, holding flags and placards, march during a protest against fuel price hikes and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham Achirga/File Photo</figcaption></figure>



ABUJA, Oct 1 (Reuters) &#8211; Nigeria on Sunday announced a temporary wage increase for government workers, a three-month income subsidy for 15 million poor households and a pause in a value-added tax on diesel as the government sought to prevent an indefinite strike in two days.



After meeting with the government on Sunday, unions will on Monday take the proposals to their affiliates, who will decide whether to press on with the strike or suspend it, Joe Ajaero, president of the largest labour federation, Nigeria Labour Congress, told reporters.



Nigerian President Bola Tinubu said government workers would receive an additional 25,000 naira ($32) a month for the next six months, a smaller raise than the 200,000 naira that unions demanded. Tinubu said this was necessary to avoid pushing up double-digit inflation.



That would mean the lowest paid government worker in Nigeria will now earn 55,000 naira a month, up from 30,000 naira.



Poor households would also receive 25,000 naira a month for three months and a value-added tax on diesel will be paused for the same period, the president said.



The government also announced that mass transit buses would begin running on compressed natural gas.



At his inauguration in May, the president scrapped a decades-old fuel subsidy and ended foreign exchange restrictions, which has led to soaring cost of living, angering unions.



In a national broadcast earlier on Sunday marking 63 years of independence, Tinubu defended the reforms as necessary to put Africa&#8217;s biggest economy on the path to recovery.



&#8220;I am attuned to the hardships that have come. I wish today&#8217;s difficulties did not exist. But we must endure if we are to reach the good side of our future,&#8221; said Tinubu. (Reporting by Felix Onuah; Editing by MacDonald Dzirutwe, Daniel Wallis and Cynthia Osterman)

FILE PHOTO: Members of the Nigerian Labour Union protest against fuel price hikes and rising costs, in Abuja

Nigeria offers wage rise to state workers as strike looms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg" alt="" class="wp-image-426336" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Bola Tinubu, President of Nigeria, 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>



LAGOS/LONDON, Sept 28 (Reuters) &#8211; Nigerian President Bola Tinubu&#8217;s lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa&#8217;s biggest economy.



Fast forward to more than 100 days in office, and the key planks of his economic overhaul &#8211; unshackling the naira from its rigid regime, and allowing fuel prices to rise &#8211; are coming loose.



The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday.



Petrol pump prices, meanwhile, have not budged since July &#8211; despite a more than 30% rise in oil prices.



Some now fear Tinubu will not be able to wean Nigeria off the costly policies that have stymied investment and throttled economic growth.



&#8220;Momentum just seems&#8230;almost in reverse,&#8221; said David Omojomolo, Africa economist at research firm Capital Economics.



Public anger is swelling as inflation spirals higher, however, and Nigeria&#8217;s two biggest workers&#8217; unions are planning an indefinite strike next week to protest over a cost-of-living crisis.



&#8220;Sentiment towards Nigeria has been continuing to sour as the initial reform momentum under President Tinubu&#8217;s administration has faded,&#8221; said Tellimer analyst Patrick Curran.



DOLLAR DELAY



For years, Nigeria has tightly controlled the official naira rate, even amid declines in the price of oil, sales of which bring in 90% of the country&#8217;s foreign currency supply.



But providing dollars at an artificially low rate has led to a yawning gap between official and black market rates, leaving businesses and investors unable to access dollars. The central bank has also created import restrictions aimed at reducing dollar demand.



Tinubu&#8217;s decision to let the official naira rate weaken saw it briefly converge with the black market. Last week, he assured investors they could take money out, touting a &#8220;reliable, one figure exchange rate of the naira.&#8221;



But the gap has widened to nearly 30% this week, and four sources told Reuters it was virtually impossible to get dollars from the central bank on an ad hoc basis.



The incoming central bank chief said on Tuesday that policymakers faced a nearly $7 billion backlog in foreign exchange demand; foreign airlines alone had $783 million in ticket sales trapped, the International Air Transport Association said.



This is one major factor keeping investors from putting money to work in Nigeria.



Another is negative real bond yields and the slow central bank response: 10-year local government bonds yield less than 15% while inflation is running above 25%.



&#8220;What they have done so far is not enough to attract domestic debt holders or foreign investors into their domestic debt market,&#8221; said Carlos de Sousa, portfolio manager at Vontobel Asset Management.



The tattered finances left by the previous administration have also been no help.



In August, the central bank published audited accounts for the first time since 2018, revealing that its $33 billion in FX reserves included a $19 billion commitment in derivatives &#8211; slashing the liquid amount of reserves.



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



That news sent Nigeria&#8217;s international bond tumbling.



&#8220;Lower net FX reserves reduce the willingness to introduce a flexible exchange rate regime in the near term,&#8221; said JPMorgan&#8217;s Gbolahan S Taiwo.



The central bank has also kept other restrictions that businesses say make life tough, including a ban on using central bank foreign exchange to import 43 items.



&#8220;The government may have intended to make it a free market, but the CBN isn&#8217;t allowing it to be one,&#8221; said a Nigerian private equity investor who did not want to be named.



The delay in scrapping fuel subsidies is exacerbating the dollar crunch. Last year, subsidies cost 2% of gross domestic product, according to Fitch.



Despite being Africa&#8217;s largest oil exporter, Nigeria imports nearly all its fuel as it does not refine nearly enough to meet the demand of its 200 million citizens. In recent years, it has swapped crude for fuel, depriving it again of a source of U.S. dollars.



It is still using oil cargoes now to pay for fuel it imported previously, and a de-facto pump price limit set by state oil company NNPC LTD&#8217;s sale price means it is again the sole petrol importer.



Tellimer said Nigeria&#8217;s gasoline prices would need to rise 73% to align with global prices.



Analyst say Tinubu, elected with the narrowest margin since Nigeria returned to democracy in 1999 and facing inflation at nearly two-decade highs, lacks the social capital and mandate to push any harder.



&#8220;There is the concern that when the going gets tough&#8230;they will walk back on the reforms,&#8221; Omojomolo said.



(Additional reporting by Rachel Savage in Johannesburg; Editing by Hugh Lawson)


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

Nigerian reform drive falters, threatening Africa’s biggest economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-820x461.jpg" alt="" class="wp-image-427724" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LONDON, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Afrexim Bank is tapping oil traders to finance a much-needed $3 billion loan to Nigeria&#8217;s state oil company to help shore up the sliding naira currency, three sources told Reuters.



Afrexim approached traders in recent weeks&nbsp;seeking their&nbsp;interest in funding the oil-backed loan to state oil company NNPC LTD, the sources said. It is now working to craft terms that it will offer to the trading houses.



&#8220;There is a lot of interest, but they need to see terms,&#8221; one oil executive close to the talks told Reuters. The executive added that oil prices climbing past $90 per barrel would help drive interest in the deal.



Traders who put up cash would be repaid in physical cargoes of oil. The bank is working to determine what amount of oil to offer those traders in exchange for the financing, one of the sources said.



An NNPC spokesman did not respond to a request for comment. Afrexim did not immediately comment.



The loan, announced by NNPC in August, is a key part of efforts to support the naira, which hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Officials have said that the central bank has a nearly $7 billion backlog in naira forwards. This is limiting the availability of dollars on the official market, forcing businesses and individuals to seek them on the black market.



Shortly after taking office in May, President Bola Tinubu announced long-sought reforms that allowed the official naira rate to fall versus the dollar and fuel prices to roughly triple. In June, the naira was close to the black market level, but the gap has since widened.



Tinubu also allowed pump prices to more than triple, which cut fuel smuggling and took pressure off state oil company NNPC to import petrol. But NNPC is still using oil cargoes to repay some of the oil trading firms that had contracts to supply gasoline in exchange for crude, limiting its immediate access to oil.



(Reporting By Libby George and Julia Payne; editing by Timothy Gardner)

FILE PHOTO: The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja

Afrexim turns to oil traders for $3 billion loan to Nigeria’s NNPC -sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-820x547.jpg" alt="" class="wp-image-427697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A supporter of Ghana&#8217;s presidential candidate Nana Akufo-Addo of the opposition New Patriotic Party (NPP) holds a party flag as she reacts at party&#8217;s headquaters in Accra, Ghana December 8, 2016. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ACCRA, Sept 25 (Reuters) &#8211; Ghana&#8217;s former trade minister said on Monday he would resign from the ruling party and run as an independent candidate during the next presidential election in December 2024, dividing a government faced with dwindling support as it grapples with the worst economic crisis in a generation.



Alan Kyeremanten, who has served twice as trade minister for the New Patriotic Party (NPP), made the announcement at a briefing and said his contributions were not appreciated. He had already resigned from his ministerial role in January.



&#8220;The new movement will be led and powered by the youth,&#8221; he told his supporters at the event.



&#8220;The (NPP) party has been hijacked by a selected group of party leaders and elders,&#8221; he said.



The NPP described Kyeremanten&#8217;s resignation as &#8220;unfortunate&#8221; in a statement.



Hundreds of demonstrators gathered in the Accra last week for three days of anti-government protests linked to economic hardship.



Gold-, oil- and cocoa-producing Ghana&#8217;s worst economic crisis in a generation was brought on by spiralling public debt.



Last year, protests over soaring prices and other economic challenges led to clashes with police and pushed authorities to ask the International Monetary Fund (IMF) for help.



The government has since focused on restructuring debt and reducing its spending to gain access to a $3 billion, three-year IMF loan programme.



But detractors said authorities have done too little to help those struggling to make ends meet as economic growth slows.



The NPP has yet to name its candidate to succeed President Nana Afuko-Addo, who will step down after serving two terms.



Kyeremanten had already withdrawn from an internal contest in November to elect the party&#8217;s candidate over allegations of irregularities in the selection process.



It is widely believed that Vice President Mahamudu Bawumia will be put forward.



Ghana has been ruled by two parties since it transitioned from military to democratic rule in 1992 &#8211; the NPP and the main opposition National Democratic Congress party.



Kyeremanten, 67, served as Akufo-Addo&#8217;s trade and industry minister during both of his terms.



(Reporting by Maxwell Akalaare Adombila; Editing by Sofia Christensen and Grant McCool)

A supporter of Ghana’s presidential candidate Nana Akufo-Addo of the opposition New Patriotic Party holds a party flag as she reacts at party’s headquaters in Accra

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West Africa

Nigeria’s top court to rule on presidential election challenge on Thursday

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Ghana looks to market more oil and gas blocks

Nigeria wins bid to overturn $11 billion bill for collapsed gas deal

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Nigeria offers wage rise to state workers as strike looms

Nigerian reform drive falters, threatening Africa’s biggest economy

Afrexim turns to oil traders for $3 billion loan to Nigeria’s NNPC -sources

Ghana ex-trade minister quits ruling party to run for president

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