<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)

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

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)

download (23)

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

Nigerian Supreme Court upholds President Tinubu’s election win

<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)

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.

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West Africa

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

Nigeria in talks with Islamic bank for infrastructure finance

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

Liberians vote in tight presidential run-off

Ecotourism Marvels: The Green Horizons Of Lagos

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

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

Yilport takes controlling stake in Ghana’s Takoradi port operator

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

What is pushing the Nigerian naira to record lows?

Nigerian Supreme Court upholds President Tinubu’s election win

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

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

Ghana looks to market more oil and gas blocks

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

EU agrees on framework for Niger sanctions

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

News Tips

Advertise With Us

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