<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg" alt="" class="wp-image-523796" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Tinubu speaks after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigerian President Bola Tinubu named new homeland security and foreign intelligence chiefs on Monday, a week after their predecessors resigned abruptly, as Africa&#8217;s most populous nation fights a northeastern insurgency and rampant kidnappings.



Mohammed Mohammed, who&nbsp;headed&nbsp;Nigeria&#8217;s mission to Libya, will lead the National Intelligence Agency. Adeola Ajayi will helm the Department of State Security.



The previous agency chiefs, appointed by ex-President Muhammadu Buhari in 2018, gave no reason for their resignations.



They could have taken the fall for the country&#8217;s poor security performance, or have been purged along with government personnel from the north to replace with Tinubu&#8217;s own&nbsp;Yoruba&nbsp;ethnic stock, said Confidence MacHarry, lead security analyst at consultancy SBM Intelligence.



Following incessant attacks by armed groups, Tinubu is boosting intelligence gathering&nbsp;to deal with nationwide kidnappings for ransom by armed gangs and a more than decade-old insurgency in the northeast.



(Reporting by Ope Adetayo and Felix Onuah; Editing by Chijioke Ohuocha and Richard Chang)

Nigeria’s President Bola Tinubu speaks after his swearing-in ceremony in Abuja

Nigeria’s president appoints new security and intelligence chiefs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg" alt="" class="wp-image-523532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the central business district is seen from a roof-top in Lagos, Nigeria February 10, 2016. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



ABUJA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy grew 3.19% year on year in the second quarter of 2024, statistics agency data showed on Monday.



The growth rate was quicker than the 2.51% growth recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of this year.



(Reporting by Chijioke Ohuocha; Editing by Alexander Winning)

A view of the central business district is seen from a roof-top in Lagos

Nigeria’s GDP growth rises to 3.19% year on year in Q2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg" alt="" class="wp-image-523529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Spain&#8217;s Prime Minister Pedro Sanchez attends a press conference at Moncloa Palace in Madrid, Spain, July 31, 2024. REUTERS/Ana Beltran/File Photo</figcaption></figure>



MADRID/SANTA CRUZ DE TENERIFE, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Spain&#8217;s Prime Minister Pedro Sanchez starts his second visit this year to West Africa on Tuesday, aiming to curb migration to the Canary Islands and to counter the Russian presence in the Sahel region.



The West African migration route has seen a 154% surge this year, with 21,620 people crossing to the Canary Islands in the first seven months, according to data from the European Union border agency Frontex.



The wave has stretched resources on the Spanish archipelago, with local authorities saying they may have to house migrants in military camps or even in tents ahead of an expected rise in arrivals&nbsp;due to calmer conditions in the Atlantic Ocean.



Spanish authorities fear that as many as 150,000 more migrants from Africa may be set to make the perilous crossing in the coming months.



According to Frontex data, nearly half of the new arrivals are Malians, forced out of their country by a conflict and economic crisis in which the Russian mercenary group Wagner is involved.



Sanchez is focusing on strengthening relations with Mauritania, Senegal, and Gambia, the main departure points for migrant boats. The first two share land borders with Mali.



Spanish police have&nbsp;long&nbsp;operated in West Africa&nbsp;to strengthen&nbsp;border control&nbsp;as part of Madrid&#8217;s strategy to give financial and security aid to departure points for migrant boats.



<h2 class="wp-block-heading" id="h-return-to-mali">RETURN TO MALI</h2>



Spain is also planning a return to Mali following the closure of the EU military mission there last May. While France advocated for the mission&#8217;s termination, Spain is engaged in discussions with Bamako over bilateral military aid, according to a senior Spanish military officer.



&#8220;We cannot leave the ground empty for Russian forces to occupy. It is important to maintain a presence in the region,&#8221; the officer, who requested anonymity, told Reuters.



The Spanish mission could continue the training of the previous European mission, the source said.



Spain&#8217;s Defence Ministry confirmed that it was in talks over collaboration with Mali without providing further details.



Spain is advocating at the EU and NATO for a stronger focus on the global south, especially the Sahel, in light of the migration surge.



Jesus&nbsp;Nunez&nbsp;Villaverde, co-director of the Institute for Conflict Studies and Humanitarian Action, said that to resolve the Sahel&#8217;s problems, poverty and the effects of climate change need to be addressed.



&#8220;The solution is not military aid, which is a repetition of a failed model. A different kind of aid is needed,&#8221; he said.



Years of Islamist conflict in the Sahel have fuelled a humanitarian crisis with more than 3.1 million people displaced from their homes in Mali, Burkina Faso and Niger as of July, according to the International Organization for Migration (IOM).



In Mali, economic troubles have also worsened since the ruling junta seized power in 2020.



The conflict, unemployment and the impact of climate change on farming communities are the main drivers behind Malians&#8217; motivations to migrate, said Ousmane Diarre, head of a Malian NGO that defends migrant rights.



Moussa Diaby Wage, a 20-year-old from Mali, arrived in&nbsp;the&nbsp;Canaries in 2020&nbsp;in a boat from&nbsp;Mauritania.



Having secured Spanish nationality, his dream is to join the army. Meanwhile, he helps other migrant children in a centre for minors in Tenerife. Of the 50 teenagers living there, 30 came from Mali.



&#8220;We came here because Mali is at war, there is a lot of fighting in the north and many people have to make the decision to leave,&#8221; he told Reuters. &#8220;Most of those who come are young, very young, because it&#8217;s the only way to get a chance (in life)&#8221;.



(Reporting by Corina Pons in Canary Islands; Fadimata Kontao in Bamako; Belén Carreño in Madrid and Joan Faus in Barcelona; editing by Charlie Devereux and Angus MacSwan)

Spain’s PM Sanchez to hold press conference, in Madrid

Spain’s Sanchez visits West Africa aiming to stem migration surge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-820x547.jpg" alt="" class="wp-image-523490" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Presidential candidate from the ruling New Patriotic Party (NPP) and Ghana&#8217;s Vice President, Dr. Mahamudu Bawumia, delivers a speech next to a poster with his picture, during his campaign launch event ahead of the 2024 presidential election in Accra, Ghana, February 7, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;The two main contenders in Ghana&#8217;s presidential election have launched duelling manifestos promising fiscal stability, jobs and a path out of the country&#8217;s worst economic downturn in a generation.



Voters will head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who is stepping down at the end of the two terms he is allowed to serve as head of the West African gold, oil and cocoa-producing nation.



The election will pit ex-president John Dramani Mahama of the main opposition National Democratic Congress party against Vice President Mahamudu Bawumia, an economist and former central banker, from Akufo-Addo&#8217;s ruling New Patriotic Party.



No party has ever won more than two consecutive terms in government in Ghana&#8217;s democratic history.



Frustrations about economic hardship have tainted Akufo-Addo&#8217;s presidency. Ghana defaulted on most of its $30 billion external debt in 2022 &#8211; the culmination of years of overstretched borrowing compounded by the COVID pandemic, the knock-on impacts of the war in Ukraine and a rise in global interest rates.



The government sought help from the International Monetary Fund and is now restructuring its debt as a condition for a $3 billion support package.



Both Mahama and Bawumia laid out their policy promises over the weekend ahead of a vote analysts predict to be tight two-man contest, even though others are running.



Mahama, 65, vowed to scrap first-year university fees to boost tertiary education and reduce taxes during his first three months in office.



&#8220;I will lead a ruthless war against corruption&#8221; and recover misappropriated assets, he told supporters in the south central city of Winneba on Saturday.



Mahama invested heavily in infrastructure during his 2013-17 presidency but drew criticism over power shortages, economic instability and alleged state corruption. He was never directly accused of wrongdoing but oversaw the government that was. His government denied wrongdoing.



NPP critics say graft continued and grew worse under Akufo-Addo&#8217;s administration. His administration has also denied wrongdoing.



Bawumia promised to simplify the tax system, almost halve the number of ministers and cut public spending by 3% of GDP.



Addressing reporters in the capital Accra on Sunday, he outlined a plan to provide digital training to one million young people to help them find jobs.



Both candidates are from northern Ghana, a long-standing NDC stronghold in which the NPP has made inroads over the past years.



(Reporting by Maxwell Akalaare Adombila; Editing by Sofia Christensen, Portia Crowe and Alison Williams)

ONNVXT2PNJOPTD2RGQADDQM6PQ

Ghana presidential contenders promise to ease hardship as campaign ramps up

<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/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg" alt="" class="wp-image-425778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-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, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is on track to meet a tax revenue target set by the Federal Inland Revenue Service and is pushing for a legislative overhaul to modernise tax collection, including regulating cryptocurrencies, the chief of the service said on Tuesday.



Zacch Adedeji said in a statement that a 19.4 trillion naira ($12.5 billion) revenue target set for 2024 is within reach.



&#8220;We are in the third quarter of the year and with the figures we are seeing so far, I can say we are on the path of achieving our target,&#8221; Adedeji said following talks with a joint committee of Nigeria&#8217;s National Assembly on Finance.



In office since May last year, Nigeria&#8217;s President Bola Tinubu has embarked on the country&#8217;s boldest reforms in decades, including the partial removal of costly petrol and electricity subsidies, and has proposed changes to the country&#8217;s tax system as part of a push to widen the tax base.



The West African country is also preparing an executive bill to overhaul revenue collection and introduce regulations for cryptocurrencies as it aims to simplify tax laws and harmonise collection, Adededi said.



The proposed legislation, if passed, could reshape Nigeria&#8217;s economic landscape, bringing its tax system in line with global standards and potentially boosting much-needed revenue from the rapidly growing cryptocurrency sector.



Adedeji said the proposal seeks to simplify tax laws, harmonise revenue collection and replace outdated tax laws with measures more closely fitting current economic conditions.



&#8220;We will bring a bill for a law to overhaul the whole process of revenue administration in Nigeria,&#8221; Adedeji said. &#8220;Part of what we intend to achieve with this is to harmonise revenue collection, making tax laws very simple to understand and to be in tune with our current realities.



&#8220;We cannot run away from the cryptocurrency ecosystem. As it stands in Nigeria today, there is no law that regulates cryptocurrency operations. We need a law that regulates that area of our economy.&#8221;



($1 = 1,550.0000 naira)



(Writing by Elisha Bala-Gbogbo; Editing by David Holmes)

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

Nigeria expects to meet $12.5 billion revenue target

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-820x547.jpg" alt="" class="wp-image-521199" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President Nana Addo Dankwa Akufo-Addo of Ghana speaks during a press conference during the Summit on Peace in Ukraine, in Stansstad, Switzerland, June 16, 2024. ALESSANDRO DELLA VALLE/Pool via REUTERS/File Photo</figcaption></figure>



ACCRA, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;Ghanaian President Nana Akufo-Addo has broken ground on the construction of a 300,000 barrel-per-day oil refinery that the government hopes will turn the West African country into the region&#8217;s petroleum hub, but critics say the project is flawed.



Ghana, the world&#8217;s second biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 bpd of crude oil and about 325 million standard cubic feet per day of natural gas.



&#8220;The project promises to be a cornerstone of our nation&#8217;s development,&#8221; Akufo-Addo said late on Monday at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants.



Phase one of the project, estimated to cost $12 billion, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co, he said on state-owned Ghana Television (GTV).



West Africa consumes about 800,000 bpd, according to the African Refiners and Distributors Association, of which almost 90% is imported.



The petroleum hub aims to supply enough refined and by-products to supply the region by 2036, according to an agreement signed in June 2018.



Not everyone is convinced by the plan, however.



Bright Simons, a vice president at Accra-based think tank, IMANI Africa, said the consortium behind the project &#8220;is not primed for investment (and) the project has no bankable business plan.&#8221;



&#8220;Our position is that this is a speculative attempt to grab a landbank for cheap,&#8221; he said.



Some residents of the hub&#8217;s proposed 20,000-acre site have protested the plans, demanding the project&#8217;s footprint be reduced to 5,000 acres.



Oliver Barker-Vormawor, a senior partner of the law firm representing some affected farmer cooperatives, said his clients would not stand down.



&#8220;The abrasive manner that the government is proceeding discounts valid concerns around the social and environmental impact of the project, the livelihoods at risk by the displacement of farmers and the unsettled questions of ownership and community land rights.&#8221;



The government has so far rejected these concerns, citing petitions from other residents in support of the project.



(Editing by Alessandra Prentice and Conor Humphries)

FILE PHOTO: Summit on Peace in Ukraine, in Switzerland

Ghana begins construction of $12 bln petroleum hub

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-scaled.jpg" alt="" class="wp-image-521129" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-1536x1152.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Ousmane Sonko speaks after he was appointed prime minister by Senegal&#8217;s newly-elected President Bassirou Diomaye Faye, in Dakar, Senegal April 2, 2024. REUTERS/Abdou Karim Ndoye/File Photo</figcaption></figure>



DAKAR, Aug 19 (Reuters) &#8211; Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television on Monday.



President Bassirou Diomaye Faye, who defeated the ruling coalition candidate in a landslide victory in March, ordered an audit of the oil, gas and mining sectors after coming into office, and vowed to renegotiate the terms of contracts with foreign operators in the country if needed.



Authorities have not shared details on the audit or updates on any renegotiation plans.



Sonko said they were committed to their promise to the Senegalese people &#8220;to come back to these various agreements to re-examine them and work to rebalance them, obviously in the national interest.&#8221;



He said the commission will have sufficient resources to look into the contracts and hire experts from abroad if necessary. He did not say how long the review would take.



The move comes soon after Senegal became an oil producer for the first time. Australia&#8217;s Woodside Energy announced in June that its Sangomar oil and gas field had produced its first oil.



Gas production is also due to begin by the end of the year at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, operated by BP.



(Writing by Alessandra Prentice; Editing by Sandra Maler)

FILE PHOTO: Senegal President Faye appoints ally Sonko as prime minister

Senegal sets up commission to review oil and gas contracts

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1419" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; MTN Group swung to a half-year loss on Monday as Africa&#8217;s biggest telecom operator grappled with the devaluation of the Nigerian naira and operational challenges in Sudan.



The company reported a loss before tax of 9 billion rand in the six-month period ended June 30, compared with a restated profit of 8.3 billion rand a year earlier.



&#8220;The further devaluation in the naira against the U.S. dollar&#8230; and the ongoing conflict in Sudan had the most significant impact on reported results,&#8221; CEO Ralph Mupita said.



MTN Group, which has 288 million customers across 18 markets in Africa, said its group service revenue decreased 20.8% to 85.3 billion rand. In constant currency, group service revenue, which excludes device and SIM card revenue, rose 12.1%.



The company&#8217;s service revenue from South Africa surpassed that of MTN Nigeria&nbsp;MTNN.LG, its biggest market by revenue, and rose 3.3% to 21.1 billion rand.



Revenue from the company&#8217;s Nigeria operations tumbled 52.9% to 20.5 billion rand, while on a constant currency basis it increased 32.4%.



Nigeria has suffered chronic dollar shortages in recent months that have forced authorities to devalue the naira twice in less than a year, as part of the new government&#8217;s measures to stabilise the currency and attract investment.



MTN Group, which anticipates paying a minimum ordinary final dividend of 330 cents per share for fiscal 2024, is making inroads in raising 25 billion rand by next year from non-core asset sales and reducing its ownership in its businesses, Mupita said on a post-earnings call.



The company has already raised 21.7 billion rand so far from non-core asset sales and should reach its target of raising 25 billion rand by next year, Mupita added.



The telecom operator reduced its stakes in MTN Ghana and MTN Uganda during the reporting period for a combined 1.7 billion rand.



There will be further stake sales in Ghana of about 2.1%, and in Cameroon, Ivory Coast and Nigeria, according to Mupita.



(Reporting by Nqobile Dludla; Editing by Tom Hogue, Sherry Jacob-Phillips and Shounak Dasgupta)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN swings to half-year loss as Nigeria currency devaluation weighs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1368" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-scaled.jpg" alt="" class="wp-image-519644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-1536x1026.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria Finance Minister Wale Edun is interviewed by Karin Strohecker, Reuters Chief Correspondent Emerging Markets, during the G20 Finance Ministers and Central Bank Governors&#8217; Meeting at the IMF and World Bank’s 2024 annual Spring Meetings in Washington, U.S., April 18, 2024. REUTERS/Ken Cedeno/File Photo</figcaption></figure>



ABUJA, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Finance Minister Wale Edun launched a $500 million dollar-denominated bond sale on the local market on Thursday, targeting domestic and foreign investors, the finance ministry said on Friday.



The ministry said in a statement that the move was part of plans to stabilise the naira currency by attracting dollars held by Nigerians abroad, as well as international investors who back reforms initiated by President Bola Tinubu.



Edun told Reuters in May that Nigeria would launch a diaspora bond in the third quarter. He said the bond would be issued locally but denominated in U.S. dollars.



While promoting the $500 million bond, Edun said on Thursday government revenue and expenditure had improved and interventions to reduce inflation were yielding results.



Nigeria&#8217;s headline inflation rate fell in July for the first time in well over a year, dipping to 33.40% in annual terms from 34.19% in June, data from the statistics agency showed on Thursday.



The ministry gave no details of the bond&#8217;s duration and when the sale will close.



Edun has considered plans for Nigeria to sell Eurobonds in the past. He said in the ministry&#8217;s statement that &#8220;the ratings system often does not favour the continent&#8221;. African issuers have faced challenges in international capital markets particularly with pricing for their debt.



In June, the World Bank approved a total of $2.25 billion loan for Nigeria to help stabilise its economy following reforms and to scale up support for the poor.



(Reporting by Camillus Eboh;Writing by Chijioke Ohuocha; Editing by Emelia Sithole-Matarise)

FILE PHOTO: Nigeria Finance Minister Wale Edun is interviewed at the IMF and World Bank’s 2024 annual Spring Meetings in Washington

Nigeria launches $500 million dollar bond on local market

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-820x547.jpg" alt="" class="wp-image-519326" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja, Nigeria, September 20, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Aug 15 (Reuters) &#8211; Nigeria&#8217;s headline inflation rate fell in July for the first time in well over a year, dipping to 33.40% in annual terms from 34.19% in June, data from the statistics agency showed on Thursday.



Analysts had said June&#8217;s reading could mark the peak in inflation as currency devaluation effects start to fade.



July&#8217;s slowdown will bring some relief to frustrated Nigerians, who protested this month over cost-of-living pressures and governance issues in Africa&#8217;s most populous nation.



Price pressures have been stoked by President Bola Tinubu&#8217;s decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity tariffs. The reforms are aimed at lifting economic growth and shoring up public finances but have sent inflation soaring, eroding people&#8217;s incomes.



The last month that annual inflation fell was December 2022.



The central bank has increased interest rates four times this year to try to get inflation under control, but after the last hike in July some analysts said that could be the final act in the bank&#8217;s hiking cycle.



The Central Bank of Nigeria&#8217;s next rate setting meeting is scheduled for late September.



A report by the National Bureau of Statistics on Thursday showed food and non-alcoholic beverages continued to be the biggest contributor to inflation in July.



Food inflation eased to 39.53% from 40.87% in June.



(Additional reporting by Shamsuddin Mohd; Editing by Alexander Winning and Tomasz Janowski)

A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja

Nigeria inflation falls for first month in well over a year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Aug 15 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan and Ghanaian currencies are expected to be broadly stable in the next week to Thursday, while the Nigerian, Ugandan and Zambian currencies could fall, traders said.



<h2 class="wp-block-heading" id="h-kenya">KENYA</h2>



Kenya&#8217;s shilling has in recent weeks shrugged off major demonstrations which forced the government to abandon tax hikes and triggered credit rating downgrades. It is seen remaining relatively steady.



This week traders said foreign-currency inflows for a bond auction had played a role supporting the currency.



Commercial banks quoted the shilling at 128.50/129.50 per dollar on Thursday, compared with last Thursday&#8217;s closing rate of 128.75/129.75.



<h2 class="wp-block-heading" id="h-nigeria">NIGERIA</h2>



Nigeria&#8217;s naira could slip on the official market, unless the central bank intervenes to ease the pressure.



LSEG data showed the naira was quoted at 1,582 to the dollar on the official market, compared with around 1,580 a week ago. The unit changed hands at 1,595 naira to the dollar in street trading on Thursday.



The central bank injected dollars into the market last week, but pressure on the currency is building again.



&#8220;It&#8217;s most likely going to continue depreciating unless the central bank intervenes again,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



Ghana&#8217;s cedi is expected to remain steady on the back of improved dollar liquidity and a slowdown in demand on the interbank market.



LSEG data showed the cedi trading at 15.60 to the dollar, from 15.52 at last Thursday&#8217;s close.



&#8220;The cedi has posted marginal gains in recent sessions as FX liquidity has improved and corporate demand reduced,&#8221; said Sedem Dornoo, a senior trader at Absa Bank Ghana.



&#8220;In the coming week, we expect a relatively stable (dollar-cedi) pair, with bid-offer spreads narrowing as liquidity continues to improve,&#8221; he added.



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



Uganda&#8217;s shilling is seen trading with a weakening tone on an expected pick-up in dollar demand after mid-month tax payments.



Commercial banks quoted the shilling at 3,720/3,730 to the dollar, compared with last Thursday&#8217;s close of 3,725/3,735.



&#8220;Typically after mid-month taxes we see a surge in interest for dollars, I think that dynamic is likely to push the shilling on the lower side (weaker),&#8221; one trader said.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha could post minor losses because of elevated dollar demand in the wake of a severe drought which has spurred imports.



On Thursday the kwacha was slightly weaker at 26.25 per dollar, from 26.05 a week ago.



&#8220;Dollar supply remains limited and demand continues to be high, putting pressure on the kwacha,&#8221; one trader said.



(Reporting by Hereward Holland, Chijioke Ohuocha, Christian Akorlie, Elias Biryabarema and Chris Mfula;Editing by Alexander Winning)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenya and Ghana currencies seen steady

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-820x550.jpg" alt="" class="wp-image-515795" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/CXMYWJHKXNNW7EHIFVBPT2LDKE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An armoured military vehicle parks on a street, during anti-government demonstrations against bad governance and economic hardship, in Abuja, Nigeria August 5, 2024. REUTERS/Marvellous Durowaiye</figcaption></figure>



ABUJA, Aug 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria has detained some tailors for making Russian flags that were waved during anti-government protests this week in northern states, the state secret police said, in a move that underscores concerns about increased Russian activity in western Africa.



The Department of State Services (DSS) also said in a post on X that it had detained some of the tailors&#8217; &#8220;sponsors&#8221;, without elaborating. It said an investigation was ongoing. It did not say how many tailors or &#8220;sponsors&#8221; had been detained.



Nigeria&#8217;s Chief of Defence Staff, General Christopher Musa, described the brandishing of a foreign flag during anti-government protests as a &#8220;treasonable offence&#8221; after he held security talks with President Bola Tinubu on Monday.



&#8220;We have identified those (sponsoring them) and we are going to take serious action against that,&#8221; Musa told reporters, also without elaborating.



Hundreds of thousands of Nigerians have been protesting since Aug. 1 against Tinubu&#8217;s painful economic reforms that have seen a partial end to petrol and electricity subsidies, currency devaluation and inflation touching three-decade highs.



The protests have now ebbed after a deadly police crackdown.



In the northern states of Borno, Kaduna, Kano and Katsina, protesters were seen waving hundreds of Russian flags with some calling for a military takeover.



&#8220;We are waving the Russian flag because Tinubu&#8217;s government is not listening to us. Russian presidents always support African nations&#8217; development, unlike other nations,&#8221; Lawal Kodo, a 28-year old protester in Kano, told Reuters on Monday.



<h2 class="wp-block-heading" id="h-russia-not-involved">RUSSIA &#8216;NOT INVOLVED&#8217;</h2>



The Russian embassy in Nigeria denied any involvement.



&#8220;The Government of the Russian Federation as well as any Russian officials are not involved in these activities and do not coordinate them in any way,&#8221; the embassy said in a statement issued late on Monday.



The protests in Nigeria, Africa&#8217;s most populous country, come amid increased Western concerns over Russian security ties with the region, including countries such as Mali, Burkina Faso and Niger where military leaders have seized power in coups.



Security experts said many Nigerian protesters believe that the cost of living crisis is the result of reforms dictated to Tinubu by Western institutions such as the International Monetary Fund and the World Bank.



&#8220;The Russian flags that appeared during the protests in northern states, and the calls for a military coup, reflect discontent over the government&#8217;s policies rather than showcasing support for a Russia-backed military government,&#8221; said Mucahid Durmaz, Senior Analyst at Verisk Maplecroft, a global risk intelligence firm.



(Additional reporting by Ahmed Kingimi in Borno, Felix Onuah in Abuja and Garba Muhammad in Kaduna; Edited by Elisha Bala-Gbogbo and Gareth Jones)

Nigerians continue to protest against economic hardship

Nigeria detains tailors who made Russian flags for anti-government protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-820x547.jpg" alt="" class="wp-image-515322" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KR23UUE5KBL57FNLACCPQ4B2DA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian police personnel patrol the streets, amid ongoing anti-government demonstrations against bad governance and economic hardship, in Lagos, Nigeria August 4, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



LAGOS, Aug 5 (Reuters) &#8211; Protests in Nigeria over the soaring cost of living ebbed on Monday, with only a few hundred people turning out in major cities following a deadly crackdown by security forces since the demonstrations began last week.



Hundreds of thousands of people have taken to the streets in the capital Abuja, Lagos and other big cities during the protests against economic hardship and crime, which started on Thursday and were meant to continue until Aug. 10.



Amnesty International said at least 13 people have been killed in clashes with police since the start of the protests, which were dubbed &#8220;#10DaysOfRage&#8221;. Police put the death toll at seven, saying some of the fatalities were caused by accidents and an explosive device.



A tough police response and a call for a protest pause by President Bola Tinubu appeared to have dampened the demonstrations, which came weeks after data showed annual inflation hit a 28-year high of 34.19% in June.



In the commercial hub of Lagos, where demonstrations have been largely peaceful, about 100 people gathered at the protest venue singing and chanting &#8220;we are hungry&#8221;. In Abuja, there were no signs of protests at the main stadium where protesters have been gathering since Thursday.



In the north of the country, about 200 protesters were dispersed by armed security forces in Maiduguri, capital of Borno state, while in Katsina, security forces fired teargas at protesters who were chanting &#8220;hunger and insecurity are killing us&#8221;.



Curfews have been imposed in parts of the north, which has seen some of the largest and fiercest protests, and in the central state of Plateau.



On Sunday, Tinubu called for an end to violence and said he was always open to dialogue.



Tinubu, in office since May 2023, defended his economic reforms, which have included a partial end to costly petrol and electricity subsidies and devaluation of the naira, as necessary to reverse years of economic mismanagement.



(Additonal reporting by Ope Adetayo in Abuja, Ahmed Kingimi in Maiduguri and Hamza Ibrahim in Kano; Writing by Elisha Bala-Gbogbo;Editing by Angus MacSwan and Helen Popper)

Nigerian protests fizzle out amid deadly police crackdown

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-scaled.jpg" alt="" class="wp-image-515273" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TI3IMIAIRNMQLKEZYNUUIVZMGM-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Nigerian security forces stand guard during the third day of anti-government demonstrations against bad governance and economic hardship in Lagos, Nigeria August 3, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



ABUJA, Aug 4 (Reuters) &#8211; Nigeria&#8217;s President Bola Tinubu called on Sunday for a suspension of protests against a cost of living crisis, saying this would create an opportunity for dialogue, his first public comments since frustrated citizens took to the streets last week.



Amnesty International has said at least 13 people were killed in clashes with security forces on the first day of protests on Thursday. Police denied using excessive force and said seven people had died as of Saturday &#8211; four from an explosive device during a march in northeast Borno state, two who were hit by a car and another who was shot by a guard when protesters looted a shop.



In a televised broadcast, Tinubu called for an end to violence in several states since the protests started, saying he was always open for dialogue.



&#8220;My dear&nbsp;Nigerians, especially our youth, I have heard you loud and clear. I understand the pain and frustration that drive these protests, and I want to assure you that our government is committed to listening and addressing the concerns of our citizens,&#8221; he said.



Nigerians have been mobilising online to organise protests against economic hardship and bad governance and have called for a cut in petrol prices and electricity tariffs, among several demands.



Tinubu, in office since May 2023, defended his economic reforms, which have included a partial end to petrol and electricity subsidies and devaluation of the naira, as necessary to reverse years of economic mismanagement.



He government revenues had more than doubled to 9.1 trillion naira ($5.65 billion) in the first half of this year while 68% of revenue now went to debt servicing, down from 97% before he took office in May last year.



The government was also ramping up spending on infrastructure projects, started a loan scheme for university students and was building thousands of housing units across&nbsp;Nigeria&#8217;s 36 states, the president said.



&#8220;But we must not let violence and destruction tear our nation apart,&#8221; said Tinubu.



($1 = 1,610.9000 naira)



(Writing by MacDonald Dzirutwe; Editing by Frances Kerry)

Nigerians continue third day of hardship protests

Nigeria’s president calls for end to protests against economic hardship

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1312" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-scaled.jpg" alt="" class="wp-image-514144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YHT7HH5IJBILVOWFFUVVW5TA3U-1536x984.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi</figcaption></figure>



ABIDJAN, Aug 2 (Reuters) &#8211; Ivory Coast&#8217;s council of ministers on Thursday approved the signing of production-sharing agreements with Eni relating to four oil blocks.



Under the deal, a minimum of $80 million will be invested in blocks CI-504, CI-526, CI-706 and CI-708 over an initial three-year exploration period, the council said in a statement.



Eni did not immediately respond to a request for comment.



The world&#8217;s top cocoa-producing nation is hoping to become a major regional oil and gas producer and energy hub and expects oil output to more than triple by 2027, boosted by recent oil and gas discoveries.



Eni, whose presence in the African country dates back to the 1960s with its subsidiary Agip Côte d’Ivoire, started oil production last year at Ivory Coast&#8217;s Baleine field, which has estimated reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.



(Reporting by Ange Aboa; additional reporting by Sofia Christensen in Dakar; writing by Alessandra Prentice; editing by Jason Neely)

Ivory Coast approves oil production-sharing deals with Eni

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-scaled.jpg" alt="" class="wp-image-514137" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OJLUMYBPNBOPNBQH5SXGL2MYTE-1536x1152.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Smoke rises from the burnt tires on a street, while demonstrators check the vehicles during an anti-government demonstration to protest against bad governance and economic hardship in Abuja, Nigeria August 1, 2024. REUTERS/Abraham Achirga</figcaption></figure>



ABUJA, Aug 2 (Reuters) &#8211; Nigerian police are on red alert and may seek the help of the military after protests against the cost of living and governance issues turned violent in some cities, the inspector general of police said.



At least three protesters were killed in northern Kaduna state on Thursday, Reuters reporters and protesters said.



Amnesty International said on Friday at least 13 protesters in total had been killed in three northern states, but the authorities have not commented on any deaths.



Some major cities, including the capital Abuja and Kano in the north appeared calm on Friday, a day after police and demonstrators clashed there, but further protests are expected amid widespread anger over President Bola Tinubu&#8217;s economic reforms that have increased hardship for ordinary Nigerians.



The inspector general of police, Kayode Egbetokun, said late on Thursday that police were fully mobilised and ready to respond swiftly to any further threats to public order.



&#8220;In the light of the current situation, the Nigeria Police Force has placed all units on red alert,&#8221; Egbetokun said in a statement.



&#8220;The police are equipped to respond appropriately to the unfolding situation and will get assistance from other security agencies, including the military if the need arises.&#8221;



Inspired by youth-led protests in Kenya, Nigerians have organised the &#8220;#EndBadGovernanceInNigeria&#8221; protests online, saying they would sustain their action for 10 days.



Amnesty International said security forces were responsible for the deaths of the 13 people in Niger state, Maiduguri, which is the capital of Borno state, and Kaduna, all in the north.



&#8220;Our findings, so far, show that security personnel at the locations where lives were lost deliberately used tactics designed to kill while dealing with gatherings of people protesting hunger and deep poverty,&#8221; it said.



A Nigerian police spokesperson did not immediately respond to requests for comment.



Kaduna state police spokesperson Mansur Hassan said on Thursday that the police had fired tear gas at protesters but had not used live ammunition.



Kano, a largely Muslim state and among the most populous in Nigeria,&nbsp;relaxed a 24-hour curfew imposed&nbsp;after protesters looted a shop and a government complex, while three other states also imposed curfews in some areas.



President Tinubu says that while he understands the pain caused by his reforms, which have fuelled inflation and weakened the currency, they are the only way to put Nigeria on a firm path to economic growth.



(Reporting by Abraham Achirga in Abuja, Hamza Ibrahim in Kano, Ahmed Kingimi in Maiduguri and Seun Sanni in Lagos, Writing by MacDonald DzirutweEditing by Chijioke Ohuocha, Giles Elgood and Gareth Jones)

Nigerians begin protests against economic hardship

Nigerian police may seek army help after violent protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-820x547.jpg" alt="" class="wp-image-513850" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2153943784-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">LOS ANGELES, CA &#8211; MAY 24: Turkish Airlines Boeing 777-300ER arrives at Los Angeles International Airport during Memorial Day weekend on May 24, 2024 in Los Angeles, California. (Photo by AaronP/Bauer-Griffin/GC Images)</figcaption></figure>



BAMAKO, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Mali will set up a state-owned airline to service the vast, landlocked West African country more than a decade after the closure of the last national airline, the government announced on Wednesday night.



The new airline, Mali Airlines-SA, will service regional capitals, the military-led government said in a statement, but provided few other details.



Mali, which covers a swathe of the Sahel five times the size of Britain, shares 7,420 kilometres (4,610 miles) of border with seven countries, according to the statement.



Road travel can be dangerous in Mali, which has been struggling to contain a separatist rebellion and insurgencies by jihadist groups linked to al Qaeda and Islamic State that began more than a decade ago and have since spread into neighbouring Burkina Faso and Niger, as well as coastal countries.



Ethnic Tuareg rebels and Islamist fighters have killed a large number of Malian soldiers and their Russian allies in recent days.



The Council of Ministers adopted draft texts concerning the creation and approval of the airline during their weekly meeting on Wednesday.



In July, Mali said it was unable to refuel commercial aircraft in its capital Bamako due to fuel shortages and asked airlines to refuel elsewhere for a one-week period.



Airlines including Turkish Airlines and Ethiopian Airlines currently service Bamako.



(Reporting by Fadimata Kontao and Tiemoko Diallo; Writing by Portia Crowe; Editing by Alex Richardson)

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West Africa

Nigeria’s president appoints new security and intelligence chiefs

Nigeria’s GDP growth rises to 3.19% year on year in Q2

Spain’s Sanchez visits West Africa aiming to stem migration surge

Ghana presidential contenders promise to ease hardship as campaign ramps up

Nigeria expects to meet $12.5 billion revenue target

Ghana begins construction of $12 bln petroleum hub

Senegal sets up commission to review oil and gas contracts

South Africa’s MTN swings to half-year loss as Nigeria currency devaluation weighs

Nigeria launches $500 million dollar bond on local market

Nigeria inflation falls for first month in well over a year

Kenya and Ghana currencies seen steady

Nigeria detains tailors who made Russian flags for anti-government protests

Nigerian protests fizzle out amid deadly police crackdown

Nigeria’s president calls for end to protests against economic hardship

Ivory Coast approves oil production-sharing deals with Eni

Nigerian police may seek army help after violent protests

Mali to set up state-owned airline

News Tips

Advertise With Us

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