<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)

Los Angeles Exteriors And Landmarks – 2024

Mali to set up state-owned airline

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="529" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-820x529.jpg" alt="" class="wp-image-513792" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-820x529.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-1536x991.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OODUGWAXRFIS5FEW3AWJQSJCUE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria Labor Congress (NLC) protest against the high cost of living and massive suffering following a hike in petrol and devaluation of the Naira in Lagos, Nigeria February 27, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



ABUJA, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Police fired tear gas to disperse crowds of protesters in Nigeria&#8217;s capital city Abuja on Thursday, as thousands rallied against escalating cost of living and governance issues in Africa&#8217;s most populous nation, according to eyewitness accounts.



Protesters demonstrated in Abuja, the commercial capital Lagos and several other cities to show discontent with economic reforms that have led to rampant inflation and inflicted increasing hardship on ordinary Nigerians. President Bola Tinubu has vowed to pursue the changes that he says are needed to keep the country afloat.



Authorities deployed armed security personnel in an effort to preempt potential violence.



In Lagos, armed police watched as protesters marched towards the government house and then proceeded to two locations that were authorised for the protest. Some shopping malls in the city were shut and guarded by a heavy police presence.



Inspired by protests in Kenya in June that led to the government there scrapping some planned tax increases, Nigerians are mobilizing online to demand the reinstatement of subsidies for petrol and electricity, free primary and secondary education and measures to combat insecurity, among other demands.



In Abuja, the military mounted roadblocks along the highway leading into town, while some protesters gathered at a stadium.



Youths demonstrated in the city of Maiduguri, the hotbed of a militant insurgency in the northeast of the country, in the face of a heavy security presence, to voice their frustration at the government and its policies.



<h2 class="wp-block-heading" id="h-tinubu-reforms">TINUBU REFORMS</h2>



The government said before the protests it was open to dialogue.



Tinubu has asked citizen to bear with his reforms, but citizen complain that politicians are not making enough sacrifices themselves.



After taking office more than a year ago, Tinubu removed some fuel subsidies, devalued the naira currency and later hiked electricity tariffs, moves that have sent inflation soaring past 34%, eroding incomes.



Consumer inflation rose to a new 28-year high of 34.19% in annual terms in June.



Nigerians are also grappling with widespread insecurity, which has damaged the farming sector, while armed gangs kidnap residents and school children for ransom in the north.



Labour unions have led previous protests. But Thursday&#8217;s march was mostly by unemployed youth &#8211; introducing a new element for the government trying to lessen the impact of its economic policies



Tinubu signed a new minimum wage into law on Monday to help workers cope with hardship caused by his economic changes, but many of the country&#8217;s 200 million people are either self-employed or do not have jobs.



(Additional reporting by Camillus Eboh in Abuja and Ahmed Kingimi in MaiduguriWriting by Chijioke OhuochaEditing by Bate Felix and Frances Kerry)

FILE PHOTO: Nigerians protest against the high cost of living in Lagos

Protesters in Nigeria demonstrate over high cost of living

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-820x544.jpg" alt="" class="wp-image-513712" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-1536x1020.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An industrial harvester cuts a new rice variety at a rice paddy in Yamoussoukro, Ivory Coast June 3, 2024. REUTERS/Luc Gnago</figcaption></figure>



YAMOUSSOUKRO, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Ivorian rice farmer Francois Kasse Yao has struggled to make ends meet with only one harvest per year before he planted a new variety, resistant to unpredictable weather conditions capable of producing larger yields.



The grain, introduced as a part of a programme designed to increase output of the regional staple food and cut dependence on imports, allows rice growers to get two harvests per year, with a yield of up to 5 metric tons per hectare.



This shift signals a potential boost for local farmers and the nation as a whole, which could reduce its reliance on foreign rice imports.



Before the introduction of the new programme that includes better irrigation, mechanization and improved short-cycle drought-resistant seeds, farmers struggled to produce one metric ton per hectare in some areas.



&#8220;Today&#8217;s yields are better &#8230; This time we&#8217;ve started with a new variety, so today we&#8217;re doing just fine,&#8221; the 52-year-old farmer harvesting rice in the village of Subiakro, over 14 km from the Ivorian capital Yamoussoukro, told Reuters.



A farmer from another village, Hermane N&#8217;Guessan Kouame, praised the new variety&#8217;s scent and flavour as well as its capacity to resist frequent water shortages &#8211; the qualities that make the grain highly prized on the local rice market.



The average price for this type of milled rice is 650 CFA francs ($1.09) per kilogram, Kouame said.



&#8220;When you plant it, no matter how the weather changes, it&#8217;s always intact&#8230; It adapts to all climates,&#8221; said the 50-year-old who farms a 44-hectare plot in Zatta located 20 km from Yamoussoukro.



<h2 class="wp-block-heading" id="h-self-sufficient">SELF-SUFFICIENT</h2>



Ivorian production of local white rice currently stands at 1.4 million metric tons, far below the national consumption of 2.1 million, according to a managing director of the Agency for the development of the rice sector (Aderiz).



To fully cover domestic demand, Ivory Coast imports rice mainly from countries such as India, Thailand and Pakistan.



A decision by India to curb its exports last year has raised shortage concerns in several African countries.



But Aderiz says the latest investment of 330 billion CFA francs ($551.38 million) made by the state, its partners and the private sector, will enable the country to self-sufficient in three years.



Production could reach 2.2 million tons by 2027, Yacouba Dembele said.



&#8220;We&#8217;re going to make progress. We&#8217;re going to go fast, especially with the system we&#8217;ve put in place,&#8221; he added.



($1 = 598.5000 CFA francs)



(Reporting by Loucoumane Coulibaly; Editing by Anait Miridzhanian and David Evans)

Ivorian farmers turn to new rice variety for increased yields and profit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-820x547.jpg" alt="" class="wp-image-513290" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; DECEMBER 13: H.E. President Nana Akufo-Addo of Ghana, speaks at the Diaspora Engagement Policy launch at the Jubilee House on December 13, 2023 in Accra, Ghana.The Diaspora Engagement Policy (DEP), for the first time in the history of the country of Ghana, was developed to provide the necessary framework within which the Ghanian Diaspora can be constructively engaged in political, social, economic and cultural discourse towards the effective mobilization and coordination of their contributions to the national development process. (Photo by Robert Okine/Getty Images)</figcaption></figure>



ACCRA, July 31 (Reuters)&nbsp;&#8211;&nbsp;A high court in Ghana has blocked civil society groups from holding protests in the capital Accra, one of the organisers said, joining other African governments in trying to quell youth-led demonstrations over the high cost of living.



Organisers said the protests would draw over two million people onto the streets to demand more action from President Nana Akufo-Addo on corruption and living conditions, as well as to protest delays in signing an anti-LGBT bill into law.



High court Justice Abena Afia Serwaa approved a request by Ghana&#8217;s police to ban a handful of organisations from carrying out protests planned between July 31 and August 6 after the police said it lacked the personnel necessary to provide security as officers have been deployed to political rallies amid election campaigning for elections.



A wave of youth demonstrations has swept across several African countries in recent weeks.



In Kenya, more than 50 people have been killed and nearly 700 arrested in a police crackdown on demonstrations since mid-June, when protesters began taking to the streets to oppose tax increases proposed by President William Ruto, according to the government-funded Kenya National Commission on Human Rights (KNCHR).



Ruto has fired his cabinet and scrapped the tax bill.



Last week, young people in Uganda took to the streets to protest against alleged corruption and demand the resignation of the parliament speaker.



Police there shut down a march and arrested more than 70 people, according to a legal aid organisation.



Nigeria, meanwhile, on Saturday offered its young people jobs in the state-oil company and billions of naira worth of grants among other incentives to discourage protests, days before a planned nationwide demonstration over bad governance and a high cost of living.



In Ghana, protest organiser Mensah Thompson said elections should not block citizens from exercising their right to demonstrate.



&#8220;Young people are poised to demonstrate with or without the approval of the authorities,&#8221; he said.



&#8220;A time comes when they will spontaneously jump on the streets and we will have a &#8216;Kenya&#8217; on our hands.&#8221;



Ghana&#8217;s economy buckled after the effects of years of over-stretched borrowing were exacerbated by the COVID-19 pandemic, the knock-on impacts of the war in Ukraine and higher global interest rates.



The gold, cocoa and oil producer has been restructuring most of its $30 billion external debt to be able to implement a $3 billion, three-year International Monetary Fund bailout programme and emerge from its worst economic crisis in a generation.



Ghanaians head to the polls in December to elect legislators and a replacement to President Akufo-Addo in an election expected to be keenly contested.



(Editing by Portia Crowe; editing by Miral Fahmy)

Launch Of The Diaspora Engagement Policy In Ghana

Ghana court bans planned protests against cost of living

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-820x547.jpg" alt="" class="wp-image-513284" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">John Dramani Mahama, Ghana&#8217;s president, speaks during the U.S.-Africa Business Forum in New York, U.S., on Wednesday, Sept. 21, 2016. The forum focuses on trade and investment opportunities on the continent for African heads of government and American business leaders. Photographer: Michael Nagle/Bloomberg via Getty Images</figcaption></figure>



ACCRA, July 31 (Reuters)&nbsp;&#8211;&nbsp;Former Ghanaian president John Dramani Mahama will try to renegotiate terms of an International Monetary Fund bailout and boost local ownership of future oil and mining projects if&nbsp;he wins a new term in office&nbsp;in December, he told Reuters.



Mahama, who was in office from 2012-16, will be the main challenger to the ruling party&#8217;s candidate, Vice President Mahamadu Bawumia, with a good chance to win given a severe economic crisis that has made the government unpopular.



&#8220;I&#8217;ve been in an IMF programme before, when I was president, and I know that the IMF is not averse to sitting and talking and renegotiating issues,&#8221; Mahama, 65, said in an interview.



Ghana defaulted on most of its $30 billion external debt in 2022 after the effects of years of overstretched borrowing were exacerbated by the COVID-19 pandemic, knock-on impacts of the war in Ukraine, and higher global interest rates.



The oil, gold and cocoa producer secured a $3 billion IMF bailout in May 2023, and in June this year reached separate deals with bilateral and commercial creditors to restructure its debts and freeze repayments until 2025.



The IMF has already disbursed $1.56 billion with another $360 million due by December. But Mahama said he would seek additional IMF funds&nbsp;to help Ghana resume the debt repayments.



He also said he would amend a public finance management law to introduce a compulsory debt-to-GDP ceiling of 60-70% to prevent excessive borrowing.



Further, Mahama said he would respect existing production contracts with oil and mining companies and not seek to raise taxes, but rather aim for higher royalties from future projects.



&#8220;I think we are at the upper range of taxes on profit &#8230; But I do think that in some cases the level at which we locked in the royalties is low.&#8221;



He held out the prospect of higher government stakes in future projects via the Minerals Income and Investment Fund, a sovereign wealth facility.



<h2 class="wp-block-heading" id="h-northern-duel">NORTHERN DUEL</h2>



While vice president in 2012, Mahama, of the National Democratic Congress (NDC), became president when John Evans Atta-Mills died in office. Mahama won his own mandate in a presidential election a few months later.



He lost elections in 2016 and 2020 to Nana Akufo-Addo of the New Patriotic Party (NPP), who must step down after this year&#8217;s Dec. 7 vote as he will have served the maximum two terms.



As president, Mahama invested heavily in infrastructure but drew criticism over power shortages, macroeconomic instability and allegations of political corruption, though he was not personally tainted. Critics of the NPP say those trends have continued or worsened under Akufo-Addo&#8217;s administration.



Mahama and Bawumia are both from northern Ghana, where the NDC was dominant for many years but the NPP has been making inroads.



&#8220;We the youth are hopeless, we don&#8217;t have jobs. How to eat, pay bills and feed our families is very hard,&#8221; Abdul-Wakil Neindow, 30, who lost his construction job in 2017 and has yet to find work, said at Mahama&#8217;s campaign launch at the weekend.



Ghana is one of Africa&#8217;s most stable democracies, with a history of peaceful transfers of power. No party has ever won more than two consecutive terms in government.



However, the last election was marred by opposition accusations that the government used the advantages of office to unfairly influence the outcome, which it denied.



Mahama urged supporters at his campaign launch to stay awake for 48 hours after voting to guard against any vote-rigging.



($1 = 15.4500 Ghanaian cedi)



(Writing by Portia Crowe; Editing by Estelle Shirbon and Mark Heinrich)

Key Speakers At The U.S.-Africa Business Forum

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-820x547.jpg" alt="" class="wp-image-512857" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, July 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s government gave approval on Monday for state oil company NNPC Ltd to sell crude&nbsp;in the naira currency to&nbsp;the&nbsp;mega Dangote&nbsp;refinery effective&nbsp;immediately&nbsp;to help ease foreign exchange pressure.



The $20 billion Dangote refinery, Nigeria&#8217;s main oil refinery and billed to be the largest in Africa at full throttle, started production in January but has struggled to secure enough crude to meet its 650,000-barrel-per-day capacity.



Dangote previously had to buy oil on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced crude by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports.



The cabinet gave the nod for NNPC Ltd to start selling crude to Dangote and other local&nbsp;refineries&nbsp;immediately&nbsp;in naira to ease pressure on foreign exchange, Zacch Adedeji, a&nbsp;cabinet&nbsp;member&nbsp;who is chairman&nbsp;of&nbsp;Nigeria&#8217;s Federal&nbsp;Inland Revenue Service (FIRS), told reporters.



The refineries will also be able to sell refined fuels to local marketers in naira, he said.



&#8220;By this decision, the pressure on foreign exchange rates today will be reduced,&#8221; Adedeji said.



He explained that the previous scenario exerted a burden of $660 million in demand on foreign exchange per month, amounting to $7.92 billion annually. The new arrangement is projected to reduce this amount to around $50 million per month, or $600 million annually, leading to annual savings of $7.32 billion, Adedeji said.



Africa&#8217;s most populous country has suffered chronic dollar shortages that have forced authorities to devalue the naira twice within the past year.



Analysts say the decision to approve the crude sales in naira could reduce the need for the refineries to seek new loans from foreign lenders and help lower transportation costs.



&#8220;It is essentially a policy choice between substantial naira transactions versus Nigeria&#8217;s need for foreign currency,&#8221; said Ayodele Oni, energy lawyer and partner at Bloomfield, a Lagos-based law firm.



Local fuel marketers had been worried they would be unable to pay for supplies from the Dangote refinery when it starts pumping gasoline next month if priced in dollars.



Earlier this month, Nigeria&#8217;s oil regulator struck a deal with producers to allow sales of crude oil to domestic refiners at market prices as it sought to end a supply dispute that had strained relations with the oil majors.



(Additional reporting by Isaac Anyaogu; Writing by Elisha Bala-Gbogbo; Editing by Mark Potter, Susan Fenton and Paul Simao)

FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos

Nigeria allows state oil firm sales in local currency to mega refinery

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-820x547.jpg" alt="" class="wp-image-512525" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



LAGOS, July 29 (Reuters)&nbsp;&#8211;&nbsp;Fuel queues lengthened across major Nigerian cities on Monday after state-oil company Nigerian National Petroleum Corp. faced problems supplying gasoline to local traders and depots.



Last year President Bola Tinubu&#8217;s government opened up gasoline imports to private companies but foreign currency shortages and a cap on the price of petrol has mean that NNPC remains the only importer. Nigeria&#8217;s new Dangote Refinery is yet to start processing gasoline.



&#8220;The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the Federal Capital is as a result of a hitch in the discharge operations of a couple of vessels,” Olufemi Soneye, NNPC spokesperson said in a statement over the weekend when queues began forming.



Gasoline prices at retail stations have risen to over 800 naira ($0.5063) from around 617 naira per litre in May 2023 when the government announced it was ending gasoline subsidies. The price surge has added to already high inflation in Nigeria and a cost of living crisis.



The NNPC Ltd owes gasoline suppliers over $6 billion, thus affecting supplies, and is seeking to raise financing to settle the debts.



($1 = 1,580.0000 naira)



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E

Nigerians queue for fuel as NNPC blames operational hitch

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1387" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg" alt="" class="wp-image-469888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-1536x1040.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, July 26 (Reuters) &#8211; Ghana&#8217;s central bank held its main interest rate steady at 29% for the third meeting in a row on Friday, saying a strong monetary stance was needed due to uncertainty over the inflation outlook.



Economists polled by Reuters before Friday&#8217;s announcement predicted a 50-basis-point cut in its main rate. They expect Ghana to finish the year with interest rates 200 basis points lower.



&#8220;Even though inflation is expected to remain within the target year band, the risks have tilted slightly on the upside,&#8221; Bank of Ghana Governor Ernest Addison told a news conference.



&#8220;This will require maintaining a strong monetary policy stance, supported by strong fiscal consolidation efforts,&#8221; Addison said.



He added that there was some uncertainty regarding the inflation path for the year given the recent exchange rate pressures, upward adjustment in utility tariffs, and increases in export fuel prices.



Ghana&#8217;s consumer inflation slowed last month to 22.8% year on year in June from 23.1% in May, but it remains well above the central bank&#8217;s 8% target with a margin of error of 2 percentage points either side.



Finance minister Mohammed Amin Adam said on Tuesday the West African nation would be able to reach the target for the year of 15% by the end of 2024, adding that its economy was rebounding faster than expected.



&#8220;The central bank is clearly reacting to the stalling disinflation during the first half of 2024, which has put both its short- and medium-term inflation targets at risk,&#8221; said Leslie Dwight Mensah, economist and research fellow at the Institute for Fiscal Studies in Accra.



&#8220;The decision has also been made with an eye on the cedi exchange rate, which has had a bad run in recent months and remains prone to depreciation given the economy&#8217;s limited foreign financing options,&#8221; Mensah said.



The West African cocoa, gold and oil producer has been restructuring its $30 billion debt in an attempt to emerge from its worst economic crisis in a generation.



Central bank governor Addison said economic activity in Ghana remained resilient in the context of a generally tight policy stance.



Ghana&#8217;s trade balance improved in the first half of the year, driven by higher exports of gold and crude oil, he said.



Strong gold output, and soaring prices helped Ghana earn more from the precious metal in the first half of 2024.



&#8220;The value of gold exports increased by 46.4% to $5.04 billion, while earnings from crude oil increased to $2 billion from $1.7 billion in the same period last year,&#8221; Addison said.



(Reporting by Christian Akorlie, additonal reporting by Maxwell Akalaare Adombila Writing by Anait MiridzhanianEditing by Bate Felix, William Maclean and Ros Russell)

People walk past the Bank of Ghana in Accra

Bank of Ghana keeps main rate unchanged over inflation concerns

<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, July 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria plans to issue a diaspora bond of up to $500 million, its Finance Minister Olawale Edun said, as part of its strategy to stabilise and grow the economy.



The domestic dollar-denominated bond, set for issuance in the third quarter, aims to attract investment from Nigerians living abroad and those with savings held overseas, but also to demonstrate the strength and resilience of the economy amidst ongoing economic reforms.



Nigeria&#8217;s move to issue the securities comes in the wake of ongoing reforms by President Bola Tinubu, which have seen significant strides including a projected budget deficit of 4% this year, Edun said in a statement late on Thursday.



Since taking office a little over a year ago, Tinubu has instituted landmark reforms cheered by investors, including slashing costly petrol and electricity subsidies and twice devaluing the naira currency with a year.



Edun said the reforms, and the issuance of securities as an integral part of them, represent a concerted push by the government to boost inclusive growth, potentially lifting millions out of poverty while attracting domestic and foreign investments.



(Writing by Elisha Bala-Gbogbo; Editing by 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

Nigeria to launch $500 million diaspora bond in economic growth push

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-820x531.jpg" alt="" class="wp-image-510275" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-768x498.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-1536x995.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view of Central Bank of Nigeria headquarters next to National Ecumenical Centre in Abuja, Nigeria November 23, 2021. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, July 23 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank raised its benchmark lending rate by 50 basis points to 26.75%, in a decision announced on Tuesday.



Economists had predicted another hike to rates after inflation rose further in June and the naira currency&nbsp;fell on both the official and parallel markets, forcing the central bank to intervene.



Tuesday&#8217;s decision by the bank&#8217;s Monetary Policy Committee is the fourth straight hike this year, after increases of 150 basis points (bps) in May, 200 bps in March and 400 bps in February, its largest in around 17 years.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha, Writing by Bhargav Acharya; Editing by Bate Felix Editing by Bate Felix)

A view of Central Bank of Nigeria headquaters next to National Ecumenical Centre in Abuja

Nigeria’s central bank raises benchmark rate to 26.75%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2000" height="1354" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA.jpg" alt="" class="wp-image-401890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA.jpg 2000w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-1536x1040.jpg 1536w" sizes="auto, (max-width: 2000px) 100vw, 2000px" /><figcaption class="wp-element-caption">A flame rises from a gas flare stack at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Friday, March 6, 2020. Aliko Dangote, Africas richest man, plans to spend more than his net worth of $13.5 billion building one of the worlds biggest oil refineries. Photographer: Tom Saater/Bloomberg</figcaption></figure>



LAGOS, July 22 (Reuters)&nbsp;&#8211;&nbsp;Nigerian lawmakers on Monday set up a committee to investigate crude shortages to local refineries and importation of dirty fuels, issues at the heart of a rift between the Dangote Refinery and Nigeria&#8217;s downstream oil regulator.



The committee constituted by Nigeria&#8217;s lower parliament will investigate alleged importation of dirtier fuels, operations of standards agencies, why refineries including Dangote Refinery are unable to get adequate crude supplies and rising fuel queues.



&#8220;Our investigation will proceed in phases beginning with the allegation of production and importation of sub standard petroleum products and unavailability of crude oil to domestic refineries,&#8221; said Ikenga Ugochinyere, a co-char of the committee.



The findings of the investigative panel, which does not have the power to act on them, will be presented to parliament from which recommendations would be made to the president.



The $20 billion Dangote Oil refinery, built by Africa&#8217;s richest man Aliko Dangote on the outskirts of Lagos, began operations in January but has been unable to get adequate crude supplies from Nigeria where vandalism, sabotage and low investments deter production.



Last month, the Dangote Refinery said oil majors were blocking its access to locally produced crude and the regulator was allowing fuel traders import high-sulphur gasoil thereby undermining its refinery.



In response, the head of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the downstream regulator, said the Dangote Refinery was 45% completed hence unable to meet the country&#8217;s needs. He also said gasoil processed by the refinery is between 650 to 1200 parts per million of sulphur, thus inferior to imported products.



Nigerian regulation allows for the sulphur content in gasoil to be about 50 ppm and is set to begin enforcing the standards from next year.



When some lawmakers visited the plant on Saturday, Africa&#8217;s richest man, Aliko Dangote insisted on a test of the gasoil from his plant with others sold in the local market. The result showed that Dangote Refinery&#8217;s diesel had a sulphur content of 87.6 ppm, whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2,000 ppm, respectively.



Dangote announced he was no longer proceeding with an investment into steel production in Nigeria due to allegations that he seeking to be a monopoly.



The investigative panel said it will conduct a forensic audit of the entire sector.



&#8220;The committee is urging stakeholders in the current dispute to deescalate tensions as the committee embarks on the great task of resolving the issue,&#8221; Ugochinyere said.



(Reporting by Isaac Anyaogu; editing by David Evans)

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Nigeria investigates fuel imports after Dangote Refinery rift with regulator

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-820x615.jpg" alt="" class="wp-image-509253" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A member of the Nigeria Labour Congress dances in front of the domestic airport which has been shut down as Nigeria&#8217;s main labour unions called for an indefinite strike from Monday after failing to agree to a new minimum wage with the government, in Lagos, Nigeria. June 3, 2024.REUTERS/Seun Sanni/File Photo</figcaption></figure>



ABUJA, July 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s main labour unions agreed on a new minimum wage of 70,000 naira ($44) a month on Thursday after talks with the government, ending months of deadlock and the threat of strikes.



Africa&#8217;s most populous nation is grappling with the worst cost of living crisis in a generation, stoking fears of Kenyan-style protests that have rocked that country for nearly a month.



Nigeria&#8217;s two biggest union federations, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), have argued that soaring prices and a weakening currency caused by reforms instituted by President Bola Tinubu were hitting workers hard.



Soaring inflation has eroded incomes and hurt millions of Nigerians who are struggling to meet their basic needs.



The new wage announced by Minister of Information Mohammed Idris and union leaders, is more than double the 30,000 naira a month that was agreed in 2019.



&#8220;We are taking this new 70,000 naira minimum wage with mixed feelings because of the situation of the economy. We have to move ahead despite the situation otherwise the negotiation can linger,&#8221; NLC President Joe Ajaero told reporters.



He said the next minimum wage would be reviewed in three years instead of the customary five years.



The unions suspended a strike in early June to give negotiations a chance but warned that failure to reach an agreement could prompt members to call for new action.



Idris said Tinubu would send the proposal, which includes a provision to review the wage every three years, to parliament immediately for passage into law. Tinubu has said he will not roll back unpopular reforms, including electricity and gasoline price hikes.



On Wednesday, Tinubu asked lawmakers to approve $4 billion in additional spending to plug shortfalls in this year&#8217;s budget, with around half of it going to fund &#8220;further recurrent expenditure requirements.&#8221;



The government plans to invest in infrastructure and renewable energy, such as compressed natural gas (CNG) plants and busses to help lower transportation costs, Idris said.



($1 = 1,580.0000 naira)



(Writing by Elisha Bala-Gbogbo; Editing by Alison Williams, Susan Fenton, Philippa Fletcher)

ZHFRG3BTB5JXRNXZVXU4QXPJNI-1

Nigeria’s unions, government agree new wage deal, averting strike

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-820x574.jpg" alt="" class="wp-image-423487" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/WYRXXEW7ZRJT5P77WID3M5MBLM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s newly declared winner of 2023 presidential election, Bola Tinubu speaks at the National Collation Centre in Abuja, Nigeria, March 1, 2023. REUTERS/Esa Alexander</figcaption></figure>



ABUJA, July 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s President Bola Tinubu has asked the Senate for an extra 6.2 trillion naira ($4 billion) in funding to plug shortfalls in this year&#8217;s national budget, according to a letter read to lawmakers on Wednesday.



Tinubu also sought to impose a one-off windfall tax on banks&#8217; foreign exchange gains, as his government aims to raise revenues to fund &#8220;capital infrastructure development, education, and healthcare as well as welfare initiatives.&#8221;



Senators immediately started debating a bill to approve the new funding request, which comes at a time when the government is under pressure from unions to agree a new minimum wage amid the country&#8217;s worst cost of living crisis in a generation.



($1 = 1,555.0000 naira)



This is a developing story&#8230;



(Reporting by Camillus Eboh; Writing by MacDonald Dzirutwe; Editing by Hugh Lawson)

The Independent National Electoral Commission declares Bola Tinubu winner of Nigeria’s 2023 presidential elections in Abuja

Nigeria’s president asks lawmakers for extra $4 billion funding

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-scaled.jpg" alt="" class="wp-image-507832" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A woman stands at the check out counter after shopping at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, July 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s rate of inflation rose to a new 28-year high of 34.19% in annual terms in June, official data showed on Monday, but some analysts said it may have peaked as devaluation effects should start to fade from this month.



June&#8217;s data marked the 19th straight month that inflation had risen in Africa&#8217;s most populous nation, up from 33.95% in May.



It came roughly a week before the central bank is due to announce another interest rate decision, which will be closely watched after three hikes already this year.



Price pressures have been spurred by policies implemented by President Bola Tinubu, chiefly slashing petrol and electricity subsidies and devaluing the naira currency twice within a year.



The reforms have hurt the poor and left millions grappling with the worst cost-of-living crisis in decades.



Labour unions met with Tinubu last week to push for a new minimum wage after suspending an indefinite strike last month.



Data published by the National Bureau of Statistics on Monday showed food and non-alcoholic beverages continued to be the biggest contributor to inflation in June.



Food inflation rose to 40.87% from 40.66% the previous month.



Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said the bank will do whatever is necessary to tame inflation.



David Omojomolo, Africa economist at Capital Economics, said he believed inflation would soon start falling, probably from July, and drop below 30% by the end of the year.



&#8220;This, we think, will set the stage for the CBN to start thinking about interest rate cuts in the near future,&#8221; he wrote in a research note.



At its last monetary policy meeting in May, the central bank raised its key lending rate by 150 basis points to 26.25%. Its next rate decision is due on July 23.



(Additional reporting by MacDonald Dzirutwe in Lagos and Mohd Edrees in Bangalore;Editing by Alexander Winning and Bernadette Baum)

People shop at Cherries Hypermarket in Abuja

Nigeria’s inflation hit new 28-year high in June, may have peaked

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-820x576.jpg" alt="" class="wp-image-507752" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The head of Nigeria&#8217;s state oil company NNPC, Mele Kyari, speaks during an interview with Reuters in Abuja, Nigeria August 7, 2019. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, July 15 (Reuters)&nbsp;&#8211;&nbsp;Nigerian state-owned oil firm NNPC shareholding in Dangote refinery has been whittled down to 7.2% from 20% after failing to pay the balance of funding owed, Aliko Dangote, the refinery&#8217;s owner told the BusinessDay newspaper.



NNPC, which is in talks over another oil-backed loan to boost its finances, agreed three years ago to buy shares for $2.7 billion in the 650,000 barrels per day refinery.



But Dangote told reporters during a briefing at the plant on the outskirts of Lagos on Sunday that NNPC failed to meet its part of the deal, the BusinessDay newspaper reported on Monday.



&#8220;NNPC no longer owns a 20% stake in the Dangote refinery. They were (meant) to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,&#8221; Dangote was quoted saying.



NNPC was not immediately available to comment.



The Dangote refinery has been struggling to secure enough crude supplies locally because Nigeria&#8217;s production is constrained by lack of investment, pipeline vandalism and crude theft.



That has forced the refinery to import U.S. crude to reach its full capacity next year.



Dangote said he expected the refinery and a fertiliser plant, which is in the same complex, to be listed on the Nigerian stock exchange in the first quarter of 2025.



A senior company executive said in May the refinery aimed for a dual listing on the London and Lagos bourses.



(Reporting by MacDonald Dzirutwe, Editing by Louise Heavens)

FILE PHOTO: The head of NNPC, Mele Kyari, speaks during an interview with Reuters in Abuja

Nigeria’s NNPC stake in Dangote refinery reduced over non-payment, CEO tells paper

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-scaled.jpg" alt="" class="wp-image-495905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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, (Reuters) &#8211; Nigeria&#8217;s labour unions told President Bola Tinubu on Thursday that soaring prices and a weakening currency were biting hard as they pushed for a new minimum wage they say will help cushion workers from the worst cost of living crisis in generations.



<h2 class="wp-block-heading" id="h-why-it-s-important">WHY IT&#8217;S IMPORTANT</h2>



Labour unions suspended a strike in early June to give negotiations on the new minimum wage a chance but a failure to reach an agreement could prompt unions to call for new action.



Leaders in Nigeria are mindful of deadly riots in Kenya that forced the government to backtrack from raising taxes and are trying to balance between appeasing restive workers and borrowing more to meet wage demands.



Any major disruptions to economic activity could tip over an economy struggling with tepid growth, low production of oil, its main export, and high cost of living.



<h2 class="wp-block-heading" id="h-by-the-numbers">BY THE NUMBERS</h2>



The government is offering a monthly wage of 62,000 naira ($40) but unions want 250,000 naira ($160) and have asked authorities to roll back increases in gasoline and electricity prices. The last minimum wage was agreed in 2019.



<h2 class="wp-block-heading" id="h-what-s-next">WHAT&#8217;S NEXT?</h2>



The labour leaders said they had agreed some issues with Tinubu, which they did not disclose, and added that they would reconvene another meeting in a week.



($1 = 1,560.00 naira)



(Editing by MacDonald Dzirutwe)

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

Nigeria unions meet president in push for new minimum wage

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-scaled.jpg" alt="" class="wp-image-505362" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/SU6XM3FG2VIQ7PJBFXDGABCTFM-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Customers peruse goods at Makola market in Accra, Ghana, June 15, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, July 8 (Reuters)&nbsp;&#8211;&nbsp;Ghana has cleared a key hurdle to restructure its international bonds, as its official creditors confirmed the proposed debt rework was not overly favourable to bondholders.



&#8220;The Ministry &#8230; has received a formal confirmation from its Official Creditor Committee (OCC) that the Agreement in Principle reached with representatives of Eurobond holders is consistent with the Comparability of Treatment principle,&#8221; Ghana&#8217;s finance ministry said in a statement on Monday.



&#8220;Comparability of Treatment&#8221; is a principle from the Paris Club of wealthy creditor nations aimed at ensuring its members do not give outsized concessions compared to private lenders or others outside the group.



A Paris Club spokesperson confirmed the OCC had found Ghana&#8217;s bond restructuring deal gave comparable treatment to different types of creditor.



Leeuwner Esterhuysen, economist at Oxford Economics Africa, said the green light from official creditors meant Ghana could soon issue new bonds to investors to replace the ones being restructured.



&#8220;The country aims to begin the bond exchange this month still and conclude it by the end of September,&#8221; he said.



Ghana had in January reached a deal to restructure $5.4 billion of loans with its Official Creditor Committee, including China and France, which co-chair the group.



The country clinched an agreement in principle with two bondholder groups to restructure around $13 billion of its international bonds in late June, making it the second African country after Zambia in recent weeks to reach the final stages of a debt overhaul.



The government now needs to ask all its bondholders to vote on the proposed deal, which if confirmed would finalise the debt rework.



The West African gold and cocoa producer defaulted on most of its $30 billion in external debt in 2022, after the COVID-19 pandemic, the war in Ukraine and higher global interest rates exacerbated years of overstretched borrowing.



(Reporting by Christian Akorlie; Writing by Alexander Winning; Editing by Karin Strohecker and Arun Koyyur)

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West Africa

Mali to set up state-owned airline

Protesters in Nigeria demonstrate over high cost of living

Ivorian farmers turn to new rice variety for increased yields and profit

Ghana court bans planned protests against cost of living

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

Nigeria allows state oil firm sales in local currency to mega refinery

Nigerians queue for fuel as NNPC blames operational hitch

Bank of Ghana keeps main rate unchanged over inflation concerns

Nigeria to launch $500 million diaspora bond in economic growth push

Nigeria’s central bank raises benchmark rate to 26.75%

Nigeria investigates fuel imports after Dangote Refinery rift with regulator

Nigeria’s unions, government agree new wage deal, averting strike

Nigeria’s president asks lawmakers for extra $4 billion funding

Nigeria’s inflation hit new 28-year high in June, may have peaked

Nigeria’s NNPC stake in Dangote refinery reduced over non-payment, CEO tells paper

Nigeria unions meet president in push for new minimum wage

Ghana gets green light for bond rework from official creditors

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