<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)

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)

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West Africa

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

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

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