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Nigeria

Obasanjo: Nigeria Needs Local, Foreign Investment to Grow

Former President Olusegun Obasanjo has stated that Nigeria urgently needs to mobilize both local and international investments to achieve progress. He made the statement on Tuesday while commissioning the newly built Sir Ahmadu Bello International Conference Centre in Bauchi. Obasanjo praised the state-of-the-art facility, describing it as a world-class project that can position Bauchi as a major hub for tourism and business. He emphasized that the conference centre is a strategic asset for attracting the investments Nigeria needs. "I will go anywhere with the governor to get investments for Bauchi State," Obasanjo declared. The project contractor revealed that the facility, which sits on 10,000 square meters and can host 3,000 people, was entirely executed by local engineers and contractors, showcasing local capacity

Abdulmumini Auwal SA October 8, 2025

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Economy

Gold Price Tops $4,000 for First Time Ever

The price of gold surged past $4,000 for the first time in history on Wednesday, as investors sought safety amid growing global economic and political uncertainty. The precious metal reached a record high of $4,039.86, marking a more than 50% increase since the start of 2025. This rally is driven by several factors, including expectations of US interest rate cuts, the ongoing US government shutdown, political turmoil in France, and fears that the recent tech stock boom may be a bubble. Analysts note that central bank purchases, particularly from China, and strong inflows into gold-backed funds have also fueled the rise. Gold is traditionally seen as a safe-haven asset during times of instability. In contrast, stock markets in Asia were more subdued, with tech shares leading losses after a disappointing earnings report from Oracle dampened enthusiasm around the AI sector.

Abdulmumini Auwal SA October 8, 2025

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new africa

Top 5 Best-Performing African Currencies in 2025

In 2025, several African currencies have shown remarkable strength against the US Dollar, driven by strong exports and sound economic policies. Here are the five best-performing African currencies this year: Tunisian Dinar (TND): Maintains the highest nominal value in Africa, supported by tight capital controls and disciplined monetary policy. Libyan Dinar (LYD): Stability is propped up by the country's heavy reliance on oil exports, which ensures a steady flow of foreign exchange. Moroccan Dirham (MAD): Benefits from a managed floating exchange rate and a diversified economy including tourism, agriculture, and manufacturing. Botswana Pula (BWP): Known for its stability, backed by prudent fiscal management and robust diamond exports. Ghanaian Cedi (GHS): The standout story of the year, the Cedi has made a dramatic turnaround due to economic reforms and investor confidence, making it one of the world's top-performing currencies. These currencies have demonstrated resilience through a […]

Abdulmumini Auwal SA October 8, 2025

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Nigeria

Nigeria’s $34bn Lithium Wealth Mined Mainly by Foreign Firms

Nigeria's vast lithium deposits, valued at over $34 billion, are primarily being exploited by foreign companies, sidelining local investors from the booming global market. Lithium is a critical mineral for electric vehicle batteries and renewable energy storage, with the global industry generating an estimated $92 billion in annual revenue. Despite significant deposits across states like Nasarawa, Kaduna, and Kogi, Chinese firms like Avatar and Ganfeng have taken the lead, establishing large processing facilities and exporting the raw mineral. Industry experts warn that Nigeria is missing out on major economic benefits. They cite a lack of local capacity, high investment risks, insecurity in mining regions, and insufficient government support as key reasons why Nigerian investors are not participating significantly. The Miners Association of Nigeria has urged the government to provide incentives for local investors and ensure foreign companies are not allowed […]

Abdulmumini Auwal SA October 6, 2025

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Ahafo

Ghana’s Inflation Drops to 11.5%, Lowest Since 2021

Ghana’s annual inflation rate continued its downward trend in August, easing to 11.5% from 12.1% in July. This marks the eighth consecutive month of decline and the lowest level since October 2021, according to the Ghana Statistical Service. Both food and non-food prices slowed during the month, though food remains the largest contributor to inflation. The West African nation — a major producer of gold, cocoa, and oil — is gradually recovering from its worst economic crisis in decades. The local cedi currency has strengthened by more than 20% against the U.S. dollar so far this year. In July, the Bank of Ghana signaled confidence in the improving outlook by slashing its key policy rate to 25%, a record cut of 300 basis points. Government officials say they remain optimistic about meeting their end-of-year inflation target of 11.9%, and possibly […]

Ahmad September 4, 2025

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Nigeria

Shea Nut Export Ban Worries Traders as Prices Drop

Nigeria’s recent six-month ban on shea nut exports has sparked concern among industry players, with traders warning of possible contract defaults, even as processors see it as a chance to boost domestic capacity. The policy, announced earlier this month by President Bola Tinubu, is designed to protect local processors, safeguard jobs, and support a value chain where women account for 95% of pickers. However, the ban has already disrupted market activity, with shea nut prices falling by one-third to ₦800,000 per tonne, according to data from Lagos-based consultancy Vestance. “Exports made the market vibrant. Local demand is not as high as local supply,” Vestance CEO, Rildwan Bello, told Bloomberg. “The idea of growing the local industry doesn’t happen overnight. You don’t set up a processing industry within two months. The manner of the implementation leaves a lot to be desired.” […]

Abdulmumini Auwal SA August 31, 2025

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Economy

Nigeria’s Economy Stable, Now Needs Growth — Okonjo-Iweala

World Trade Organisation (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, says Nigeria’s economy is now stable under President Bola Tinubu’s administration but must move towards real growth. Speaking to reporters after meeting the President in Abuja on Thursday, she praised the government’s reforms, saying stability is the first step before any real improvement. She urged the administration to now focus on creating jobs, increasing incomes, and providing social safety nets to help Nigerians cope with the hardship caused by reforms. Okonjo-Iweala also attended the launch of a Women Exporters Fund for the Digital Economy by First Lady Senator Oluremi Tinubu, in partnership with the WTO and the International Trade Centre. Nigeria is one of four countries chosen for the programme. Out of 67,000 applicants, 146 women entrepreneurs were selected for grants and training to grow their businesses. She said the goal is […]

Abdulmumini Auwal SA August 14, 2025

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Ahafo

Bank of Ghana Appoints Three Advisors to Strengthen Monetary Policy Committee

The Bank of Ghana (BoG) has appointed three distinguished economists as advisors to its Monetary Policy Committee (MPC). This strategic move aims to enhance the committee's capacity in formulating effective monetary policies amidst evolving economic challenges. The Newly Appointed Advisors Dr. John Kwabena Kwakye: Currently serving as the Director of Research at the Institute of Economic Affairs (IEA), Dr. Kwakye brings a wealth of experience in economic analysis and policy formulation. Professor John Gatsi: As the Dean of the University of Cape Coast Business School, Prof. Gatsi is renowned for his expertise in finance and economics, contributing significantly to academic and policy discourse in Ghana. Dr. Priscilla Twumasi Baffuor: A Senior Lecturer at the University of Ghana's Department of Economics, Dr. Baffuor specializes in development economics and has been instrumental in research on economic growth and policy development. These appointments […]

Ahmad May 21, 2025

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Ahafo

Ghana Risks Further Revenue Losses: Experts Advocate for Tech-Driven Tax Reforms

Ghana faces escalating revenue losses due to systemic tax leakages and inefficiencies. Experts at the recent National Dialogue emphasized the urgent need for technology-driven reforms to enhance tax collection and broaden the tax base. Background At the National Dialogue on "Tackling Tax Revenue Leakages in Ghana," held on April 23, 2025, stakeholders from academia, industry, and government convened to address the persistent challenges in Ghana's tax system. The consensus was clear: without significant reforms, Ghana risks continued revenue shortfalls that could hinder national development efforts. Expert Insights Abigail Maame Esi Mensah, Manager of Business Tax Advisory at Ernst & Young, highlighted the challenges posed by the informal economy. She noted that the lack of an integrated tax system makes it difficult to incorporate informal sector actors into the tax net. Additionally, she pointed out that practices like related-party transactions and […]

Ahmad May 21, 2025

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Ahafo

Ghana’s gold reserves hit GH₵46billion in April 2025

The Bank of Ghana’s gold reserves reached a valuation of approximately GH₵46.3 billion at the end of April 2025 per the central bank’s announcement on May 6 that the price of gold had risen to GH₵46,086.32 per ounce. According to official data published by the Bank of Ghana, the nation’s total gold holdings stood at 31.37 tonnes as of April 30, 2025. This translates to 1,008,837.07 ounces of gold, using the standard conversion of 32,150.7 ounces per metric tonne. Multiplying the total ounces by the official spot price gives a calculated value of GH₵46,439,963,249.28, marking a rapid rise in the country’s reserves and underlining gold’s importance as a strategic financial asset for the Ghanaian economy.The central bank has gradually increased its reserves over the past two years, starting from 8.78 tonnes in May 2023 to over 31 tonnes by April […]

Ahmad May 6, 2025

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