Author: James Wambua

The project will benefit over 17.5 million unserved, underserved, rural, and remote Nigerians through the deployment of standalone solar and mini-grids. The initiative will replace over 280,000 polluting and expensive petrol and diesel generators, helping Nigeria to achieve energy transition targets. Under the project, up to 237,000 small businesses will access reliable and clean electricity for productive uses. The International Development Association (IDA) is readying a credit of $750 million from the World Bank’s fund for poor nations to support clean energy initiatives in Nigeria. The goal is to enhance electricity access to roughly 17.5 million people in Africa’s most…

In a body blow, Fitch Ratings has moved Ethiopia’s rating from “CC,” where it had been downgraded in November, to the new status of “C”. This adjustment reflects the agency’s deepening concerns about Ethiopia’s economic health and the rising risk of default following a missed interest payment on 11 December. A further severe downgrade by Fitch Ratings to ‘restricted default’ (RD) looms if Ethiopia fails to make the coupon payment within the set 14-day grace period. Fitch Ratings agency has served Ethiopia’s economy a gut punch by further downgrading Ethiopia’s credit rating into junk territory, expressing concerns about the “increased…

Sudan’s economy is set to shrink by 18.3 per cent this year even as joblessness hits nearly half the country’s population. Khartoum city, once a bustling hub, now bears the scars of conflict with factories, banks, shops, and markets falling victim to looting or destruction. About 10,400 schools in conflict-affected areas are closed, rendering 19 million Sudanese children without access to education. The humanitarian crisis in Sudan is poised to worsen next year even as the economy is set to contract by 18 per cent in 2023. This comes as New York-based International Rescue Committee (IRC) identified Sudan as the…

AfDB will provide US$98.62 million to Burundi in the form of grants and US$597.79 million to Tanzania in the form of loans and guarantees. The Joint SGR Project plays a pivotal role in fostering development, facilitating trade, and enhancing accessibility across East Africa. Investment will also unlock and connect key economic processing zones, industrial parks, Inland Container Depot, and population centers along the central corridor. The Board of AfDB has taken a significant step in advancing East Africa’s regional connectivity and infrastructure development by approving a total financing package of U$696.41 million for Burundi and Tanzania Standard Gauge Railway (SGR)…

Kenyan and Nigerian stores will soon experience absence of Procter & Gamble (P&G) products, as the American multinational embarks on a phased withdrawal. In Kenya, P&G has set its sights on leaving Nairobi by June 2024, citing high cost of doing business, dollar shortages, and dip in sales. P&G’s response to these challenges involves increased pricing as a strategy to mitigate currency impacts, but this has seen it lose market share to rivals. The shelves of Kenyan and Nigerian stores will soon experience a noticeable absence of Procter & Gamble (P&G) products, as the American multinational consumer goods manufacturer embarks…

Addressing the pressing issues of chronic hunger FAO’s blueprint is projected to impact 600 million people by 2030. According to FAO, the roadmap envisions transforming agrifood systems from a net emitter to a carbon sink. It calls for alternative production methods, adjusted consumption patterns, refined forestry management, and innovative technologies such as carbon capture. The United Nation’s Food and Agriculture Organization (FAO) has initiated the process for the development of a groundbreaking global roadmap aimed at eliminating hunger and all forms of malnutrition without exceeding the 1.5°C threshold set by the Paris Agreement. The United Nations’ Food and Agriculture Organization…

Eastern Africa and Western Africa account for 70 per cent of Africa’s population unable to afford a healthy diet. About 30 per cent of Africa’s children bear the indelible mark of stunted growth, a cruel consequence of malnutrition. Burkina Faso, Djibouti, Mali, Mauritania, and Niger emerged with the highest prevalence rates of child wasting above 10 per cent. Food crisis in Africa is deepening with a new report showing that an estimated one billion people in the continent are unable to afford a healthy diet. Painting a grim picture for the continent, the Africa Regional Overview of Food Security and…

This initial batch is designed to sustain the facility’s ambitious goal of processing 350,000 barrels per day during its initial operational phase. The 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries. A major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency). Dangote Refinery, a 650,000 barrels per day plant has started operations by striking strategic alliances and resource acquisitions as it seeks to redefine Nigeria’s oil industry standards. One such landmark…

Africa stands to lose up to $25 billion annually due to the direct impact of the EU Carbon Border Tax Adjustment Mechanism. With Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel, the implication is that Africa will be forced to export raw commodities again into Europe. New carbon tax could severely impede Africa’s progress by penalizing value-added exports in industries such as steel, cement, iron, aluminum, and fertilizers. In a stark warning, African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has raised concerns about the potential ramifications of the new EU carbon border tax on Africa’s…

China’s economic slowdown will affect Africa since the Asian country is the largest single-country trading partner. As China experiences a notable economic slowdown, the IMF asserts that sub-Saharan African countries must proactively respond to the shifting geo-economic landscape. The IMF says a promising avenue lies in tapping into the robust demand for minerals crucial for renewable energy development. China—Africa’s largest single-country trading partner—is experiencing an economic slowdown. And this matters a lot for policymakers in Africa. As China grapples with a second consecutive month of contracting manufacturing activity posted in November, the implications stretch far beyond the borders of the…