Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month. The new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month. This represents the highest rate since September 2005, according to data tracked by Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data. Meanwhile, the urban inflation rate stood at 21.25% in September 2022 from 17.19%…
Author: Johnson Akinyi
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Kenya’s Central Bank has started negotiations with telecommunication firms with a view to separating mobile money activities from other businesses to enhance governance and minimise shocks on bank-related transactions. The regulator said Tuesday that it has engaged Payment Service Providers (PSPs) to ensure that the activities under CBK’s supervision are appropriately ring-fenced from other business lines. “This will allow the PSPs to protect their CBK-regulated activities from shocks emanating from the other business activities, strengthen governance, enhance resilience, and focus on improving its services to customers,” said CBK in a statement Tuesday. According to CBK, separation of mobile…
The African continent represents 60 percent of the world’s arable lands and 30 percent of the earth’s mineral reserves – making it a rich continent in many ways. Yet it contributes only 2 percent of the world’s research output and lags behind in several key technological sectors. For the continent to achieve its potential and escape the unsustainable colonial development model of resource extraction, investment in digital competencies is crucial. In certain areas, the continent is faring reasonably well in this regard. Mobile penetration, for example, is skyrocketing – 615 million users in sub-Saharan Africa are expected to subscribe to mobile services by 2025.…
By Arab Finance Published: October 04, 2022 9:31 AM The Saudi Egyptian Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), acquired a 34% stake in Egypt’s B. TECH for around $150 million, Asharq Business reported on October 2nd, citing informed sources. B.TECH seeks to increase its revenues by 30% to around EGP 11 billion and round up the number of branches to around 153 by the end of December. It is worth noting that British private equity firm Development Partners International (DPI) owns a 34% stake in B.TECH. Founded in 1997, B.TECH is an Egyptian…
By Xinhua Published: August 31, 2022 10:17 AM (Xinhua) — Zimbabwe’s monthly inflation for August declined to 12.4 percent, shedding 13.2 percentage points from 25.6 percent the previous month, the Zimbabwe National Statistics Agency said Friday. The downward spiral in monthly inflation for the third consecutive month follows a raft of measures that have been implemented by monetary authorities to tame inflation. The measures include hiking the bank policy rate from 80 percent to 200 percent per annum and the introduction of gold coins to mop up excess liquidity from the market. Zimbabwe’s newly introduced gold coin is…
By Press Release Published: September 08, 2022 11:05 AM bp announced that it has agreed to sell its upstream business in Algeria to Eni, including its interests in the gas-producing In Amenas and In Salah concessions. bp holds working interests of 33.15% and 45.89% in the In Salah and In Amenas projects respectively. Both are operated by joint ventures co-owned by bp, Equinor and Sonatrach. Anja-Isabel Dotzenrath, bp’s executive vice president, gas & low carbon energy, said: “bp has worked successfully with Algeria and our partners for over almost 30 years, developing and supporting operations on two major gas projects…
By Elizabeth Kivuva | Business Daily Africa Published: September 09, 2022 10:59 PM Tourism earnings have more than doubled in the eight months to August as the sector continues to recover from a slump in the last two years despite 2022 being an election year. According to Tourism Secretary Najib Balala, the sector booked Sh167.10 billion compared to Sh83.16 billion in the same period last year. July posted the highest receipts in the period at Sh26.99 billion, with August recording Sh23.86 billion following a rise in international tourists. The number of visitors surged 91.4 percent to 924,812 compared…
By Xinhua Published: September 14, 2022 1:05 PM (Xinhua) — Ethiopia’s inflation rate eased to 32.5 percent in August, marking the third straight month inflation had been decreasing in the East African nation, according to data released by the Central Statistical Agency (CSA) Monday. Ethiopia recorded an inflation rate of 34 percent in June and 33.5 percent in July. In May, inflation rose to 37.2 percent, one of the highest levels in recent years. The CSA disclosed the inflation rate for food items decreased by more than 2 percentage points to 33.2 percent in August, compared to 35.5 percent…
By Xinhua Published: September 15, 2022 1:07 PM (Xinhua) — The annual consumer inflation maintained an upward surge in Ghana, increasing to 33.9 percent in August, the Ghana Statistical Service said Wednesday. Samuel Annim, the Government Statistician, who announced this at a press briefing, attributed the rise in the inflation rate to the increasing prices of food and non-food items. He said the inflation rate for food increased to 34.4 percent in August from 32.3 percent in July, while non-food inflation surged to 33.6 percent during the month under review from 31.3 percent in July. In the meantime,…
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