March 7, 2025/United Capital Research
Anglophone West Africa (WAEMU)
Nigeria
- FG plans $122bn investment to diversify energy sources
The Federal Government has announced plans to secure a total investment of $122.20bn to diversify the country’s energy sources, reduce dependence on the national grid, and enhance the overall stability and sustainability of the nation’s energy infrastructure. The Government also added that $192.00mn would be incurred over five years between 2024 to 2028 to boost transmission capacity nationwide.
- Nigeria’s FX reserves fall by $1.31 billion in February amid naira gain
Nigeria’s foreign exchange reserves dropped by $1.31bn in Feb-2025, reflecting ongoing external pressures amid a stronger naira. The reserves declined from $39.72bn on 31-Jan-2025, to $38.42bn on 28-Feb-2025, marking a 3.30% drop within the month. The decline recorded in February is slightly higher than that of Jan-2025 when the reserves dipped by $1.16bn.
- FG, NNPCL work out N7.7tn fuel subsidy debt payment
The Federal Government’s indebtedness to the Nigerian National Petroleum Company Limited (NNPCL) as exchange rate differential (subsidy) for the importation of Premium Motor Spirit (petrol) rose to N7.74tn as of Sep-2024. According to the FAAC document, the government is working out measures to settle the N7.74tn fuel subsidy debt within a period of 210 days.
- Nigeria joins European development bank as 77th shareholder
Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, marking a significant step in the country’s engagement with international financial institutions. However, for Nigeria to become a recipient of EBRD investments, the amendment must receive formal acceptance from a majority of the Bank’s shareholders.
- AfDB plans $230m trade finance package for Access Bank
The African Development Bank (AFDB) has announced plans to provide a $230.00mn trade finance package for Access Bank Plc to support trade finance activities and ease foreign exchange liquidity constraints for small and medium-sized enterprises in Nigeria. The package comprises a $170.00mn Trade Finance Line of Credit with a 3.5-year tenure and a $60.00mn Transaction Guarantee with a three-year tenure. The transaction guarantee will allow Access Bank to act as an Issuing Bank for trade finance transactions, while AfDB will provide up to 100.00% risk coverage to Confirming Banks against non-payment risks linked to letters of credit and other trade finance instruments issued by Access Bank.
Ghana
- Ghana consumer inflation slows for second month in February
Ghana’s consumer inflation rate opens new tab slowed for the second month in a row in February, to an annual 23.1% from 23.5% in January, the statistics service said on Wednesday. Government statistician Samuel Kobina Annim told a news conference that the latest decline was due to both food and non-food price rises easing.
- T-bill rates drop…As govt reduces domestic borrowing
Rates of the government’s primary borrowing instrument, the Treasury bill, have fallen sharply to their lowest levels in 20 months, signalling a reduction in the government’s appetite for borrowing from the domestic market. The benchmark 91-day bill rate eased to 20.79% in the latest auction, down from 28.34% in the last 50 days from last Friday. This marks a significant milestone in the country’s economic recovery, as the rate has not been this low since May 8, 2023, when it stood at 20.2%.
- Ghana’s Trade Minister advocates for 24-Hour Economy
In a bid to boost productivity, employment, and economic growth, Ghana’s Minister for Trade, Agribusiness and Industry, Madam Elizabeth Ofosu-Adjare, is championing the implementation of a 24-hour economy. This initiative aims to leverage the immense potential of industries in Ghana to drive growth and development. During a working visit to Sunda Ghana and factory plant in Kasoa in the Central Region, the Minister expressed her satisfaction with the company’s high standards and employment of 4,000 staff.
Francophone West Africa
Cameroon
- Oriole Resources hails ‘strong potential’ of Cameroon gold project
Martin Rosser, chief executive of Oriole Resources PLC (AIM:ORR), said he was very pleased with the latest drilling results from the Mbe gold project in Cameroon, which continue to highlight its strong potential. The company reported that hole MBDD003 intersected a high-grade interval of 4.24 metres at 7.7 grams per tonne (g/t) of gold, including 1.72 metres at 18 g/t gold, as well as multiple wider zones of lower-grade mineralisation.
East Africa
Kenya
- Kenya annual inflation rises for fourth month in a rows
Kenya’s annual consumer inflation rose for the fourth month in a row to 3.5% in February from 3.3% in January, the statistics office said. Core inflation remained at 2.0% in February, unchanged from January, while non-core inflation rose to 8.2% in February from 7.1% the previous month, the Kenya National Bureau of Statistics said in a statement. Kenya’s central bank cut its main interest rate for the fourth meeting in a row to 10.75% on February 5, saying it wanted to do more to support lending and boost economic growth.
- Kenya’s private sector growth holds steady in February, outlook dim
Kenya’s private sector held steady in February, expanding at a similar pace to the previous month, a survey showed. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 50.6 in February from 50.5 a month earlier. Readings above 50.0 signal growth in activity. Sector divergences were apparent, with output and new business growth driven by agriculture, manufacturing, and construction. Meanwhile, wholesale & retail and services firms recorded declines.
- Kenya will wait to draw down $1.5 bln UAE loan, finance minister says
Kenya will wait to draw cash from a $1.5 billion privately placed bond in the United Arab Emirates so that it can fit into its budget plans for this financial year, Finance Minister John Mbadi said. The East African nation has struggled with a surge in debt service costs in recent years following a borrowing spree and is seeking to put its financing on a more solid footing while talks are already underway with the International Monetary Fund over a new lending programme once the current one expires in April.
Rwanda
- Germany stops new aid to Rwanda over Congo conflict
Germany said on Tuesday it had halted new development aid to Rwanda and was reviewing its existing commitments in response to the African nation’s role in the conflict in neighbouring Democratic Republic of Congo. The German development ministry said Berlin had informed Rwanda in advance of the move and urged it to withdraw support for the M23 rebel group, which has made advances in eastern Congo. Congo, U.N. experts, and Western powers accuse Rwanda of backing the group. Rwanda denies this and says it is defending itself against ethnic Hutu-led militias bent on slaughtering Tutsis in Congo and threatening Rwanda.
- Rwanda asking UK for $63 million over cancelled asylum deal, source says
Rwanda is asking Britain for a 50 million-pound ($63.62 million) payment over a cancelled asylum deal, a source close to the government in Kigali said on Tuesday, after London paused some bilateral aid to the African country over the war in Congo. On taking office last July, British Prime Minister Keir Starmer scrapped the prior Conservative government’s asylum plan, under which Rwanda would have been paid to take in migrants who had illegally arrived in Britain.
- Rwanda says Canada export permit, business suspension over Congo war ‘shameful’
Rwanda said on Tuesday that Canada’s position on the conflict in eastern Democratic Republic of Congo was “shameful”, adding that measures announced by Ottawa against Kigali would not solve the conflict. Late on Monday, Canada announced it had suspended the issuance of permits for the export of controlled goods and technologies to Rwanda, as well as suspending pursuing new government-to-government business and trade missions with Rwanda, and support to private-sector business development activities. It also said it would review Canadian government participation at international events hosted by Rwanda in the future. Canada joins the European Union and the United Kingdom that have also announced plans to suspend bilateral aid to Rwanda. The U.S. also announced sanctions against James Kabarebe, a Rwandan state minister for foreign affairs.
Tanzania
- Tanzania Plans to Kick Off Fifth Oil, Gas Licensing Round in May
Tanzania aims to start a licensing round for dozens of oil and gas exploration blocks in May, the first in more than a decade for the nation with an estimated 57 trillion cubic feet of natural gas reserves. Three of the 26 blocks are in Lake Tanganyika and the rest in the Indian Ocean. The country’s last licensing round was in May 2014.
- Fuel prices in Tanzania rise for second consecutive month
Motorists and other consumers across Tanzania will have to dig deeper in their pockets after fuel prices rose for the second consecutive month. The Energy and Water Utilities Regulatory Authority (Ewura) on Wednesday announced higher prices for March 2025. According to a statement signed by Ewura director general James Mwainyekule, petrol, diesel and kerosene prices in Dar es Salam have risen by 6.27 percent, 6.73 percent and 12.02 percent, respectively.
Uganda
- Uganda reports second Ebola death, a 4-year-old, WHO says
A second Ebola patient, a four-year-old child, has died in Uganda, the World Health Organization said, citing the country’s health ministry. The fatality brings the number of confirmed cases in Uganda to 10. The East African country declared an outbreak of the highly infectious and often fatal haemorrhagic disease in January after the death of a male nurse at the Mulago National Referral Hospital in the capital Kampala.
- UN appeals for funds to help contain Uganda Ebola outbreak
The United Nations has launched an emergency appeal to raise $11.2 million to help fund Uganda’s response to an Ebola outbreak that has killed two people, after the country’s health budget was strained by U.S. cuts to foreign aid. Uganda declared the outbreak of the highly infectious and often fatal haemorrhagic disease in January in the capital Kampala after the death of a male nurse at the East African country’s sole national referral hospital.
- Stanbic PMI – Improved Business Conditions Resume for Uganda’s Private Sector
Operating conditions for Ugandan private sector firms improved in February, following a brief decline at the start of the year, sending the headline Stanbic Purchasing Managers’ Index (PMI) up to 52.6 compared to the January reading of 49.5. The Uganda PMI for February shows a private sector back in expansion, with both output and new orders growing robustly after dipping in January. There was strong demand across all sectors. Employment in the private sector accelerated again after three months of decline due to increased new orders, whilst backlogs fell because of sufficient capacity. Purchasing activity was elevated as firms factored in output having recovered convincingly, but inventories fell for the first time in 12 months.
Southern Africa
South Africa
- South African rand softer ahead of Q4 current account data
South Africa’s rand was slightly weaker early on Thursday ahead of local fourth-quarter current account data, while U.S. President Donald Trump’s tariff policies remained a concern for global markets.
- South African rand gains as markets process Trump’s policies
South Africa’s rand gained on Wednesday, capitalizing on pressure faced by the U.S. dollar as markets digested the impact of U.S. President Donald Trump’s policies. At 1505 GMT, the rand traded at 18.37 against the dollar, about 0.5% stronger than its previous close.
- South Africa sees modest Q4 growth on recovery in agriculture
South Africa’s economy returned to modest growth in the fourth quarter of last year, helped by a recovery in agricultural output after the sector triggered a contraction in the previous quarter.
But the 0.6% gross domestic product (GDP) expansion in seasonally adjusted, quarter-on-quarter terms was smaller than the 0.9% predicted by economists
- South African manufacturing sentiment worsens further, Absa PMI shows
South African manufacturers reported a continued deterioration in business conditions in February, a local purchasing managers’ index (PMI) survey showed on Monday. The seasonally adjusted PMI sponsored by South African bank Absa slipped to 44.7 points in February from 45.3 in January, falling further below the 50-point mark that separates expansion from contraction.
- Government urged to push structural reforms as South Africa’s GDP grows 0.6%.
After a marginal contraction of 0.1% in the third quarter of 2024, South Africa’s economy showed resilience with a 0.6% GDP expansion in the final quarter of the year. Growth was primarily fueled by agriculture, finance, and trade on the production side, while household spending remained a key driver of demand.
- South Africa Current Account Gap Shrinks Less than Anticipated
South Africa’s current account deficit shrank to ZAR 31.6 billion in Q4 2024, from a revised ZAR 55.6 billion in the previous three-month period but was worse than market estimates of a ZAR 3 billion shortfall. This was the smallest current account gap since Q3 2023, as the trade surplus widened to ZAR 232.9 billion in Q4 from ZAR 200.4 billion in Q3, with the value of goods exports increasing more than that of merchandise imports.
Zambia
- Zambia Private Sector Growth Holds Steady in February
The Stanbic Bank Zambia PMI stood at 50.9 in February 2025, unchanged from January’s 18-month high, signaling a third consecutive month of private sector expansion.The increase in new orders continued to drive the improvement, as firms cited strong client demand and a more stable power supply. Notably, business activity rose for the first time since November 2023, though the expansion was limited to the agricultural sector.
Zimbabwe
- Zimbabwe-Indonesia trade rises from US$60mln to US$100mln
Trade between Zimbabwe and Indonesia has grown significantly, rising from US$60 million to US$100 million. This trend is expected to accelerate further, as Indonesia increases its electric vehicle production and looks to Zimbabwe’s lithium reserves as a critical resource. This is reported by The Herald, a partner of TV BRICS.
Mozambique
- Mozambique Standard Bank PMI
The Standard Bank Mozambique PMI rose to 50.9 in February 2025, up from 47.5 in January, signaling a return to growth in the private sector after four months of contraction. Output and new orders expanded as post-election unrest subsided, improving business conditions.
Central Africa
Democratic Republic of Congo (DRC)
- DRC cobalt mine mothballed by China’s state-controlled MMG.
Chinese state-controlled miner MMG Ltd placed its Kinsevere cobalt project in the DRC on care and maintenance in December due to unfavourable cobalt market conditions, the company said in its annual report. MMG approved an extension to the life of the mine in 2022 and added cobalt to its existing copper production. The extension project was completed in September last year, but the cobalt plant was mothballed in December, MMG said.
- DR Congo Mineral Contract With China Slammed By NGOs Citing ‘Major Losses’.
A major mining agreement between the Democratic Republic of Congo and a Chinese consortium is facing renewed scrutiny, as civil society organisations allege that a recently renegotiated deal continues to put the Congolese state at a disadvantage. The CNPAV coalition – “Le Congo n’est pas à vendre” or “Congo is not for sale” – comprises of anti-corruption NGOs who claim the new terms are still heavily skewed in favour of Chinese companies, resulting in a $132 million (€124 million) loss for the DRC in 2024 alone.
Central African Republic (CAR)
- UAE and Central African Republic Presidents witness signing of Comprehensive Economic Partnership Agreement.
President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Faustin-Archange Touadéra, President of the Central African Republic, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries. The agreement aims to enhance bilateral trade and investment opportunities, particularly in key sectors.
