May 2, 2025/United Capital Report
Anglophone West Africa (WAEMU)
Nigeria
- Nigeria to fully repay IMF loan by 2029
Nigeria is on track to fully repay its International Monetary Fund Rapid Financing Instrument loan by 2029. The latest repayment schedule published by the Fund on its website showed that the country had secured approval for an emergency financial support of 2,454.50 million Special Drawing Rights, which translates to about $3.32bn at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025.
- AfDB launches $650m yearly economic support for Nigeria
The African Development Bank Group has approved a new five-year Country Strategy Paper for Nigeria, committing about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity. The Bank disclosed this in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners.
- Electricity subsidy spending balloons to N762bn
Electricity subsidy has increased to about N762bn in the first four months of 2025. Figures from various reports of the Nigerian Electricity Regulatory Commission showed that the subsidy on power was approximately N178bn in January. It rose to N194bn in February, N192bn in March, and N194bn in April. The Federal Government is therefore going to pay a sum of N198.42bn as electricity subsidy in April. The amount is N5.82bn higher than the N192.6bn incurred as subsidies in March.
- Lagos Govt generates N582.45 billion in Q1 2025, achieves 79% revenue target
The Lagos State Government has announced that it generated N582.45 billion in revenue during the first quarter of 2025, representing 79% of its quarterly target of N728.90 billion. This performance also accounted for 20% of the state’s total annual revenue projection of N2.92 trillion, excluding net grants and the opening balance.
- Nigeria’s GDP per capita falls to $824, worse than 1960 levels – AfDB President Adesina
The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has warned that Nigeria is facing a deeper economic regression than many realise, stating that with a current GDP per capita of just $824, Nigerians are significantly worse off than they were at independence in 1960.
Ghana
- Ghana’s oil production falls for fifth consecutive year – PIAC Report
Ghana’s crude oil production has declined for the fifth consecutive year, dropping from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024, according to the 2024 Annual Report released by the Public Interest and Accountability Committee (PIAC). The report highlights a marginal year-on-year decline of 0.01 percent and an average annual drop of 7.4 percent over the five-year period. The consistent decline in output raises concerns about the sustainability of Ghana’s upstream petroleum sector and the long-term economic implications, particularly as the country continues to rely on oil revenues to fund key national programs.
- Petroleum rakes in $1.36bn last year – 2nd highest since production 2010
The government last year received the second highest yearly petroleum revenue since oil production in the country began in 2010. Data from the 2024 Annual Report of the Public Interest and Accountability Committee (PIAC) showed that petroleum receipts for 2024 amounted to $1.36 billion, compared to the $1.1 billion recorded in 2023. The 2024 rise in revenue, which was mainly due to an increase in pricing on the world market, also represents the second highest annual petroleum receipts since inception, with 2022 being the highest year ($1.42 billion).
- Ghana’s Gold reserves hit 31.01 tonnes; triple in two years
The Bank of Ghana’s gold reserves climbed to a total of 31.01 tonnes as of March 31, 2025. This reflects a steady build-up strategy aimed at strengthening the country’s foreign reserves and monetary stability framework. This marks a notable increase from 30.81 tonnes recorded at the end of February 2025, and continues a sustained growth trend that has been observed over the past two years. Starting from 8.78 tonnes in May 2023, the central bank’s gold holdings have more than tripled, underscoring a strategic pivot toward leveraging Ghana’s position as a major gold producer.
Francophone West Africa
- Gabon secures backing for local debt reprofiling, new financing
Gabon has the backing of around 10 financial institutions to extend the maturities of regional market debt and access fresh financing, the Central African oil producer’s public accounts ministry said on Monday. Brice Oligui Nguema was elected president of Gabon earlier this month in a poll many hoped would end a year and a half of political uncertainty following the coup he led against former president Ali Bongo.
- Abundant Ivory Coast rains signal promising end to cocoa mid-crop, farmers say
Above average rainfall last week across most of Ivory Coast’s main cocoa growing regions is expected to boost the development of the April-to-September mid-crop, farmers said on Monday. Ivory Coast, the world’s top cocoa producer, has entered its April to mid-November rainy season, a period when showers are abundant and often heavy.
- Burkina Faso to nationalise more industrial mines, PM says
Burkina Faso plans to take control of more foreign-owned industrial mines, its prime minister said, as the West African nation seeks a bigger share of revenue from its resources. Like neighbours Mali and Niger, Burkina Faso is pushing for greater control over its resources and revised its mining code last year, creating a new state mining company, Société de Participation Minière du Burkina (SOPAMIB).
- Mali joins Niger, Burkina Faso in quitting Francophone bloc
Junta-run Mali, which has broken off ties with former ruler France, on Tuesday said it was quitting an international group of French-speaking countries, following its allies Niger and Burkina Faso. “Mali cannot remain a member of an organisation whose actions are incompatible with constitutional principles… based on the sovereignty of the state,” the foreign ministry said in a letter to its French counterpart, referring to the Organisation Internationale de la Francophonie (OIF).
East Africa
Rwanda
- DR Congo, Rwanda reach preliminary agreement after Doha talks
Congo and Rwanda were expected to submit a draft agreement to end the war in Congo’s east Friday. The agreement would be in line with a declaration of principles signed in Washington a week ago. Delegations from Kinshasa and Kigali have been meeting in Qatar to iron out their differences.
Kenya
- Kenya police say lawmaker’s killing ‘targeted and premeditated’
Kenya’s police have said the fatal shooting of a lawmaker by a gunman aboard a motorcycle in the capital Nairobi on Wednesday evening appeared to be targeted and premeditated.
- Kenya’s inflation hits 2-month high as food prices soar
“The month-to-month inflation rate was 0.3% in April 2025. The annual inflation was mainly due to an increase in prices of commodities,” read the KNBS report in part.
Uganda
- Uganda’s 2025/26 budget up 25% from previous projection
Uganda’s proposed budget for the 2025/2026 financial year has grown 25% to 71.9 trillion shillings ($19.6 billion), compared to the previous projection of 57.4 trillion shillings given in September, the finance ministry said.
Tanzania
- Tanzania’s Trade unions seek bold reforms for private sector workers
As Tanzania joins the rest of the world in commemorating International Labour Day, workers across the country, particularly in the private sector, are calling on the government to take bold and decisive steps to improve their welfare. Leaders of various trade union groups reiterated to The Citizen their longstanding demands for enhanced employee welfare, citing persistent challenges in the private sector despite strides made in improving conditions in public service.
- Tanzania says $42 billion LNG deal delayed on local content use
Tanzania’s Deputy Prime Minister Doto Biteko said the government wants to agree the terms of a long-delayed $42 billion liquefied natural gas facility with international oil companies by October.
Southern Africa
South Africa
- South Africa’s rand weakens after mixed local data, US GDP dip
The South African rand slipped on Wednesday following mixed local economic data and as the dollar gained after data showed the U.S. economy contracted in the first quarter. The rand traded at 18.62 against the dollar , roughly 0.4% weaker than Tuesday’s closing level.
- South Africa records budget deficit of 13.11bn rand in March
South Africa recorded a budget deficit of 13.11bn rand ($704mn) in March, compared with a surplus of 3.36bn rand in the same month last year, National Treasury data showed on Wednesday.
- South Africa says revised budget will keep focus on stabilising debt
South Africa’s finance ministry said on Wednesday that a new budget would be presented on May 21 which would maintain the government’s focus on stabilising public debt. Africa’s biggest economy will adjust revenue and spending projections and growth forecasts after scrapping a contentious increase in value added tax that exposed deep rifts in the coalition government.
- South African rand firms before local manufacturing PMI
The South African rand firmed in early trade on Friday, ahead of the release of a purchasing managers’ index (PMI) survey for the local manufacturing sector. At 06:33 GMT, the rand was trading at 18.4375 against the dollar , up roughly 0.5% on Thursday’s closing level.
- Tanzania lifts ban on agriculture imports from South Africa, Malawi
Tanzania has lifted a ban on imports of agricultural produce from Malawi and South Africa, it said late on Friday last week, days after imposing it in retaliation for similar measures imposed by the two southern African nations.
Zambia
- Zambia copper production up 30% year on year in Q1, minister says
Zambia’s copper production was up about 30% on the previous year in the first quarter of 2025, reaching roughly 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024, Mines Minister Paul Kabuswe said on Wednesday.
- Cost of Living in Lusaka reduces by K128.79
The cost of living for a family of five in Lusaka has reduced by K128.79, now standing at K11,417.99, according to the Jesuit Centre for Theological Reflection’s Basic Needs and Nutrition Basket (BNNB).
- Government cuts fuel prices further, attributes move to Open Access
The Energy Regulation Board (ERB) has reduced the price of petrol by K2.84, diesel by K2.85, kerosene by K2.68, and Jet A-1 by K3.07 for the month of May-2025.
Central Africa
Cameroon
- Bafoussam Workshop Highlights Benefits of Cameroon-EU Trade Agreement
Bafoussam, the capital of Cameroon’s Western Region, hosted a significant workshop on April 30, 2025, dedicated to exploring the opportunities and benefits of the Economic Partnership Agreements (EPAs) between Cameroon and the European Union (EU). This event, organized by the Central Africa Regional Integration and Investment Support Program (Pairac) in collaboration with the National Committee for Monitoring and Implementing the Cameroon-EU EPA, brought together a wide range of stakeholders.
- Cameroon Launches New CFA15bn Bond Issue After Recent Success
Cameroon’s Treasury has issued a new round of bonds, seeking to raise CFA15 billion on April 28, 2025, through the Bank of Central African States (BEAC). The bonds have a maturity of 52 weeks, and the government hopes the funds will address its cash flow needs.
- Cameroon Eases Port Procedures to Keep CFA350bn in Chadian Transit Trade
The Port Authority of Douala (PAD) has signed a new cooperation deal with Chad’s Shippers’ Council (COC-Tchad) to make customs procedures easier for Chadian goods passing through Cameroon. The agreement, signed on April 28 by PAD Director General Cyrus Ngo’o and his Chadian counterpart Hamid Djoumino, is meant to speed up the movement of goods in and out of Chad through Douala, while helping shippers understand and follow trade rules more easily.
Central Africa Republic
- National and international experts to meet in Bangui to validate report titled “National impact study on the participation of small and medium-sized enterprises of the Central African Republic in regional value and supply chains.”
National and international experts from the government, the private sector and development partners will meet in Bangui on the 6 and 7 May 2025 to validate report titled “National impact study on the participation of small and medium-sized enterprises of the Central African Republic in regional value and supply chains.”
