May 16, 2025/United Capital Research
Anglophone West Africa (WAEMU)
Nigeria
- Nigeria’s inflation rate eases to 23.71% in April 2025
Nigeria’s inflation rate eased to 23.71% in April 2025, down from 24.23% recorded in March. The latest figure marks a modest decline of 0.52 percentage points, offering a glimmer of hope amid persistent economic challenges and rising cost-of-living pressures across the country. On a month-on-month basis, inflation stood at 1.86% in April 2025, down from 3.90% in March, representing a 2.04 percentage point decline. This indicates that the rate at which prices increased in April slowed compared to the previous month.
- Senate passes N1.7 trillion 2025 FCT Abuja Appropriation Bill for second reading
The Nigerian Senate has passed the 2025 Appropriation Bill for the Federal Capital Territory Administration (FCTA), totalling N1.7 trillion, for second reading. The bill, which was presented by President Bola Tinubu, aims to support the ongoing transformation of the Federal Capital Territory through capital investments and improved service delivery. The Senate’s decision followed the presentation of the bill’s general principles at plenary on Wednesday by the Senate Leader, Senator Opeyemi Bamidele.
- World Bank projects 22.1% inflation for Nigeria in 2025
Nigeria’s inflation rate is projected to average 22.1% in 2025 as the Central Bank’s tight monetary stance begins to anchor inflation expectations and restore confidence in macroeconomic management. This was disclosed in a statement published Monday on the World Bank’s website, following the formal launch of the latest Nigeria Development Update (NDU) report in Abuja. According to the World Bank, while Nigeria’s economic indicators are showing signs of improvement, particularly growth, revenue, and fiscal balance, price pressures remain elevated.
- Nigeria’s new crude blend, Obodo, enters market
The Nigerian Upstream Petroleum Regulatory Commission says the first cargo of the new Obodo crude blend has been shipped. In a statement by the NUPRC Chief Executive, Gbenga Komolafe, on Tuesday, he congratulated Conoil Producing Limited on the successful shipment of the first cargo of the Obodo crude blend. Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports.
- Foreign portfolio outflows surge by 251% in Q1 2025 amid reforms, global tension
Foreign investors pulled out N420.37 billion from the Nigerian equities market in the first quarter of 2025, representing a 251% year-on-year increase in outflows compared to the N119.81 billion recorded in Q1 2024, the latest data from the Nigerian Exchange (NGX) shows. The spike in capital flight comes at a time when Nigeria is implementing significant economic reforms, especially in the foreign exchange market, amid heightened investor uncertainty. Coupled with global macroeconomic headwinds, the equities market saw erratic participation patterns, particularly in March 2025.
Ghana
- Ghana aims to reduce $2.5 billion debt owed to power producers by year-end
Ghana should be able to reduce its debt of $2.5 billion owed to independent power producers and gas suppliers by the end of the year, President John Dramani Mahama said on Tuesday. Last year, the West African country reached an agreement with independent power producers to restructure legacy debt of around $1 billion as part of efforts to deal with its overall debt burden.
- Prices of goods to drop within 60 days – Trade Minister assures
The Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has given an assurance that the recent appreciation of the Ghana cedi against the US dollar will lead to a noticeable reduction in the prices of goods and services within the next 60 days. Addressing the issue during a meeting with the leadership of the Ghana Union of Traders’ Association (GUTA) and the Association of Ghana Industries (AGI) in Accra yesterday, the minister explained that discussions with major importers had yielded positive commitments.
- BoG Governor calls for continental coordination to scale digital finance
Governor of the Bank of Ghana, Dr. Johnson Asiama, is advocating the need to scale digital assets and payment solutions to boost financial inclusion and intra-African trade, in line with the African Continental Free Trade Area (AfCFTA). Speaking at the 3i Africa Policy Forum, while national initiatives like innovation hubs and regulatory sandboxes are making progress, he noted that broader continental coordination is critical.
Francophone West Africa
Guinea
- General and presidential elections to be held in December 2025
General and presidential elections in Guinea will take place in December 2025, Prime Minister Amadou Oury Bah said on Monday. He made the announcement during a speech in front of investors at the Africa CEO Forum in Abidjan, in Ivory Coast.2024.
Senegal
- Senegal’s fishing crisis: Overfishing, migration, survival
Overfishing by foreign vessels is decimating fish stocks in the West African country of Senegal, which is in turn fueling migration to Spain, according to a report released Tuesday.
Mali
- Mali’s military rulers formally dissolve political parties
Mali’s military government announced on Tuesday that it had dissolved all political parties, approving a recommendation publicized last month that spurred unprecedented protests in the capital, Bamako.
- Mali’s efforts to stem political protests to face test
An attempt by Mali’s military government to stamp out public dissent by banning all political activity will be put to the test on Friday as critics wary of security and economic woes call for protests.
Ivory Coast
- Tidjane Thiam plans return as Ivory Coast’s opposition PDCI party leader.
Ivory Coast’s opposition PDCI party has set up 45 polling stations across the country and in the diaspora to name a new leader.
- Ivory Coast port operator to invest in inland logistics.
Africa Global Logistics, which operates Ivory Coast’s main port, plans to invest over 60 million euros ($67 million) in inland logistics over the next five years to boost its position as a transport hub and gateway for landlocked West African nations.
Southern Africa
South Africa
- South African rand lifted by optimism about US trade deals
The South African rand strengthened on Thursday, boosted by optimism that U.S. President Donald Trump would seal trade deals with major partners after he announced a first agreement with Britain.
- South African business activity stabilises as PMI hits neutral mark
South Africa’s private sector showed signs of stabilisation in April, emerging from a four-month downturn as sales picked up slightly and supply chains strengthened, a survey showed on Tuesday.
- South Africa’s Gold Fields to buy Australia’s Gold Road for $2.40bn
South Africa’s Gold Fields (GFIJ.J), will acquire Gold Road Resources (GOR.AX), in a sweetened deal valuing the Australian miner’s equity at A$3.7 billion ($2.4 billion), as sky-high bullion prices drive a wave of tie-ups.
- South Africa’s Ramaphosa Unveils New Reforms to Stoke Growth
South African President Cyril Ramaphosa unveiled the second phase of a reform program aimed at firing up an economy that’s grown by an average of less than 1% annually over the past decade, with measures planned to fix dysfunctional municipalities and drive the adoption of digital technologies.
- South Africa is set for a low-inflation year
CPI inflation in South Africa is at its lowest point in the inflation cycle, with March coming in at 2.7%, having fallen from 7.8% in July 2022. This means CPI is below the lower end of the Reserve Bank’s inflation target range of 3% to 6%, although Investec chief economist Annabel Bishop explained that its path has been quite uneven.
Namibia
- Namibia’s trade deficit widens by N$700mn in March
Namibia’s trade deficit widened by N$700.00mn in March 2025, driven largely by a sharp increase in petroleum oil imports, the Namibia Statistics Agency (NSA) has reported. According to the NSA’s latest trade bulletin, imports of petroleum oils surged by N$999.00mn from the previous month, contributing to a trade deficit of N$2.10bn in that category alone.
Botswana
- Econsult predicts zero GDP growth for 2025
Economists at a local economic consultancy firm have predicted that Botswana’s economic growth will be flat for the full year of 2025, mainly dampened by a sluggish diamond market and ballooning budgetary deficits.
Angola
- JPMorgan’s $200.00mn Angola margin call reveals Africa’s new debt pains
A $200 million margin call by JPMorgan on Angola’s $1.00bn loan at the height of the global selloff of risky assets has exposed the high costs of unorthodox financing heavily indebted African issuers have been turning to, analysts say.
Central Africa
Congo
- DR Congo may impose curbs on cobalt exports when existing ban ends.
The Democratic Republic of Congo said it may impose strict curbs on cobalt exports when its existing four-month ban ends. The country accounts for nearly three-quarters of global cobalt mine production, but since February, it has enacted a four-month export suspension of the metal. Kinshasa said this was to address a global oversupply which had caused a significant drop in prices.
- Congo’s rebel-held coltan mines continue to pump ore for world’s tech.
Deep in the green hills of Masisi territory in North Kivu province, the artisanal mining site at Rubaya hums with the sound of generators as piles of white dust dot the landscape.
Angola
- What are the debt challenges facing Angola?
The International Monetary Fund has cut its 2025 growth forecast for Angola to 2.4%, mainly due to concerns about the impact of lower crude oil prices on the government’s finances and higher interest rates in global markets.
Rwanda
- Amnesty International criticizes Rwanda’s deportation deal with the U.S.
Rwanda’s move to accept deportees from the United States has drawn criticism from Amnesty International. The rights group now says that the deal contravenes the Refugee Convention. They also faulted the asylum process, claiming it is a risk of violating international law on migration and that there is still no certainty in its success.
- Rwanda central bank holds key rate and plans to buy gold for its reserves.
Rwanda’s central bank kept its policy rate unchanged at 6.5% in a decision announced on Thursday and said it planned to start buying gold for its international reserves.
