Author Archives: rafiqraji

About rafiqraji

Dr. Rafiq Raji is managing director & chief economist at Macroafricaintel Investment LLC, an Africa-focused macro research & investment consultancy based in Lagos, Nigeria. He is also an adjunct researcher at the NTU-SBF Centre for African Studies at Nanyang Business School, Singapore. Dr Raji is an avid writer, with his writings severally featured in prestigious publications like BusinessDay, Africa Investor, The Africa Report, African Business, New African and HowWeMadeItInAfrica. He was previously an Africa Economist at Standard Chartered Bank in London. Before joining the Global Research team at Standard Chartered, Dr. Raji worked with various teams at its Nigerian franchise; gaining experience in credit risk, asset & liability management, and capital markets. Rafiq was also previously Head, Advisory & Capital Markets for the securities brokerage arm of Nigeria's Standard Alliance Group. Prior to that, he had investment banking stints with FBN Capital Limited, Vetiva Capital Management Limited and Africapital Management Limited; all in Lagos, Nigeria. Dr. Raji holds an MBA from the Lagos Business School, Nigeria and a PhD in Financial Economics from Wits Business School at the University of the Witwatersrand, South Africa. His personal interests are travel, music, writing, finance & economics, international politics & relations, comparative religious studies, volunteering/philanthropy, film & photography and everything and anything about Africa! He hopes to learn how to play the guitar and speak, read and write Arabic, French and Mandarin. He is also an assiduous and lifetime student of history.

macroafricaintel Weekly | 27 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, macroafrica

Click here for PDF version

Date Data / Event Period Forecast Previous
27 Jan Kenya Interest Rate, % 8.5 8.5
30 Jan South Africa PPI, % yy (mm) Dec 2019 3.4 (0.2) 2.3 (-0.3)
30 Jan South Africa M3, % yy Dec 2019 7.5 7.4
30 Jan South Africa PSCE, % yy Dec 2019 6.7 6.6
31 Jan Ghana Interest Rate, % 15.0 16.0
31 Jan Zambia CPI, % yy (mm) Jan 2020 12.0 (1.3) 11.7 (1.6)
31 Jan Kenya CPI, % yy (mm) Jan 2020 6.1 (0.6) 5.8 (0.9)
31 Jan Uganda CPI, % yy (mm) Jan 2020 3.8 (0.4) 3.6 (0.4)

macroafricaintel | Greenberg’s Sandworm & Africa Tech

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

In January, about three weeks into the New Year, the internet suddenly slowed one beautiful morning across West Africa. It is not an exaggeration. If you were not tech-savvy, patient and rational, you probably entertained the oft-misguided thought that the “village people” were likely at it again. A lot of African problems do not get solved because of this irrationality. True, you probably heard sounds of glee in that part of the wilderness of your brain you reserve for such fables. If your left brain (or “digital brain”) did not come to the rescue on time, then your day was probably ruined before it even started. Most work these days rely on the internet.

Thankfully, news filtered in soon enough that our internet troubles were as a result of cuts to the West African submarine cable system. My superstitious kinsmen probably have an explanation for how that happened. I could almost imagine one boisterous type spinning a colourful yarn about the mythic African mermaid “mammy water” being displeased about something. It certainly makes for a good bedtime story. Still, a cable was cut, and the internet slowed.

First principles
One pleasant Saturday morning in late April 2007, Toomas Hendrik Ilves, then president of Estonia, similarly woke up to a much more serious internet mishap. The internet was down. According to Andy Greenberg in his 2019 book “Sandworm: A new era of cyberwar and the hunt for the Kremlin’s most dangerous hackers”, a wonderful and instructive read if your life and work, like almost everyone’s today, depends on the internet and technology, Mr Ilves “assumed it must be a problem with the connection at his remote farmhouse, surrounded by acres of rolling hills.” (His mind did not first tilt towards the “people in the village”, at least.) Ironically, the president had been forced to his farmhouse for security reasons due to violence in Tallinn, the Estonian capital city. Clearly, his security services did not think – and probably couldn’t – to protect him from the potential mischief of the internet.

Greenberg gives a good account of Ilves’ immediate experience after his likely unconcious yawn in the aftermath of probably little sleep. The president had stuff on his mind. There were “escalating riots” in his capital city and he was ensconced in his farmhouse. “So the first thing he did upon waking up…was to open his MacBook Pro and visit the website for Estonia’s main newspaper, Postimees, looking for an update on the riots and Russia’s calls for his government’s ouster. But the news site mysteriously failed to load. His browser’s request timed out and left him with an error message.”

“Was it his computer’s Wi-Fi card? Or his router? But no, he quickly discovered that the British Financial Times loaded just fine.” The internet was working just fine, I guess. The problem was not his connection. “Somehow a significant fraction of Estonia’s entire domestic web was crippled.” It was a cyber attack. I do not want to go into detail about how they finally fixed the problem – you’d have to read the book for that pleasure. Suffice to say, they did it the old-fashioned way. They blocked “every web connection from outside Estonia.” Thereafter, they began the painstaking task of restoring sanity to the domestic web.

Some disadvantages are advantages
Bear in mind, Estonia is renowned for how it has been able to use technology to improve the lives of its citizens. Estonians can vote with their mobile phones or computers from the comfort of their living rooms or anywhere else they may be. And almost all Estonian public services can be accessed via the internet. And all it took was a cyber attack to bring it all down. For a brief while, at least. You would probably not be surprised if one were forced to wonder about the African scenario. Incidentally, Greenberg gives an account of another incident in which Africa’s still relative technological backwardness – in some respect at least – managed to save the day.

In late June 2017, employees at the Copenhagen headquaters of A.P. Moller-Maersk, the world’s largest shipping conglomerate, suddenly found they could not use their computers. Their “computers were irreversibly locked.” A malicious software had infected the company’s entire global network. And all efforts to fix the problem proved abortive. To fix the problem, they resorted to first principles as well and disconnected the entire global network; a task that took “more than two panicky hours.” To bring the network back on line, Maersk needed at least one server, a so-called “domain controller”, which functions “as a detailed map of Maersk’s systems”. But since all the domain controllers had been “wiped simultaneously” – so they thought at least – a recovery was literally impossible. Put simply, in Greenberg’s account of a Maersk IT staffer, if they couldn’t recover the domain controllers, they couldn’t recover anything. Maersk was in for a pleasant surprise. Just before the cyber attack, there was a power failure in its office in Ghana. A domain controller there escaped unscathed. Let us just say, Ghana saved the day.

Backup, backup, backup
There are many lessons for African firms and governments from these incidents. Do African governments have measures in place in the event of an internet shutdown, for instance? As the foregoing shows, an internet mishap could be because a submarine cable was cut, a malware was put into the system by mischief-makers, and so on. It is probably needless to belabour how the incidents are likely to occur. What matters is how individuals, firms and governments manage the crisis when it occurs.

During the West African submarine cable incident, since only one major service provider seemed majorly affected, individuals with multiple internet subscriptions were able to get by. And as the Estonian and Maersk examples show, it would be quite helpful if a firm or government has a standalone and offline backup system analogous to a standby generator for when public power fails. For individuals, keep hard copies of important documents, subscribe to more than one internet service provider, and so on. And if you are active on social media, try your utmost to spread your activity on multiple platforms. For all it takes for you to suddenly be in ‘analog lala land’ is a sudden change in the terms of a service agreement by an internet platform, a cyber attack on your tech infrastructure (individual, firm or country), or a submarine cable incident.

macroafricaintel Daily Brief | 24 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Shares hold ground as China virus fears persist
  • Euro hits 7-wk low after ECB
  • Offshore yuan remain fragile
  • Too early to declare China virus a global health emergency – WHO
  • China, other Asian markets closed for Lunar New Year holiday

Oil Markets

  • Oil steadies, but concern over spreading China virus weighs
  • Brent down 4 cents at $62 a barrel (0225GMT)
  • WTI down 1 cent at $55.58

Precious metals

  • Gold eases after WHO says China virus not a global emergency
  • Spot gold down 0.2% at $1,560.50/oz. (0131GMT)
  • US gold futures down 0.4% at $1,559.20/oz.

Grains

  • Soybeans face second weekly loss on uncertainty over Chinese demand
  • Soybean futures down 2.3% so far this week
  • Corn up 0.8% & wheat up 1.5% week thus far

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Central Bank of Nigeria MPC meeting; 23-24 Jan [fcst. 13.5%, prev. 13.5%]
  • Bank of Ghana MPC meeting; 22-24 Jan [decision on 27 Jan]
  • World Economic Forum in Davos; 21-24 Jan
  • South Africa state capture inquiry continues

Key African events or data releases yesterday & early a.m today

  • Nigeria to consider overhaul of private power sector – NEC
  • Portugal investigates firms co-owned by dos Santos; Angola may seek arrest
  • Nigeria charges ex-attorney general in court over $1.3 bln oil deal
  • Angola’s dos Santos call new corruption allegations “extremely false”
  • Uganda’s shilling and Zambia’s kwacha to firm; in week ahead
  • Africa Oil – Early offers disappoint potential customers
  • Egypt starts screening travellers from China for new coronavirus
  • Madagascar floods kill at least 12 people, with more missing
  • South Africa’s rand, stocks dip on virus fears
  • Zimbabwe billionaire to pay doctors about $300 a month to end strike
  • Lebanon’s Bank Audi in talks with UAE’s FAB to sell Egyptian unit
  • Libya reopens Tripoli’s Mitiga airport
  • Tanzanian home affairs minister fired over $453 mln contract
  • ERG suspends Zambia refinery on shortage of cobalt, copper concentrates
  • South Africa ups surveillance for all travelers from Asia after coronavirus outbreak
  • Angola – Portugal’s market regulator launches inquiries following Luanda leaks
  • Zimbabwe says grain stocks running out after drought
  • Zambia’s economy to grow by 3% in 2020 – president
  • DAVOS – Greek PM says no EU deal on Libya unless Turkey accord scrapped
  • Angola – Manager of Sonangol account in Portuguese bank found dead in Lisbon – report
  • Total & Tullow launch joint sale of stakes in Kenya oil project – sources
  • Libya’s neighbours meet in Algeria seeking stronger truce
  • South Africa’s Richards Bay 2019 coal exports fell to 5-yr low
  • A growing problem: Nigerian rice farmers fall short after borders close
  • Kenya shilling firmer on flows from flower exports, offshore investors
  • South African rand weaker in early trade on China virus scare
  • South Sudan leader names former senior official at c.bank as new governor

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 23 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian shares wilt, oil tumbles as China virus spreads
  • Risk assets off to weak start in Asia
  • Worries about China virus before Lunar New Year
  • Oil extends decline on worries about virus, supply glut

Oil Markets

  • Oil falls for third day amid growing concern over China virus
  • Brent down 1.7% at $62.16 a barrel (0125GMT)
  • WTI down 1.7% at $55.78

Precious metals

  • Gold steady as fears of China virus epidemic mount
  • Spot gold flat at $1,558.93/oz. (0127GMT)
  • US gold futures up 0.3% at $1,561/oz.

Grains

  • Wheat hovers near 18-mth peak as global supplies tighten
  • Wheat futures up 0.3% at $5.79-1/4 a bushel (0137GMT)
  • Soybean futures unchanged at $9.13-3/4 a bushel
  • Corn futures up 0.2% at $3.89-1/2 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Algeria hosts foreign ministers on Libya crisis
  • Central Bank of Nigeria MPC meeting; 23-24 Jan
  • Bank of Ghana MPC meeting; 22-24 Jan [decision on 27 Jan]
  • World Economic Forum in Davos; 21-24 Jan

Key African events or data releases yesterday & early a.m today

  • Angola’s dos Santos named suspect over alleged fraud, selling Eurobic stake
  • Conservationists try to save underfed lions in Sudanese wildlife park
  • Nigeria LNG signs 10-yr deal with Total
  • Angola’s dos Santos to sell Eurobic stake, decision is ‘final’
  • Prominent Malawi banker arrested for suspected attempted bribery in rigged poll case
  • Angola’s dos Santos named as suspect over alleged fraud at Sonangol – Lusa
  • South Africa’s African Rainbow Capital to raise stake in Alexander Forbes
  • Algeria to host foreign ministers on Libya crisis
  • Africa Oil – Bonny Light under force majeure
  • South African rand rises as demand for riskier assets picks up
  • Shell declares force majeure on Nigerian Bonny Light crude exports
  • Tribal attack in disputed South Sudan border region kills 29
  • Morocco’s Casablanca stock exchange to ease foreign access – CEO
  • Zimbabwe central bank governor says inflation to fall to 50% by December
  • South African Airways should be saved, says ruling ANC
  • Guinea-Bissau electoral commission confirms Embalo as president
  • Over 400 jobs at risk at Weatherly Namibia copper mine – union
  • Burkina Faso approves state backing for vigilantes fighting jihadists
  • South African miner Samancor Chrome says may cut nearly 2,500 jobs
  • Power cuts cost South Africa up to $8.3 bln in 2019, research shows
  • Nigeria to resume mining in Zamfara state in Q1 – minister
  • First Abu Dhabi Bank in talks to buy Egyptian unit of Lebanon’s Bank Audi – sources
  • Credit Suisse says Mozambique liable for $622 mln loan at heart of bribery scandal
  • African unicorn Jumia looks to services, platforms to halt slide
  • South African Airways should be kept as national airline – ANC
  • Shares in South Africa’s Shoprite rise on sales growth
  • Morocco’s CPI up 0.2% in 2019 – planning agency
  • Uganda shilling holds steady, demand for dollars eyed
  • Kenyan shilling inches up against the dollar
  • Uganda’s coffee exports up 5% in December from a year earlier
  • South African annual consumer inflation rises to 4% y/y in December
  • South Africa’s Naspers raises $1.66 bln via Prosus share sale

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 22 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • China stocks tumble on virus outbreak, but regional markets steady
  • Markets on edge amid fears of China virus spreading
  • Asian stocks, currencies mostly steady after risk-off shift
  • WHO meets Wednesday to consider severity of virus outbreak
  • Oil recovers from Libyan supply jitters

Oil Markets

  • Oil falls again as ample global supply seen offsetting Libyan outage
  • Brent down 0.2% at $64.46 a barrel (0119GMT)
  • WTI down 0.3% at $58.22

Precious metals

  • Gold eases as markets assess risks from China virus
  • Spot gold down 0.3% at $1,553.27/oz. (0133GMT)
  • US gold futures down 0.3% at $1,553.30/oz.

Grains

  • Soybeans edge lower, linger near 1-mth low
  • Soybean futures down 0.1% at $9.15-1/4 a bushel (0116GMT)
  • Corn futures up 0.2% at $3.88-1/4 a bushel
  • Wheat futures down 0.2% at $5.80-1/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • South Africa inflation Dec-19 [fcst. 3.9% yy, prev. 3.6%]
  • Bank of Ghana MPC meeting; 22-24 Jan [decision on 27 Jan]
  • South Africa ruling ANC post-NEC press briefing
  • World Economic Forum in Davos; 21-24 Jan
  • Police question Lesotho PM Thabane over ex-wife’s murder
  • Court to rule on Kenya’s Nairobi governor Sonko assault case
  • South Africa state capture inquiry continues

Key African events or data releases yesterday & early a.m today

  • Australia’s FAR inks marketing deal with Glencore for Senegal’s Sangomar project
  • Trump administration plans to add Nigeria & 6 other nations to travel ban list – reports
  • Sudan doesn’t have foreign reserves to protect value of the pound – prime minister
  • Maltreated tigers and lions, rescued from Guatemala circuses, arrive in South Africa
  • Militants kill 36 civilians in Burkina Faso market attack
  • Libya’s NOC says oil operations can only be resumed by ending closures – Tweet
  • Ivory Coast leader says fears of age limit for presidential candidates unfounded
  • Angola pleads for help to claw back assets lost to corruption
  • Africa Oil – Nigerian glut appears to dwindle, offers steady
  • South African Airways cancels flights in fight for survival
  • African fintech Flutterwave gets $35 mln, partners with WorldPay
  • Angola to kick off Sonangol IPO before 2022 – minister Azevedo
  • Spain’s ACS withdraws from Inga 3 hydro project in Congo
  • Angola says has reached out to other countries in corruption crackdown
  • Weak growth outlook keeps South African rand on back foot
  • South Africa appoints new board at state nuclear firm
  • Nigeria’s Lekoil reaches deal to keep oilfield after loan fraud
  • Ivory Coast gold output up 35% in 2019 after new mine starts
  • Namibia looks to import cattle as drought decimates local herds
  • Cameroonian soldiers go on trial over shooting of women and children
  • Turkey says Libya’s Haftar must choose political solution
  • Nigeria charges ex-attorney general with financial crimes in $1.3 bln oil deal
  • South African Airways cancels some flights to Munich to save cash
  • Ugandan shilling holds steady against the dollar
  • Tunisia’s designated PM vows to tackle economic, social ills
  • 9 injured in Somali bombing flown to Turkey for treatment

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 21 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asia shares lurch lower, China flu risks mount
  • Nikkei and S&P 500 futures slip on safe-haven shift
  • Some point to economic risks around China flu outbreak
  • Markets await BoJ meeting, Trump speech at Davos

Oil Markets

  • Oil prices ease as supply risk concerns fade
  • Brent down 0.5% at $64.90 per barrel (0318GMT)
  • WTI down 0.2% at $58.40

Precious metals

  • Gold hits 2-wk high on safe-haven demand
  • Spot gold up 0.3% at $1,565.36/oz. (0147GMT)
  • US gold futures up 0.4% at $1,566/oz.

Grains

  • Corn falls as traders take profits after biggest daily gain in 3 mths
  • Corn futures down 0.5% at $3.87-1/4 a bushel (0124GMT)
  • Soybean futures little changed at $9.29-1/4 a bushel
  • Wheat futures down 0.2% at $5.69-1/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • World Economic Forum in Davos; 21-24 Jan
  • Nigeria’s EFCC arraigns former attorney general Adoke on alleged Malabu oil scam
  • ODI’s “Increasing UK investment in Africa” event in London
  • Ivory Coast’s Ouattara expected at Chatham House event in London
  • South Africa state capture inquiry continues

Key African events or data releases yesterday & early a.m today

  • Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos
  • Oil rises as Libya declares force majeure in oilfields
  • Tunisian president chooses former finance minister to be PM
  • Ivory Coast clears homes around airport after child stowaway’s death
  • Prince Harry meets African leaders in London
  • Savannah Petroleum says Nigerian gas purchase is just the start
  • ‘Let us in!’ African women entrepreneurs implore investors at UK business event
  • Africa Oil – Programmes emerge, trade slow as market weighs Libya outage
  • Sudanese pound falls to record low on black market
  • UN says militants targeted aid worker hub in northern Nigeria
  • EU agrees to consider ways to support formal Libya truce
  • South African rand falls on domestic woes as stock rally ends
  • South African chrome firms warn of more than 1,200 job cuts
  • Egypt sovereign fund bringing in Actis to help attract investment
  • Libya’s NOC declares force majeure on Sharara, El Feel oilfields – document
  • Eni confirms production at Libya’s El Feel oilfield partially reduced
  • Egypt’s debt ratio to beat target this year, minister says
  • IMF lowers South African growth forecasts for 2020, 2021
  • UN says militants targeted aid worker hub in northern Nigeria
  • Son of Burkina Faso gold miner owner released after year-long captivity
  • Erdogan says Somalia has invited Turkey to explore for oil in its seas – NTV
  • Erdogan says Turkey not yet sent troops to Libya, only advisers – NTV
  • Next OPEC+ meeting scheduled for March – RIA cites OPEC’s Barkindo
  • Nigerian artist makes dark skin prosthetics to boost patients’ confidence
  • As Brexit nears, UK’s Johnson pushes for deeper trade ties with Africa
  • South African Airways says flights operating normally after bailout talks stall
  • Egypt primary surplus at 30 bln EGP in H1 FY 19/20
  • In Zimbabwe, a backyard hydroponic farm beats drought to grow veg
  • Ivory Coast 2019/20 cocoa arrivals reach 1.296 mln T by Jan. 19 – exporters
  • South African Airways says flights operating as normal
  • EM stocks, currencies flat ahead of key central bank meetings
  • Glencore, Merafe could cut up to 665 jobs at South African smelter
  • Pipeline fire kills three in Lagos – Reuters witness

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 20 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asia shares inch higher as US markets holiday
  • Oil prices climb on Libyan supply concerns
  • Dollar firm as US economy outperforms
  • Eyes on US earnings, Netflix to report on

Oil Markets

  • Oil jumps to highest in more than a week after Libyan shutdowns
  • Brent up 1.1% at $65.59 a barrel (0331GMT)
  • WTI up 1% at $59.12

Precious metals

  • Gold prices rangebound as strong US data fuels risk-on sentiment
  • Spot gold up 0.1% at $1,558.47/oz. (0134GMT)
  • US gold futures down 0.1% at $1,558.10/oz.

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji, @macroafrica]

  • UK-Africa investment summit in London
  • South Africa ruling ANC executives meet; 19-20 Jan
  • Nigeria supreme court to rule on gubernatorial appeals
  • Ghana’s NPP parliamentary & presidential nominations open
  • South Africa state capture inquiry resumes

Key African events or data releases over the weekend & early a.m today

  • Australia’s FAR takes final investment decision for Senegal’s first oil project
  • As Brexit nears, UK’s Johnson pushes for deeper trade ties with Africa
  • Gargash says UAE supports Berlin conference on Libya – tweet
  • Pompeo sees progress towards ceasefire in Libya at Berlin summit
  • Libya’s oil output to drop to 72,000 bpd in a few days – NOC
  • Libya summit in Berlin brough “little step forward” – Russia’s Lavrov
  • Berlin summit on Libya did not discuss any sanctions – Merkel
  • Italy ready to play leading role in monitoring Libya peace – PM Conte
  • UN chief says he is very worried that oil ports, oilfield shut in Libya
  • South Africa tries to secure funding for struggling SAA
  • Libya summit in Berlin agrees to strengthen arms embargo – Merkel
  • Southern Libyan oil fields face closure as pipeline blockaded
  • France’s Macron says presence of foreign fighters in Libya must end immediately
  • South African union angered by Telkom’s proposed job cuts
  • Turkey’s Erdogan urges Libya’s Haftar to end aggressive stance
  • Putin: Don’t lose hope that Libya conflict will be solved
  • Qatar condemns storming of Libya’s eastern Zueitina port
  • Ivory Coast rules that presidential candidate Soro can face trial
  • Africa Crude – Nigerian OSPs, programmes emerge
  • South African stocks hit near 7-mth highs, led by Richemont, miners
  • Burundi’s mass graves reopen old wounds
  • Nigeria’s debt rose to 26.2 trln naira as of Sept – debt office
  • Nigeria to issue 150 bln naira worth of sukuk this year
  • Nigeria’s lender Access acquires Kenya’s Transnational Bank
  • Nigeria’s Access Bank eyes African expansion after Kenyan acquisition – spokesman
  • ENI’s Agogo oilfield in Angola begins output at 10,000 bpd
  • South Africa’s rand edges up after surprise rate cut
  • Kenya shilling firms on horticulture inflows, remittances
  • Nigeria inflation climbs for fourth month as prices rise across board
  • Foreign investors bought less Nigeria bonds last year – debt office
  • Foreign powers back Libya ceasefire as commander’s forces choke oil flows
  • Rwanda GDP to grow 8% in 2020 – IMF
  • South African retailers TFG and Mr Price lure holiday shoppers with discounts
  • Guinea-Bissau Supreme Court calls for clarification of presidential vote result
  • Eastern Libyan forces commander Haftar arrives in Berlin for summit
  • Car bomb hits Turkish contractors, police near Somalia capital, six wounded – police
  • Nigeria producing 1.774 mln barrels of crude per day – minister
  • Mali’s new mining code sets “stability period” at 20 years
  • Locust plague devastates crops in Horn of Africa
  • Mozambique’s do Rosario stays on as prime minister in trimmed cabinet
  • Iceland’s Samherji exiting Namibia following bribery scandal
  • UK seeks to confiscate convicted Nigerian politician’s loot
  • Portugese court rules against dos Santos over tweets she calls slander
  • Amid Kenya power struggle, IMF says investment programme in crisis
  • Tanzania’s shilling to weaken, Uganda’s currency to be steady
  • IEA says oil stocks, non-OPEC output to buffer market from shocks
  • Can ‘Made in Africa’ cigars compete with Cuba?
  • Nigeria to talk to concessionary lenders about $2.8 bln borrowing: debt office
  • Angola’s dos Santos moots presidency run despite charges
  • Libya’s Haftar committed to ceasefire, Germany says
  • Lesotho PM Thabane says he intends to resign – SABC
  • Sudan appoints new intelligence chief in wake of failed revolt
  • Kenya in talks with World Bank for loan of as much as $1 bln

N.B. Full stories of above headlines are available on Reuters