Weekly snapshot on the African Economy

Economic Community of West African States (ECOWAS)

Nigeria

Private Sector Credit in Nigeria Hits N77.9trn

Nigerian private sector lending surged to N77.9trn in April 2025, continuing an upward trend from N76.2trn in March, according to recent Central Bank of Nigeria data. This increase signifies growing business confidence and expands economic activity, while public sector borrowing simultaneously declined. The CBN’s consistent monetary policy aims to bolster macroeconomic stability despite global challenges.

FG Launches Project SPROUT for Affordable University Transport

Nigeria’s Federal Government has launched Project SPROUT to introduce affordable, cleaner transport for universities. The initiative, led by the Presidential Compressed Natural Gas Initiative (PCNGI), will deploy CNG-powered buses and tricycles across campuses nationwide. This move aims to cut carbon emissions and reduce student transportation costs, aligning with the government’s broader clean energy strategy.

Dangote Refinery Propels Nigeria Past South Africa as Africa’s Top Fuel Importer

Nigeria has ceded its position as Africa’s largest importer of refined petroleum products to South Africa, a direct result of the Dangote Petrochemical Refinery’s increased output. In Q1 2025, Nigeria imported significantly less fuel (3.1 million tonnes) compared to South Africa’s 4.2 million tonnes, with projections showing an even wider gap for the full year. This pivotal shift in the continent’s energy landscape highlights Nigeria’s reduced reliance on imports and South Africa’s growing dependence on foreign refined products.

NERC Mandates Digital, Transparent Electricity Revenue Collection

Nigeria’s electricity regulator, NERC, has issued new guidelines for a fully digitised and transparent framework for electricity revenue collection, effective immediately. The directive prohibits Discos from engaging unlicensed agents and mandates the use of only CBN-permitted third-party providers with verified integration and tax compliance. This move, aimed at enhancing revenue collection and aligning with a cashless economy, also sets capped commission rates across various digital payment channels.

Nigerian FG Launches Digital Village with Free Internet to Bridge Divide

Nigeria’s Federal Government has launched a pilot digital village in Ibwa 2, FCT, providing free internet access to bridge the nation’s significant digital divide. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, highlighted that over 20 million Nigerians still lack access to telecommunication services, which impacts financial services, healthcare, and education. This initiative, part of a plan to deploy 7,000 telecom towers nationwide, also enables remote medical consultations and teaching in underserved communities.

Nigerian Reps Pass N1.81trn FCT Budget for 2025

Nigeria’s House of Representatives has approved the Federal Capital Territory’s (FCT) N1.81trn budget for 2025. The budget, transmitted by President Bola Tinubu on May 14, allocates 72.3% (N1.28trn) to capital projects, with a strong focus on crucial road infrastructure in Abuja and its satellite towns. FCT Minister Nyesom Wike highlighted that the remaining 27.7% (N494.1bn) will cover recurrent expenditures.

Nigeria Launches First Intra-African Air Cargo Corridor to East and Southern Africa

Nigeria has inaugurated its inaugural intra-African air cargo corridor, connecting East and Southern Africa through a partnership with Uganda Airlines. This landmark initiative, backed by the UNDP and the Federal Ministry of Industry, Trade, and Investment, aims to operationalise the African Continental Free Trade Area (AfCFTA) by providing Nigerian exporters with discounted, consolidated cargo services to Uganda, Kenya, and South Africa, thereby slashing freight rates by up to 50%. The new route, launched in Abuja and Lagos, is expected to significantly boost market access for Nigerian businesses.

Investment Financial products

Nigerian President Tinubu Marks Two Years, Promotes Economic Reforms and Stability

Nigerian President Bola Ahmed Tinubu marked the occasion, asserting that bold economic reforms have stabilised the nation and positioned it for growth. He highlighted the removal of fuel subsidies and the unification of exchange rates as critical steps, despite acknowledging initial hardships. Tinubu also reported a narrowing fiscal deficit, increased oil and gas investments, and significant tax reform successes, alongside progress in security, healthcare, and human capital development.

CBN Introduces New Liquidity Tools for Non-Interest Banks

The Central Bank of Nigeria (CBN) has rolled out new liquidity management instruments for non-interest financial institutions, effective immediately. These include the Nigerian Non-Interest Financial Institutions’ Master Repurchase Agreement (NNMRA), the Central Bank of Nigeria’s Non-Interest Asset-Backed Securities (CNi-ABS), and the Central Bank of Nigeria’s Non-Interest Note (CNIN). This initiative aims to enhance the structure and efficiency of Nigeria’s non-interest financial market, providing tailored tools for liquidity management in line with ethical finance principles.

Ghana

New Well Drilled Off Ghana’s Coast

Eni Ghana, alongside Vitol and GNPC, has begun drilling a new well, Sankofa East 1X Side Track 2, in Ghana’s Offshore Cape Three Points block. This operation, using the advanced Deep Value Driller, aims to boost Ghana’s long-term energy security. The partners also conducted extensive community outreach to ensure transparent and safe operations.

Ghana’s Export Diversification Stalls as Most Non-Traditional Goods Stay in West Africa

Ghana’s efforts to diversify its exports beyond traditional markets are struggling, with nearly 95% of non-traditional exports remaining within West Africa, primarily ECOWAS member states. Despite hosting the AfCFTA Secretariat, logistical hurdles and high tariffs are preventing Ghanaian exporters from accessing the broader African market. Exporters face challenges such as circuitous shipping routes and the slow implementation of zero-tariff agreements outside the ECOWAS region, which hinders broader continental trade.

Ghana Set to Begin Paying Contractors as Audit Report Looms

Ghana’s government is poised to start settling outstanding contractor claims, with the Auditor-General’s interim report expected imminently. Finance Minister Dr. Cassiel Ato Forson revealed this, stating that ¢13 bn has been allocated in the 2025 budget to begin clearing the inherited ¢67 bn debt. The government is committed to preventing new arrears and enhancing financial discipline, seeking to boost economic recovery and private sector development.

Liberia

Liberia Tackles Water Crisis, Plans Prepaid System to Boost Revenue

Liberia’s Water and Sewer Corporation (LWSC) and the Ministry of Finance have held a “Deep Dive” meeting to address critical issues in the country’s water and sanitation services. LWSC Managing Director Mo Ali highlighted ageing infrastructure from 1953 and a dismal 30% revenue collection rate in Q1 2025 as major challenges. To combat this, LWSC plans to implement a prepaid system, aiming to boost collection efficiency to over 85% and achieve greater self-sustainability and expanded services.

Liberia Urges Tax Reforms to Boost SME Growth and ECOWAS Integration

As ECOWAS celebrated its 50th anniversary, Liberia’s Revenue Authority Commissioner General, James Dorbor Jallah, called for urgent tax compliance reforms to empower small and medium-sized enterprises (SMEs). Jallah emphasised that streamlining tax processes and making them more accessible is crucial for Liberia’s and Africa’s economic growth and regional integration. He acknowledged current hurdles, such as long queues and limited SME capacity, vowing to improve services and engagement with the vital informal sector.

Togo

Togo Halts New Mining Permits for Sector Overhaul

Togo has temporarily halted the issuance of new mining prospecting and exploration permits to revise its outdated Mining Code. This “strategic pause,” announced by the Ministry of Mines and Energy Resources, aims to establish a stricter and more transparent legal framework for the exploitation of natural resources. The move, part of broader Fifth Republic reforms, excludes building materials and industrial minerals.

Togo’s Agricultural Exports See Modest Growth in 2023, Driven by Cocoa Surge

Togo’s agricultural exports rose modestly by 2.5% to CFA 152.9 billion in 2023, with cocoa leading the growth by a 54.7% surge in revenue. Conversely, the cotton sector experienced a significant 32.1% decline in export value as farmers shifted to more profitable crops like soybeans. Overall, plant-based food products remained the most dynamic export segment for the nation.

The Common Market for Eastern and Southern Africa (COMESA)

Malawi

Malawi Urges Farmers to Adopt New Seeds Amid Concerns Over Cost and Fertiliser Promises

Malawi’s Agriculture Minister, Sam Dalitso Kawale, is encouraging farmers to switch to new high-yielding seed varieties developed through national research, citing their potential to improve harvests and incomes. However, public reaction highlights significant concerns regarding the affordability and accessibility of these improved seeds, alongside unfulfilled promises by President Chakwera to reduce fertiliser prices.

Malawian Government Blamed for Severe Sugar Shortage Amid Export Rise

Malawi’s government is facing strong criticism from the Centre for Democracy and Economic Development Initiatives (CDEDI) for the nation’s severe sugar shortage. CDEDI accuses the Ministry of Trade and Industry of irresponsibly authorising large-scale sugar exports while domestic supplies dwindle, leading to skyrocketing prices. The organisation dismisses claims of smuggling and poor weather from manufacturers, demanding immediate policy changes to prioritise local supply over export gains.

Malawi’s Soaring Public Debt Squeezes Private Sector Access to Funds

Malawi’s private sector is struggling to access financing as the government’s rising public debt is crowding out bank lending, according to MCCCI President Wisely Phiri. Speaking at the 35th trade fair, Phiri stated that banks are prioritising government funding, creating significant hurdles for businesses seeking capital. Despite ongoing discussions with financial authorities, the private sector remains concerned about the impact of this debt burden on industrial growth.

Kenya

Kenya’s Dairy Sector Achieves Record Milk Intake in Q1 2025

Kenya’s formal dairy processors recorded an unprecedented milk intake of 250.6 million litres in the first quarter of 2025, a 56% increase year-on-year. January alone saw a historic 90.45 million litres, breaking seasonal norms and outperforming long-term averages significantly. This surge, driven by improved logistics, favourable climate, and supply chain formalisation, positions Kenya for a potential annual intake exceeding 1 billion litres.

World Bank Urges Kenya to Overhaul Tax System for Fiscal Stability

The World Bank recommends that Kenya significantly reform its revenue system to tackle inefficiencies, inequities, and market distortions in its current tax framework. In its latest Public Finance Review, the bank emphasises expanding the tax base, reducing exemptions, and improving fairness to boost revenue collection and foster equitable growth. These reforms, including adjustments to property and income taxes, are deemed crucial for Kenya to manage its high debt distress risk and ensure long-term fiscal sustainability.

World Bank Links Kenya’s High-Power Costs to Poor Governance in IPP Contracts

The World Bank’s latest Public Finance Review attributes Kenya’s high electricity tariffs, among the highest in Africa, partly to poor governance within power purchasing agreements with independent power producers. The institution advocates for strengthening governance in public investment management and PPP frameworks to reduce elevated energy costs. This recommendation is part of a broader strategy to lower Kenya’s debt, improve public spending efficiency, and enhance social support for reforms.

Investment Financial products

Ethiopia

Ethiopia Halves Inflation to 13% After Landmark Forex Reforms

Ethiopia has drastically cut its inflation rate from 30% to 13% since implementing its first market-based foreign exchange regime in five decades. This achievement, announced by NBE Governor Mamo Mihretu, is part of a sweeping set of macroeconomic reforms, including interest rate-based monetary policy and halting central bank financing. The changes, supported by a US$3.4bn IMF facility, aim to boost private sector growth, strengthen the economy, and attract investment.

AJN Resources to Acquire Major Stake in Ethiopian Gold Project

AJN Resources Inc. has conditionally agreed to acquire up to a 70% interest in Ethiopia’s Okote Gold Project, a 42.8-square-kilometre exploration site located within the country’s rich gold belt. The deal, which marks AJN’s strategic entry into Ethiopia’s burgeoning gold sector, is contingent upon formal approval from the Oromia regional authorities. The project, previously explored by MIDROC, shows promising potential, leveraging existing drill data and new mineralisation identified by artisanal miners.

Ethiopia Approves Mid-Term Economic Framework and Key Development Loans

Ethiopia’s Council of Ministers has endorsed a Medium-Term Macroeconomic and Fiscal Framework for 2026–2030, set to guide future budget planning and support ongoing economic reforms. Additionally, the Council approved two significant loans: US$49.55 m from the Arab Bank for Economic Development in Africa for youth employment and SDR 45.1m from the IDA to boost women and girls’ health services. Other approvals include regulations for foreign employment agencies and a draft proclamation on employment abroad to protect citizens.

Ethiopia Seeks Budget Support from AfDB at Annual Meetings

Ethiopia is actively seeking new budgetary support from the African Development Bank Group (AfDB) during its ongoing Annual Meetings in Abidjan. State Minister of Finance Semereta Sewasew is leading the Ethiopian delegation, engaging with key international partners to secure vital financial resources for macroeconomic stability and development programs. This push for external financing comes as many African nations, including Ethiopia, face significant challenges with high debt and limited access to concessional funding.

Rwanda

Rwanda Aims to Bridge Gender Finance Gap Despite High Financial Inclusion

Despite significant strides in financial inclusion, with 92% of adults having formal accounts, Rwanda’s women entrepreneurs still face considerable challenges accessing credit. National Bank of Rwanda Governor Soraya Hakuziyaremye revealed that only 25% of all SME loans go to women-led businesses, a gap that, if closed, could boost Rwanda’s GDP by US$700m. Through the new Women Entrepreneurs (WE) Finance Code, the central bank and 11 financial institutions are committed to developing tailored financial products and increasing lending to women, with progress to be publicly tracked.

Rwanda’s Tourism Sector Achieves Record-Breaking Growth in 2024

Rwanda’s travel and tourism sector experienced unprecedented growth in 2024, contributing Rwf 1.9 trillion (9.8% of the economy) and surpassing pre-pandemic levels. The sector supported nearly 386,000 jobs and saw international visitor spending hit a record Rwf 1 trillion, according to the WTTC. This surge, attributed to strategic government investment and a focus on sustainability, positions Rwanda for continued robust growth, with further expansion projected through 2035.

Investment Financial products

Kigali Trials Non-Stop Electric Buses to Cut Commute Times

The City of Kigali has launched a one-month pilot project on the Kabuga-Nyabugogo route, introducing non-stop electric buses to significantly reduce passenger wait times and overcrowding. Operating daily from 5:00 a.m. to 10:00 p.m. with buses every 3-5 minutes, the trial aims to enhance the commuter experience and promote environmentally friendly public transportation. Officials state that the initiative will help strike a balance between efficiency and accessibility, with plans to expand the system if successful.

Zimbabwe

Zimbabwe Treasury Blacklists Defaulting Suppliers, Halts Advance Payments

Zimbabwe’s Treasury has delisted numerous suppliers who failed to deliver goods and services after receiving payments, according to Permanent Secretary George Guvamatanga. The government has also banned advance payments for most contracts with ministries, departments, and agencies following an Auditor General’s report revealing widespread non-delivery. Guvamatanga noted that efforts are underway to identify and hold accountable repeat offenders who form new companies to secure more tenders.

Libya

Libya and Algeria Boost Economic Ties

Libya and Algeria have reaffirmed their commitment to stronger financial and economic collaboration following high-level talks in Algiers. Finance Ministers from both nations discussed deepening cooperation, with a particular focus on bolstering the Maghreb Bank for Investment and Foreign Trade to enhance regional trade and investment. Discussions also covered the potential for increasing the bank’s capital.

Libyan PM Orders Major Spending Review and Digital Finance Overhaul

Libyan Prime Minister Abdulhamid Dbeibeh has directed the Ministry of Finance to conduct a thorough review of spending policies and implement an integrated electronic financial system. The aim is to boost public expenditure efficiency, ensure timely salary disbursements, and prevent budget misuse. This move underscores a push for greater transparency and a shift towards a digital public financial system in Libya.

Egypt

Egypt to Invest US$80m in Pharma to Boost Local Production, Cut Imports

Egypt’s pharmaceutical industry plans to invest LE 4bn (US$80m) this year to add 20 new production lines, aiming to reduce reliance on imported medicines. This expansion will bring the total to 810 operational lines, with a strategic goal of replacing US$3 billion in annual pharmaceutical imports and localising specialised drug manufacturing. Currently supplying 91% of domestic needs, the sector saw a 40% sales surge last year, demonstrating robust growth towards its 2030 export target of US$3bn.

Egypt Drills 75 Wells, Unearths 40 New Oil and Gas Discoveries

Between July 2024 and May 2025, Egypt drilled 75 new oil and gas wells, resulting in 40 discoveries with estimated reserves of 42 million barrels of oil and condensates, as well as 1.3 trillion cubic feet of natural gas. Minister Karim Badawi announced these findings, which were particularly significant in the Western Desert. These efforts, supported by new exploration agreements totalling over US$631m in committed investments, are set to substantially boost Egypt’s daily production and advance its energy self-sufficiency goals.

Investment Financial products

Fitch Solutions Lowers Egypt’s FY2025/26 Growth Forecast Amid Global Trade Uncertainty

Fitch Solutions’ research arm, BMI, has slightly reduced its economic growth forecast for Egypt in FY2025/2026 to 4.7% from 5.0%, citing increased global trade uncertainty and weakened external demand due to new U.S. tariffs. Despite the downgrade, this still represents an improvement from the current fiscal year’s projected 3.9% growth, driven by expected boosts in private consumption and investment. BMI also noted that indirect impacts on investor sentiment and a shift towards exchange rate flexibility are key factors influencing Egypt’s economic outlook.

Egypt to Launch €1.8bn Investment Guarantee Mechanism with EU in June

Egypt, in partnership with the European Union, will launch a new Investment Guarantee Mechanism in June 2025, providing €1.8bn in guarantees to attract private capital. Minister Rania Al-Mashat announced that this initiative aims to channel impact investments into key sectors, including energy, infrastructure, and climate adaptation. This move, alongside recent economic reforms, seeks to enhance Egypt’s investment climate and foster private sector growth, particularly for Swedish businesses.

Egypt Leads North Africa’s Smartphone Market Growth in Q1 2025

Egypt’s smartphone shipments surged by 34% in Q1 2025, positioning it as North Africa’s market leader, driven by anti-grey market measures and improved economic conditions. Across Africa, smartphone shipments increased 6% year-over-year to 19.4 million units, marking the eighth consecutive quarter of growth. While South Africa also experienced significant expansion, Nigeria’s market contracted, highlighting the ongoing economic challenges faced despite the continent’s overall upward trend.

The Southern African Development Community (SADC)

South Africa

South African Reserve Bank Cuts Repo Rate by 25 Basis Points

The South African Reserve Bank’s Monetary Policy Committee (MPC) has reduced the repo rate by 25 basis points to 10.75%, effective May 30, 2025. This decision, favoured by five out of six members, comes amid revised down inflation forecasts, a stronger exchange rate, and lower world oil prices. SARB Governor Lesetja Kganyago highlighted the opportunity to lock in lower inflation, despite acknowledging risks from global trade tensions and potential currency depreciation.

South Africa Embraces G20 Presidency to Spotlight Africa’s Global Role

South Africa, as the current G20 president, is leveraging its host status for the upcoming November summit in Johannesburg, the first ever on African soil, to champion an “African agenda.” President Cyril Ramaphosa and Brand South Africa CEO Neville Matjie emphasise that the summit will highlight the continent’s growing importance in global discussions on sustainable development, the digital economy, and green energy transition. South Africa’s presidency focuses on disaster resilience, debt sustainability, just energy transition finance, and critical minerals, aiming to boost investment and showcase the nation’s diverse strengths.

South Africa’s Spaza Shop Fund Disburses R6 million, Faces Slow Start

South Africa’s Spaza Shop Support Fund (SSSF), a R500 million initiative launched last month, has so far disbursed R6 million to eligible spaza shops and food outlets. Minister Stella Tembisa Ndabeni stated that the slow pace is due to extensive verification processes, including citizenship and site inspections. The fund aims to boost the participation of South African-owned spaza shops in township and rural retail, offering grants and low-interest loans up to R300,000 per shop.

South Africa Explores DRC Power Imports via Zambia, Zimbabwe

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South Africa is in talks with Zambia and Zimbabwe to route an electricity transmission line from the Democratic Republic of Congo’s (DRC) Grand Inga Hydropower Project. Mineral and Petroleum Resources Minister Gwede Mantashe confirmed the discussions, aiming to secure up to 2,500 MW of electricity for South Africa. This ambitious project, while not managed by South Africa, is crucial for bolstering its energy capacity and could also offer benefits to the transit nations.

Tanzania

Tanzania’s Annual Inflation Dips to 3.2% in April 2025

Tanzania’s annual headline inflation rate slightly decreased to 3.2% in April 2025, down from 3.3% in March, according to the National Bureau of Statistics. While food and non-alcoholic beverages inflation also saw a minor dip to 5.3%, the overall monthly consumer price index rose by 0.4% due to price increases in both food and non-food items, including fuel and utilities. Core inflation, however, remained stable at 2.2%.

Tanzania to Host Sub-Saharan Africa’s Largest Kidney Transplant Center

Tanzania is set to establish the largest kidney transplant centre in Sub-Saharan Africa at Benjamin Mkapa Hospital in Dodoma, with a TZS 28 billion grant from Japan’s Tokushukai Medical Corporation. Announced during the Tanzania-Japan Business Forum, the facility will also serve as a regional training hub for medical specialists. Construction is slated to begin this year, with operations expected to commence within three years, significantly enhancing kidney care in Tanzania and across the continent.

Tanzania Launches €2.5m for Clean Energy and Agri-Businesses

The Renewable Energy and Energy Efficiency Partnership (REEEP) has introduced the €2.5 million Pure Growth Fund in Tanzania, aiming to boost the use of clean energy in agriculture. This fund will provide capital and technical support to for-profit SMEs focused on solar-powered production, cold storage, and bioenergy solutions within agri-food value chains. Applications are open until August 1, 2025, supporting sustainable economic activity and improved energy access.

EU Pledges Continued Clean Energy Support for Tanzania’s Vision 2050

The EU Ambassador to Tanzania, Christine Grau, reaffirmed the European Union’s commitment to supporting Tanzania’s clean energy transition and Vision 2050. During Europe Day celebrations, she highlighted substantial EU grants, including TZS 92 billion for the Clean Cooking Programme and TZS 110.6 billion for the Kakono Hydropower Project. The EU’s ongoing support also extends to regional electricity integration and rural electrification, underscoring Tanzania’s role as a key development partner.

Mozambique

Mozambique Eases Business Regulations to Boost Economy

Mozambique’s government has exempted over 80 activities from prior licensing and inspection to facilitate economic growth and formalise micro, small, and medium enterprises (MSMEs). Prime Minister Benvinda Levi stated this move aims to create jobs and increase state revenue. The initiative also includes a simplified tax system and access to a US$4.6m Economic Recovery Fund, as the nation seeks to rebound from a 4.9% GDP.

Mozambique’s State Business Debt Decreases by 3.75% in Q1 2025

Mozambique’s State Business Sector debt dropped by 3.75% in the first quarter of 2025, reaching 36.94 billion meticais (€508 million) by March. This reduction is primarily due to debt service fulfilment and external debt payments by entities such as the dissolved EMEM. Despite this overall decline, public companies in the aviation sector, namely Airports of Mozambique (ADM) and Mozambique Airlines (LAM), still account for a significant portion of the remaining debt, signalling ongoing financial challenges.

Mozambican Banks’ Mandatory Reserves Fall by 28% in Q1 2025

Mozambican banks’ mandatory reserves with the central bank decreased by 28% in the first quarter of 2025, settling at 209.902 million meticais (€2.936 million) by March. This significant drop follows the central bank’s January decision to ease restrictive measures on these reserves, aiming to inject more liquidity into the economy. Previously, these mandatory deposits had reached historical highs, leading to calls from businesses for more foreign currency availability.

Africa General

West African Central Bankers Gather in Liberia for Monetary Policy Training

The West African Institute for Financial and Economic Management (WAIFEM) has launched a regional course in Monrovia, Liberia, bringing together central bank officials to enhance their expertise in monetary policy. Running from May 26 to June 3, 2025, the training focuses on frameworks and analytical tools, aiming to bolster macroeconomic and financial management across West Africa. WAIFEM emphasised its commitment to integrating emerging themes, such as FinTech and AI, into its curriculum to address evolving economic challenges.

Mauritania’s Sidi Ould Tah Elected as New AfDB President

Sidi Ould Tah of Mauritania has been elected as the ninth President of the African Development Bank Group (AfDB), securing the mandate at the ongoing Annual Meetings in Abidjan. Tah, previously President of the Arab Bank for Economic Development in Africa (BADEA) for 10 years, will officially assume office on September 1, 2025, succeeding Nigeria’s Dr. Akinwumi Adesina. His election comes at a crucial time for the AfDB, as it aims to accelerate progress towards Africa’s development goals.

AfDB Trims Africa’s GDP Growth Forecast Citing Global Tariff War

The African Development Bank Group (AfDB) has slightly lowered its projections for Africa’s GDP growth over the next two years, now forecasting 3.9% for 2025 and 4.0% for 2026. This downward revision, attributed to subdued global economic activity and the impact of the Washington-led global tariff war on exports, marks a 0.2% to 0.4%-point reduction from previous estimates. Despite the overall revision, East Africa is still expected to accelerate, with several countries, including Ethiopia and Rwanda, projected to achieve growth rates exceeding 7%.

ECOWAS Celebrates 50th Anniversary, Calls for Renewed Regional Unity

ECOWAS marked its 50th anniversary in Lagos, the city where its founding treaty was signed in 1975, with a series of events emphasising regional integration. Dignitaries, including Nigerian President Bola Ahmed Tinubu and surviving founding father General Dr. Yakubu Gowon, lauded ECOWAS’s achievements in economic integration and peacekeeping. Speakers called for deeper solidarity and renewed commitment to the Community’s vision amid evolving global and regional challenges, stressing the importance of youth and women in future development.

AfDB Unveils US$6bn Plan to Revolutionise African Healthcare

The African Development Bank (AfDB) Group is rolling out a US$6bn investment plan to bolster Africa’s healthcare sector significantly. This initiative includes two US$3bn programs: one dedicated to developing robust health infrastructure and another focused on expanding local pharmaceutical manufacturing capabilities. AfDB President Akinwumi Adesina highlighted the creation of the African Pharmaceutical Technology Foundation to facilitate access to intellectual property for medicine and vaccine production, further strengthening the continent’s health systems.

Investment Financial products

AfDB Warns of Sharp Decline in Foreign Aid and Remittances to Africa

The African Development Bank forecasts a US$39.84bn drop in Africa’s foreign funding in 2025, driven mainly by reduced aid from top donor countries like the U.S. and Germany. Cuts in Official Development Assistance could slash inflows by 12% from key donors, deepening budget shortfalls in low-income African nations. Alongside a 6.2% drop in remittances in 2023, the report warns that rising financial pressure will persist unless Africa strengthens its domestic economic resilience.