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☆ Analysis: Caught between riots and debt crises, African countries cut fuel subsidies
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +6 min

Senegal, like Nigeria and Angola, is removing costly fossil fuel subsidies – a move once considered politically unthinkable but which has become a necessity due to crushing debt, a spike in borrowing costs and high fuel prices. SHEER FISCAL NECESSITYNearly every country on earth has some fossil fuel subsidies, according to the Organisation for Economic Co-operation and Development (OECD). Now, high costs have effectively locked many out of international bond markets. According to the World Bank, almost half of the countries in sub-Saharan Africa are in or at high risk of debt distress. The World Bank estimates that subsidy removal, and scrapping foreign exchange controls, would save Nigeria some 21 trillion naira ($27.49 billion) from 2023 to 2025.

Persons: Abdoulaye Diallo, Diallo, Stanley Achonu, Goolam Ballim, Angola's, David Amaglobeli, Amaglobeli, Gregoire Garsous, Achonu, Karin Strohecker, Ngouda Dione, Hugh Lawson Organizations: ONE, LONDON, CFA, Global, International Energy Agency, Reuters Graphics, Organisation for Economic Co, Development, Standard Bank, World Bank, OECD, Bank, Christian, Thomson Locations: Africa, Nigeria, Senegal's, Dakar, Senegal, Angola, Ukraine, Russia, Johannesburg, China, Saharan Africa, Zambia, London, Brazzaville

☆ Global markets in H1: Banks vs the machines
▼ + stars: | 2023-06-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022. But just that this time has been different due to an unshakeable view that the end of the cycle is near. A 12%, or $6 trillion, rally in value of world stocks (.MIWD00000PUS), (.FTAWORLDSR) although it has been ominously top heavy. Thanks largely to ChatGPT, the AI boom has seen the 'Big Tech' giants enjoy a combined surge of 70%. There have also been around a total of 90 interest rate hikes this year by central banks globally versus just 17 cuts.

Persons: Andrew Kelly, Lehman, Trevor Greetham, Gold, Viktor Szabo, Tayyip Erdogan's, haven't, bitcoin, Binance, Milla Savova, Dhara Ranasinghe, Tom Wilson, Rashmi Organizations: New York Stock Exchange, REUTERS, Nikkei, LONDON, Big Tech, Apple, Microsoft, Google, Netflix, Meta, Nvidia, Royal London Asset Management, Japan's Nikkei, U.S . Federal Reserve, European Central Bank, Bank of Japan's, Silicon Valley Bank, behemoth, UBS, Treasury, Wall, BlackRock, Commodities, Thomson Locations: New York City, U.S, El Salvador, Sri, Zambia, Ukraine, Pakistan, Argentina, Japan, Egypt, Nigeria, London

Kenyan shipments of tea - its major export - have fallen by a fifth over the last year, according to the local regulator. The spike in global interest rates has already tipped Sri Lanka and Ghana into defaulting. Reuters GraphicsBLACK MARKETAlthough the dollar's share as a global reserve currency has dropped to 59% from 70% over a decade, it continues to dominate global trade. Nigeria has long had a web of multiple exchange rates which it is now trying to untangle, having also devalued its naira currency again last week. A plunge of around 70% in Bolivia's reserves has spawned queues at banks and currency exchange shops as some merchants stopped accepting local currency.

Persons: Wilson Muthaura, KTDA, Charlie Robertson, Muthaura, David Willacy, Ojo, Chaucer, Ronal, Luiz Inacio Lula da Silva, Kristalina Georgieva, William Ruto, Duncan Miriri, Marc Jones, Macdonald Dzirutwe, Monica Machicao, Mayela Armas, David Sherwood, Catherine Evans Organizations: Bank, FIM Partners, Reuters Graphics, Workers, REUTERS, La Paz, West, Reuters, JPMorgan, Monetary Fund, IMF, Fund, Thomson Locations: NAIROBI, LONDON, Pakistan, COVID, Russia, Ukraine, London, Islamabad, Egypt, Sri Lanka, Ghana, Tunisia, teetering, Nigeria, Kenya, StoneX, Nigeria's, Lagos, British, Cuba, Venezuela, Githunguri, Kiambu County, United States, Lebanon, Turkey, Ethiopia, China, India, Johannesburg, Saudi Arabia, Africa, Argentina, Nairobi, La Paz, Caracas, Havana

Nigerian President Bola Tinubu is embarking on the country's biggest reforms in decades, including scrapping the popular but expensive petrol subsidy and unifying the country's multiple exchange rates. World Bank lead economist for Nigeria Alex Sienaert said during a presentation in the capital Abuja that savings from the reforms did not amount to a fiscal windfall. The World Bank and International Monetary Fund had for years called on Nigeria to remove the petrol subsidy, which cost $10 billion last year, and free its exchange rate. To deepen foreign exchange reforms, Siernaet said Nigeria should remove restrictions on a list of 43 items, including sugar and flour, that the central bank says cannot be funded from official dollar sales. Nigeria has the second-largest population of poor people in the world and is one of the least developed countries globally, the World Bank says.

Persons: Bola Tinubu, Nigeria Alex Sienaert, Sienaert, Siernaet, Wale Edun, Chijioke Ohuocha, Elisha Baba, MacDonald Dzirutwe, Christina Fincher, Susan Fenton Organizations: World Bank, Bank, International Monetary Fund, Labour, Thomson Locations: ABUJA, Nigeria, Nigerian, Abuja

☆ Analysis: Nigeria's Tinubu faces daunting hurdles after reform sprint
▼ + stars: | 2023-06-27 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +6 min

Nigeria today faces record debt, unemployment is worryingly high, and power shortages have contributed to years of anaemic growth. "The path to political power in Nigeria, over time, has always been through these vested interests," said Bismarck Rewane, CEO at Financial Derivatives Company in Lagos. ENTRENCHED NETWORKSTinubu's ambitions to build a $1 trillion economy in eight years could come unstuck in part due to chronic power shortages. Getting the lights on would be a major win, but to do so some say Tinubu must remove grid subsidies and cut red tape. Tinubu suspended the head of the financial and economic crimes agency, but has yet to outline an anti-graft plan.

Persons: Bola Tinubu, Jason Tuvey, Bismarck Rewane, Tinubu, Tunau Taiwo, Nnamdi Obasi, Prince Ojeabulu, Muhammadu Buhari, jihadists, beholden, Joe Bavier, Conor Humphries Organizations: New, Capital Economics, Financial Derivatives Company, International, Rensource Energy, Nigeria Delta, Observers, Thomson Locations: Nigeria, LAGOS, New Nigerian, Lagos

Last week, for instance, Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs. ONION POWDER AND TURMERICNestle said it was working to develop local suppliers of vegetables and spices used in Maggi products, for instance onion powder in Nigeria and Senegal, and turmeric powder in Nigeria. Nestle did not comment on whether its position in Nigeria would help insulate it from foreign exchange volatility, neither did it give an indication of the economic impact of the local sourcing. ($1 = 0.8967 Swiss francs)Reporting by Richa Naidu; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Kat, Nestle, Richa Naidu, Emelia Sithole Organizations: Swiss, Nestle, REUTERS, LONDON, Reuters, Unilever, Thomson Locations: Bern, Konolfingen, Switzerland, Nigeria, Cameroon, Senegal, Swiss, Asia, East, Africa

As part of those reforms, Nigeria, Africa's top oil producer, plans to scrap an old scheme by which it swaps its crude for gasoline imports. We are getting our swaps crude cargo in October at the earliest," one major player said. Nigeria's falling oil production has exacerbated the country's fiscal problems, because it reduces the revenue that could be used to repay debt. PRIVATE IMPORTERSPaying for fuel deliveries with crude cargoes means there is less crude for Nigeria and NNPC's to export, and so less revenue. International monetary experts have long suggested Nigeria remove fuel subsidies and liberalise its foreign exchange to address its fiscal crisis.

Persons: Bola Tinubu, Mele Kyari, Kyari, NNPC, Tinubu, Aliko, Nigeria's, Julia Payne, Dmitry Zhdannikov, Libby George, Dzirutwe MacDonald, David Evans Organizations: Reuters, NNPC, Thomson Locations: BRUSSELS, LONDON, Nigeria

But investors, burned by previous reforms that ultimately proved hollow, say it will take time to build trust and listed myriad questions over the final shape of the economy. Tinubu is from the same party as predecessor Muhammadu Buhari, dubbed "Baba Go-slow" for his pottering pace - taking six months to appoint cabinet members. Nigeria's international dollar bonds and the country's stock market have been boosted by the speedy reforms. Reuters GraphicsInvestors also worry about low tax receipts and falling oil output - structural reforms that will take far longer to sort. Meanwhile interest rates, which Tinubu has said he would like to see fall, were hiked by 50 bps last month to 18.5%.

Persons: Bola, Temilade, Bola Tinubu's, Tunde Ajileye, Muhammadu Buhari, Godwin Emefiele, Goldman Sachs, Andrew Matheny, John Mumo, Joe Delvaux, Amundi, Delvaux, Tinubu, Patrick Curran, Rachel Savage, Libby George, Karin Strohecker, Nick Macfie Organizations: Nigeria's, REUTERS, Central Bank, Reuters, Reuters Graphics, Tellimer, Thomson Locations: Abuja, Nigeria, JOHANNESBURG, LONDON, Lagos, Blakeney, Africa

ABUJA, June 14 (Reuters) - Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market on Wednesday, days after the central bank governor who oversaw much-criticised multiple exchange rates was suspended. The naira hit a record low of 750 to the dollar on the official market, Refinitiv Eikon data showed, down from a previous low of 477 naira to the dollar struck on Tuesday. Traders said the central bank had removed trading restrictions on the official market. Central bank governor Godwin Emefiele was suspended late last week, after new President Bola Tinubu criticised Emefiele's handling of the currency and monetary policy at his inauguration. Tinubu has called on the central bank to work towards a unified exchange rate, rather than the multiple exchange rates Emefiele oversaw to keep the naira artificially strong.

Persons: Godwin Emefiele, Bola Tinubu, Tinubu, Emefiele, Charlie Robertson, MacDonald Dzirutwe, Rachel Savage, Karin Strohecker, Alexander Winning, Chizu Organizations: Traders, FIM Partners, Thomson Locations: ABUJA, Central, Lagos, Johannesburg, London

☆ Nigeria's security agency detains suspended central bank governor
▼ + stars: | 2023-06-10 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

LAGOS, June 10 (Reuters) - Nigeria's suspended central bank Governor Godwin Emefiele has been detained and is being held in custody for investigative reasons, the police's Department of State Services (DSS) said on Saturday. The country's new President Bola Tinubu suspended Emefiele with immediate effect on Friday, a measure the government said was linked to an ongoing probe of the governor's office and to planned reforms in the financial sector. "The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons," the DSS statement said. Under Nigerian law, the permanent removal of a central bank governor from office would require a vote by the Senate. Economic analysts expect a series of changes at the central bank, including a gradual devaluation of the naira.

Persons: Godwin Emefiele, Bola Tinubu, Tinubu, Mr Godwin Emefiele, Emefiele, Razia Khan, MacDonald Dzirutwe, Alex Richardson, Mike Harrison, Helen Popper Our Organizations: police's Department of State Services, of State Services, Central Bank of Nigeria, Senate, Standard Chartered, Thomson Locations: LAGOS, Africa, Middle East, Nigeria

☆ Nigeria's President Tinubu suspends central bank governor
▼ + stars: | 2023-06-09 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, June 9 (Reuters) - Nigeria's President Bola Tinubu has suspended central bank Governor Godwin Emefiele with immediate effect, following ongoing investigation of his office and planned reforms in the financial sector, the head of the government said on Friday. Tinubu criticised Emefiele's handling of the currency and monetary policy at his inauguration last week and called on the central bank to work towards a unified exchange rate. "President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect," the government said in a statement. Emefiele has been directed to hand over operations to the deputy governor, who will act as the central bank governor pending the conclusion of investigation and the reforms, the statement said. On Wednesday, the central bank allowed the naira to weaken by 2% on the official market to a record low.

Persons: Bola Tinubu, Godwin Emefiele, Tinubu, Bola Ahmed Tinubu, Mr Godwin Emefiele, Emefiele, Muhammadu Buhari, Felix Onuah, Chijioke Ohuocha, Marguerita Choy, Chris Reese Organizations: Central Bank Governor, Financial, Thomson Locations: ABUJA, Nigeria

☆ Nigeria central bank allows naira to weaken 2% to record low
▼ + stars: | 2023-06-07 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +1 min

ABUJA, June 7 (Reuters) - Nigeria's central bank allowed the naira to drop about 2% on the official market to a record low on Wednesday, but the currency's rate remained above where it trades at central bank auctions and on the black market. Nigeria is trying to find a way to unify its multiple exchange rate system, used to keep the naira artificially strong. In the past, the bank has allowed the naira to weaken in 5 naira increments. The central bank has been adjusting the naira gradually on the official market to avoid a large-scale devaluation. Last Thursday, the central bank denied devaluing the naira, following media reports of a big fall in the currency after Tinubu met the central bank governor.

Persons: Bola Tinubu, Tinubu, Chijioke, Alexander Winning, Christina Fincher Organizations: New, U.S, Traders, Thomson Locations: ABUJA, Nigeria

☆ Bombing of herders highlights deadly air attacks by Nigerian military
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +19 min

The letter said the Nigerian Air Force is committed to human rights and “further deliberations” on the issue, according to the report. “The absence of details raises the question of whether the air force carried out the air strike based on mere suspicion,” Human Rights Watch said. The U.S. State Department and the Pentagon had no immediate comment about the airstrike or the U.S. relationship with the Nigerian Air Force. Before now, neither the Nigerian government nor the military had provided any public explanation for what happened on Jan. 24. ACLED data show Nigerian Air Force strikes continued to claim the lives of noncombatants, inside and outside the northeast.

Persons: Ibrahim Muazu, “, ACLED, D.D, Pwajok, ”, Sara Jacobs, herdsmen, Oladayo Amao, Amao, “ miscreants, Muhammadu Buhari, Bola Tinubu, Jan, Muazu, Lamido, Nigeria’s, Sanusi, Buhari, Rand Paul, Cory Booker, Rex Tillerson, Lai Mohammed, Jacobs, Jim Risch, Chris Smith, Antony Blinken, Biden, Risch, brazenly “, ” Abubakar Bello Rukubi, ” “, Yemi Osinbajo, cc’d, Samuel Ortom, herder, ” Muazu, Humeyra Pamuk, Daphne Psaledakis, Idrees Ali, Jarrett Renshaw, David Lewis, Reade Levinson, Simon Newman, Catherine Tai Design, Eve Watling, Julie Marquis, Alexandra Zavis Organizations: herder, Reuters, Air Force, Nigerian Air Force, Human Rights Watch, Air, Rights Watch, Ministry of Defence, Nigerian Air, House Foreign Affairs, ” Reuters, ACLED, Planet Labs PBC, U.S . State Department, Pentagon, ”, Muazu, Congress, San Frontieres, Republican, Punch, UK, Nigeria –, Systems, U.S, Super, International, Development, Rights Initiative, Benue State Livestock Guards, Human Rights, Daily Trust, Nigeria’s Locations: Nigerian, Nasarawa, Akwanaja, United States, U.S, Nigeria, California, Kano, Rann, Cameroonian, Zamfara, “, Benue, ” Benue, London, Makurdi, Naka, Washington, Philadelphia

ABUJA, June 2 (Reuters) - Nigeria's main labour union said on Friday it plans to go on strike from Wednesday to protest against a tripling of fuel prices in what would be the first big test for new President Bola Tinubu after he scrapped a costly fuel subsidy. The price increase has led to a sharp rise in transport fares and Estonian ride-hailing and food delivery startup Bolt said it had hiked its prices in Nigeria, citing increased operating costs due to higher fuel prices. Nigeria's fuel subsidy cost the government billions of dollars annually but was popular as it helped keep prices low in Africa's biggest oil producer, which is still grappling with high poverty rates among residents. But Nigerian Labour Congress (NLC) president Joe Ajaero, after an emergency meeting of the union's executive council in Abuja, said the state oil company NNPC should reverse the price hike. On Friday, the president said Nigeria needs to review its minimum wage of 30,000 naira ($65).

Persons: Bola Tinubu, Bolt, Joe Ajaero, Ajaero, MacDonald Dzirutwe, Kirsten Donovan, Angus MacSwan, Aurora Ellis Organizations: Nigerian Bureau, Statistics, World Bank, Labour Congress, Nigeria Labour Congress, Wednesday, Thomson Locations: ABUJA, Nigeria, Abuja

☆ Nigeria's new president vows to deliver economic reboot as he inherits 'a broken country'
▼ + stars: | 2023-06-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ABUJA, Nigeria - May 29, 2023: Nigeria's President-elect Bola Ahmed Tinubu arrives to attend swearing-in ceremony at Eagle Square in the capital. Tinubu inherits a fractured society a crippled economy as he takes the reins of Africa's most populous nation. He succeeds Muhammadu Buhari, also of the All Progressives Congress (APC) party, who departs with a widely criticized economic record. Economic turmoilAs former governor of Lagos state between 1999 and 2007, Tinubu was credited with modernizing Nigeria's commercial hub and vastly expanding the regional economy. His predecessor Buhari deployed a series of protectionist economic policies and spooked international investors.

Persons: Bola Ahmed Tinubu, Tinubu, Muhammadu Buhari, Atiku Abubakar, Peter Obi of, Buhari Organizations: Nigeria's, Eagle, New, Progressives Congress, Peoples Democratic Party, Labour Party Locations: ABUJA, Nigeria, New Nigerian, Africa's, Lagos

☆ Nigeria: Fuel prices triple as new leader Tinubu ends subsidy
▼ + stars: | 2023-06-01 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

In a seemingly off-the-cuff remark during his inaugural speech Monday, Tinubu declared, “the fuel subsidy is gone,” adding that it was unsustainable. The last time the government tried to remove fuel subsidies in 2012, it sparked nationwide protests. Fuel subsidies are a drain on public finances and many argue that they have led to widespread abuse and corruption. Previous governments have tried unsuccessfully to remove the fuel subsidy, which has kept gas prices artificially low, although they have steadily climbed through the years. Fuel subsidies were not sustainable, but ending them “abruptly” without provision for economic and social consequences was “reckless,” he added.

Persons: Bola Tinubu, Tinubu, “, Joe Ajaero, Goodluck Jonathan, Sam Amadi, ” Amadi, NNPC Organizations: Nigeria CNN —, CNN, National Petroleum Corporation, Nigeria’s Labour Congress, Occupy, Abuja School of Social, ” Locations: Abuja, Nigeria, Africa’s, State, Occupy Nigeria

☆ Unilever pivots to African suppliers as forex pressure mounts
▼ + stars: | 2023-05-31 | by ( Seun Sanni | Richa Naidu | ) www.reuters.com time to read: +6 min

The war in Ukraine exacerbated supply chain logjams and manufacturing issues that began with the COVID-19 pandemic. Managing foreign exchange costs is largely what is driving a pivot to African suppliers, Unilever said, even though sourcing from the continent can cost more than buying from parts of Asia. “Over 95% of the brands we sell to our (African) consumers are made in African factories,” Reginaldo Ecclissato, Unilever’s chief business operations and supply chain officer, told Reuters. Today more than two-thirds of the ingredients that go into Unilever products sold in African markets come from the continent, the company said. Where is it on the scale of Unilever’s supply chain?” he said.

Persons: Kasali, ” Kasali, “, Knorr, Hellmann’s, Reginaldo, Tedd George, Nestle, ”, Pierre, André, Ecclissato, it’s, bouillon, Iranloye, Busari, Unilever’s Ecclissato Organizations: Reuters, Unilever, REUTERS, ” Unilever, Nestle, Danone, sorbitol Locations: ALAYIDE, Nigeria, Oyo, Africa, Ukraine, Asia, India, China, South Africa, Lagos, Oyo State

SummarySummary Companies Tinubu succeeds former military leader BuhariNigeria divided after disputed electionAfrica's biggest economy faces headwindsInsecurity spread under BuhariABUJA, May 29 (Reuters) - Bola Tinubu was sworn in as Nigeria's president on Monday, facing mounting calls to improve economic and security conditions which many complain worsened under his predecessor Muhammadu Buhari. Tinubu, the former Lagos state governor and a member of Buhari's party, has promised to be a better steward of Africa's biggest economy and most populous nation. A raft of protectionist economic policies and foreign currency interventions have also spooked investors. Buhari defended his record on Sunday, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt.

☆ Nigeria's Tinubu gets his turn as president, familiar problems await
▼ + stars: | 2023-05-29 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

Buhari, a taciturn former military ruler, leaves Africa's biggest economy and most populous nation deeply divided. But what authorities promised would be the country's freest and fairest election yet ended in frustration for many. Buhari defends his record, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt. A former Lagos state governor, Tinubu has promised to be a better steward of the economy.

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

☆ Gunmen in Nigeria free 74 children after ransoms paid
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

MAIDUGURI, April 29 (Reuters) - Gunmen in Nigeria have released 74 children out of more than 80 people who were abducted earlier this month in northwestern Zamfara state, after ransoms were paid, parents and a village head said on Saturday. Gangs of armed men have attacked hundreds of local communities across northwestern Nigeria in recent years, while Islamist militants continue to stage attacks in the northeast. Two parents from Zamfara's Wadzamai village said they paid 20,000 naira ($43.50) each and their children were among those released on Friday and had suffered from severe malnutrition. A village head in Wadzamai said 11 people were still being held but two were killed trying to escape from their captors. Reporting by Ahmed Kingimi Writing by MacDonald Dzirutwe Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Nigeria gets World Bank funding for social program ahead of fuel subsidy cut
▼ + stars: | 2023-04-05 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

[1/2] A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. ChristoABUJA, April 5 (Reuters) - Nigeria has secured $800 million from the World Bank to scale up its national social program ahead of the removal of its costly but popular subsidies on petrol in June, Finance Minister Zainab Ahmed said on Wednesday. Ahmed said the government was considering cash transfers and mass transit buses for workers to ease the pain of the subsidy removal on the most vulnerable segment of its population. She added that the country has registered ten million households, which is equivalent to 50 million people on its vulnerable list. Ahmed said discussions were going on at different levels of government and with members of the incoming administration of President-elect Bola Tinubu on the subsidy removal.

☆ Bitcoin is poised to blow up Africa's $86 billion banking system
▼ + stars: | 2023-03-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Then there's mobile money, which has been around since the early 2000s. Africa's mobile money transactions rose 39% to more than $700 billion in 2021, according to data from the GSM Association, a non-profit representing mobile network operators worldwide. That cash network was extraordinarily difficult and expensive to build, which is why there aren't a lot of direct competitors. Bitnob is SMS-based and piggybacks on the mobile money system, making it easier for people to send money directly into bank accounts and mobile money wallets in African countries. "We're able to settle into bank accounts or mobile money accounts, without the recipients having to interact with bitcoin themselves," Parah tells CNBC.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

☆ Emirates airline says 'substantial' ticket revenue trapped in Nigeria
▼ + stars: | 2023-03-24 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +2 min

DUBAI, March 24 (Reuters) - Emirates Airline has a "substantial" amount of ticket sale revenue trapped in Nigeria and has made only slow progress in repatriating blocked funds out of Africa's biggest economy, it said on Friday. Emirates declined to say how much was trapped in Nigeria, but a spokesperson said about half of the amount in its backlog was overdue for repatriation and that the process "remains beset with constant delays". Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, global airline industry association IATA said last week. Oil is Nigeria's biggest foreign exchange earner, but rampant crude theft in the Niger Delta and years of under-investment have hit output and strained government finances. For a few months last year, Angola overtook Nigeria as Africa's biggest oil producer and exporter.

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