Business & Economy

West African leaders have approved the Nigeria-Morocco gas pipeline through a landmark ECOWAS agreement signed in Freetown, moving one of Africa's largest energy projects closer to implementation.

Fuel marketers across Nigeria are scaling back purchases from Dangote Refinery after its switch to dollar-denominated pricing. The Federal Government has stepped in as talks continue over fuel pricing, imports and supply.

Nigeria has confirmed a major Kaduna mineral discovery containing platinum, gold, lithium and rare earth elements, alongside a newly announced lithium reserve near Abuja.

Kenya has extended the 8% VAT on petroleum products until October 2026, citing continued instability in global oil markets. The government will also deploy KSh945 million from the Petroleum Development Levy to help keep fuel prices stable and shield consumers from rising energy costs.

Dangote Refinery has switched petrol, diesel and aviation fuel sales from naira to dollars, a move that could increase fuel costs and worsen inflation pressures for Nigerian households already facing rising food and transport prices.

A Chinese investor and former finance executive has been arrested in Zimbabwe over a $3.65 million lithium mining fraud case linked to San Ding Lithium, highlighting concerns about governance and financial oversight in the country's booming lithium sector.

The EBRD Nigeria fibre investment is helping drive Nigeria's Project BRIDGE, a major fibre optic expansion programme backed by multilateral lenders and private investors.

Tanzanian billionaire Mohammed Dewji has committed $100 million to the Dangote refinery project, backing Aliko Dangote's planned $17 billion refinery in Kenya despite earlier hopes the venture would be built in Tanzania.

Seychelles has approved a Sovereign Investment Fund, an AfCFTA Digital Trade Corridor headquarters and new electricity relief measures in a broad economic reform package aimed at strengthening fiscal resilience and expanding digital trade opportunities.

The Pan-African Film Fund has named One Street Studios as Co-General Partner alongside FEDA, marking a major step in efforts to mobilise up to $1 billion for Africa's film and creative industries.

Dangote Industries has confirmed that its planned refinery in Kenya will process 700,000 barrels of crude oil per day, positioning it among the largest industrial investments in East Africa and potentially transforming regional fuel supply chains.

Nigeria's jet fuel exports to Europe surged to a record high in June, allowing the Dangote Refinery to overtake the United States as Europe's leading external supplier of aviation fuel. The development highlights Nigeria's growing influence in global refined fuel markets despite weakening jet fuel prices.