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April 29, 2017

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Business > Africa
Nigeria's economy contracted in the third quarter as businesses struggled to access foreign exchange and rebels continued to bomb oil pipelines in the restive south, official data showed Monday.
 
The head of the International Monetary Fund praised Egypt's recent austerity measures on Tuesday and called on the world lender's Executive Board to finalize a US$12 billion loan package to help rebuild the economy of the Arab world's most populous country.
 
As Zimbabwe tries new dollar, skeptics reach for the old banknotes
Zimbabwe's 100-trillion-dollar bill, a relic of economic ruin, has been an international joke and an online collector's item for years. But this banknote (14 zeros, if anyone is counting) is getting a warmer embrace from Zimbabweans than a new local currency the government is introducing this month.
 
Fuel prices were to rise dramatically in Egypt on Friday after the central bank floated the currency to address a dollar crunch that has threatened to cause some imports to grind to a halt.
 
Stopping the killing of elephants for their tusks could add some $25 million (23 million euros) to Africa's annual tourism income, more than offsetting the anti-poaching spend, a study said Tuesday.
 
Angolan state oil company mirrors nation's troubles
Angolan state-owned oil company Sonangol rode the commodities boom that drove the country's extraordinary growth after civil war ended in 2002, but today it symbolises a national economic crisis.
 
Zimbabweans know the risks of worthless money all too well after hyperinflation between 2007 and 2009 gave them the 100-trillion-dollar banknote that barely bought a loaf of bread.
 
It's go time for renewables in Senegal
Senegal put into service one of sub-Saharan Africa's largest solar energy projects Saturday as it pushes to become a regional player in renewables on a continent where the majority remains off-grid.
 
African leaders on Saturday signed a deal to boost security off the continent's economically crucial coasts, hoping to shore up development by tackling maritime crimes like piracy and smuggling.
 
Africa will come together to battle piracy and illegal fishing for the first time at an African Union maritime security summit that kicks off in Togo on October 15.
 
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