<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg" alt="" class="wp-image-433983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People sit at the Shell booth on the day of the opening of the Nigeria Oil and Gas 2022 meeting in Abuja, Nigeria July 4, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;Shell&nbsp;SHEL.L&nbsp;sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell&#8217;s director of gas and upstream operations.



Nigerian President Bola Tinubu held talks with Shell&#8217;s Zoe Yujnovich in a move to attract capital to Africa&#8217;s top energy producer, presidential spokesperson Ajuri Ngelale said in a statement.



Yujnovich was cited as saying Shell has &#8220;an imminent $5 billion investment opportunity&#8221; in the offshore Bonga North oil project.



&#8220;I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,&#8221; Yujnovich said.



A Shell spokesperson confirmed talks with the Nigerian president but declined to give further details because the discussions were private.



Nigeria&#8217;s oil output has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.



Tinubu pledged to resolve &#8220;all investment-related issues&#8221; slowing the flow of capital into Nigeria&#8217;s energy industry.



&#8220;There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investments,&#8221; Tinubu was quoted as saying.



(Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Lisa Shumaker)

YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-820x543.jpg" alt="" class="wp-image-431338" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-1536x1016.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/EU-cancels-Congo-election-observation-mission-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Congolese police officers secure the streets during a campaign rally of presidential candidate Moise Katumbi in Kitutu village within Mwenga territory of South Kivu province, Democratic Republic of the Congo November 24, 2023. REUTERS/Arlette Bashizi/File Photo/File Photo</figcaption></figure>



BRUSSELS/KINSHASA, Nov 30 (Reuters) &#8211; The European Union has cancelled its election observation mission for the Democratic Republic of Congo&#8217;s Dec. 20 general election, saying it would not be able to deploy people across the country for security reasons.



&#8220;Due to technical constraints beyond the control of the EU, we are forced to cancel the EU election observation mission to the Democratic Republic of Congo (DRC),&#8221; the EU said in a statement on Wednesday.



&#8220;The EU mission had planned to deploy long-term observers in most provinces of the DRC, but this is now no longer possible,&#8221; it said.



EU spokesperson Nabila Massrali told Reuters on Tuesday that election observers were already in Kinshasa and were supposed to be deployed across the country on Nov. 21, but that they were not able to go for security reasons.



Tensions are running high in the run-up to presidential, legislative and regional elections in Africa&#8217;s second-largest country, which is also struggling to contain a myriad of armed groups in its mineral-rich east.



A youth activist was killed on Tuesday by stones pelted during an opposition campaign rally in the city of Kindu.



Opposition candidates have also expressed concerns about the fairness of the vote, alleging irregularities that play in favour of the ruling coalition during voter registration. The electoral commission has denied this.



Congo&#8217;s government said it regretted the EU&#8217;s decision and that it was committed to holding transparent, free and inclusive elections.



It remained open to welcoming other observation missions, it added in a statement late on Wednesday.



&#8220;When the long-distance observers were due to be deployed, the authorities began to raise a whole series of problems relating to the use of satellite equipment and to impose other conditions that did not allow the observers to work in a secure and independent manner outside Kinshasa,&#8221; said a European diplomat who spoke on condition of anonymity.



The EU said it was exploring other options with the Congolese authorities, including the possibility of maintaining a mission of electoral experts to observe the electoral process from the capital. (Reporting by Charlotte Van Campenhout and Sonia Rolley; Additional reporting by Ange Kasongo; Writing by Nellie Peyton; Editing by Sharon Singleton)

FILE PHOTO: Congolese police officers secure the streets during a campaign rally of presidential candidate Moise Katumbi in Kitutu village, South Kivu province, Democratic Republic of the Congo

EU cancels Congo election observation mission

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria plans to narrow its budget deficit to roughly 3.9% of gross domestic product (GDP) next year from about 6.1% this year, President Bola Tinubu said on Wednesday, as he projected lower borrowing costs and higher revenues.



Tinubu has embarked on Nigeria&#8217;s boldest reforms in decades, removing a popular fuel subsidy in May and scrapping foreign exchange controls, which have pushed up inflation to its highest levels in nearly two decades.



His government is seeking to balance between cushioning the impact of the double-digit inflation and the removal of the fuel subsidy with keeping spending in check.



In his first budget speech to lawmakers, Tinubu projected higher oil production and tax collection would boost government revenues and his administration would borrow slightly less next year.



&#8220;Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue,&#8221; Tinubu said while presenting his 27.5 trillion naira ($34.85 billion) expenditure plan for next year.



Spending priorities include security, infrastructure and measures to ease a cost-of-living crisis.



The president said the economy was expected to grow by at least 3.76% next year while inflation would moderate to 21.4%.



Analysts said the government&#8217;s revenue expectations looked ambitious and warned that there were downside risks to global prices of oil and production of crude, Nigeria&#8217;s biggest export.



The government would also need to keep its promise to do away with the petrol subsidy and allow the market to determine the exchange rate.



&#8220;They are going to have to increase the price of petrol and allow the exchange rate to move. If not, it may be difficult to achieve that deficit figure,&#8221; said Bismarck Rewane, managing director of Lagos-based Financial Derivatives Company.



Tinubu inherited an economy that is struggling with high debt levels, low revenue collections, widespread insecurity, including a long-running insurgency in the northeast and kidnappings for ransom in the northwest.



(Additional reporting by Camillus Eboh; Writing by MacDonald Dzirutwe; Editing by Alexander Winning and Bernadette Baum)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria plans to trim budget deficit to 3.9% of GDP next year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-820x547.jpg" alt="" class="wp-image-412146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">View of the Dangote Oil Refinery under construction in Ibeju Lekki district, on the outskirts of Lagos, Nigeria July 5, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



The President of Dangote Group, Aliko Dangote, has revealed plans to list the $20 billion Dangote Petroleum Refinery on the Nigerian Exchange (NGX), as the refinery prepares to start operations in December with a production volume of 350,000 barrels per day. <a href="https://www.cnbcafrica.com/media/6341906454112/analysing-dangotes-plan-to-list-20bn-refinery-on-ngx/">In an interview on CNBC Africa</a>, Oyeyemi Oke, Partner at AO2 Law, discussed the potential impact of this listing on the Nigerian Stock Exchange and the oil and gas industry.



Oyeyemi expressed optimism about the listing, citing the recent increase in activities on the Nigerian Stock Exchange. He stated, &#8220;In the last one year, we&#8217;ve seen some significant listings by financial services companies and the Nigerian Infrastructure Debt Fund. The proposed listing of Dangote Refinery Limited on the Nigerian Stock Exchange is good for opening up investment opportunities and improving market capitalization.&#8221;



Regarding the operation of the refinery, Oyeyemi highlighted the resolution of domestic crude oil supply issues, stating, &#8220;The domestic supply issues have been resolved, at least to a certain extent, to enable the refinery kick-off. There&#8217;s an estimate that about 6 million barrels of crude will be refined before the end of 2023.&#8221; He expressed hope that the refinery would start operations soon, as it is the largest single-train refinery in the country.



The discussion then shifted to the Nigerian National Petroleum Company Limited (NNPCL) and its aim to end petrol imports by the end of 2024. Oyeyemi acknowledged the ambitious target set by the NNPCL and attributed it to the company&#8217;s profitability-focused management team. He emphasized the importance of resolving domestic crude oil supply issues and ensuring a long-term commitment to the volume of crude oil required by the refineries.



Oyeyemi also urged the government to create an enabling environment for local refiners, emphasizing the need for availability of refined products in the domestic market. He stated, &#8220;Government should also create an environment for operators&#8230; in order to be able to ensure that there&#8217;s availability of product in the domestic market.&#8221;



The interview concluded with a discussion on the postponed OPEC Plus meeting, which is now scheduled for the 30th of the month. The delay is reportedly due to disagreements among producers regarding production levels and possible reductions, with African countries such as Angola, Nigeria, and the Congo being implicated. Oyeyemi commented that the challenges and issues discussed in the meeting were a continuation of the previous OPEC meeting in June. He mentioned Nigeria&#8217;s intention to increase its production level and highlighted the need to balance national interests with the collective interests of OPEC Plus members.



As the Nigerian oil and gas industry experiences these developments, investors and stakeholders are eagerly awaiting the listing of the Dangote Petroleum Refinery on the Nigerian Exchange. It is hoped that this listing will attract investment and contribute to the growth and stability of the Nigerian Stock Exchange.

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Dangote Group plans to list $20bn refinery on NGX, with operations set to begin in December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-820x547.jpg" alt="" class="wp-image-430849" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Tinubu arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s President Bola Tinubu has asked lawmakers to approve the government&#8217;s external borrowing plan for 2022-2024, to finance projects across sectors of the economy, according to a letter read in parliament on Tuesday.



Tinubu asked parliament to approve $8.69 billion and 100 million euros ($109.71 million) for projects across infrastructure, agriculture, health, education, water supply, growth, security, employment generation, as well as financial management reforms.



The president needs parliament&#8217;s approval for the government, elected in May, to amend the 2022-2024 borrowing plan that was set by the previous government.



He added that African Development Bank and the World Bank have indicated interest in assisting Nigeria mitigate the impact of a fuel subsidy removal&nbsp;with potential loans of $1 billion and $1.5 billion respectively.



Nigeria&#8217;s parliament last week passed the country&#8217;s medium-term expenditure framework for 2024-2026, setting out the government&#8217;s fiscal plan for the next three years and paving the way for the president to present next year&#8217;s budget.



($1 = 0.9115 euros)



(Reporting by Camillus Eboh; Writing Chijioke Ohuocha; Editing by Alison Williams and Susan Fenton)

FILE PHOTO: Summit for a new global financing pact takes place in Paris

Nigeria’s president asks parliament to approve $8.6 billion borrowing plan

Data from the <a href="https://www.ey.com/en_za/attractiveness/21/africa-attractiveness-report-">EY Africa Attractiveness Report</a> reveals that 2022 witnessed a significant rebound in foreign direct investment (FDI) into Africa, with the cleantech sector emerging as the leading driver of FDIs. The report also indicates that African governments need to implement various reforms to attract the next generation of critically needed FDIs. In an interview with CNBC Africa, Damilola Aloba, a partner at Ernst &amp; Young, discussed the key findings of the report and offered insights into how Africa can make the most of the attention it is currently receiving.



Aloba highlights the challenges faced by FDI in Africa, citing global shocks such as the COVID-19 pandemic and the Russia-Ukraine war. These shocks dampened investor confidence and made them cautious about committing capital to African markets. Travel restrictions and disruptions in the global supply chain further worsened the situation, impeding investment processes and causing vulnerabilities in sectors like tourism, hospitality, and manufacturing.



Looking into the future, Aloba emphasizes the importance of Africa pivoting to sectors like cleantech to attract more FDIs. The continent is already gaining attention in emerging industries such as the electric vehicle space and minerals. To make the most of this attention, Africa needs to have investor-friendly policies, accelerate reforms, develop technology and infrastructure capacity, invest in skills development, and prudently manage public finances. These measures, along with economic diversification, will accelerate FDI inflows into African countries.



Aloba addresses the issue of countries like Nigeria that still heavily depend on extractive industries. He states that Nigeria&#8217;s current government is focusing on policies and initiatives aimed at attracting investments into the mining industry. The country&#8217;s oil and gas sector, which falls under the extractive industry, has faced challenges in recent years, but it has started to recover. Aloba suggests that Nigeria should also focus on producing materials for electric vehicles and explore the lithium space, which is already attracting significant investments. By playing a critical role in the cleantech sector, Nigeria can ramp up FDI inflows.



The report highlights the strong rebound of FDIs into Africa in 2022, driven by the cleantech sector. To attract the next generation of critically needed FDIs, African governments need to implement investor-friendly policies, develop technology and infrastructure capacity, invest in skills development, and prudently manage public finances. Economic diversification will also play a crucial role in accelerating FDI inflows. Nigeria, in particular, can leverage its focus on extractive industries by expanding into clean technology and attracting investments in the mining industry, electric vehicle materials, and the lithium space. These measures will enhance Africa&#8217;s attractiveness to investors and contribute to the continent&#8217;s economic growth and development.

Acciona SA To Ramp Up South Africa Business After Solar Success

Cleantech Drives Foreign Direct Investment Rebound in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-820x526.jpg" alt="" class="wp-image-430401" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Sierra Leone&#8217;s President and ruling party candidate Julius Maada Bio speaks to journalists after casting his vote for national elections at a polling station in Freetown, Sierra Leone, June 24, 2023. REUTERS/Cooper Inveen/File Photo</figcaption></figure>



FREETOWN, Nov 26 (Reuters) &#8211; Sierra Leone President Julius Maada Bio said most of the leaders of an attack on a military barracks in the capital Freetown earlier on Sunday had been arrested, adding that security operations and an investigation were ongoing.



&#8220;We will ensure that those responsible are held accountable,&#8221; Bio said on national television.



&#8220;As your commander-in-chief, I want to assure everybody who is resident in Sierra Leone that we have overcome this challenge,&#8221; he said, and calm had been restored.



Earlier, the government said security forces had repelled &#8220;renegade soldiers&#8221; who attempted to break into a military armoury in Freetown during the early hours of Sunday.



A nationwide curfew was imposed. Gunfire was heard across the city as the assailants attacked a prison and a police station.



It was not immediately clear if there were any casualties in the barracks attack or during the gunfire in Freetown on Sunday.



The country&#8217;s former president Ernest Bai Koroma, said in a statement that a military guard assigned to his residence in the capital was shot point blank, while another was &#8220;whisked away to an unknown location&#8221;.



Koroma did not say who shot the guard. He condemned the killing and the attack on the barracks.



&#8220;I am deeply concerned that once again our beloved nation could be subject to such insecurity,&#8221; he said.



The West African country&#8217;s civil aviation authority urged airlines to reschedule flights after the curfew was declared, while a soldier on its frontier with neighbouring Guinea told Reuters they had been instructed to shut the border.



A Reuters journalist, who earlier witnessed an armed group of men commandeer a police vehicle near the Wilberforce barracks, said streets were mostly empty on Sunday as residents hunkered down.



&#8220;We&#8217;ll clean this society. We know what we are up to. We are not after any ordinary civilians who should go about their normal business,&#8221; one of the masked men, who was dressed in military fatigues, said before driving away.



Sierra Leone has been tense since Bio was re-elected in June, a result rejected by the main opposition candidate and questioned by international partners including the United States and the European Union.



In August 2022, at least 21 civilians and six police officers were killed in anti-government protests in Sierra Leone, which is still recovering from a 1991-2002 civil war in which more than 50,000 were killed. Bio said the protests were an attempt to overthrow the government.



In his address to the nation on Sunday night, Bio called on Sierra Leone&#8217;s political and traditional leaders, and civil society to work to preserve peace.



&#8220;Let us not succumb to fear or division,&#8221; he said.



Information minister Chernor Bah said earlier on Sunday that security forces were making progress in apprehending those involved in the attack, but gave no further details.



A video on social media showed three men, two in fatigues and one in civilian clothes, with their arms tied behind their backs sitting in a military truck surrounded by soldiers. Reuters has not authenticated the video.



Bah said that major detention centres including the Pademba Road prisons were attacked and inmates released by the unidentified assailants.



It was not immediately clear how many prisoners had broken out of the facility, which a U.S. State Department report said was designed for 324 inmates but held more than 2,000 in 2019.



Videos posted on social media, which were not authenticated by Reuters, showed several people fleeing from the area of the prison, while gunshots could be heard in the background.



&#8220;The security forces were forced to make a tactical retreat. The prisons were thus overran,&#8221; said Bah, who had earlier declared a nationwide curfew and called for people to stay indoors.



The Economic Community of West African States condemned what it called an attempt by certain individuals to &#8220;acquire arms and disturb constitutional order&#8221; in Sierra Leone. The U.S. embassy in Freetown said such actions were not justified.



There have been eight military coups in West and Central Africa since 2020. (Reporting by Umaru Fofana; Writing by Bate Felix; Editing by Alexandra Zavis, David Goodman, Jan Harvey, Alexander Smith, Louise Heavens and Giles Elgood).

FILE PHOTO: Sierra Leone’s President and ruling party candidate Julius Maada Bio speaks after casting his vote at the 2023 Sierra Leone general election

Sierra Leone president says calm restored, most leaders of barracks attack detained

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-820x547.jpg" alt="" class="wp-image-429766" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People crowd a market place in Lagos, Nigeria December 18, 2021. Picture taken December 18, 2021. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy recorded flat growth in the third quarter, data showed on Friday, as the oil sector contracted at a slower pace while the impact of government reforms aimed at boosting output were yet to take effect.



Africa&#8217;s largest economy grew by 2.54%, up from the 2.51% posted in the second quarter, but far from President Bola Tinubu&#8217;s ambition to expand the economy by at least 6% a year, which he promised during his inauguration in May.



Tinubu has vowed to lift barriers to investment, create jobs and tackle insecurity. He has embarked on Nigeria&#8217;s boldest reforms in decades to try to boost output, which has been sluggish for about a decade. But they have yet to impact growth.



&#8220;The performance of the GDP in the third quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.99% and contributed 52.7% to the aggregate GDP,&#8221; the National Bureau of Statistics (NBS) said.



Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and 90% of foreign-exchange reserves, contracted 0.85% in the third quarter, a rise of 12.6% from the second quarter when the sector shrank by 13.43%.



Daily average oil output&nbsp;NGOIL=ECI&nbsp;stood at 1.45 million barrels per day (mbpd) in the three months to September, up from the 1.20 mbpd in the same period last year.



Tinubu in May scrapped a costly but popular petrol subsidy and lifted currency controls, which he said was to save the country from going under.



But his actions have worsened inflation currently in double-digits, fuelling anger and frustration for a population grappling with a cost of living crisis. Tinubu has been under pressure from unions to offer relief to workers.



He has travelled from Asia, Europe, Middle East and United States to promote investments to try to revive the economy rather than relying on borrowing.



The NBS said the agriculture and industrial sectors, which create jobs, contributed less to GDP in the third quarter of 2023, compared with the same quarter a year ago.



(Reporting by Chijioke Ohuocha; Editing by Alex Richardson and Alexander Smith)

FILE PHOTO: People crowd a market place in Lagos

Nigeria records flat Q3 growth as oil sector contraction slows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-820x513.jpg" alt="" class="wp-image-429688" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-820x513.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/J2H2KZXCLBMJRANOGKF2IEX2CE.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Eni&#8217;s logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo</figcaption></figure>



ABIDJAN, Nov 23 (Reuters)&nbsp;&#8211;&nbsp;Italy&#8217;s Eni&nbsp;ENI.MI&nbsp;will invest $10 billion in the development of the Baleine field offshore Ivory Coast, which will take place in three phases from 2023 to 2027, Energy Minister Mamadou Sangafowa Coulibaly said on Thursday.



The Baleine field, where certified reserves are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, was discovered in 2021 by the Italian energy group off the east coast of the West African country.



The field&#8217;s crude oil production should reach 200,000 barrels per day by 2027, compared with 30,000 barrels per day in 2023, the energy minister said.



&#8220;With a total investment estimated at $10 billion, the Baleine project will have a lasting impact on our economy,&#8221; he added.



Eni began oil and gas production from the field in late August, two years after its discovery.



Thursday&#8217;s announcement came as Ivory Coast President Alassane Ouattara and Eni CEO Claudio Descalzi met in Abidjan to mark production start-up from the Baleine field and review the company&#8217;s activities in the country, according to an Eni statement.



The field will also enable Ivory Coast to produce 200 million cubic feet of natural gas per year by 2027.



The energy minister said annual production of 150,000 metric tons of butane, equivalent to a third of current household consumption, will make the country less dependent on gas imports in the future.



Eni currently holds interests in the CI-101 and CI-802 blocks &#8211; where the Baleine field extends &#8211; as well as in five other deep-water Ivorian blocks, all with Petroci Holding as a partner.



(Reporting by Ange Aboa; Writing by Anait Miridzhanian; Editing by Kirsten Donovan)

J2H2KZXCLBMJRANOGKF2IEX2CE

Italy’s Eni to invest $10 bln in Ivory Coast Baleine field, minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg" alt="" class="wp-image-429348" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo</figcaption></figure>



ABUJA, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate passed the medium-term expenditure framework for 2024-2026 on Wednesday, setting out the government&#8217;s fiscal plan for the next three years.



Lawmakers in the House of Representatives, the lower arm of parliament, had passed the framework on Tuesday.



The framework, a key document in the Nigerian budget process, ensures that government spending aligns with its economic and social goals. It is a three-year rolling plan that sets out the government&#8217;s spending priorities and how it will fund them.



The passage of the framework by Nigeria&#8217;s two arms of parliament paves the way for President Bola Tinubu to send the country&#8217;s 2024 budget proposal of 26 trillion naira ($34 billion) to parliament for approval.



The document, which was agreed by Tinubu&#8217;s cabinet before going to lawmakers for approval, expects the naira currency to trade around 700 per dollar next year before firming slightly in 2025 and 2026.



(Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration

Nigeria lawmakers approve mid-term fiscal plan for next three years

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg" alt="" class="wp-image-429220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">German Chancellor Olaf Scholz shakes hands with Nigerian President Bola Tinubu, during the &#8220;Compact with Africa&#8221; investment summit, at the Chancellery in Berlin, Germany, November 20, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



ABUJA, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said.



Union Bank of Nigeria and Germany&#8217;s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement.



A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany&#8217;s Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. The first deliveries will be in 2026, Ngelale said.



The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.



Nigeria holds Africa&#8217;s largest gas reserves of more than 200 trillion cubic feet, but flares, or burns off, about 300 million cubic feet daily due to inadequate processing facilities.



President Bola Tinubu, who is attending the G20 Compact with Africa conference in Berlin, welcomed the deals, Ngelale said.



On Monday German Chancellor Olaf Scholz said Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe&#8217;s largest economy achieve its own transition to carbon neutrality.



Germany will need to import large quantities of green hydrogen going forward, including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.



The forum preceded the G20 Compact with Africa summit that aims to drum up investment in the world&#8217;s poorest but fast-growing continent by coordinating the development agendas of reform-minded countries and identifying business opportunities.



Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.



Tinubu is seeking to make Nigeria attractive to investors as he strives to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation and theft of crude oil, its main export.



(Writing by Elisha Bala-Gbogbo; editing by David Evans)

‘Compact with Africa’ summit in Berlin

Nigeria and Germany sign $500 mln renewable energy and gas deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-820x547.jpg" alt="" class="wp-image-429150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Opposition Unity Party and Liberia President-elect Joseph Boakai speaks during an interview with Reuters at his home in Monrovia, November 19, 2023. REUTERS/Carielle Doe/ File Photo</figcaption></figure>



MONROVIA, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;Liberian President-elect Joseph Boakai, who defeated President George Weah in the Nov. 14 presidential runoff, says his administration will take a close look at mining concessions to ensure they benefit the country.



Boakai, 78, a former vice president who lost to Weah in the 2017 runoff and campaigned on a promise to &#8220;rescue&#8221; Liberia, told Reuters in an interview on Sunday evening that he expected a lot of challenges, particularly with the economy.



&#8220;The first step of rescuing Liberia is taking it from these people. It has been rescued. The next thing is to deal with the issues that have being hanging over this country,&#8221; Boakai said, citing corruption and lack of basic services.



Boakai said a key area from which Liberians had not benefited was the mining sector, despite the West&nbsp;African country&#8217;s rich mineral reserves, including diamonds, gold, iron ore and timber.



&#8220;To be frank with you, the mining sector has been one of the problems in this country. I have seen our resources exploited and the life of the people remains the worse,&#8221; Boakai said, adding that he would take a close look at the sector.



Asked if this would include reviewing mining concessions, Boakai said reviews would be pursued if warranted.



&#8220;We have to, because we are inheriting,&#8221; he said.



Several companies operate in Liberia&#8217;s mining sector, including ArcelorMittal&nbsp;MT.LU&nbsp;and Bao Chico Resources in iron ore mining concessions, Bea Mountain Mining and Avesoro Resources, which operates Liberia&#8217;s first commercial gold mine in gold.



Liberia&#8217;s economy grew 4.8% in 2022, driven by gold production and a relatively good rice harvest, but more than 80% of the population still face moderate or severe food insecurity, according to the World Bank.



(Reporting by Alphonso Toweh, Writing by Bate Felix, Editing by Sofia Christensen and Ed Osmond)

Liberia president-elect Joseph Boakai attends an interview at his home in Monrovia

Liberia’s President-elect Boakai to review mining concessions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-820x460.png" alt="" class="wp-image-429048" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-820x460.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-300x168.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64-768x430.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/0xhusky_food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64.png 1456w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Lagos is one of the most congested cities in the world. 40 percent of cars in Nigeria are registered in Lagos. Commuters spend at least three hours in traffic. | Image: Midjourney</figcaption></figure>



Lagos, a dynamic urban hub celebrated for its lively markets and diverse culinary tapestry, finds itself at the forefront of a technological revolution in the food industry. As the city undergoes a metamorphosis, so does its gastronomic landscape, witnessing the ascendancy of a vibrant food-tech scene that is reshaping the dining experience for Lagosians.



A standout phenomenon is the surge of food delivery platforms seamlessly linking eager consumers with a plethora of culinary delights. Whether craving traditional Nigerian fare or international flavors, these platforms provide a hassle-free means for Lagosians to relish their preferred dishes in the comfort of their homes or offices. Beyond catering to the city&#8217;s fast-paced lifestyle, this trend bolsters local eateries, fostering a mutually beneficial relationship between consumers and businesses.



According to data from the National Bureau of Statistics (NBS), Lagos’ residents splurged N830 billion ($2 billion) on dining out in 2019, constituting 34% of their total food expenditure. Additionally, Jumia Food&#8217;s 2020 Nigeria Food Index Report identifies Lagos as one of the frontrunners in food order volume.



A significant facet of Lagos&#8217; food-tech landscape lies in the integration of artificial intelligence (AI) and data analytics. Innovation is propelled by tech-savvy startups utilizing cutting-edge solutions to elevate the dining experience. The prevalence of smart menu systems and mobile ordering applications is on the rise, empowering diners to peruse menus, tailor orders, and facilitate payments, all through the convenience of their smartphones.



QSR Magazine notes that digital ordering and delivery have outpaced dine-in traffic, growing at 300% since 2014.



In tandem, the online food delivery market in Nigeria surged to $834.7 million in 2022, with projections from the International Market Analysis Research and Consulting (IMARC) Group foreseeing a substantial leap to $1,719.4 million by 2028, reflecting an impressive growth rate (CAGR) of 12.2% during 2023-2028.







<h2 class="wp-block-heading" id="h-homemade-by-eden-life-revolutionizing-culinary-experiences-through-tech">Homemade By Eden Life: Revolutionizing Culinary Experiences Through Tech</h2>



Eden Life, a tech startup founded in 2019 boasting $1.4 million in investor backing, recently unveiled Homemade by Eden Life, a home service solution designed to facilitate healthy living.



The brainchild of ex-Andela staffers Nadayar Enegesi, Prosper Otemuyiwa, and Silm Momoh, Eden Life secured funding from investors like EXPERT DOJO, Goodwater Capital, Village Global, and Google for Startups Accelerator: Black founders, Future Africa, Samurai Incubate, and Village Global.



In an interview with CNBC Africa, Firi Adoki, Eden Life&#8217;s food production lead, explains the strategic use of technology that propels Homemade to the forefront of the market in Lagos.



Adoki emphasizes the pivotal role of web and mobile apps: &#8220;Our apps enable us to move closer to our customers, offering on-demand or subscription services seamlessly.&#8221; The mobile app not only facilitates easy ordering but also sends timely reminders to subscription users, ensuring a worry-free experience, even for the busiest individuals.



One of Homemade&#8217;s key differentiators, according to Adoki, is its commitment to affordability without compromising on quality. She explains, &#8220;We offer a rotating menu with up to 40 meal combinations weekly, spanning diverse food categories. Our users enjoy this variety without the premium price tag attached elsewhere.&#8221; Additionally, Homemade provides nutritional information for each meal, empowering users to make informed choices aligned with their health goals, a service that usually comes at a premium but is offered for free by Homemade.



For busy professionals in cities like Lagos, Homemade&#8217;s customized subscription model becomes a culinary lifesaver. Adoki notes, &#8220;Users can explore a variety of home-cooked meals without juggling multiple service providers—a pain point for many with hectic schedules.&#8221;



To navigate industry challenges, Homemade continually refines its operations. Adoki states, &#8220;We focus on strengthening backend operations, ensuring proximity to quality suppliers to maintain affordability.&#8221; The company stays ahead by understanding market trends, implementing strategic buying, and unveiling innovative products like the recent beta launch for individuals with diabetes, offering consultation, meal plans, and delivery services tailored to their needs.



Looking to the future, Adoki envisions Homemade as a trailblazer in the intersection of culinary and technology. &#8220;We aim to release features that enhance user experiences across our diverse services, from events catering to office and individual subscriptions.&#8221; Homemade also plans to expand its distribution models to reach untapped audiences.



<h2 class="wp-block-heading" id="h-chowdeck-reengineering-food-delivery-in-lagos-bustling-business-landscape">Chowdeck: Reengineering Food Delivery In Lagos&#8217; Bustling Business Landscape</h2>



Founded in October 2021 and headquartered in Lagos, Chowdeck emerged as a leading on-demand food delivery service and marketplace. This innovative platform connects customers with their favorite meals from a diverse array of restaurants, offering a delivery experience in under 30 minutes.



Co-founded by Femi Aluko, former Principal Engineer at Paystack, Olumide Ojo, and Lanre Yusuf, Chowdeck&#8217;s leadership team brings a wealth of experience from the realms of African fintech and engineering.



At the core of Chowdeck&#8217;s mission is the empowerment of African restaurants to efficiently reach customers anytime, anywhere. The platform extends support to its restaurant partners, fostering growth that resonates in the success stories of the majority of establishments within its network while reporting the delivery of over 80,000 meals in the last six months across two major cities in Lagos.



“We are greatly impressed by Chowdeck’s rapid industry growth and its well-established reputation for consistently delivering exceptional customer experiences. As a customer-focused brand, it is crucial for us to align with partners who prioritize the customer at the core of their operations, particularly in addressing the last mile challenge,” says Kofi Abunu, managing director of Food Concepts Plc (owners of Chicken Republic), during the announcement of the restaurant’s integration into Chowdeck&#8217;s ecosystem as a new partner.



Chowdeck reportedly processes more than 800 deliveries daily with $156,000 monthly gross merchandise value (GMV) and $35,000 monthly revenue. Additionally, the startup is reportedly growing 42% month-over-month.



<h2 class="wp-block-heading" id="h-foodcourt-revolutionizing-lagos-culinary-landscape-through-virtual-restaurants">FoodCourt: Revolutionizing Lagos’ Culinary Landscape Through Virtual Restaurants</h2>



FoodCourt, formerly known as CoKitchen, founded in 2021, positions itself as a virtual restaurant company, having delivered over 350,000 meals.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="509" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-820x509.png" alt="" class="wp-image-429047" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-820x509.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-300x186.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-145x90.png 145w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt-768x477.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/foodcourt.png 1259w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Food Court Website | Image: Food Court</figcaption></figure>



Co-founded by Henry Nneji and Paul Adokiye Iruene with a mission to enhance accessibility to high-quality food and convenient goods, FoodCourt employs virtual restaurants and dark stores to address the unique challenges of the on-demand food delivery market.



“Consumer behavior is changing in Africa, and despite the rise of food delivery aggregator apps, there is still a massive amount of inefficiency in the food delivery space. We realized that all customers really wanted was good food and a seamless ordering experience,” Nneji, FoodCourt’s co-founder and CEO told Disrupt Africa.



Distinguishing itself by adopting a comprehensive full-stack approach, FoodCourt takes control of various aspects of the value chain, including technology, production, and delivery.



Bootstrapped initially, the startup participated in Y Combinator’s S22 Batch shortly after its launch, and since then has seen significant uptake. Around 65% of its monthly active users order at least twice a month, and some as much as 30 times in a single month. The startup reported revenues of $222,000 in August 2022.

food_delivery_in_lagos_nigeria_hper_realistic_bb57b045-2d79-4b46-a6d6-0587d8007a64

Feeding The Future: Tech Innovations In Lagos’ Culinary Sector

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg" alt="" class="wp-image-422637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Ghana&#8217;s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen</figcaption></figure>



ACCRA, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s finance minister said on Wednesday in a budget speech that the economy was getting back on track, pointing to a smaller budget deficit than targeted so far this year and higher economic growth than last year.



The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency&nbsp;GHS=&nbsp;and rampant inflation.



The government of the gold, oil and cocoa producer turned to the International Monetary Fund for financial support last year as it was locked out of international capital markets.



Finance Minister Ken Ofori-Atta told lawmakers on Wednesday that Ghana had recorded an overall budget deficit of 3.0% of gross domestic product (GDP) over January-August, better than a targeted deficit of 4.6% of GDP.



He said real GDP growth had averaged 3.2% in the first half of this year, an improvement on 2.9% growth in same period in 2022.



The central bank had bought gold worth more than $1 billion to boost its reserves since it launched a gold-for-reserves programme, he added.



For 2024, Ghana is targeting GDP growth of at least 2.8%, a year-end inflation rate of 15% from more than 35% in October this year&nbsp;GHCPIY=ECI&nbsp;and a primary budget surplus of 0.5% of GDP.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Sofia Christensen; Editing by Alexander Winning and Bate Felix)

Ghana’s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra

Ghana’s economy getting back on track, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-820x615.jpg" alt="" class="wp-image-429028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QJAJECC3HVMQFBBQHIS3T7ICHI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers check out at the cash register in a mall in Abuja, Nigeria, September 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigerian inflation rose for the tenth month in a row in October, increasing pressure on the new central bank governor to raise interest rates when the monetary policy committee meets for the first time since his appointment.



Consumer inflation rose to 27.33% year on year in October from 26.72% in September, its highest in about 18 years, data from the National Bureau of Statistics showed.



Olayemi Cardoso took over as governor of Nigeria&#8217;s central bank in September, after Godwin Emefiele was suspended earlier in the year.



Cardoso has pledged to pull the bank back from much-criticised fiscal interventions pursued by Emefiele that undermined the central bank&#8217;s ability to effectively manage inflation. Instead the central bank will take a &#8220;more limited advisory role&#8221; in support of the government&#8217;s economic growth agenda, Cardoso said.



Price rises for food and non-alcoholic beverages were the biggest driver of inflation in October in annual terms, the statistics bureau said.



Food inflation, which accounts for the bulk of Nigeria&#8217;s inflation basket, rose to 31.52% in October from 30.64% in September.



Inflation in Africa&#8217;s biggest economy and most populous nation has been in double digits since 2016, eroding incomes and savings.



&#8220;We are reaching almost four months since the central bank&#8217;s last policy meeting in July, a meeting which underwhelmed,&#8221; said David Omojomolo, Africa economist at research firm Capital Economics.



&#8220;The central bank will need to act with aggressive hikes to maintain its credibility and bring down inflation,&#8221; he said.



At the July monetary policy meeting, the central bank opted for a smaller-than-expected 25 basis point hike, saying it preferred a moderate increase to anchor inflation expectations while continuing to support investment.



President Bola Tinubu, who has embarked on some of Nigeria&#8217;s boldest reforms in decades, has been under pressure from labour unions as some of those reforms have contributed to price pressures.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Toby Chopra)

Customers check out at the cash register in a mall in Abuja

Nigeria inflation rises further in October, upping pressure on new central bank head

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg" alt="" class="wp-image-428991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a &#8220;multi-billion dollar infrastructure finance facility&#8221; to help build ports and power plants, his spokesperson said on Tuesday.



Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn&#8217;t provide further details of the finance package sought by the Nigerian government.



&#8220;We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities,&#8221; Tinubu said in the statement.



&#8220;These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent,&#8221; he said.



On Friday, Nigeria agreed to a series of investments and cooperation deals with Saudi Arabia, including a pledge by the Saudi government to make a &#8220;substantial deposit&#8221; of foreign exchange to help boost Nigeria&#8217;s forex liquidity.



Under Tinubu, Nigeria has embarked on its boldest reforms in decades, ending a costly petrol subsidy and restrictions on foreign currency trading as part of measures to boost economic growth.



Tinubu, who was sworn into office in May, has pledged to revive the economy fraught with sluggish growth, double-digit inflation, foreign currency shortages, and widespread insecurity and crude oil theft.



Muhtar said the IsDB is ready to work with the government to support big investments in Nigeria, which is expected to get a &#8220;significant share&#8221; of a $50 billion Africa investment fund announced by the bank in cooperation with the Arab Coordination Group.



The Jeddah, Saudi Arabia-based IsDB is a multilateral development bank that provides financing for infrastructure and other development projects in Muslim-majority countries.



(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Christina Fincher)

Nigeria in talks with Islamic bank for infrastructure finance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-820x547.jpg" alt="" class="wp-image-428983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1581510610-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NIAMEY, NIGER &#8211; AUGUST 06: A coup supporter raises the flag of Niger during a demonstration at a stadium in the capital city of Niger, Niamey on August 6, 2023. The 7-day deadline given by Economic Community of West African States (ECOWAS) to the military junta on July 30 for the release and reinstatement of President Mohamed Bazum will expire before midnight. (Photo by Balima Boureima/Anadolu Agency via Getty Images)</figcaption></figure>



DAKAR, Nov 14 (Reuters) &#8211; Niger has missed payments on interest and capital totalling 187.136 billion ($304 million) CFA francs since a July coup and its suspension from regional financial markets, data from the West African regional debt management agency showed on Tuesday.



The West African monetary union debt management agency UMOA Titres said in a statement on Tuesday that the country had missed another interest payment of around 2.464 billion CFA francs ($4 million) on its debt.



&#8220;This payment incident occurs in a context where the State of Niger is subject to sanctions taken against it by the conference of heads of state and government of the West African Economic and Monetary Union,&#8221; the agency said.



Niger has been suspended from the regional financial market, and the regional central bank by the Economic Community of West African States (ECOWAS) and the West African monetary union following a military coup in July that ousted President Mohamed Bazoum.



ECOWAS has imposed severe economic and financial sanctions on the junta, including cutting off its access to the state&#8217;s accounts with the regional central bank, and has threatened to use force to restore constitutional rule.



($1 = 615.5300 CFA francs)



(Reporting by Bate Felix; Editing by Andrew Heavens and Bernadette Baum)

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