<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg" alt="" class="wp-image-557402" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant</figcaption></figure>



LAGOS, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian government&#8217;s plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote Oil Refinery, saying they are still unable to secure adequate supplies.



To address challenges in accessing foreign currency, the government in July said it would sell crude priced in naira to local refineries for an initial six months starting in October.



&#8220;We need 650,000 barrels per day, (state oil firm NNPC Ltd) agreed to give a minimum of 385,000 bpd but they are not even delivering that,&#8221; said Edwin Devakumar, head of the Dangote refinery.



The refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but it has struggled to secure sufficient crude supplies to run optimally.



While Devakumar declined to give specific figures, he described deliveries from NNPC under the scheme as &#8220;peanuts&#8221;.



Still, Dangote is the only one of 8 operational refineries in Nigeria to have benefited from the naira-denominated crude sale arrangement, said Mathins Obaze, an acting executive director of the Crude Oil Refinery-owners Association of Nigeria (CORAN), a trade group of refiners.



&#8220;Members are still unable to access crude in naira and are currently engaging the government for a resolution,&#8221; Obaze said.



The reason for the shortfall was not immediately clear. NNPC did not respond to a request for comment.



The Dangote refinery in August urged the oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce a rule that compels oil producers to supply local refineries.



NUPRC did not respond to a request for comment on the matter.



Dangote, with a current capacity of 425,000 bpd and a year-end target of 85% operational capacity, has turned to international markets for supplies.



It purchased two million barrels of U.S. WTI Midland crude on Wednesday, its first U.S. crude purchase since August, according to trade sources and shipping data.



Meanwhile NNPC is pursuing new markets for its crude oil. The company was in London on Wednesday seeking term customers for its new Utapate crude oil grade.



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

Nigeria’s local currency crude sales fall short of target, Dangote refinery says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg" alt="" class="wp-image-556157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man holds a Ghanaian five cedi note in Accra July 3, 2007. REUTERS/Luc Gnago</figcaption></figure>



ACCRA, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.



After pension reforms in 2010, workers&#8217; retirement contributions in the world&#8217;s number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allow private firms to manage some contributions.



Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis ($4.93 billion) in June, of which over 73% were managed by 39 private fund management firms.



Ghana&#8217;s state-run pension fund handles tier one contributions towards employees&#8217; monthly retirement benefits, which are mandatory, while private firms manage tiers two and three &#8211; mandatory and voluntary contributions respectively &#8211; for lump-sum payment at or before retirement.



The majority of contributions are invested in Ghanaian assets, including Ghana government Eurobonds. However, private fund managers have been eager to explore offshore investment opportunities following the restructuring of 31 billion cedis of their holdings under a local debt rework.



Ghanaian laws permit private fund managers to invest up to 5% of total assets abroad, approximately 2.8 billion of current assets under management, though firms and authorities differ on the necessity of prior approval.



Some fund managers invested in offshore assets earlier this year, the sources, two in the private pension firms and one at the finance ministry said, but were stopped by the regulator, the national pensions regulatory authority (NPRA).



&#8220;They (NPRA) threatened to sanction us but we didn&#8217;t find any basis in law,&#8221; one of the source at a fund management company told Reuters.



&#8220;We have not exited but we can&#8217;t invest more (offshore). It&#8217;s a very strange development,&#8221; said the source who asked not to be named, adding that they had $5 million in offshore assets.



John Kwaning Mbroh, head of NPRA, told Reuters that &#8220;there&#8217;s no resistance&#8221; to investing pension assets offshore but the regulator needed approval from the government before signing off.



Mbroh said discussions were taking place to streamline the rules and clarify how to value offshore investments for contributors and fund managers, although he did not know when they would conclude.



<h2 class="wp-block-heading" id="h-protecting-liquidity">&#8216;PROTECTING LIQUIDITY&#8217;</h2>



Ghana is concluding a challenging debt-restructuring process under the G20&#8217;s Common Framework initiative, having defaulted on most of its $30 billion international debt in 2022.



Despite Ghana&#8217;s economic recovery, the cedi currency has depreciated 25% against the U.S. dollar year-to-date, having already fallen around 17% in 2023.



The source at the finance ministry, who also requested anonymity, said the ministry was concerned about the need to &#8220;balance the effects&#8221; of investing pension funds abroad on domestic liquidity and value appreciation to fund managers.



&#8220;The ministry won&#8217;t say &#8216;no&#8217; but it&#8217;s about how do we protect the economy, the liquidity,&#8221; the source said.



Private pension management firms in Ghana argue that authorities are overly cautious, pointing out that local mutual funds and African pension funds invest offshore without similar concerns.



They contend the current policy, given high inflation and cedi depreciation, limits value creation and mutes gains.



They also say it is contradictory to allow foreign pension funds to invest in Ghana&#8217;s market while preventing local funds from investing abroad.



&#8220;The world over, pension funds chase value but they want us to chase inflation,&#8221; an executive of one of the top five fund managers said, adding that investing 5% of their assets abroad doesn&#8217;t even move the needle.



($1 = 15.8800 Ghanian cedi)



(Reporting by Maxwell Akalaare Adombila; Editing by Bate Felix and Christina Fincher)

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Ghana blocks pension funds from offshore investment on currency concerns, sources say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg" alt="" class="wp-image-555669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man prepares to cast his vote during the early legislative election, at a polling station in Parcelle, suburb of Dakar, Senegal, November 17, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 18 (Reuters) &#8211; A likely absolute majority for President Bassirou Diomaye Faye&#8217;s Pastef party in Senegal&#8217;s legislative election would empower him to pursue his ambitious 25-year agenda, though his first challenge will be coming up with a budget amid a fiscal crisis.



Faye sought a clear parliamentary majority in Sunday&#8217;s vote to implement the reform agenda that helped sweep him to power in a landslide election victory in March.



But analysts say creating a budget catering both to his voters&#8217; needs and to the International Monetary Fund (IMF), with which his government is currently in talks, will be challenging.



Former president Macky Sall, who headed an opposition coalition, on Monday congratulated Pastef on its win. Former prime minister Amadou Ba, who ran against Faye in the presidential election, also conceded defeat, as did other opposition leaders.



Senegal&#8217;s sovereign debt rose in price on Monday, Tradeweb data showed, while most other African nations&#8217; bonds lost ground. The yield on its 2033 dollar bond was down about 10 basis points by 1145 GMT at 9.28%.



&#8220;If confirmed by the electoral bodies, Pastef&#8217;s victory could give a free hand in passing budgets and implementing its programmatic reforms,&#8221; said Wendyam Lankoande, a consultant at Africa Practice.



But, he noted, voters are &#8220;looking for quick solutions to unemployment, rising cost of living, and limited reach of public services in remote rural areas in the hinterland&#8221;.



In September, a government audit revealed that Senegal&#8217;s debt and budget deficit were much wider than the previous administration had reported. A $1.9 billion IMF programme agreed in June 2023 has been on hold since.



Negotiations with the IMF to restart disbursements could last until mid-2025.



&#8220;We see Pastef&#8217;s majority as a positive development as it clears the path for President Faye and (Prime Minister Ousmane) Sonko to begin work on a budget for 2025 that aligns broadly with IMF requirements,&#8221; said Leeuwner Esterhuysen, senior economist at Oxford Economics Africa.



&#8220;That said, some of these requirements won&#8217;t necessarily go down well with Senegalese citizens.&#8221;



He said the Fund was likely to show some leniency, as it appears to have good relations with the new administration.



&#8220;We think the government may be able to delay the implementation of harsh measures such as removing VAT exemptions on farming inputs or increasing household electricity prices, while energy subsidies will be phased out gradually to limit the impact on consumers,&#8221; Esterhuysen said.



(Additional reporting by Libby George; Editing by Kevin Liffey)

Senegal holds early legislative election

Senegal’s president faces budget challenge after likely parliamentary win

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O7N4FNTV2RJ2TCKFQSD3UV3FBQ.avif" alt="" class="wp-image-554613"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano warned on Friday of a &#8220;deteriorating financial situation&#8221; at its Somair uranium plant in Niger, as the West African nation increasingly looks to new partners such as Russia in its mining sector.



Niger is one of the world&#8217;s leading producers of uranium, the most widely used fuel for nuclear energy, with France&#8217;s Orano a major player in the sector.



However, the business climate for international companies in the country has become uncertain after a military coup last year.



Orano said in October it had been forced to suspend production at the Somair mine in the north of Niger following last year&#8217;s closure of the main export corridor.



In its statement on Friday it said the Somair board had sought a temporary halt on mining and ore processing expenditures to preserve cash to pay salaries.



Orano owns more than 60% of the Somair mine, while Niger&#8217;s state-owned Sopamin holds the rest.



&#8220;What is being announced is in no way a cessation of operations or closing of the site, but merely the decision to place a stop on all non-essential expenditure in the current configuration,&#8221; said Orano.



It added that recent comments made by Niger&#8217;s mining minister were &#8220;damaging&#8221;.



Speaking to Russian media RIA on Wednesday, Niger&#8217;s Minister of Mines Colonel Abarchi Ousmane questioned the future of French companies in the sector.



&#8220;The French state, through its head of state, has declared that it does not recognise the current authorities in Niger. Does it seem possible to you that we, the state of Niger, would allow French companies to continue extracting our natural resources?&#8221; said Ousmane.



The minister also told RT media in a separate interview earlier this week that Sopamin had not agreed with Orano&#8217;s decision to suspend production, and that production at Somair was &#8220;ongoing&#8221;.



Ousmane added that the junta would like to see increased cooperation with Russia in the uranium sector.



France&#8217;s influence in the country is fading after Paris withdrew the last of its troops late last year.



In June, Orano said Niger had removed a mining permit for its Imouraren project.



(Reporting by Sudip Kar-Gupta, Dominique Patton and Bate Felix; Editing by Jan Harvey and David Evans)

O7N4FNTV2RJ2TCKFQSD3UV3FBQ

France’s Orano warns of financial problems at Niger uranium plant

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7KVHJR6UA5PHZGXNL4DBLFNXXE.avif" alt="" class="wp-image-554607"/><figcaption class="wp-element-caption">People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja/File photo</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the second straight month in October, advancing to 33.88% in annual terms NGCPIY=ECI from 32.70% in September mainly due to higher food prices, official data showed on Friday.



Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;and cut subsidies to try to lift economic growth and shore up public finances.



It started to ease in July this year as the impact of the naira devaluation began to fade, but a series of petrol price increases and severe flooding that has wiped out crops again spurred price pressures, exacerbating the worst cost-of-living crisis in decades in Africa&#8217;s most populous nation.



A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77% the previous month&nbsp;NGFINF=ECI, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.



Torrential rain and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, making millions go hungry and causing mass displacement.



The central bank has hiked interest rates five times this year to try to get inflation under control. It is due to announce its final rate decision&nbsp;NGCBIR=ECI&nbsp;of the year on Nov. 26.



(Reporting by Chijioke Ohuocha; Additional reporting by Mohd Edrees in Bengaluru; Editing by Alexander Winning)

7KVHJR6UA5PHZGXNL4DBLFNXXE

Nigeria inflation rises for second month, spurred by food

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-820x429.jpg" alt="" class="wp-image-554238" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The head of Nigeria&#8217;s state oil company NNPC, Mele Kyari, speaks during an interview with Reuters in Abuja, Nigeria August 7, 2019. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s state oil firm NNPC said on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to two million bpd by year-end.



Oil production at Africa&#8217;s top crude exporter was estimated at 1.3 million bpd in October, according to producer group OPEC&#8217;s latest report. Nigeria often counts condensate production of around 250,000 bpd as part of its production.



The NNPC said the increase was a result of collaborative efforts with its joint venture operators and its partners on production-sharing contracts, alongside security agencies and the government.



&#8220;The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders,&#8221; NNPC CEO Mele Kyari told a press briefing.



Nigeria has been battling crude theft in its Niger Delta production region, sabotage, and local unrest, which has hampered output growth.



In June, NNPC set up a &#8216;war room&#8217; to coordinate efforts of oil partners, the government and private security personnel to stem crude theft. Since then, several vessels used in stealing crude have been destroyed and some illegal refiners arrested.



Kyari said the interventions across every segment of the production chain, supported by rigorous pipeline monitoring from security agencies, had been critical to the recovery.



(Reporting by Camillus Eboh in Abuja and Isaac Anyaogu in Lagos. Writing by Chijioke Ohuocha. Editing by Tomasz Janowski and Mark Potter)

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Nigeria lifts oil production to 1.8 mln barrels per day

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-820x547.jpg" alt="" class="wp-image-554111" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A supporter of Senegal&#8217;s Prime Minister and the head of the ruling Pastef party Ousmane Sonko reacts as he attends a campaign rally for the upcoming early legislative election, in Guediawaye on the outskirts of Dakar, Senegal, November 13, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;Senegal will vote in legislative elections on Sunday that will determine whether the new president and government can gain control over the national assembly and push through their agenda for reforms.



The high stakes in the election are threatening to spark renewed unrest following a period of calm. The run-up to the presidential election in March saw some of the worst violence in the country&#8217;s recent history.



Campaigning has grown heated in recent days and comes at a precarious time for the new government, which is navigating a spiraling fiscal crisis that could undermine its ability to deliver on promises to boost the economy and create jobs.



Prime Minister Ousmane Sonko, known for his fiery rhetoric, said this week that his supporters had come under attack and urged them to take revenge. He has also warned that restraint should not be mistaken for weakness.



&#8220;Let them not say that we&#8217;ve changed and that since we came, everyone can do as they please,&#8221; he said on Tuesday evening. &#8220;We could have used our strength, but we didn&#8217;t.&#8221;



Top priorities for Senegalese voters are jobs and the economy, as inflation has squeezed livelihoods and the nation&#8217;s growing youth population struggle to find employment.



More than 7 million registered voters will have the chance to vote for candidates for the 165 seat-assembly, choosing between 41 registered parties or other entities. Polls open at 8 a.m. (0800 GMT) and close at 6 p.m.



&#8220;We want a lower cost of living, affordable water, electricity, and transport, so everyone can work and live decently,&#8221; said Cheikh Diagne, a street seller in downtown Dakar.



Babacar Ndiaye, research director at the think-tank WATHI, said that Senegalese have historically voted in favour of the president during previous parliamentary elections.



&#8220;When they choose a president, they then give that president the means to work and govern,&#8221; he said. &#8220;Every time a president has won, he has in due course also gained an absolute majority in the National Assembly.&#8221;



The West African country is plunging towards a debt crisis after the new government said it had discovered the budget deficit was much wider than reported by the previous government. A $1.9 billion IMF programme is on hold while the government audit is reviewed.



The main threat to the ruling party Pastef&#8217;s ambitions is the unexpected alliance of two opposition parties, including the Republic party (APR) headed by the former Prime Minister Macky Sall.



The race also includes two smaller opposition coalitions. The one led by Dakar&#8217;s mayor, Barthelemy Dias, has clashed with supporters of Pastef.



Mariam Wane Ly, a former parliamentarian and trailblazer for women in politics in Senegal, said the campaign period had given leaders a chance to explain their agendas and she expected Pastef to win the majority it is seeking.



&#8220;I think it&#8217;s going to make up for all the unhappiness,&#8221; she said.



(Additional reporting by Portia Crowe; Editing by Alex Richardson)

Campaign rally for the early legislative elections in Dakar

Senegal heads to the polls amid fiscal crisis, threat of unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-820x615.jpg" alt="" class="wp-image-553691" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zainab Abubakar eats cooked food with her children at Gubio IDP camp in Maiduguri, Nigeria October 28, 2024. REUTERS/Abraham Achirga</figcaption></figure>



GUBIO, Nigeria, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;Unrelenting price rises and a brutal insurgency had already made it hard for Nigerians in northeastern Borno State to feed their families. When a dam collapsed in September, flooding the state capital and surrounding farmland, many people ran out of options.



Now they queue for handouts in camps for those displaced by fighting between extremist Boko Haram rebels and the military. When those run out, they seek work on local farms where they risk being killed or raped by local bandits.



&#8220;I can&#8217;t even cry anymore. I&#8217;m too tired,&#8221; said Indo Usman, who tried to start again in the state capital Maiduguri, rearing animals for the two annual Muslim holy days, after years of repeatedly fleeing rebel attacks in rural Borno.



The flood washed that all away, driving her, her husband and their six children to a bare room at Gubio, an unfinished housing project about 96 km (60 miles) northwest of Maiduguri that has become a displacement camp.



Torrential rains and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, affecting more than nine million people, according to the Food and Agriculture Organization of the United Nations.



Climate change is a factor, as is Nigeria&#8217;s poorly maintained or non-existent infrastructure as well as vulnerabilities caused by the weakening Naira currency and the scrapping of a government fuel subsidy.



The cost of staples like rice and beans has doubled, tripled or even quadrupled in a year, depending on location &#8212; an unmanageable shock for millions of poor families.



Mass kidnappings for ransom in the northwest and conflict between farmers and pastoralists in the central belt, traditionally the nation&#8217;s bread basket, have also disrupted agriculture and squeezed food supplies.



<h2 class="wp-block-heading" id="h-hungriest-of-the-hungry">&#8216;HUNGRIEST OF THE HUNGRY&#8217;</h2>



Roughly 40% of Nigeria&#8217;s more than 200 million people live below the international poverty line of $2.15 per person per day, the World Bank estimates.



Already, 25 million people live in acute food and nutrition insecurity &#8211; putting their lives or livelihoods in immediate danger, according to a joint analysis by the government and U.N. agencies. That number is expected to rise to 33 million by next June-August.



&#8220;The food crisis in Nigeria is immense because what we are seeing is a crisis within a crisis within a crisis,&#8221; said Trust Mlambo, head of programme for the northeast at the World Food Programme, in an interview with Reuters in Maiduguri.



With international donors focused on emergencies in Gaza, Ukraine and Sudan, Mlambo said there was not enough funding to fully meet Nigeria&#8217;s growing need for food aid.



&#8220;We are really prioritising the hungriest of the hungry,&#8221; he said.



In Borno, the Alau dam, upriver from Maiduguri, gave way on Sept. 9, four days after state officials had told the public it was secure. Local residents and engineers had been warning that it was under strain.



Hundreds of people were killed in the resulting flood, according to aid workers who did not wish to be identified for fear of offending the state government. A spokesperson for the state government did not respond to requests for comment.



Zainab Abubakar, a self-employed tailor in the city who lived in relative comfort with her husband and six children in a house with a refrigerator, was awoken at midnight by water rushing into her bedroom.



They ran for their lives while the flood destroyed their house and carried everything away, including her sewing machine. Now, they are sheltering at Gubio and collecting rice from aid agencies in a plastic bucket.



&#8220;There is no alternative,&#8221; she said.



In Banki, on Nigeria&#8217;s border with Cameroon about 133 km (83 miles) southeast of Maiduguri, Mariam Hassan lost crops of maize, pepper and then okra in repeated flooding of her subsistence farm this year, leaving her with nothing to eat or sell.



&#8220;I beg the neighbours or relatives to give me food, not even for me but for my children, for us to survive,&#8221; said Hassan, who has eight children. &#8220;The situation has turned me into a beggar.&#8221;



(Additional reporting by Ahmed Kingimi and MacDonald Dzirutwe; Writing by Estelle Shirbon; Editing by Philippa Fletcher)

More Nigerians face hunger as floods worsen impact of inflation, conflict

Millions of Nigerians go hungry as floods compound hardship

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-820x547.jpg" alt="" class="wp-image-553286" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People work out on the outskirts of Dakar, Senegal October 29, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



NAIROBI/DAKAR, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Senegal will have to wait until at least June to get any sort of resolution of its lending programme with the International Monetary Fund that could lead to fresh disbursements, a source with knowledge of the process told Reuters.



There was no immediate comment from the finance ministry on the prospect of a delay that will be a test for a government seeking quick support to help it deal with an increasingly precarious fiscal situation.



A $1.9 billion IMF programme agreed in June 2023 has been on hold since a government audit three months later uncovered larger debt and deficit figures than the previous administration had reported, sending yields on the West African nation&#8217;s dollar bonds soaring and triggering credit ratings downgrades.



Dakar is seeking a new programme with the Fund, but the source said the IMF will not even consider the request before the audit findings, which are scheduled to be certified by Senegal&#8217;s court of auditors mid-December, are subsequently reviewed by the Fund&#8217;s executive board.



&#8220;They need to start by sorting out the issues identified in the audit,&#8221; the source said. Following the certification, the Fund&#8217;s board was expected to determine the next steps towards a resolution, a process expected to take another six months, the source added.



Senegal&#8217;s finance ministry did not immediately respond to a request for comment.



Senegal secured in June last year $1.526 billion under a three-year IMF Extended Fund Facility and Extended Credit Facility programme plus additional financing of $371.1 million from the Resilience and Sustainability Facility providing long-term concessional cash for climate-related spending.



Senegal got payouts of $216 million when it reached the loan agreement with the Fund and another $279 million in December last year after getting sign off on the first review by the executive board.



Subsequent reviews and IMF board sign-off, the step that ultimately triggers more payouts, have not been completed.



The IMF board is expected to consider various remedies for the misreporting, the source said, including demanding potential reimbursements for any loans advanced on the basis of the misreported data.



Another source confirmed a resolution would take &#8220;a few months&#8221;.



The Fund said last month it was assessing the implications of the data revisions.



<h2 class="wp-block-heading" id="h-cash-strapped">CASH-STRAPPED</h2>



Senegal had already been grappling with slower-than-projected growth and a worsening budget deficit before the revelations about the larger debt and deficit figures.



President Bassirou Diomaye Faye&#8217;s government reopened a privately placed international bond last month to raise $300 million.



Public debt averaged 76.3% of GDP, compared with the previously reported 65.9%, the audit found. The end-2023 budget deficit stood at over 10%, more than double the original indication.



&#8220;The hidden fiscal cost revelations under the previous government have raised markets&#8217; concerns around Senegal&#8217;s debt sustainability,&#8221;&nbsp;J.P.Morgan&nbsp;said in a research note.



The yield on Senegal&#8217;s 2048 bond rose above 10% for the first time since early August, in the sessions following the release of the initial audit findings.



The bonds inched down in early trading on Tuesday.



Faye, elected in March on the back of youth voters&#8217; disenchantment with the previous government&#8217;s economic policies, has called a snap legislative election for Sunday.



He blamed the previous parliament&#8217;s refusal to initiate a new budget law, and its pushback against a plan to abolish wasteful state bodies for the move.



His Pastef party will need to secure a majority of the 165 seats to implement his economic reforms. Pastef held just 26 seats in the dissolved legislature.



&#8220;Parliamentary elections can provide some needed political capital for the new government to commence the now heavier lifting required to correct the trajectory of fiscal accounts,&#8221; J.P.Morgan said.



Implications of misreporting to IMF generally make investors nervous. The Fund suspended disbursements to Mozambique in 2016 after it failed to disclose more than $1 billion in external loans.



(Reporting by Duncan Miriri and Portia Crowe; Editing by Karin Strohecker and Andrew Heavens)

FILE PHOTO: People work out on the outskirts of Dakar

Senegal will have to wait at least until June for IMF loan resolution, source 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/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg" alt="" class="wp-image-552808" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, addresses supporters during a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s main opposition leader John Dramani Mahama looks set to win December&#8217;s presidential election, an opinion poll showed on Monday, placing him ahead of his main challenger, ruling party candidate Muhamudu Bawumia.



Former president Mahama, 65, and current Vice President Bawumia, 60, are the two main contenders for the Dec. 7 election to replace President Nana Akufo-Addo, who is stepping down in January after two terms as head of the gold- and cocoa-producing nation. Eleven other candidates are also running.



Global InfoAnalytics, an Accra-based research group, released poll results on Monday that saw Mahama winning 52%, followed by 41.3% for Bawumia. The poll has a 1.9% error margin.



It found that voters were mainly concerned about the economy, jobs, education and infrastructure.



Mahama invested heavily in infrastructure during his 2012-17 presidency, when he faced criticism for power shortages and economic instability. His government was also embroiled in corruption allegations, although Mahama was never directly accused.



He is running again as the candidate of the main opposition National Democratic Congress (NDC).



Bawumia, an economist and&nbsp;former&nbsp;central banker, is running for the ruling New Patriotic Party (NPP), which grappled with Ghana&#8217;s worst economic crisis in a generation.



Both candidates have presented plans to boost the economy and improve livelihoods.



Ghana, the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.



Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.



The Economist Intelligence Unit predicted an NDC win in October due to the NPP&#8217;s economic record. Fitch Solutions published a similar forecast that month.



Both Mahama and Bawumia are from northern Ghana, a historic NDC stronghold where the NPP has been making inroads.



Political analyst Alidu Seidu of the University of Ghana said the election would probably be a very close contest between the two.



Results were difficult to predict and a run-off vote was likely, he said.



No party has ever won more than two consecutive terms in Ghana&#8217;s democratic history.



(Editing by Sofia Christensen and Giles Elgood)

Ghana’s NDC party campaign launch ahead of December elections, in Tamale

Main Ghana opposition leader tipped to win presidential vote, poll shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-820x547.jpg" alt="" class="wp-image-550807" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Electric wires are pictured in the Ojuelegba district of Nigeria&#8217;s commercial capital Lagos, June 18, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigeria&#8217;s national grid suffered a partial collapse on Tuesday, the state power transmitter said, marking the ninth incident this year to have caused power outages across the country.



The Transmission Company of Nigeria (TCN) said the grid experienced a disturbance at around 1252 GMT, triggered by a series of line and generator trips destabilising the system.



While some regions, including the capital Abuja, regained power about an hour after the collapse, outages continued elsewhere.



&#8220;TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance,&#8221; spokesperson Ndidi Mbah said.



Blackouts are frequent in Nigeria, Africa&#8217;s most populous country with over 200 million people, due to ageing power infrastructure, vandalism and inadequate gas supply for its thermal plants, which account for over 75% of output.



Although Nigeria has the infrastructure to generate about 13,000 megawatts of power, its creaking grid can only distribute a third of it, forcing businesses and households to run costly fuel generators.



(Reporting by Camillus Eboh in Abuja; writing by Elisha Bala-Gbogbo; editing by Mark Heinrich)

FILE PHOTO: Electric wires are pictured in Ojuelegba district in Nigeria’s commercial capital Lagos

Nigeria’s power grid partially collapses again, causing blackouts

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-scaled.jpg" alt="" class="wp-image-550389" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/4IJSVHM2FFM5LEEQMNYEX3P3XQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">David Lammy arrives at 10 Downing Street, following the results of the election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigeria and Britain said on Monday they had established a strategic partnership to boost economic growth, strengthen security cooperation and enhance personal ties.



Nigerian Foreign Minister Yusuf Tuggar and his British counterpart David Lammy outlined a partnership that also seeks to reinforce ongoing security and counter-terrorism efforts.



&#8220;By advancing our economic ties through investments and trade, we can unlock substantial growth for both nations, drive job creation and enhance local value addition,&#8221; Tuggar said during a joint press conference in Abuja, Nigeria&#8217;s capital.



Lammy, who is on his first official visit to Africa as Foreign Secretary, emphasized Britain&#8217;s commitment to a long-term partnership with Nigeria.



&#8220;It is an overarching framework for our relationship covering the breadth of things that we do together,&#8221; said Lammy, who also highlighted the importance of addressing economic growth, climate change, and security threats.



Lammy also stressed personal connections, adding that the sizeable Nigerian diaspora in Britain offers the potential for increased cultural exchange and economic cooperation.



(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Alexander Smith)

Parliamentary election in Britain

Nigeria and Britain hail partnership to boost economic ties, security

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-820x547.jpg" alt="" class="wp-image-549104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Food supplies are pictured before a food aid distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos, Nigeria July 10, 2021. REUTERS/Temilade Adelaja</figcaption></figure>



LAGOS, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;Nigeria faces one of its worst hunger crises with more than 30 million people expected to be food insecure next year, a one third jump from this year due to economic hardship, a joint report by the government and United Nations said on Friday.



Nigeria, Africa&#8217;s most populous nation, is grappling with a cost of living crisis that led to deadly protests in August.



Economic hardship has worsened after President Bola Tinubu started austerity reforms, including devaluing the naira and ending a decades-old petrol subsidy, fuelling inflation.



The analysis, conducted twice a year in 26 states and the federal capital, projected that 33.1 million people would be food insecure by August next year. That compares with 24.8 million by end of this year.



&#8220;Several factors are driving this trend, but most prominently are economic hardship coupled with record high inflation, a record rise in food prices and record high transportation costs,&#8221; a statement accompanying the report said.



Chi Lael, World Food Programme spokesperson in Nigeria told Reuters that &#8220;economic decisions to strengthen the country in the long term, in the short term have felt like a direct attack on people&#8217;s wallets, hitting hardest every time they try to buy food.&#8221;



Finance Minister Wale Edun said on Thursday 5 million households had so far received cash handouts of 25,000 naira ($15.45), as part of the government&#8217;s programme to help the most vulnerable families.



High food prices have contributed the most to inflation, which advanced to 32.70% in annual terms in September from 32.15% in August.



Flooding and insecurity in northern states continued to hit agriculture, further driving up food prices beyond the reach of many families.



Last month&#8217;s floods destroyed an estimated 1.6 million hectares of crops, mainly in the northern food basket states, potentially causing production losses of a combined 1.1 million tonnes for maize, sorghum and rice, the joint statement said.



That is enough to meet the daily food needs of about 13 million people for a year.



In financial terms, the potential cereal crop losses amount to almost $1 billion in economic losses, the statement added.



($1 = 1,618.2600 naira)



(Reporting by MacDonald Dzirutwe; Editing by Ros Russell)

Food supplies are pictured before a food aid distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos, Nigeria

Nigeria’s hunger crisis deepens with 33 million at risk, report 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/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg" alt="" class="wp-image-548180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LAGOS, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Dangote oil refinery has a stockpile of 500 million litres of petrol, its billionaire founder said, countering claims by marketers who asserted they needed to supplement Dangote&#8217;s supplies with imports to meet fuel shortages.



Nigeria&#8217;s President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday.



The purpose was to review a policy requiring NNPC to sell crude oil to the Dangote refinery in local naira currency in an effort to ease foreign exchange pressure and help the mega refinery secure enough crude to meet its 650,000-barrel-per-day capacity.



Following the meeting, Dangote clarified that his business is not involved in retailing petrol and he should not be blamed for fuel shortages in Africa&#8217;s top oil producing country.



He also said that keeping fuel in storage tanks is costing him money.



&#8220;I expect the NNPC and marketers to stop importing. They should come and collect; we have everything they need,&#8221; said Dangote.



Two weeks ago, local fuel traders began increasing imports, claiming that the Dangote refinery was unable to meet domestic demand, exacerbating fuel shortages.



The Dangote Oil Refinery in Lagos began processing petrol in September, initially setting out to supply 25 million litres per day. The goal is to gradually increase production to 35 million litres daily, which Dangote believes will be sufficient to meet local demand.



At an oil conference in Lagos on Monday, however, the sector regulator said Nigeria’s daily petrol demand is between 45 and 50 million litres.



In a statement issued by a government spokesperson, President Tinubu urged stakeholders to focus on supplying enough petrol for local consumption to reduce dependence on imports.



He also directed them to use Afreximbank, the financial adviser for the naira crude sale scheme, as the settlement bank for naira pricing of crude and refined products.



Dangote previously had to buy crude on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced oil by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports.



Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the plan to sell crude in naira would remain in place, and the government would not intervene in determining the exchange rate for the oil sector.



Nigeria aims to end the importation of petroleum products once the Dangote Refinery reaches full operational capacity.



(Reporting by Isaac Anyaogu; Editing by Lincoln Feast.)

FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos

Dangote says refinery has 500 mln litres of petrol in storage, can meet Nigeria’s demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LONDON, Oct 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank is prepared to use &#8220;whatever tools at our disposal&#8221; to manage inflation, its central bank chief Olayemi Cardoso said on Tuesday.



Inflation in Africa&#8217;s most populous country rose in September for the first time in three months, reaching 32.70% in annual terms, spurred by food and energy costs.



Cardoso told the FT Africa Summit in London that while he expected headline inflation to moderate in the coming months, food inflation was &#8220;proving stickier&#8221;.



He said the country &#8220;cannot tire&#8221; with its reform efforts.



(Reporting by Libby George in London; Writing by Elisha Bala-Gbogbo; Editing by Alexander Winning)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria ready to use all tools to manage inflation, c.bank chief 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/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-820x547.jpg" alt="" class="wp-image-547812" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo for Google is seen at a Google store in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo</figcaption></figure>



LAGOS, Oct 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.



Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.



The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google&#8217;s Africa Investment Fund and Verod Capital came in as new investors.



Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it &#8220;unicorn&#8221; status &#8211; a term for tech firms with a valuation of a billion dollars or more.



The new capital would be used to speed up Moniepoint&#8217;s growth across Africa and build an integrated platform for businesses.



&#8220;This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,&#8221; Moniepoint said.



Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking.



Moniepoint started offering personal banking services in August last year.



The fintech says it processes over 800 million transactions, with a monthly value of more than $17 billion.



(Reporting by MacDonald Dzirutwe; Editing by Alison Williams)

FILE PHOTO: The logo for Google is seen at  a Google store in Manhattan, New York City, U.S.

Google among investors putting $110 million into Nigeria’s Moniepoint

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-820x547.jpg" alt="" class="wp-image-547744" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; Ghana could buy petroleum products from Nigeria&#8217;s Dangote Oil Refinery once the facility is operating at full capacity, cutting more expensive exports from Europe, the head of the country&#8217;s oil regulator said on Monday.



This could end monthly fuel imports from Europe of $400 million, Mustapha Abdul-Hamid, chairman of the National Petroleum Authority, Ghana said at the OTL Africa Downstream oil conference in Lagos.



&#8220;If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,&#8221; Hamid said.



The Dangote Oil refinery built by Nigerian billionaire Aliko Dangote is expected to operate at&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3JC04R&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">near</a>&nbsp;full capacity at the end of the year and analysts believe it could be fully operational in the first quarter of 2025.



Hamid said importing from Nigeria rather than Europe would bring down the prices of other goods and services by removing freight costs. Eventually, he said African countries would agree on a common currency that should dampen demand for dollars. Ghana&#8217;s economy, which grew by 6.9% year-on-year in the second quarter of 2024, has been driven largely by a strong expansion of the extractive sector which has boosted demand for fuel.



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

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Nigeria’s power grid partially collapses again, causing blackouts

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Nigeria’s hunger crisis deepens with 33 million at risk, report says

Dangote says refinery has 500 mln litres of petrol in storage, can meet Nigeria’s demand

Nigeria ready to use all tools to manage inflation, c.bank chief says

Google among investors putting $110 million into Nigeria’s Moniepoint

Ghana eyes fuel imports from Dangote oil refinery

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West Africa

Nigeria’s local currency crude sales fall short of target, Dangote refinery says

Ghana blocks pension funds from offshore investment on currency concerns, sources say

Senegal’s president faces budget challenge after likely parliamentary win

France’s Orano warns of financial problems at Niger uranium plant

Nigeria inflation rises for second month, spurred by food

Nigeria lifts oil production to 1.8 mln barrels per day

Senegal heads to the polls amid fiscal crisis, threat of unrest

Millions of Nigerians go hungry as floods compound hardship

Senegal will have to wait at least until June for IMF loan resolution, source says

Main Ghana opposition leader tipped to win presidential vote, poll shows

Nigeria’s power grid partially collapses again, causing blackouts

Nigeria and Britain hail partnership to boost economic ties, security

Nigeria’s hunger crisis deepens with 33 million at risk, report says

Dangote says refinery has 500 mln litres of petrol in storage, can meet Nigeria’s demand

Nigeria ready to use all tools to manage inflation, c.bank chief says

Google among investors putting $110 million into Nigeria’s Moniepoint

Ghana eyes fuel imports from Dangote oil refinery

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