<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg" alt="" class="wp-image-532934" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-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, gestures as he and his wife Lordina Mahama attend a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s Vice President Mahamudu Bawumia and ex-president John Dramani Mahama are among 13 candidates approved for the 2024 presidential poll, the electoral commission said on Friday.



Voters in the West African gold- and cocoa-producing nation head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who will step down in January after serving the constitutionally mandated eight years.



Former president Mahama, 65, represents the main opposition National Democratic Congress (NDC) party and Bawumia, a 60-year-old economist and former central banker, was picked by Akufo-Addo&#8217;s ruling New Patriotic Party as its candidate.



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



The commission said it had also accepted the candidacies of Alan John Kwadwo Kyerematen, a former trade and industry minister who resigned from the ruling party to stand as an independent, Nana Kwame Bediako, a businessman competing for the first time for the top job, and Nana Akosua Frimpomaa, one of two women in the race.



On Tuesday, Mahama&#8217;s NDC party held nationwide protests against alleged irregularities, saying the electoral commission had illegally transferred voters to different voting stations without their knowledge.



The electoral commission said it would review a petition submitted by the party at the end of the demonstrations and provide a response in the coming days.



The allegations dent the electoral authority&#8217;s image when public confidence is low.



A July survey by pan-African research group Afrobarometer showed trust in Ghana&#8217;s electoral commission at an historic low since confidence polls started in 1999.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Anait Miridzhanian;Editing by Ros Russell and Barbara Lewis)

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

Ghana’s VP and former president among 13 candidates for presidency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-820x592.jpg" alt="" class="wp-image-532758" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-820x592.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-768x555.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-1536x1109.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos, Nigeria November 5, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country&#8217;s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.



Tinubu met John Murphy, president and chief financial officer of Coca‑Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC &#8211; one of Coca-Cola&#8217;s many bottlers worldwide &#8211; and several other company officials as he seeks to attract investment into the economy.



Bogdanovic told Tinubu that Coca-Cola had since 2013 invested $1.5 billion in Nigeria to expand its production capacity, improve its supply chain and on training and development, the Nigerian presidency said in a statement.



&#8220;I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years,&#8221; Bogdanovic was quoted as saying.



The investment announcement comes after Tinubu&#8217;s government saw several multinationals like Procter &amp; Gamble, GSK Plc and Bayer AG leave the country or appoint third parties to distribute their products due to foreign exchange shortages.



Tinubu, in office since May last year, said his government wanted to create an environment open to businesses.



&#8220;We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,&#8221; he said.



Nigeria, with a population of more than 200 million is seen as a potential market for many global brands, but forex woes, red tape and policy inconsistency discourages some investors.



Bottler Coca-Cola HBC in April said its operating profit would rise this year, supported by strong demand for its coffee, energy and sparkling drinks even as prices were hiked to keep up with high costs and currency devaluation in countries like Egypt and Nigeria.



(Reporting by Felix Onuah, writing by MacDonald Dzirutwe; Editing by Aurora Ellis)

FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos

Coca-Cola plans to invest $1 billion in Nigeria operations, presidency 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/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-820x547.jpg" alt="" class="wp-image-532087" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Street view of Adum market at nightfall in Kumasi, Ghana, July 22, 2019. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s economy grew&nbsp;by&nbsp;6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country&#8217;s statistics agency said on Wednesday.



The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt.



&#8220;The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in the extractive sector, just as we saw in the second quarter of 2019,&#8221; government statistician Samuel Kobina Annim said.



Ghana&#8217;s overall industry sector grew by 9.3%, driven by mining and quarrying, while the gold sector expanded for the third consecutive period, by 23.6% in the quarter. The services sector grew 5.8%, while agriculture rose 5.4%, Annim said.



The cocoa sector in the world&#8217;s second biggest producer, however, contracted for the fourth consecutive quarter by 26.2%, highlighting the impact of a steady decline in crop output due to disease and poor weather.



The economic rebound is another boost to the West African state as it restructures its debt. It has invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments after reaching a preliminary restructuring agreement with two bondholder groups.



Bondholders have until Sept. 30 to accept the offer though those who agree to do so before an early deadline on Sept. 20 will be eligible for a 1% consent fee.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix and Keith Weir

Street view of Adum market at nightfall in Kumasi, Ghana

Ghana’s economy surges 6.9% in Q2 2024, fastest in five 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/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-820x547.jpg" alt="" class="wp-image-531973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Supporters of Ghana’s main opposition National Democratic Congress (NDC) party march in the streets to protest what they suspect to be voters register irregularities ahead of the presidential and parliamentary elections in December, in Accra, Ghana. September 17, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, (Reuters) &#8211; Ghana&#8217;s main opposition National Democratic Congress (NDC) party on Tuesday held nationwide protests against alleged voter roll irregularities, demanding an independent forensic audit to rid the register of errors for free and fair elections.



Voters in the West African gold- and cocoa-producing nation will head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who will step down in January after serving the constitutionally mandated eight years.



The election will pit ex-president John Dramani Mahama of the NDC against current Vice President Mahamudu Bawumia of the ruling New Patriotic Party.



The NDC party leaders said the electoral commission illegally transferred voters to different voting stations without their knowledge, compromising the integrity of the register.



Clad in red and black, thousands of supporters marched through principal streets in the capital Accra, blaring reggae and campaign songs from loudspeakers and calling on international bodies, Ghana&#8217;s peace council and religious and civil society groups to intervene.



Protest leaders presented petitions to parliament and the electoral agency in Accra. Protests also took place across Ghana&#8217;s other 15 regions, according to local media.



Protester Kwame Acheampong, 68, told Reuters in the local Akan language that his registration had been transferred from the capital to the northern city of Tamale.



&#8220;How can I go to Tamale to vote?&#8221; he said.



The electoral commission has said identified errors have been corrected.



In August, it suspended a district director in the northeastern town of Pusiga for &#8220;using his credentials to transfer voters without their knowledge.&#8221;



Ghana is one of Africa&#8217;s most stable democracies, but about eight people died during the last election, which was also marred by opposition accusations that the government unfairly influenced the outcome, which it denied.



Allegations of irregularities dent the electoral authority&#8217;s image. A July survey by pan-African research group Afrobarometer showed trust in Ghana&#8217;s electoral commission at historic low since confidence polls started in 1999.



NDC party chairman Johnson Asiedu Nketia told protesters he wanted &#8220;nothing but transparent elections.”



&#8220;Ghana&#8217;s democracy is on a serious test and we want (it) to prevail. It&#8217;s time for war to remove anything that has the tendency to push us into a bigger war.&#8221;



(Reporting by Maxwell Akalaare Adombila; Editing by Alistair Bell)

Supporters of Ghana’s main NDC party protest what they suspect to be voter roll irregularities, in Accra

Ghana opposition holds protests against alleged voter roll irregularities

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-820x547.jpg" alt="" class="wp-image-531302" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of road traffic along the Marina in Lagos, Nigeria, July 18, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



LAGOS, Sept 16 (Reuters) &#8211; Nigeria&#8217;s headline consumer inflation fell for the second month in a row in August, to 32.15% year-on-year from 33.40% in July, data from its bureau of statistics showed on Monday.



July marked the first month in well over a year that inflation had slowed in Africa&#8217;s most populous nation, as the effects of a currency devaluation started to fade.



But analysts say August&#8217;s further slowdown could be short-lived, after the price of petrol was increased twice in September, angering citizens who are grappling with the worst cost-of-living crisis in a generation.



Price increases have been stoked by President Bola Tinubu&#8217;s decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity tariffs. The reforms are aimed at lifting economic growth and shoring up public finances.



(Reporting by Shamsuddin Mohd in Bengaluru and Chijioke Ohuocha in Abuja; Writing by MacDonald Dzirutwe in Lagos; Editing by Alexander Winning)

A general view of road traffic along the Marina in Lagos

Nigerian inflation falls for second straight month in August

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.



Nigeria expects the 650,000 barrels per day refinery to end years of imports of gasoline, which had been subsidised for decades until President Bola Tinubu began removing support when he took office in May last year.



The price of gasoline is a sensitive issue in Nigeria because many households and small businesses use it to power generators because the majority of citizens are not connected to the national electricity grid.



On Monday, NNPC said it had increased gasoline prices from 858 naira ($0.53) a litre to 950 naira in Lagos and as high as 1,019 naira in northeastern states. It said it buys the product at 898 naira per litre from the refinery.



NNPC said it had started buying the fuel from Dangote on Sunday in U.S. dollars and that a deal to purchase gasoline in the local naira currency was still to take effect.



The latest increase is likely to add to public anger as Nigerians are already struggling with inflation of 33.4%, which has driven up transport costs and caused a cost of living crisis that led to violent protests in early August.



On Friday, a Nigerian presidential committee announced that NNPC would distribute gasoline from the $20 billion Dangote refinery to the local market, ending a deadlock that had stalled distribution.



From October NNPC will supply 385,000 barrels of crude per day to be paid for in naira by Dangote refinery, which will in turn sell its fuel in the local currency.



($1 = 1,614.2000 naira)



(Reporting by Camillus Eboh, Editing by MacDonald Dzirutwe and Louise Heavens)

XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC raises petrol prices again as Dangote fuel hits market

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-820x547.jpg" alt="" class="wp-image-531175" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Heads of state of Mali&#8217;s Assimi Goita, Niger&#8217;s General Abdourahamane Tiani and Burkina Faso&#8217;s Captain Ibrahim Traore attend the opening of for the first ordinary summit of heads of state and governments of the Alliance of Sahel States (AES) in Niamey, Niger July 6, 2024. REUTERS/ Mahamadou Hamidou/File Photo</figcaption></figure>



BAMAKO, (Reuters) &#8211; Mali, Burkina Faso and Niger will introduce new biometric passports as part of their withdrawal from a West African bloc in favour of a new Sahel alliance after military leaders seized power in all three countries, Mali&#8217;s leader said on Sunday.



The three junta-led Sahel neighbours jointly announced in January they would leave the 15-member Economic Community of West African States (ECOWAS), which has sought to persuade them to reconsider their decision.



Burkina Faso announced earlier this month that it was rolling out new passports without the ECOWAS logo.



&#8220;In the coming days, a new biometric passport of the AES (Alliance of Sahel States) will be put into circulation with the aim of harmonising travel documents in our common area and facilitating the mobility of our citizens throughout the world&#8221;, Malian junta leader Assimi Goita announced on Sunday evening.



He spoke ahead of a meeting Monday between the three countries&#8217; foreign ministers on the anniversary of the decision to form their own alliance.



Goita also said they were planning to launch a shared information channel &#8220;in order to promote a harmonious dissemination of information in our three states.&#8221;



ECOWAS has warned that the three countries&#8217; withdrawal would undermine the freedom of movement and common market of the 400 million people living in the 49-year-old bloc.



Their departure comes as their armies battle groups linked to al Qaeda and Islamic State, whose insurgencies have destabilised the region over the past decade and threaten to spill over into coastal West African states.



(Reporting by Tiemoko Diallo and Boureima Balima in Niamey; Writing by Portia Crowe; Editing by Sandra Maler)

FILE PHOTO: Sahel junta leaders meet for a summit in Niamey

Mali, Burkina and Niger to launch biometric passports under new alliance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-820x547.jpg" alt="" class="wp-image-530080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo</figcaption></figure>



ABUJA, Sept 13 (Reuters) &#8211; Nigerian communities are claiming 505 billion naira ($310 million) in damages from Shell, which they accuse of breaching an existing court order by striking a deal to sell its onshore assets in the Niger Delta, court papers showed on Friday.



Shell is set to exit Nigeria&#8217;s onshore oil and gas sector after agreeing in January to sell its business to a consortium of five mostly local companies for $2.4 billion.



But more than 1,200 representatives of Ilaje communities in the Niger Delta asked the Federal High Court in Abuja to stop the deal, arguing that Shell was violating a December 2023 ruling that suspended any assets sale until a compensation lawsuit was concluded.



The community has a pending lawsuit against Shell, which it accuses of causing an oil spill that damaged waterways and farms.



Shell has long maintained that such spills were mostly due to theft of oil and interference with pipelines.



In the court papers, the community said Shell should be penalised for going ahead with asset sale &#8220;when the plaintiffs and the host of their community members have remained in perpetual suffering over the failure of the defendants to obey the preservative orders of a competent court.&#8221;



Shell did not immediately comment.



It was not immediately clear when the court would hear the case.



The oil major has faced a string of lawsuits locally and abroad from communities demanding environmental restoration or compensation for land damaged by historical oil spills.



Shell&#8217;s asset sale is yet to be approved by the energy regulator and the petroleum minister.



($1 = 1,630.0000 naira)



(Reporting by Camillus Eboh; Editing by Mark Potter)

FILE PHOTO: LNG 2023 energy trade show in Vancouver

Nigerian communities seek $310 mln from Shell, want asset sale stopped

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-820x547.jpg" alt="" class="wp-image-529377" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">David Eshun 45, co-owner of Bethel Brothers bakery, prepares to deliver baked bread from the Bethel Brothers bakery to customers in Accra, Ghana, March 8, 2022. Francis Kokoroko</figcaption></figure>



ACCRA, Sept 11 (Reuters) &#8211; Ghana&#8217;s consumer inflation slowed for a fifth consecutive month in August, to 20.4% year on year from 20.9% in July, the statistics service said on Wednesday.



Government statistician Samuel Kobina Annim told a news conference that the latest decline was partly due to a decline in food prices.



Although inflation has been easing, it remains well above the central bank&#8217;s medium term target of 8% with a margin of error of 2 percentage points either side.



Finance minister Mohammed Amin Adam said in July the West African nation&#8217;s inflation is expected slow to 15% by the end of 2024, adding that its economy was rebounding faster than expected.



The cocoa-, gold- and oil-producing West African country is battling to emerge from its worst economic crisis in a generation.



It invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments in an offer ending Sept. 30.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian;Editing by Bate Felix)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM

Ghana consumer inflation slows for fifth month in August

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg" alt="" class="wp-image-460080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-768x478.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-1536x957.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Sept 11 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s government raised $900 million in its first ever domestic dollar bond sale, the coordinator for the issue said on Wednesday, as it sought to diversify funding sources and avoid elevated yields in international capital markets.



The bond sale will be a welcome source of hard currency for Africa&#8217;s largest economy which has experienced crippling dollar shortages that have forced the central bank to devalue the naira twice in less than a year.



The five-year domestic dollar bond comes with a coupon of 9.75%, the coordinator Africa Finance Corporation said in a statement, and received a subscription rate of 180%.



Appetite for the bond showed &#8220;the benefits of African nations looking inward to tap the deep pool of domestic capital on the continent and taking the lead in financing their own development,&#8221; said Banji Fehintola, Executive Director at AFC.



Proceeds of the bond will be invested in &#8220;critical sectors&#8221; of the economy, AFC said, without giving more details.



Although frontier issuers like Kenya have been able to raise cash from international capital markets this year, they have been forced to pay interest rates of above 10%.



Nigeria&#8217;s 2029 international dollar bond currently yields 9.7%, indicating it might face double digits if it were to tap international bond markets though analysts have said the country can afford to wait longer before doing so.



The domestic dollar bond targeted local investors, pension funds and Nigerians living abroad, whose investments were expected to support the local naira currency.



Domestic and diaspora investors are usually stickier, leaving such securities less prone to big in- and outflows.



Investors will be able to trade the bond when it is listed locally on two exchanges, AFC said.



(Reporting by Libby George and Duncan Miriri; Writing by Alexander Winning; Editing by Karin Strohecker and Christina Fincher)

FILE PHOTO: Illustration shows U.S. dollar banknotes

Nigeria raises $900 mln in inaugural domestic dollar bond

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg" alt="" class="wp-image-524999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LAGOS, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s state-owned NNPC Ltd oil company said it has started the tender process for the operation of the Warri and Kaduna refineries, which are scheduled to begin processing crude this year.



The oil refineries, which are being upgraded after being shut for several years, have the capacity to process 125,000 barrels per day (bpd) and 110,000 bpd, respectively.



Nigeria, which is Africa&#8217;s biggest oil producer, is seeking operators &#8220;to ensure reliability and sustainability towards meeting the nation&#8217;s fuel supply and energy security obligations,&#8221; NNPC said in a public notice on Thursday.



Warri and Kaduna are among state-owned refineries that have been mothballed for years, but which the government is trying to revive to end Nigeria&#8217;s reliance on imported refined products.



The tendering process for the Port Harcourt oil refinery, in the Niger Delta, opened in January and is currently ongoing, the government said.



State-owned refineries will offer an alternative to the 650,000 bpd capacity Dangote refinery, built by Africa&#8217;s richest man, Aliko Dangote, on the outskirts of Lagos. It is undergoing test runs for gasoline production, with full operation expected by mid-September.



(Reporting by Isaac Anyaogu)

FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district

Nigeria seeking operators for state-owned oil refineries

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1440" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-scaled.jpg" alt="" class="wp-image-524946" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-1536x1080.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows cooling towers and reactors of the Electricite de France (EDF) nuclear power plant in Cattenom, France, June 13, 2023. REUTERS/Yves Herman/File Photo</figcaption></figure>



WASHINGTON, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;Ghana on Thursday signed an agreement with a U.S. developer for a nuclear reactor using technology from NuScale Power&nbsp;SMR.N, the U.S. State Department said on Thursday, as the country seeks its first atomic power plant.



Nuclear Power Ghana and Regnum Technology Group signed the agreement to deploy a NuScale VOYGR-12 small modular reactor, or SMR, at a U.S.-Africa nuclear energy summit in Nairobi.



SMRs are smaller than today&#8217;s reactors and can be built in a factory. But there are lingering questions about whether they will ever be widespread commercially.



<h2 class="wp-block-heading" id="h-why-it-is-important">WHY IT IS IMPORTANT</h2>



The U.S. is looking to promote technologies it considers to be clean energy and sell them to developing countries. The administration of President Joe Biden believes that nuclear energy, which generates power virtually emissions free, is critical in the fight against climate change.



Nuclear power, on the other hand, produces long lasting nuclear waste.



NuScale is the only company with a license to build a U.S. SMR. Last year it canceled its only project in the U.S. amid rising costs.



<h2 class="wp-block-heading" id="h-who-was-vying-to-sign-with-ghana">WHO WAS VYING TO SIGN WITH GHANA?</h2>



Other contenders for the plant included France&#8217;s EDF, and China National Nuclear Corporation, an energy ministry official in Ghana said in May.



South Korea&#8217;s Kepco and its subsidiary Korea Hydro Nuclear Power Corporation, as well as Russia&#8217;s ROSATOM were also competing for the contract expected to span the next decade, the official said at the time.



<h2 class="wp-block-heading" id="h-key-quote">KEY QUOTE</h2>



“Ghana and many other African countries are pursuing nuclear energy to achieve their economic development, energy security, and decarbonization goals,&#8221; said Aleshia Duncan, deputy assistant secretary for international cooperation at the U.S. Department of Energy. “It’s imperative that the United States remain a strong and engaged partner, offering technical expertise and resources to ensure the successful deployment of nuclear energy across the continent.”



(Reporting by Timothy Gardner; Editing by Marguerita Choy)

FILE PHOTO: A general view shows the Electricite de France (EDF) nuclear power plant in Cattenom

Ghana signs agreement to build small NuScale nuclear reactor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-820x547.jpg" alt="" class="wp-image-524150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Women wait with their children under a shed for food rations at a internally displaced persons (IDP) camp on the outskirts of Maiduguri, northeast Nigeria June 6, 2017. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; More than 31.8 million Nigerians are acutely short of food due to security challenges and the removal of fuel subsidies, the government said on Tuesday, citing a study by several of the country&#8217;s international development partners.



The scale of the shortages, which have led to malnutrition among women and children, was set out by the development partners at a meeting with the government on Monday and Tuesday, the ministry of budget and economic planning said in a statement.



The findings indicate a sharp rise from the 18.6 million people assessed as vulnerable to acute food insecurity from October to December 2023 by the U.N. World Food Programme.



&#8220;The surge in food commodity prices, which is as a result of the removal of fuel subsidy in addition to security challenges, has placed millions of Nigerians in a precarious situation,&#8221; the ministry said.



Raids by bandits wielding guns and machetes have forced many farmers to leave their fields, contributing to higher food prices and soaring inflation as Nigeria faces the worst cost of living crisis in a generation.



President Bola Tinubu, who took office in May 2023, removed fuel subsidies to cut down on government spending, in a move that led to a rise in the cost of transportation.



The study was produced by development partners including the U.N. Food and Agriculture Organization, the Global Alliance for Improved Nutrition and the German development agency GIZ.



The study used statistics from a nutrition analysis by the Cadre Harmonise, a regional food security framework.



Sanjo Faniran, Nigeria&#8217;s national convener of Food Systems and director of social development in budget and economic planning ministry, said the study helped to identify gaps, successes and challenges, and offer recommendations.



(Reporting by Isaac Anyaogu, Editing by William Maclean)

Women wait with their children under a shed for food rations at a internally displaced persons (IDP) camp on the outskirts of Maiduguri, northeast Nigeria

Insecurity, rising costs push 31 mln Nigerians into acute food shortage, study 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/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;State-owned Nigerian oil company NNPC has expanded shipments of liquefied natural gas (LNG) cargoes to a port in China after its first delivery to Japan in June, it said on Monday.



Nigeria, Africa&#8217;s biggest oil producer, holds the continent&#8217;s largest gas reserves at more than 200 trillion cubic feet and has often shipped most of its LNG through Nigeria LNG, in which the NNPC has a 49% stake.



NNPC Ltd said it has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It said it has since traded over 20 cargoes into the European and Asian markets on Free On Board basis, where the buyer assumes risks once the seller ships the product.



But now the company says it will ship directly to ports in the countries ordering the cargoes bearing shipping and insurance costs, known as Delivered Ex-Ship (DES) in the industry, which it says is more profitable.



&#8220;The DES system, apart from being more financially rewarding, allows NNPC Ltd inroads into the downstream segment of the LNG sector and positions it to capture more market share, while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd brand,&#8221; said Dapo Segun, executive president of NNPC Downstream.



Since last year, the NNPC has been expanding its footprint in the LNG market, signing an agreement to build a new floating LNG plant in Nigeria that will boosts exports to Europe.



The NNPC said it achieved the feat in collaboration with its shipping subsidiary and they are scheduled to deliver at least two more LNG cargoes to ports in Asia by November.



(Reporting by Isaac Anyaogu; editing by David Evans)

Nigeria’s NNPC sending LNG cargoes to Japan and China

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg" alt="" class="wp-image-523796" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Tinubu speaks after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigerian President Bola Tinubu named new homeland security and foreign intelligence chiefs on Monday, a week after their predecessors resigned abruptly, as Africa&#8217;s most populous nation fights a northeastern insurgency and rampant kidnappings.



Mohammed Mohammed, who&nbsp;headed&nbsp;Nigeria&#8217;s mission to Libya, will lead the National Intelligence Agency. Adeola Ajayi will helm the Department of State Security.



The previous agency chiefs, appointed by ex-President Muhammadu Buhari in 2018, gave no reason for their resignations.



They could have taken the fall for the country&#8217;s poor security performance, or have been purged along with government personnel from the north to replace with Tinubu&#8217;s own&nbsp;Yoruba&nbsp;ethnic stock, said Confidence MacHarry, lead security analyst at consultancy SBM Intelligence.



Following incessant attacks by armed groups, Tinubu is boosting intelligence gathering&nbsp;to deal with nationwide kidnappings for ransom by armed gangs and a more than decade-old insurgency in the northeast.



(Reporting by Ope Adetayo and Felix Onuah; Editing by Chijioke Ohuocha and Richard Chang)

Nigeria’s President Bola Tinubu speaks after his swearing-in ceremony in Abuja

Nigeria’s president appoints new security and intelligence chiefs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg" alt="" class="wp-image-523532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the central business district is seen from a roof-top in Lagos, Nigeria February 10, 2016. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



ABUJA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy grew 3.19% year on year in the second quarter of 2024, statistics agency data showed on Monday.



The growth rate was quicker than the 2.51% growth recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of this year.



(Reporting by Chijioke Ohuocha; Editing by Alexander Winning)

A view of the central business district is seen from a roof-top in Lagos

Nigeria’s GDP growth rises to 3.19% year on year in Q2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg" alt="" class="wp-image-523529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Spain&#8217;s Prime Minister Pedro Sanchez attends a press conference at Moncloa Palace in Madrid, Spain, July 31, 2024. REUTERS/Ana Beltran/File Photo</figcaption></figure>



MADRID/SANTA CRUZ DE TENERIFE, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Spain&#8217;s Prime Minister Pedro Sanchez starts his second visit this year to West Africa on Tuesday, aiming to curb migration to the Canary Islands and to counter the Russian presence in the Sahel region.



The West African migration route has seen a 154% surge this year, with 21,620 people crossing to the Canary Islands in the first seven months, according to data from the European Union border agency Frontex.



The wave has stretched resources on the Spanish archipelago, with local authorities saying they may have to house migrants in military camps or even in tents ahead of an expected rise in arrivals&nbsp;due to calmer conditions in the Atlantic Ocean.



Spanish authorities fear that as many as 150,000 more migrants from Africa may be set to make the perilous crossing in the coming months.



According to Frontex data, nearly half of the new arrivals are Malians, forced out of their country by a conflict and economic crisis in which the Russian mercenary group Wagner is involved.



Sanchez is focusing on strengthening relations with Mauritania, Senegal, and Gambia, the main departure points for migrant boats. The first two share land borders with Mali.



Spanish police have&nbsp;long&nbsp;operated in West Africa&nbsp;to strengthen&nbsp;border control&nbsp;as part of Madrid&#8217;s strategy to give financial and security aid to departure points for migrant boats.



<h2 class="wp-block-heading" id="h-return-to-mali">RETURN TO MALI</h2>



Spain is also planning a return to Mali following the closure of the EU military mission there last May. While France advocated for the mission&#8217;s termination, Spain is engaged in discussions with Bamako over bilateral military aid, according to a senior Spanish military officer.



&#8220;We cannot leave the ground empty for Russian forces to occupy. It is important to maintain a presence in the region,&#8221; the officer, who requested anonymity, told Reuters.



The Spanish mission could continue the training of the previous European mission, the source said.



Spain&#8217;s Defence Ministry confirmed that it was in talks over collaboration with Mali without providing further details.



Spain is advocating at the EU and NATO for a stronger focus on the global south, especially the Sahel, in light of the migration surge.



Jesus&nbsp;Nunez&nbsp;Villaverde, co-director of the Institute for Conflict Studies and Humanitarian Action, said that to resolve the Sahel&#8217;s problems, poverty and the effects of climate change need to be addressed.



&#8220;The solution is not military aid, which is a repetition of a failed model. A different kind of aid is needed,&#8221; he said.



Years of Islamist conflict in the Sahel have fuelled a humanitarian crisis with more than 3.1 million people displaced from their homes in Mali, Burkina Faso and Niger as of July, according to the International Organization for Migration (IOM).



In Mali, economic troubles have also worsened since the ruling junta seized power in 2020.



The conflict, unemployment and the impact of climate change on farming communities are the main drivers behind Malians&#8217; motivations to migrate, said Ousmane Diarre, head of a Malian NGO that defends migrant rights.



Moussa Diaby Wage, a 20-year-old from Mali, arrived in&nbsp;the&nbsp;Canaries in 2020&nbsp;in a boat from&nbsp;Mauritania.



Having secured Spanish nationality, his dream is to join the army. Meanwhile, he helps other migrant children in a centre for minors in Tenerife. Of the 50 teenagers living there, 30 came from Mali.



&#8220;We came here because Mali is at war, there is a lot of fighting in the north and many people have to make the decision to leave,&#8221; he told Reuters. &#8220;Most of those who come are young, very young, because it&#8217;s the only way to get a chance (in life)&#8221;.



(Reporting by Corina Pons in Canary Islands; Fadimata Kontao in Bamako; Belén Carreño in Madrid and Joan Faus in Barcelona; editing by Charlie Devereux and Angus MacSwan)

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