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Nigeria

Central bank fights to slow inflation and protect its independence

Pic: centralbankng
Pic: centralbankng

Within a year bank governor Yemi Cardoso has won a reputation for competence – despite the government’s mounting economic woes and dislike of accountability

As spiralling prices hit a 30-year high and the weakening naira triggers another round of protests and strikes due to start on 1 August, the Central Bank of Nigeria has raised its benchmark interest rate (the monetary policy rate, the rate at which it lends to commercial banks) by 50 basis points to 26.75%. It is the fourth rate rise this year and the 12th since March 2022. The CBN has pushed rates up by 15.25% over the past two-and-a-half years, but inflation was running at just over 34% in June, and food price inflation was higher still.


Djibouti joins fight against the Abiy-Bihi pact

Pic: @musebiihi
Pic: @musebiihi

Fearing big losses if Addis Ababa’s port access deal with Somaliland goes ahead, President Guelleh wants to scupper it

Battle drums are sounding, but the casus belli is still being determined. Nobody yet knows whether the Memorandum of Understanding (MoU) between Ethiopia’s Prime Minister Abi...


Ruto struggles to regain control

Pic: @WilliamsRuto
Pic: @WilliamsRuto

Weeks of protests sparked by punitive tax hikes have morphed into a wider revolt, pushing the President on the defensive

The sense of chaos coming from State House in Nairobi is palpable. Having fired his government and accepted the resignation of Inspector General of Police Japhet Koome, President W...


The markets bet on Ramaphosa's grand coalition

Pic: @ParliamentofRSA
Pic: @ParliamentofRSA

The key test for the Government of National Unity is whether it can mobilise the billions needed to revive growth and cut unemployment

The excitement in the markets over the launch of the Government of National Unity (GNU) has to be balanced against the enormity of the challenges confronting the leaders of its 11 ...


Coming soon – a month of rage

Shuaibu Yushau climbs down. Pic: ITV Radio Nigeria still
Shuaibu Yushau climbs down. Pic: ITV Radio Nigeria still

The government announces a $1 billion anti-poverty programme and monitors activists as its tries to pre-empt Kenya-style protests

Sitting atop a 120-foot telecommunications mast in Abuja and threatening to jump, unemployed labourer Shuaibu Yushau refused to come down until the government addressed the economi...


Tigray war accord isn’t ending the fighting over Amhara border

Copyright © Africa Confidential 2024
Copyright © Africa Confidential 2024

The Pretoria deal stopped large-scale combat but didn’t resolve the disputes over territory and resources

The rebellions and counter-insurgency operations causing havoc in Ethiopia’s two largest regions, Amhara and Oromia, have overshadowed the aftermath of the two-year civil war...


As the civil war threatens the region, the UAE boosts Hemeti’s militia

Pic: @AbiyAhmedAli
Pic: @AbiyAhmedAli

Neighbouring states are staking out their positions after serial peace efforts have failed to rein in Sudan’s rival military factions

With over 10 million people internally displaced and a further two million forced to flee to Chad, Egypt and South Sudan, the war between Sudan’s rival miliary factions has c...


The influence brokers take a pay cut

Capitol Building, Washington DC. Pic: doganmesut / stock.adobe.com
Capitol Building, Washington DC. Pic: doganmesut / stock.adobe.com

Governments and activists in Africa are driving harder bargains with Washington DC’s lobby shops

The latest slew of lobbying contracts in Washington DC are offering cut price services for African clients. It’s not clear why. Some argue that the clients are pushing prices...


Against the odds, can the new ZiG currency tame inflation?

Pic: rbz.co.zw
Pic: rbz.co.zw

With 80% of business still priced in US dollars, many are sceptical of the latest monetary plan

Dropped into its sobering assessment of Zimbabwe’s economic prospects the IMF Article IV review team offered some qualified support for the Zimbabwe Gold (ZiG) currency on 28...


A hunter in aviation

Captain Ibrahim Traoré. Pic: @CapitaineIb226
Captain Ibrahim Traoré. Pic: @CapitaineIb226

Burkina Faso’s national airline, Air Burkina, has struggled for more than a decade. But instead of saving West Africa’s oldest airline, the junta of Captain Ibrahim Tra...


More Soviet than usual

Paul Kagame. Pic: @UrugwiroVillage
Paul Kagame. Pic: @UrugwiroVillage

Winning the three previous elections with more than 90% was not enough for President Paul Kagame. Partial results announced on 16 July gave the president a Soviet-style 99.15% with...


After the protestors won the tax war

Nairobi, 2 July 2024. Pic: Donwilson Odhiambo / SOPA Images via ZUMA Press / Alamy
Nairobi, 2 July 2024. Pic: Donwilson Odhiambo / SOPA Images via ZUMA Press / Alamy

Wrongfooted by national demonstrations, state security officers are suspected of sabotage and running agents provocateurs