Nigeria has slipped into a recession for the second time in the last five years after its gross domestic product contracted for the second consecutive quarter due to the impact of the COVID-19 pandemic and a fall in crude oil prices. Africa’s largest economy was last in recession in 2016, its first in a generation,…
Sudan’s acting energy and mining minister Khairy Abdel Rahman has announced a cut in pump prices for petrol and diesel for consumers. The transitional government, that came into power after the ouster of long time autocrat former President Omar Bashir in 2019, has been phasing out fuel subsidies to help reduce a gaping budget deficit…
Africa’s most developed nation warned on Saturday the rating downgrade by Moody’s and Fitch will increase the country’s borrowing costs and limit its fiscal framework Tito Mboweni, Minister of Finance said, “The decision by Fitch and Moody’s… is a painful one. “There is an urgent need for government to implement structural economic reforms to avoid…