Features

Nigeria’s outgoing President Muhammadu Buhari said his successor will inherit a far more resilient economy thanks to investments in infrastructure and policies that have bolstered local production. Under his watch, the government has recovered hundreds of millions of dollars in stolen state funds, built new transport links and beaten back militant group Boko Haram, Buhari said in written responses to Bloomberg News questions. With Russia’s war on Ukraine disrupting global supply chains, the government’s support…

LONDON (Capital Markets in Africa) – The UK’s controversial move to deport asylum seekers to Rwanda to process them was challenged in a London court as part of a last-ditch attempt to block the first flight to the east African nation. Lawyers representing asylum seekers asked a judge to halt next week’s planned flight, in what is the first case to scrutinize UK Prime Minister Boris Johnson’s flagship immigration policy. The case has attracted days of…

LAGOS (Capital Markets in Africa) – After Sri Lanka defaulted on its debt, Jack McIntyre, a portfolio manager at Brandywine Global Investment Management, started watching rice and grain prices more closely. For a swath of the markets he’s tracking, global food shortages are presenting governments with a stark choice — pay their debts or feed their people. Sri Lanka opted for the latter, falling into arrears on its foreign debt May 18 amid a lack of dollars to ease…

LAGOS (Capital Markets in Africa) – The American government’s efforts to help Africa address crippling electricity shortages will increasingly focus on bolstering the continent’s output of green energy and helping it attract the required investment, a top State Department official said.   “Energy policy that warms our planet cannot continue,” US Under Secretary for Economic Growth, Energy and the Environment Jose W. Fernandez told the Investing in African Mining Indaba conference in Cape Town on Tuesday. “We…

NAIROBI (Capital Markets in Africa) – Kenya’s Deputy President William Ruto lashed out at his boss in a public spat, showing how deep the discord in Uhuru Kenyatta’s administration has gone ahead of elections in August. Ruto, who’s running to succeed Kenyatta, posted a tweet about a longstanding impasse in the cabinet of East Africa’s largest economy. He tweeted in response to a suggestion that he’s been absent from duty, and has become overly critical…

BAMAKO (Capital Markets in Africa) – Mali severed defense ties with France as a multinational force that’s helped the government fight an Islamist insurgency for the past decade withdraws from the West African nation.The decision to end military collaboration marks the latest deterioration in relations between the countries after a series of disputes in recent months. Mali has criticized France’s decision to move its counter-insurgency forces to neighboring Niger, while France has condemned the presence of Russian…