Stories: Here's what's making business headlines in sub-Saharan Africa this week.
1. Binance has suspended all trades and transactions in Nigerian Naira amid a nationwide crackdown on crypto exchanges that authorities say are supplying foreign exchange to the black market.
Last week, Nigerian authorities detained two senior Binance directors on undisclosed charges.
2. Also in Nigeria, Aliko Dangote, Africa's richest man, plans to set up an oil trading arm to help supply crude oil and products to a huge new refinery in Lagos, according to six people familiar with the matter. A source familiar with the matter revealed.
The 650,000 barrel-per-day refinery is set to change the flow of oil and fuel around the world, and the trade community is closely monitoring how it operates. Dangote did not respond to multiple requests for comment.
3. Australia's Invictus Energy expects to sign a production-sharing agreement with the Zimbabwean government “within weeks” to develop the Cabora Bassa project after years of delays, a part-time official said. the director said on Thursday (March 7).
Energy consultancy Wood Mackenzie estimates that the project's Mukuyu discovery is the second largest to be made in sub-Saharan Africa last year.
4. Ethiopian Airlines has agreed to purchase eight Boeing 777-9 widebody aircraft, with the possibility of ordering an additional 12 aircraft, the companies announced on Tuesday (March 5).
Major airlines are flocking to fuel-efficient wide-body aircraft to lower operating costs and meet surging demand for international travel.
5. And finally, UN officials have warned that Africa will be $2.5 trillion short of the funds needed to combat climate change by 2030.
Hanan Morsi, chief economist at the United Nations Economic Commission for Africa, said at a conference in Victoria Falls, Zimbabwe, that the continent attracts just 2% of global investment in clean energy, but climate change is making Africa more expensive. He said countries suffer a loss of 5% of their gross domestic product (GDP) every year.
