#economy

The Ministry of Minerals in Morogoro announced that revenue from mineral collections has exceeded the projected target of 1.2 trillion Tanzanian Shillings, reaching 1.36 trillion Shillings from January 2025 to June 23, 2026, which is 113.34% of the target. This statement was made by the Ministry's Secretary General, Engineer Yahaya Samamba, on June 24, 2026.

Abel Ibidapo, a Professor of Technical Education at the Bamidele Olumilua University of Education, Science and Technology (BOUESTI), has emphasized the need for a significant transformation in Nigeria's education system. He argues that practical skills acquisition should be prioritized over merely obtaining certificates to effectively drive the country's economy, according to Tribune Online.

According to The Citizen, Africa may experience economic impacts from El Nino, particularly in agriculture, which is a vital sector for many countries. The phenomenon could lead to reduced harvests and increased food prices, affecting consumers financially.

According to Daily Trust, Nigeria is classified as a technically poor country based on various economic metrics. Many Nigerians are aware of the significant wealth accumulated by a select few who have access to national resources, leading to frustration as they witness a continuation of this trend over the past eight years.

Nigeria's manufacturing sector reported a record remittance of N329.59 billion in Value Added Tax (VAT) for the first quarter of 2026, marking the highest quarterly contribution in four years, according to Punch.

Mohamed Salum, the Director General of the Tanzania Shipping Agencies Corporation (TASAC), emphasized the significant role of seafarers in the national economy during a workshop in Kigoma. He noted that approximately 80% of goods entering the country are transported by sea, highlighting the importance of seafarers in facilitating trade. This statement was made in the context of the upcoming World Maritime Day celebrations.

The Private Sector Budget Review Dialogue has raised concerns about policy bottlenecks affecting Uganda's economic growth. Industry leaders argue that high operating costs and regulatory challenges hinder competitiveness, which is crucial for achieving the country's ambitious growth targets. They emphasize that enhancing business conditions may be as vital as increasing revenue mobilization to support Uganda's tenfold growth agenda.

The Federal Government stated that no nation can rely solely on external dependence to finance its development. This assertion was made during a statement on Wednesday, emphasizing the importance of self-sufficiency in national development.

A report examines the comparison of petrol prices in South Africa with those in other African countries, highlighting the variations from the highest to the lowest prices. It also discusses the factors that influence these costs across the continent.

Alan Greenspan, the former chair of the US Federal Reserve and a key figure in shaping the modern American economy, has passed away at the age of 100, according to his wife. NBC News correspondent Andrea Mitchell reported the news.

According to Al Jazeera, ships have resumed movement through the Strait of Hormuz, leading to a decrease in oil prices. However, it may take longer for consumers to experience relief from the effects of the crisis.

Kenya's Gen Z protests in 2024, which focused on issues such as proposed tax increases, the rising cost of living, unemployment, and corruption, garnered significant global attention. Initially sparked by opposition to the 2024 Finance Bill, the protests evolved into a broader challenge against the political establishment. An economist evaluates the outcomes of these protests, considering what has changed and what remains the same in the political landscape of Kenya.

Uganda's Finance Minister Henry Musasizi has introduced a five-pillar strategy aimed at transforming the country's economy into a USD 500 billion entity. During his first management meeting, he emphasized the need for a shift from gradual growth to a more rapid economic expansion, focusing on fiscal discipline and effective management of anticipated resources.

The sixth phase government has launched the Vijana Uchumi Challenge to address youth unemployment by bringing together young people to propose productive ideas that can assist the government in various sectors, including the economy and development. This was announced by Dr. Kedmon Mapana, Deputy Secretary in the Office of the President for Youth Development, during the official launch of a special camp for the selection of 100 top youth candidates.

Christine Lagarde, president of the European Central Bank, emphasized at the Munich Security Conference in February 2026 that trade is as much a security issue as an economic one. Her remarks, while focused on Europe, resonate with the challenges faced by Africa's 54 economies, which are navigating a complex situation requiring them to remain integrated in the global economy for development while addressing various tensions.

According to Tanzania Times, landlocked countries in Africa, such as Ethiopia, Uganda, and Rwanda, are experiencing significant economic growth rates of 9.2%, 7.5%, and 7.2% respectively. This trend raises questions for coastal nations about their economic strategies, as these landlocked nations continue to thrive without direct access to coastlines.

According to the Central Bank of Nigeria's monthly economic report for February 2026, net foreign exchange inflow into the economy decreased by 24 percent month-on-month, falling to $6.92 billion from $9.22 billion in January. The report indicated that this decline was driven by various factors, although specific reasons were not detailed in the blurb.

Lincoln Mali argues that spaza shops should not be viewed as informal side hustles but rather as a resilient foundation of the economy. He emphasizes their importance in the economic landscape.

President Donald Trump is scheduled to visit a Mack Truck facility in Pennsylvania, a key battleground district, on Tuesday. This marks his first major public event outside of Washington, D.C., following the signing of an interim agreement to end the Iran war. The visit aims to shift focus to the U.S. economy amidst rising gasoline prices, according to AP Top News.

Uganda's manufacturers are facing challenges such as high production costs, limited access to long-term capital, reliance on imported inputs, and fragmented supply chains. To address these issues, they are advocating for enhanced collaboration across supply chains, innovative financing solutions, and increased investment in value addition, according to The Independent.