Nigeria’s banking sector has received a major boost after 33 banks raised a combined ₦4.65 trillion (about $3 billion) under the Central Bank of Nigeria’s recapitalisation programme. The CBN said the funds, sourced from both local and international investors, will strengthen the financial system and improve its ability to support economic growth. Governor Olayemi Cardoso said the exercise “has strengthened the capital base of Nigerian banks,” ensuring resilience against domestic and external shocks, while a few institutions remain under regulatory processes. “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks,” the Punch quotes Cardoso.

Nigerian arrested in India over $330,000 drug network

A Nigerian national has been arrested in Bengaluru, India, for allegedly running a drug distribution network involving substances worth an estimated $330,000. Police said Samuel Ikkena operated the network under the cover of a clothing business, procuring and distributing MDMA and other drugs. Authorities recovered large quantities of narcotics, including cannabis and heroin, with the total street value estimated at over $650,000. The arrest forms part of a crackdown that led to multiple arrests across the city.

$960bn revenue as port modernisation begins

The Nigerian Ports Authority (NPA) says it is set to begin modernisation of the Apapa and Tin Can Island ports to improve efficiency and competitiveness. The agency is targeting ₦1.489 trillion (about $960 billion) in revenue for 2026, slightly higher than the previous year’s target. Managing Director Abubakar Dantsoho said the upgrades will help redistribute cargo traffic to other ports during construction and boost overall activity. “Apapa and Tin Can Island ports are very old and small for the required global competitors in the ports business. Apapa Port is about 100 years old, while Tin Can is over 50 years old, with inadequate capacities in size and vessel containments for modernized operations. Groundbreaking of projects on their modernization will commence in two or three weeks," he said. A significant portion of the projected revenue is earmarked for capital projects and operational expenses.

Oil reserves dip as gas reserves grow

Nigeria’s crude oil and condensate reserves have declined marginally by 0.74 percent to 37.01 billion barrels as of January 2026. However, gas reserves rose by 2.21 percent to 215.19 trillion cubic feet, reflecting new discoveries and improved reservoir studies. The regulator said the changes were largely due to production levels and updated technical evaluations, noting that the country still maintains long-term reserve life projections.

Tourism sector gets boost after regulatory suspension lifted

Nigeria’s hospitality and tourism sector are set for revitalisation following the federal government’s decision to lift a suspension on regulatory activities. The Director-General of NIHOTOUR, Abisoye Fagade, described the move as a “forward-thinking strategy” aimed at strengthening industry participation, improving standards, and driving economic diversification. Stakeholders say the policy shift could unlock new investments and position tourism as a key contributor to national development.

Rather than using a conventional loan, Senegal relied on total return swaps, a complex financial tool that can provide cash upfront while keeping the arrangement less visible in standard public-debt disclosures. In broad terms, Senegal pledged rights tied to government bonds in exchange for immediate funding, with lenders protected by collateral worth more than the cash advanced.

Under the AFC arrangement, Senegal could access up to €350 million, beginning with €105 million backed by €150 million worth of bonds and interest costs above a floating rate, the documents indicate. In a separate FAB deal, Senegal secured about €300 million by pledging roughly €400 million in bonds, also with additional interest costs. Both arrangements are expected to run until 2028.

The structure has raised concerns because it can create hidden liabilities and sharp repayment risks. The deals reportedly include conditions that may allow lenders to demand early repayment if Senegal’s credit ratings drop below certain thresholds, adding pressure at a time when ratings have already been downgraded. Other clauses could increase costs if Senegal runs into repayment trouble.

Senegal has previously faced scrutiny over undisclosed borrowing linked to a prior administration.

According to data from the Chinese Loans to Africa (CLA) Database, managed by Boston University’s Global Development Policy Centre, Chinese institutions signed 1,319 loan commitments worth $180.87 billion with 49 African governments and seven regional bodies between 2000 and 2024. The loans came from 42 Chinese lenders, including state policy banks, commercial banks and government agencies.

It is important to note that the database tracks loan commitments, not actual disbursements, repayments or defaults, which means that the figures are not the same as total debt owed.

Chinese lending to Africa accelerated sharply in the 2010s, especially after Beijing launched the Belt and Road Initiative (BRI) in 2013. In several peak years, annual commitments to Africa exceeded $10 billion, funding large-scale infrastructure projects such as railways and expressways.

More broadly, 2025 recorded the highest BRI engagement globally, with $128.4 billion in construction contracts and $85.2 billion in investments worldwide. China’s energy-related engagement alone reached $93.9 billion in 2025, more than double the level recorded in 2024, the highest since the BRI began.

Although recent lending to Africa has slowed compared to its 2016 peak, China remains deeply involved in strategic sectors.

China’s footprint in East Africa

In East Africa, Chinese loans have heavily targeted transportation and energy. Kenya has received billions for projects such as the Standard Gauge Railway, bypass highways and port-linked infrastructure.

Ethiopia has secured major financing for the Addis-Djibouti Railway, expressways and telecom expansion.

Uganda used Chinese loans to build the Kampala-Entebbe Expressway and upgrade oil-region roads.

Tanzania, Rwanda, Djibouti and Burundi have also tapped Chinese financing for roads, power projects and ICT systems.

Energy and telecom investments, especially in Ethiopia, Kenya and Uganda, have been central to China’s role in the region.

Meanwhile, recent data suggest Beijing is shifting strategy. Instead of funding mega-projects, China has increasingly moved toward smaller, more commercially viable and strategic investments.

The signing took place on the sidelines of the Bank’s annual general meetings in Abidjan.

The funds will target key development areas, including “sustainable agriculture, water security, environmental protection, and institutional capacity building,” the statement added.

The discussions come as the implementation period of the African Development Fund-16 (ADF-16) enters its final phase with four new operations valued at a total of $187 million scheduled for approval by the AfDB Board before December 2025, Sidwaya reports.

Burkina Faso's Minister of Economy, Aboubakar Nacanabo, indicated that the ISP mobilised over $700 million, surpassing the projected $682 million. These funds have supported 15 projects across sectors, including rural development, infrastructure, energy, water and sanitation, education, health, and governance.

Since beginning its operations in Burkina Faso in 1970, the AfDB has approved 115 projects totaling $1.8 billion. Speaking at the meeting, AfDB Vice President for Regional Development, Integration and Business Delivery Nnenna Nwabufo, described the current portfolio as "diversified," noting improvements in project quality and an increase of 8.34 million UA in Burkina Faso’s ADF allocation for 2025.

"The volume and diversity of commitments underscore the strength of the partnership between the Bank and Burkina Faso over more than five decades," Nwabufo said. She reaffirmed the bank’s commitment to supporting the country’s development priorities.

Minister Nacanabo echoed this sentiment, calling the results "a reflection of the excellent quality of cooperation." He noted that the ISP provides a framework for clear, predictable interventions and enables early action to address implementation challenges.

The AfDB delegation assured continued support aligned with Burkina Faso’s national development agenda.

Workers clearing archives for a future Supreme Court Museum in Argentina recently discovered boxes in the basement of the Supreme Court containing Nazi-era materials. The boxes, stored for over 80 years, include swastika-stamped notebooks, propaganda, and documents believed to support the spread of Adolf Hitler’s ideology in Argentina during World War II. According to an official court statement, the contents may provide new information about Nazi activities in the country during the early 1940s.

Fitch upgrades Argentina's credit rating amid economic recovery and IMF support

Fitch Ratings has upgraded Argentina’s long-term foreign currency debt rating from CCC to CCC+, citing rapid economic recovery under President Javier Milei. The decision reflects a new $20 billion agreement with the IMF, including an initial $12 billion disbursement that raised reserves to $38 billion and the implementation of a liberalised exchange rate band between AR$1,000 and AR$1,400 per US dollar. The agency highlighted stronger-than-expected disinflation and credit reactivation. However, it also noted ongoing challenges, such as uncertainty in sustained reserve accumulation and limited access to external financing.

Argentina’s peso trades near official rate as markets respond to fiscal policy

On May 13, Argentina’s blue dollar exchange rate stood at 1,170 ARS/USD, just 1.3% above the official rate of 1,155, reflecting increased investor confidence. The previous day, the official rate closed at 1,150 while the blue dollar declined 0.43% to 1,170. The S&P Merval rose 5.49%, and Argentine equities listed on the NYSE gained 4.79%. Government bonds also advanced slightly. However, market optimism was tempered by corporate debt concerns, notably a $20 million bond default by a utility company. The peso’s relative stability is supported by President Javier Milei’s fiscal measures, including spending controls and export tax reductions. Nevertheless, high—albeit decelerating—inflation and approximately $275 billion in offshore wealth continue to pose risks of capital flight.

Telefonica posts €1.3 billion Q1 loss due to asset write-downs in Peru and Argentina

Spanish telecom company Telefonica (TEF.MC) reported a first-quarter net loss of €1.3 billion ($1.45 billion) on Wednesday, May 14, in line with analyst estimates, following asset write-downs in Peru and Argentina. Analysts had projected a loss of €1.32 billion, according to a company-provided consensus. Revenue declined 2.9% year-on-year to €9.22 billion, slightly exceeding expectations of €9.1 billion. Shares fell 0.4% in early trading.

Argentina’s central bank expects inflation slowdown to continue into May

Argentina’s central bank vice president, Vladimir Werning, stated on Tuesday, May 13, that the deceleration in inflation observed in April is expected to persist through May. The national statistics agency will release official April inflation figures on Wednesday, which will confirm whether this trend aligns with the central bank’s outlook.