The Week Ahead - A unifying flair for the dramatic
West Africa's week saw royal market disputes, economic reforms, political comebacks and election tensions, all brimming with drama.
A king rejects a market queen, showing that even commerce has a pecking order. Meanwhile, Nigeria’s oil rigs are finally busy again, and the central bank is tightening its grip on the financial reins while getting a hefty $500 million pat on the back from the AfDB. Next door, Ghana’s economy is revving up with cheaper food and more fuel, and in Malawi, a former President is back, promising to end a “honeymoon of looting.” Meanwhile, Côte d’Ivoire has banned protests over its contested election. It seems the thing unifying the region is a flair for the dramatic.
Chart of the week
Podcast
In Benin, Oba Ewuare II rejects the Iyaloja title as foreign, highlighting a friction between tradition and modern political influence. Meanwhile, confidence in Nigeria’s economic reforms appears to be growing, evidenced by a $500 million support loan from the AfDB. In stark contrast, Côte d’Ivoire has banned protests over its contested election, which risks significantly escalating tensions. Listen here.
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What we are following this week
The African Development Bank has approved a $500 million loan supporting Nigeria’s fiscal and power sector reforms. Simultaneously, the Central Bank introduced stricter agent banking rules signalling renewed confidence in the country’s economic reform agenda and stability.
Nigeria’s oil production has surged to 1.83 million barrels daily as active rigs more than doubled. Reforms and a 90% drop in theft have attracted $5.5 billion in new investments, restoring stability to the upstream sector.
Nigeria’s central bank is consolidating financial control by taking over the fixed-income trading platform to boost transparency. It is also enforcing stricter agent banking rules with cash limits and geo-fencing to deepen inclusion and protect consumers.
In Edo State, Oba Ewuare II has firmly rejected the Iyaloja concept as foreign to Bini culture, reinforcing the Iyeki as the official market leader. This highlights the importance of domestic markets in political mobilisation.
Ghana’s inflation has dropped for the ninth consecutive month to 9.4% its lowest since 2021. A simultaneous surge in fuel consumption points to renewed economic activity, though reliance on imported petroleum remains a risk.
Côte d’Ivoire’s government has outlawed all demonstrations contesting the exclusion of major opposition leaders from this month’s presidential election. Escalating political tension, the ban prevents a planned opposition rally as President Ouattara seeks a fourth term.
85-year-old Peter Mutharika has been re-elected President of Malawi, defeating the incumbent. He pledged to stop the “looting” of government, revive the battered economy and seek foreign investment to tackle severe food and forex shortages.