West Africa: Economy

Domestic

The month saw significant infrastructure and economic developments in Lagos, Nigeria. The city announced a major new toll highway to Calabar and the commencement of rehabilitation work on the Lekki-Epe Expressway, though the latter is expected to cause traffic disruptions. Concurrently, severe gridlock on a major highway to Ibadan highlighted ongoing transportation challenges. On the economic front, Lagos extended a tax deadline and reported a 20% yearly surge in rents in Lagos and Abuja, increasing pressure on housing. Local authorities also reported investing billions in the creative economy, while police made arrests related to traffic offenses on the new coastal highway route.

International

Regionally, Egypt secured two financing agreements with the African Development Bank totaling $170 million. These funds are designated to support Egypt's private sector, fund a wastewater project, assist the national budget, and advance structural economic reforms. In corporate developments, the telecommunications firm MTN experienced leadership changes in its Iranian operations, with its CEO there removed due to a delay in shutting down certain activities. Separately, the company launched a customer-focused marketing campaign aimed at helping users save on mobile data costs.