Business & Economy
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Dangote Eyes Mombasa for Multi-Billion Oil Refinery Project
Nigerian billionaire Aliko Dangote is considering shifting his proposed multi-billion dollar oil refinery project from Tanzania to Mombasa, Kenya. This development comes amid other significant international business engagements involving Kenya. Separately, Kenya and France signed 11 agreements at State House Nairobi to boost cooperation in transport, energy, and the digital economy following discussions between President William Ruto and President Emmanuel Macron. Meanwhile, global energy markets experienced notable movement as oil prices surged in Asian trading after President Donald Trump rejected Iran's proposal to end the ongoing war, deeming it "TOTALLY UNACCEPTABLE."
Fuliza Loans Jump 49pc to Sh1.47 Trillion
Safaricom's Fuliza overdraft facility saw a significant surge in usage, with disbursements climbing 49 percent to Sh1.47 trillion in the financial year ending March 2026, indicating a growing reliance on mobile credit in Kenya. This comes as a proposed 25% excise duty on mobile phones in Kenya's Finance Bill, 2026 could make smartphones unaffordable for low-income households, potentially widening the digital divide. Meanwhile, China's gold consumption increased by 4.41 percent in the first quarter of 2026, primarily fueled by a significant surge in demand for gold bars and coins.
