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Africa Business News

Africa Business Radiowww.spreaker.com
Daily news insights and analysis of the African business Landscape, covering from emerging startups to macroeconomics from across the 55 African Union member states com.

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Episodes

Chad Presidential Vote Set to End Military Rule

Chad is set to become the first of Africa's current junta-led states to move to democratic rule with Monday's presidential vote. It will end a three-year transition imposed after the sudden death of long-serving leader Idriss Deby Itno while fighting rebels. Prime Minister Succès Masra is among his nine challengers and is seen as his biggest rival. Ten other politicians who had been hoping to run, including two prominent figures, Nassour Ibrahim Neguy Koursami and Rakhis Ahmat Saleh, were exclud...

May 06, 202458 sec

Nigerian Airports Authority to Cut Physical Security Checks At Airports

The Federal Airports Authority of Nigeria says it has concluded plans with the Office of the National Security Adviser to reduce the number of security checkpoints at the country’s airports. The Managing Director of FAAN, Olubunmi Kuku says the agency and the office of the NSA have agreed to carry out short and long-term measures to address the issue. Kuku noted that the issue of multiple security checkpoints was the first challenge she took up upon the assumption of office. The FAAN MD added th...

May 06, 20241 min

Socio-Economic Rights Group Sues Nigerian Governors over $4.6bn Loans

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Minister of the Federal Capital Territory, Nyesom Wike before the Federal High Court in Abuja. Also joined in the suit were the 36 state governors over over their failure to account for and publish the agreements of the N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, respectively. SERAP Deputy Director, Kolawole Oluwadare, says the group asked the court to direct and compel the governo...

May 06, 20241 min

Nigeran State Lays Foundation for ₦15bn Interchange Bridge

Governor Abba Yusuf has laid the foundation for a ₦15bn three-layer interchange bridge at Kofar Dan’agundi in a move to transform Kano into a mega city, and alleviate traffic congestion, Governor Yusuf emphasised the significance of enhancing traffic flow to elevate Kano’s status to that of a mega city. The project, awarded to CCG Nigeria Limited in December 2023, boasts a completion period of eighteen months. It is part of a comprehensive initiative that includes another high-impact interchange...

May 06, 20241 min

Japan’s Yen Plunges to Lowest Level Against the Dollar Since 1990

The Japanese yen has slumped to a 34-year low against the United States dollar. The yen on Monday sank to 160.17 per dollar, the lowest since April 1990, prompting speculation that Japanese authorities would intervene to prop up the currency for the first time since late 2022. The yen has been on a continual slide since early 2021 as the Bank of Japan (BOJ) has maintained ultra-low interest rates, while the US Federal Reserve and other central banks have hiked borrowing costs. The downward spira...

Apr 29, 20241 min

Dubai Announces $35bn Construction of World’s Largest Airport Terminal

Dubai has started work on a $35bn airport terminal that is set to have the world’s largest capacity upon completion, the emirate’s ruler has said. Dubai’s Prime Minister and Vice President Sheikh Mohammed bin Rashid Al Maktoum said that the new terminal would be five times the size of the current Dubai International Airport and handle up to 260 million passengers annually. Sheikh Mohammed says All operations at Dubai International Airport will be transferred to the newer Al Maktoum International...

Apr 29, 202455 sec

Burkina Faso Bans More Foreign Media Over Human Report

Burkina Faso’s media regulator has suspended more international media outlets over their coverage of a report accusing the Burkinabè army of killing civilians. The military government has now banned the French network TV-Cinq and the websites of Le Monde and the Guardian, as well as the German broadcaster, Deutsche Welle. The suspension comes days after the Burkinabè authorities imposed a two-week ban on BBC and US public broadcaster Voice of America for covering the same Human Rights Watch repo...

Apr 29, 20241 min

African Leaders Gather In Nairobi for World Bank Summit

Several African leaders are gathering in Kenya's capital, Nairobi, for the World Bank's International Development Association (IDA21) summit. The two-day summit aims to address development challenges on the continent and work towards creating prosperous, inclusive, and sustainable economies. The IDA is the part of the World Bank that helps the world’s 75 poorest countries, 39 of which are in Africa. Among presidents attending the summit include Andry Rajoelina (Madagascar), Julius Maada Bio (Sie...

Apr 29, 20241 min

Nigerian Government Plans GIS Unit to Resolve Boundary Disputes

The Office of the Surveyor General of the Federation has pledged to deploy a Geographical Information System expert for the Border Communities Development Agency to help establish its GIS unit. The Surveyor General of the Federation, Abuduganiyu Adebomehin, reassured the agency of his support and collaboration in the areas of mapping, identification, and information regarding border communities across the country. He noted that it was one thing to have imagery and another to be able to read it. ...

Apr 29, 202454 sec

Fuel Subsidy Removal Necessary for Nigeria not to go Bankrupt

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was vital to prevent the country from going bankrupt. Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy. He says Nigeria is immensely consistent with the belief that economic collaboration and inclusiveness are necessary to engender stability in the rest of the world. He added that the subsidy removal was necessary for the country not to go bankrupt, t...

Apr 29, 202456 sec

Nigerian Government Secures $600m Deal for Nigerian Ports

President Bola Tinubu has secured a $600m investment from Danish shipping and logistics firm A.P Moller-Maersk with a deal to help in expanding port infrastructure to accommodate more container shipping services in Nigerian ports. Presidential spokesman Ajuri Ngelale says there was a need to expand the port infrastructure, especially in Lagos, where they need a bigger hub for logistics services. Chairman of A.P Moller-Maersk, Mr Robert Maersk Uggla, says they believe in Nigeria and will invest $...

Apr 29, 20241 min

Biden Urged to Ban China-made Electric Vehicles

President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote that Chinese electric vehicles are an existential threat to the American auto industry. The White House earlier said the US was opening an investigation into whether Chinese cars pose a national security risk. Senator Brown says China will not be allowed to bring its government-backed cheating to the American auto industry. China's vic...

Apr 22, 20241 min

Togo Passes Laws Removing President's Term Limits

Togo's parliament has given final approval to a new constitution extending the president's term after critics denounced the move as a coup. The West African country will move from a presidential to a parliamentary system. President Faure Gnassingbé's supporters argue the changes reduce his powers by transforming the presidency into a ceremonial role. The opposition however says the reforms remove limits on his stay in office and the removal would enable him to remain president until 2031. Become...

Apr 22, 202452 sec

South Africa Scraps Controversial E-toll System in Gauteng

Gauteng province, home to South Africa's major cities of Johannesburg and Pretoria, has officially scrapped tolls on freeways, ending more than a decade of public defiance. Gauteng Premier Panyaza Lesufi says that removing the charges would bring much-needed relief to the people of Gauteng who have had to bear the brunt of paying e-tolls. Transport Minister Sindisiwe Chikunga says that motorists with outstanding fees are expected to clear it, but the ministry does not yet have a mechanism for en...

Apr 22, 202454 sec

US Agrees to pull Troops out of Niger

Military leaders in the West African nation have sought closer ties with Russia since seizing power in a coup last year. The US also announced that it had agreed to close down its drone base near Agadez, in the Sahara Desert. The US has relied on Niger as its primary base for monitoring regional jihadist activity. Niger has also distanced itself from local democracies and sought stronger regional alliances with fellow junta-led nations Burkina Faso and Mali. Become a supporter of this podcast: h...

Apr 22, 20241 min

Ethiopia to Launch National Sex Offence Register

Ethiopia's first-ever sexual violence registration system is in the works and set to start operations next year, the government has said. The system which aims to prevent and respond to sexual violence against women and children is hoped to make an impact in a country where prosecuting gender-based violence is a major challenge. The anticipated system will hold sex offenders accountable even after they serve time for their crimes. The women's rights and protection executive in the Ministry of Wo...

Apr 22, 20241 min

Nigerian Government Urged to Audit Power Infrastructure

The Nigerian Institute of Electrical and Electronic Engineers has called on the Federal Government to audit all power infrastructure assets in the country. President, Felix Olu advised against the backdrop of the recent poor electricity supply in the country despite an increment in electricity tariff recently announced for Band A customers by the Nigerian Electricity Regulatory Commission. The institute stated that the problems in the power sector were systemic, requiring a redesign of market ru...

Apr 22, 20241 min

Nigerian Labour Union Proposes Fresh N615,000 Minimum Wage Demand

The President of the Nigeria Labour Congress confirmed that the new wage of N615,000 monthly was reached after consultations between the NLC and the Trade Union Congress. The labour unions say the current minimum wage of N30,000 can no longer cater for the well-being of an average Nigerian worker, lamenting that not all governors are paying the current wage award which will expire by April, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The unions ...

Apr 22, 20241 min

Nigerian Government Considers Commercialization of Federal Mortgage Bank

The Nigerian government plans to commercialise the Federal Mortgage Bank as part of efforts to enhance housing delivery efficiency for Nigerians. The FMBN Managing Director, Shehu Osidi, says the focus was shifted to repositioning and recapitalisation after a series of engagements with the Bureau of Public Enterprise on the need for the bank to stay true to its mandate of affordable mortgage financing. He says the task of advancing the goals of affordable housing and urban development is a major...

Apr 22, 20241 min

European Union Nears Final Vote On Landmark Asylum Reform

The EU will vote Wednesday on a vast overhaul of its immigration policies that would notably harden entry procedures for asylum-seekers and require all the bloc’s countries to share responsibility. The European Parliament will decide a series of laws forming the bloc’s migration and asylum pact, based on a European Commission proposal first made in September 2020. The European Union has been striking agreements with several outside countries to try to reduce the number of migrants leaving their ...

Apr 08, 202456 sec

European Union Nears Final Vote On Landmark Asylum Reform

The EU will vote Wednesday on a vast overhaul of its immigration policies that would notably harden entry procedures for asylum-seekers and require all the bloc’s countries to share responsibility. The European Parliament will decide a series of laws forming the bloc’s migration and asylum pact, based on a European Commission proposal first made in September 2020. The European Union has been striking agreements with several outside countries to try to reduce the number of migrants leaving their ...

Apr 08, 202456 sec

China Property Giant Country Garden Suspends Shares In Hong Kong

Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its ...

Apr 08, 202457 sec

China Property Giant Country Garden Suspends Shares In Hong Kong

Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its ...

Apr 08, 202457 sec

New Zealand Tightens Visa Rules Amid Unsustainable Migration

New Zealand has tightened work visa rules in response to unsustainable migration levels. Low-skilled applicants now have to fulfil English-language requirements and are allowed to stay on for three years - down from five previously. Immigration Minister Erica Stanford says getting their immigration settings right is critical to this government's plan to rebuild the economy. Employers are responsible for ensuring that migrants meet the specified requirements before offering them a job. Authoritie...

Apr 08, 20241 min

New Zealand Tightens Visa Rules Amid Unsustainable Migration

New Zealand has tightened work visa rules in response to unsustainable migration levels. Low-skilled applicants now have to fulfil English-language requirements and are allowed to stay on for three years - down from five previously. Immigration Minister Erica Stanford says getting their immigration settings right is critical to this government's plan to rebuild the economy. Employers are responsible for ensuring that migrants meet the specified requirements before offering them a job. Authoritie...

Apr 08, 20241 min

Brazil Supreme Court Judge Opens Inquiry Into Musk

A Brazilian Supreme Court judge has opened an inquiry into Elon Musk after the multi-billionaire said he would reactivate accounts on the social media platform X, formerly Twitter, that the judge had ordered to be blocked. Mr Musk posted on the platform that the restrictions had been lifted because the court order was unconstitutional. He also called for Justice Alexandre de Moraes to resign or be impeached. Justice Moraes wrote that Mr Musk had launched a disinformation campaign against the Sup...

Apr 08, 20241 min

Brazil Supreme Court Judge Opens Inquiry Into Musk

A Brazilian Supreme Court judge has opened an inquiry into Elon Musk after the multi-billionaire said he would reactivate accounts on the social media platform X, formerly Twitter, that the judge had ordered to be blocked. Mr Musk posted on the platform that the restrictions had been lifted because the court order was unconstitutional. He also called for Justice Alexandre de Moraes to resign or be impeached. Justice Moraes wrote that Mr Musk had launched a disinformation campaign against the Sup...

Apr 08, 20241 min

Zimbabwe Launches New Gold-backed Currency Launches New Gold-backed Currency

Zimbabwe has introduced a new gold-backed currency called ZiG - the name stands for Zimbabwe Gold". Central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. The ZiG replaces the Zimbabwean dollar, the RTGS, which had lost three-quarters of its value so far this year. Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. Mr Mushayavanhu said the new currency was being rolled out with immediate effect and b...

Apr 08, 20241 min

Zimbabwe Launches New Gold-backed Currency Launches New Gold-backed Currency

Zimbabwe has introduced a new gold-backed currency called ZiG - the name stands for Zimbabwe Gold". Central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. The ZiG replaces the Zimbabwean dollar, the RTGS, which had lost three-quarters of its value so far this year. Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. Mr Mushayavanhu said the new currency was being rolled out with immediate effect and b...

Apr 08, 20241 min

Sierra Leone Declares Emergency Over Drug Kush made from Human Bones

Sierra Leone's president has declared a national emergency over rampant drug abuse. Kush, a psychoactive blend of addictive substances, has been prevalent in the country for years. President Julius Maada Bio called the drug a death trap and said it posed an existential crisis. One of the drug's many ingredients is human bones - security has been tightened in cemeteries to stop addicts digging up skeletons from graves. With a bandage around his ankle, one recovering addict told the BBC the drug h...

Apr 08, 202456 sec
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