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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

South African MP Suspended for Racist Language

A South African lawmaker has been suspended by his party, the Democratic Alliance after a series of old clips resurfaced online of him spewing violent racist language against black people. Renaldo Gouws initially insinuated one of the videos was doctored and denied it but a statement issued by the DA says it was genuine and not a fake. In the video, Mr Gouws, who was sworn into parliament last week, uses a local slur typically reserved for Black Africans repeatedly along with the n-word, and cal...

Jun 24, 20241 min

Nigerian Government to Punish Supervisors Approving Salaries for Ghost Workers

President Bola Tinubu has directed that all civil servants drawing salaries from the government after relocating abroad should be made to refund the money. The President also directed that the supervisors and department heads of the culprits must also be punished for aiding and abetting the fraud under their watch. He reiterated that the government would take appropriate measures to ensure they were punished and the money refunded to the government treasury. Become a supporter of this podcast: h...

Jun 24, 202449 sec

Nigerian Air Force Destroys Illegal Oil Sites In Rivers

The Nigerian Air Force says that its airstrikes destroyed 13 illegal oil refining sites and seven boats in Rivers, Bayelsa and Imo states. NAF spokesman Edward Gabkwet says between June 18 and 22, 2024, its Air Component of Operation Delta Safe destroyed the illegal refining sites, seven Cotonou boats as well as dispersed five buses attempting to siphon suspected crude oil products from surface tanks. He says airstrikes against economic saboteurs and oil thieves would be sustained until the acti...

Jun 24, 20241 min

Nigerian Petroleum Company Shifts Delivery Date of $700m Gas Pipeline to August

The Nigerian National Petroleum Company Limited , has shifted the delivery date for the $700m Obiafu-Obrikom-Oben gas pipeline project from March 2024 to August. The Minister for Petroleum Resources for States Resources (Gas), Ekperikpe Ekpo, says the project would now be completed and commissioned latest by August. The NNPCL says the River Niger Crossing operation has been the major impediment to the completion of the strategic OB3 Gas Pipeline for over three years, due to failure of the variou...

Jun 24, 20241 min

Nigerians Borrow ₦3.9bn as Inflation Heightens

Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. The apex bank’s latest monthly economic report, says the total consumer credit outstanding increased to N3,823bn in January 2024. The report further explained that a disaggregation of consumer credit revealed, that personal loans increased by 14.3 pe...

Jun 24, 20241 min

World Leaders Attend Major Summit To Deliberate on Ukraine Peace Proposal

World leaders at the Ukraine summit for peace in Switzerland are exploring ways of ensuring the security of nuclear sites and of Ukraine's food exports. They are seeking to adopt a final communique which blames the war's widespread suffering and destruction firmly on Russia, which Kyiv would regard as a success. But Austria's leader has said that the declaration is not expected to gain unanimous support from participants. More than 90 countries and international organisations are attending the s...

Jun 17, 20241 min

Israel Announces Military Pause On Gaza Road to Let in Aid

The Israeli military says it will hold a daily "tactical pause of military activity" along a road in southern Gaza to enable more humanitarian aid to enter, but emphasised that there is no ceasefire and combat would continue in Rafah. They will only affect a route that leads northwards from the key Kerem Shalom crossing, which Gaza shares with Israel. Aid agency ActionAid told the BBC it was getting a "confused" picture over what the pauses mean. Israel has been under continuous pressure from it...

Jun 17, 20241 min

Toppled Niger President Loses Immunity

A democratically elected president who was kicked out of power by the military a year ago should now lose his immunity from prosecution, Niger's top court has ruled. That decision by the newly created body clears the way for Mohamed Bazoum, 64, to be tried by a military court. He and his wife Hadiza have been detained in the president palace without a telephone since the coup last July. Since then, Niger's new military leaders have brought in drastic policy changes - including severing defence a...

Jun 17, 20241 min

South Africa's Top Ruling Parties Agree On Unity Government

South Africa's governing African National Congress (ANC) and the main opposition Democratic Alliance (DA) have agreed to form a government of national unity, along with two smaller opposition parties. This follows weeks of speculation about who the ANC would partner with after losing its parliamentary majority for the first time in 30 years, in last month's elections. It got 40% of the vote, while the DA came second with 22%. The agreement paves the way for ANC leader Cyril Ramaphosa to remain p...

Jun 17, 20241 min

Dangote Refinery Plans 5.3billion Litres Fuel Storage

The President of the Dangote Group, Alhaji Aliko Dangote, says it is expanding the storage capacity of his refinery by 600 million litres. He says This will enable the refinery to have a storage capacity of 5.3 billion litres. The Dangote Petrochemical Refinery currently has 4.78 billion litres of storage capacity for refined petroleum products. Dangote alleged that international oil companies refused to sell crude oil to his refinery because they did not want him to succeed. The business mogul ...

Jun 17, 20241 min

Cholera Kills 15 In Lagos, 350 Suspected Cases Recorded

Cholera has killed 15 persons in Lagos State with 350 suspected cases reported in the state. The Lagos Ministry of Health says there are 17 confirmed cases of cholera in the state. Lagos State Commissioner for Health Professor Akin Abayomi revealed that 350 suspected cases of cholera were reported in 29 wards across multiple LGAs in Lagos State with 17 confirmed cases and 15 fatalities so far. The health commissioner says the laboratory investigation and test results have confirmed Cholera sub-t...

Jun 17, 20241 min

Nigeria’s Headline Inflation Rises to 33.95 in May

Nigeria’s inflation rate increased to 33.95 per cent in May 2024, the National Bureau of Statistics disclosed in its latest data. The NBS Consumer Price Index report shows an increase of 0.26% points when compared to the April 2024 headline inflation rate, The data revealed that on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. A month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which ...

Jun 17, 20241 min

Israeli War Cabinet Minister Benny Gantz Quits Emergency Government

Israeli war cabinet minister Benny Gantz has quit the emergency government in a sign of deepening divisions over Prime Minister Benjamin Netanyahu's post-conflict plans for Gaza. Mr Gantz says the decision was made with a "heavy heart adding that Mr Netanyahu preventing true victory, which is the justification for the painful ongoing crisis. Considered by some to be a potential challenger for power in Israel, Mr Gantz called on Mr Netanyahu to set a date for elections. Mr Gantz is a political ri...

Jun 11, 20241 min

Kenya's President Overrules Ban On Addictive Stimulant

Kenya's President William Ruto has reversed a contentious ban imposed in parts of the country on muguka, a variety of the popular stimulant known as khat or miraa. The consumption of freshly plucked buds and soft leaves has been blamed for a rise in mental health issues and increased social ills, including crime. Three county governors from the coastal region banned its sale and use last week, sparking anger in the areas where the crop is grown. President Ruto says the muguka crop was legal and ...

Jun 11, 20241 min

European Union Raises Schengen Visa Fee to €90

Schengen visa statistics released more expenses await African nationals seeking visas to enter the European Union as the EU plans to increase visa fees. The report stated that starting from Tuesday; African nationals would pay €90 instead of €80 for a Schengen visa application The report stated that the EU had earned €3.4m from rejected Schengen visa applications submitted by Nigerian citizens. The report noted that many rejected visa applications had caused African nationals to spend millions e...

Jun 11, 20241 min

Nigeria Ramps Up Agricultural Exports By 123%

Newly released data by the Nigerian Bureau of Statistics has revealed that exports of agricultural goods from Nigeria to other countries, increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270 per cent when compared to the value recorded in Q1, 2023 (₦279.64 billion). The NBS’s report on ‘Foreign Trade in Goods Statistics’ for Q1, 2024, noted that most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports t...

Jun 11, 20241 min

Nigerian Government Urged to Enforce Nationwide Metering and End Electricity Subsidy

State governors have called on the federal government to enforce a no-meter, no-service policy for all new electricity connections in the country. State governments highlighted the critical importance of electricity meters in bridging the significant metering gap, which is essential for the viability of sub-national markets. The states also argued that State Electricity Regulatory Commissions (SERCs) should have the autonomy to determine the most suitable meter technology, type, and form for dep...

Jun 11, 20241 min

Ireland, Norway and Spain to Recognise a Palestinian state

Ireland, Norway, and Spain have announced they will formally recognise a Palestinian state Spain and Ireland said the decision was not against Israel nor in favour of Hamas, but rather in support of peace. Israel reacted angrily, warning the move would mean more instability in the region and recalling its ambassadors to all three countries. Both Hamas and its rival, the Palestinian Authority, have welcomed the recognition. Norway was first to make its announcement Wednesday in a move co-ordinate...

Jun 03, 20241 min

Burkina Faso Extends Military Rule by Five Years

Burkina Faso's military government has announced it will extend junta rule for another five years. The country's ruler, Capt Ibrahim Traoré, will also be able to contest the next presidential election. Burkina Faso has now joined neighbouring Mali in extending military rule. The move was announced after a national consultation meeting in the West African country's capital city, Ouagadougou. An amended charter, signed by Capt Traoré, states that the new 60-month transition period will take effect...

Jun 03, 202451 sec

Nigerian Government to Establish Six Mineral Centres

The Federal Government stated that there are ongoing plans to establish six mineral centres in the six geo-political zones to boost the mining sector. The Minister of Solid Minerals Development, Dr Dele Alake, says that the plan was part of the President Bola Tinubus administration’s commitment to diversify the country’s economy, by developing key sectors such as the solid minerals industry. He says the centres are also part of the government’s commitment to promoting value addition to its miner...

Jun 03, 202454 sec

Central Bank of Nigeria Clears $831m Foreign Airlines’ Trapped Funds

The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. The Geneva, Switzerland-based IATA say the development had brought international airlines’ trapped funds globally to about $1.8bn. The association representing international airlines says the remaining $19m was awaiting the CBN verification through commercial banks. The IATA boss, however, praised the Nigerian government fo...

Jun 03, 20241 min

ECOWAS Allocates $9m For Refugees, IDPs Aid In Member-States

The Economic Community of West African States has allocated $9 million to aid refugees, internally displaced persons, and stateless individuals in its member nations. Nigeria received $1 million to assist terrorism victims in the North East. The Chair of the ECOWAS Permanent Representative Committee Musa Nuhu said this during the 2024 ECOWAS Ambassadors Retreat held in partnership with the United Nations High Commissioner for Refugees in Port Harcourt, the Rivers State capital. The organisers em...

Jun 03, 20241 min

Nigeran State Launches Cybersecurity Centre

Lagos State government, through the Ministry of Innovation, science and Technology has set up a Cyber Security Operations Center. The Lagos State Commissioner for Science, Innovation and Technology, Olatunbosun Alake, says the Centre was established to identify, monitor and respond to cyber threats against the state’s digital infrastructure in real time. He added that the initiative involves partnerships with leading cybersecurity firms and international organisations. These collaborations will ...

Jun 03, 20241 min

Russia’s Putin to Remove Sergei Shoigu as Defence Minister

Russian President Vladimir Putin plans to remove Sergei Shoigu as defence minister as part of a cabinet reshuffle, making him secretary of the Security Council instead. The Kremlin says Andrei Belousov, a former deputy prime minister who specialises in economics, will become the new defence minister. Kremlin spokesman Dmitry Peskov says that Putin had decided to give the defence portfolio to a civilian because the ministry should be “open to innovation and cutting-edge ideas” and Belousov was th...

May 13, 202454 sec

Kenya's New Planned Tax Hikes Spark Anger

Plans to introduce new taxes and increase existing ones have triggered widespread criticism in Kenya. The price of bread is set to climb after the national treasury proposed removing the staple product from a value-added tax exemption list. The costs of mobile money transfers, airtime and data are also set to go up as the government seeks to raise an additional $2.4bn in taxes, in the financial year that starts in July. The government also proposed a new motor vehicle tax that will see drivers p...

May 13, 20241 min

Egypt To Join South Africa’s Genocide Case Against Israel At ICJ

Egypt says it will formally join the case filed by South Africa against Israel at the International Court of Justice (ICJ), which accuses Israel of violating its obligations under the Genocide Convention in its war on the Gaza Strip. The Egyptian Ministry of Foreign Affairs says that Cairo intended to join the case due to escalating Israeli aggression against Palestinian civilians. South Africa brought its case against Israel in January, accusing the country of committing genocide against Palest...

May 13, 20241 min

Rwanda Denies Backing Rebels Linked to Burundi Attack

Rwanda's government has denied accusations that it armed a rebel group alleged to have carried out a grenade attack in Burundi's economic hub, Bujumbura. Pierre Nkurikiye, the spokesperson for Burundi's interior ministry says at least 38 people were injured in Friday's attack. Rwanda's government dismissed the allegations saying it has absolutely no connection" with the attack and had no reason to be involved in it. Red Tabara, the group accused of executing the grenade attack, has also denied r...

May 13, 20241 min

Financial Reporting Council of Nigeria to Release Valuation Regulations July

The Head of the Directorate of Valuation Standards, Financial Reporting Council of Nigeria, Ugochukwu Nwora, says that the council has assembled relevant professionals to produce valuation regulations for the country. He says this regulation will be the first of its kind in Nigeria and the council will showcase the exposure draft to the public before launching it in July and the valuation regulations will guide all professional valuers and firms in Nigeria. Nwora noted that the FRC would standar...

May 13, 202455 sec

Nigerian Government Urged to Stop Electricity Subsidy

The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. The organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before. The IMF commended the Federal Government for, among other things, phasing out costly and regressive energy subsidies”, saying this was critical to creating fiscal space for development spending and s...

May 13, 20241 min

Liberia's President Joseph Boakai to Set Up First War Crimes Court

Liberian President Joseph Boakai has signed an executive order to establish the country's first war crimes court, more than 20 years after the end of two civil wars which killed 250,000 people. Mr Boakai said Liberia had endured downpours of agony. The 1989-2003 conflicts saw atrocities including mass killings, rape and the forced recruitment of child soldiers. Critics in Liberia have opposed the creation of the court, saying it risks reopening old wounds however Mr Boakai says the court would h...

May 06, 20242 min
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