Africa Business News

Africa Business News

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.

Episodes

March 6, 2024 1 min
The Nigerian Customs Service announced a 90-day window for regularising import duties on specific categories of vehicles.
The Public Relations Officer, Abdullahi Maiwada, says Customs noted the initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.
The NCS stated that all vehicle owners, Importers/Agents seeking to regularize im...
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Qatar has announced new plans to expand output from the world’s biggest natural gas field, saying it will boost capacity to 142 million tonnes per annum before 2030. The new North Field expansion, named North Field West, will add a further 16 million tonnes of liquefied natural gas (LNG) per year to existing expansion plans. Qatar’s Energy Minister Saad Sherida al-Kaabi said at a news conference on Sunday. Qatar’s Energy Minist...
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Kenya has exempted passport holders from South Africa and six other countries from paying an unpopular entry fee introduced last month. A memorandum from Kenya's interior ministry and immigration department says the exempted countries had entered visa abolition agreements or signed bilateral visa waiver agreements with the East African state. Only travellers from the East African Community regional bloc were exempt from paying th...
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February 26, 2024 49 secs
Algeria's President Abdelmadjid Tebboune officially opened The Great Mosque of Algiers, the largest mosque in Africa. It is also the third-largest in the world, after the mosques in Saudi Arabia's Islamic holy cities of Mecca and Medina. The mosque was constructed over seven years, costing more than $800m. It is expected to host prayers during the Islamic holy month of Ramadan, which begins in two weeks.
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The Central Bank of Nigeria has pegged the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. The bank instructed the Customs to utilise the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment. The Director of Trade and Exchange Department, Hassan Mahmud, says this measure aims to tackle the volatility and frequent upda...
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The West African regional bloc, ECOWAS says the exit of Niger, Mali and Burkina Faso would be detrimental to the region’s economy including stalling projects worth over $500 million. It also stated that the authority recognises that the withdrawal will automatically affect the immigration status of the citizens, as they may be required to obtain visas to travel around the region. The Chairman of the Authority, Bola Tinubu, says t...
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The Nigeria Labour Congress has threatened to shut down its services all over the country if labour members are attacked during its planned two-day protest beginning February 27, 2024. The Labour, in a statement on Sunday, signed by its President, Joe Ajaero, says there is no going back on the planned industrial action. The NLC says the Federal Government must put on its thinking cap and implement its agreement with the Organised...
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Parliament in Somalia has approved a major defence agreement with Turkey. Under the ten-year deal, Turkey will arm and train Somali navy forces and deploy its ships in Somali waters. Analysts say it's a major step in enhancing Somalia’s maritime security. Prime Minister Hamza Abdi says the deal eliminates - in his words - fears of terrorism, piracy, illegal fishing and the dumping of toxic waste. It comes as Ethiopia signed a c...
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February 23, 2024 1 min
The Biden administration has announced it is cancelling $1.2bn of student debt for 153,000 American borrowers. The Supreme Court had previously blocked President Joe Biden's plan to cancel student debt for over 40 million Americans. This announcement only applies to those enrolled in a specific repayment plan who meet certain requirements. Those affected will be notified and it will be applied automatically. The announcement fr...
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The South African government has announced that it's tapping into its foreign reserves to try to reduce its enormous debts. The unusual move was announced by the finance minister, Enoch Godongwana, as he gave his budget speech in Cape Town. South Africa's current borrowings are the highest since 1947 and more money is spent servicing the debts than on education and health. The opposition has accused the governing ANC party of tr...
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February 23, 2024 1 min
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, says that the country’s oil rigs have increased to 30 from 11 in 2011. He linked the increase to NUPRC and other government stakeholders’ efforts to attract confidence and certainty into the oil and gas industry. Komolafe says Nigeria recorded capital expenditure worth billions of dollars within the last two and a half years due...
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Nigerian Government says cement manufacturers are not doing enough to stem the rising cost of cement in the country, stating that it will not accept a situation where the price of essential building materials like cement continues to rise uncontrollably. The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa expressed displeasure over the steady, recurring, and alarming increase in the prices of cement and other buildin...
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Nigerian Lawmakers made a resounding plea to the Federal Government, urging it to refrain from eliminating the electricity subsidy, particularly in light of the prevailing hardships experienced across the country. The Senate’s stance emerged following a thorough deliberation, and subsequent endorsement of a motion during its plenary session emphasising the imperativeness of maintaining the electricity subsidy in Nigeria for the fo...
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Ukrainians who came to the UK following the Russian invasion will be able to apply for 18-month extensions to their visas. New arrivals were granted three years to remain, meaning the first visas were due to expire in March 2025. It means those on the earliest visas can stay until at least September 2026. The government says it would provide people with certainty and stability. The extension will apply to all three visa schemes...
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Israeli war cabinet member Benny Gantz has warned that unless Hamas frees all hostages held in Gaza by 10 March an offensive will be launched in Rafah. It is the first time Israel has said when its troops might enter Gaza's overcrowded southern city. Global opposition is growing to such an attack in Rafah, where some 1.5 million Palestinians are sheltering. The UN public health agency says a key Gaza hospital had ceased to funct...
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The chair of the African Union Commission has called on leaders to tackle conflicts in the continent and condemned a series of coups in some African countries. Moussa Faki Mahamat made the call on the first day of the two-day AU summit. Wars in Sudan and the Democratic Republic of Congo are at the top of the African bloc's agenda. Mr Faki says he was extremely worried about a litany of difficulties facing the region. He express...
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A key parliamentary committee says the government's plan to send some asylum seekers to Rwanda is fundamentally incompatible with the UK's human rights safeguards. The Joint Committee on Human Rights says the legislation jeopardised the UK's international reputation. The bill will be debated in detail by the House of Lords this week and face substantial opposition. The UK Supreme Court ruled that Rwanda was not a safe country be...
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The Central Bank of Nigeria under the previous administration split the transfer of $134m to the United Kingdom branch of Nigerian bank to avoid violating its guidelines regarding offshore deposit placement. The audit report was published two years later than it was expected by law. CBN under its immediate past Governor, Godwin Emefiele, had been accused of several malpractices. However, Emefiele has since denied many of the alle...
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The Federal Airports Authority of Nigeria has reopened the 3.9km Runway 18R/36L of the Murtala Muhammed International Airport, Lagos after almost 11 months of maintenance repairs. During the repair period, both international and local airlines were using runway 18L/36R, a shorter runway that is meant to handle only domestic flights. Kenya Airways has already utilised the reopened runway, receiving a ceremonial welcome, marking th...
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President Bola Tinubu met with his Brazilian counterpart, President Luiz Inácio Lula da Silva, in Addis Ababa, Ethiopia, and had fruitful discussions on the comprehensive strengthening of bilateral ties in all fields. Tinubu’s media aide, Ajuri Ngelale, noted that the Nigerian leader, at the meeting, emphasized the strength of Nigeria’s economic potential and influence, saying the country is witnessing a leap forward, despite some...
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