Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
The Democratic Republic of Congo has issued an immediate ban on the export of copper and cobalt concentrates to increase domestic processing of these strategic minerals and keep more economic value within its jurisdiction. The ban has already shocked the global metals markets, where prices on LME copper spiked 1.8% to $14,369.50 per metric ton […]
Zambia’s Kwacha and Ghana’s Cedi are both sliding against the U.S. dollar this week, and the reasons behind each currency’s slump are different enough to matter for anyone doing business — or shopping — in either country. Zambia Kwacha and Ghana Cedi slide, Commercial banks have quoted the Kwacha at 18.95 per dollar, down from […]
Gross Domestic Product (GDP) projections are essential to define the economic strategies and policies of governments across the globe. They offer a reliable insight into a region’s overall development trajectory, growth potential and economic health. The first half of 2023 saw more robust growth than expected in April. Although the global average prediction has mostly […]
In Nigeria, food, transport and commodity prices have been forced higher by a fall in naira, the local currency – which has triggered a spike in foreign exchange rates and driven up inflation. But Nigeria is not alone. Most currencies in Sub-Saharan Africa are getting weaker against other global trading currencies like the US dollar […]
Kenya, a country in East Africa, and the International Monetary Fund (IMF), a major financial agency of the United Nations, have reached a staff-level agreement, unlocking $938 million in transfer. The agreement has boosted the current lending programme by $938 million before a eurobond repayment due in June. Haimanot Teferra, the International Monetary Fund (IMF) […]
The platinum miners in Zimbabwe, a landlocked country in southern Africa, have urged the government to delay its planned 5% export tax on concentrates until 2025. According to a proposal submitted by the Chamber of Mines of Zimbabwe to the finance ministry of the country, leading Zimbabwe platinum miners have asked the government to delay […]
Africa’s geothermal power capacity is set to more than double in the next 7 years, according to Rystad Energy, with the consulting firm expecting the figure to reach 13 GW by 2050, up from just about 1 GW today. It appears Africa’s geothermal industry is set to overtake Europe’s. Generating electricity from geothermal resources involves […]
Impala Platinum Holdings Limited, a South African holding company that owns several companies, has started offering voluntary job cuts to its workers at some of the world’s deepest platinum mining shafts in the country. Impala Platinum started the process of job cuts at its head office last month. The company was also offering exit packages […]
In a social media post, World Mobile has announced the launch of its first aerostat in Massingir, Mozambique, following regulatory hurdles encountered in Tanzania. Chief Executive Officer Micky Watkins said World Mobile had initially planned to launch the first aerostat in Zanzibar, Tanzania. The network provider waited for an approval for 11 months. But the […]
In a significant step toward bolstering economic partnerships with Africa, U.S. Trade Representative Katherine Tai has announced ambitious plans to reinvigorate the African Growth and Opportunity Act (AGOA). This two-decade-old duty-free initiative, set to expire in September 2025, is undergoing a much-anticipated makeover that aims to enhance its effectiveness and utility. AGOA has been instrumental […]
According to the International Trade Centre, the local production of infant foods in Africa is no less than an underexploited opportunity. The continent imports an estimated $607 million of baby food a year, with the figure expected to cross $1.17 billion by 2026. Africans heftily rely on infant food imports despite an abundance of locally […]
Lagos state in southwestern Nigeria has secured a partnership with African Export-Import Bank or Afrexim and Access Bank for an investment of $1.35 billion for infrastructure projects. Babajide Sanwo-Olu, the Governor of Lagos, confirmed that the state got a $1.35 billion deal from Afrexim and Access. Under investments for infrastructure projects, a bridge project and […]
Africa is becoming an attractive destination for investors and venture capitalists across the globe. The region boasts huge potential to become a notable player in key sectors such as technology, automobile, healthcare, renewable and telecommunication. With 60% of the continent’s population under the age of 25, the African economy has a long way to go. […]
Olaf Scholz, Chancellor of Germany, has said that his country is willing to invest in gas and minerals in Nigeria, an African country on the Gulf of Guinea. The investment is aimed at strengthening bilateral relations between Germany and Africa’s largest economy. Olaf Scholz started his trip to Nigeria, Africa’s largest oil producer, on Sunday. […]
Jack Ma, the visionary founder of Alibaba Group, was inspired by the entrepreneurial spirit he encountered during his first trip to Africa in 2017. This led to the creation of the ABH programme, a commitment to identify and elevate African entrepreneurs who are making a tangible difference in their communities. The philanthropic programme aims to […]
Nigeria, a country in West Africa, is set to cut the number of taxes levied by federal and state governments from 62 to fewer than 10. The Nigerian federal government, through the Presidential Committee on Fiscal Policy and Tax Reforms, has confirmed the plan, which is aimed at boosting revenues and helping Nigerians to conduct […]
Sonatrach, the national state-owned oil company of Algeria, has planned a $1 billion project for natural carbon storage. Mohamed Arkab, the Minister of Energy and Mining of Algeria, has confirmed that 420 million trees will be planted over 10 years under the $1 billion project. Algeria’s Ennahar TV reported on Monday that Sonatrach’s $1 billion […]
In a narrative so extraordinary, it could be whispered by the wind in tales passed down through generations, Nigeria is dancing its way to stardom on the grand global stage. Known affectionately as the “Heartbeat of Africa,” this enigmatic nation is undergoing an economic transformation that reads like a page-turning novel. With a GDP of […]
The Central Bank of Nigeria (CBN) just lifted the ban on importing 43 items like toothpicks and cement. Before this, if you wanted to import these, you couldn’t use official foreign money routes. Now, you can. They believe it’s going to help balance out the exchange rate of the Naira, Nigeria’s currency. After lifting this […]
Futurelife is the brand that started out in KwaZulu-Natal back in 2007. The guy behind it, Paul Saad, wanted to make food that’s packed with nutrients. In 2009, they launched their first cereal. It was like a direct hit against ProNutro by Pioneer Foods. Speaking of Pioneer Foods, they bought some shares in Futurelife in […]