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 […]
Nigeria, a country in West Africa, aims to invest $5 billion in tech startups for the next four years. The Nigerian authorities have developed strategies for $5 billion in annual tech startup investments in order to help people working in the tech sector. Bosun Tijani, the Nigerian minister of Communications, Innovation and Digital Economy, announced […]
New cannabis laws are being considered in South Africa, and there’s a chance for people to share their thoughts on these laws. The people in charge of this, called the Portfolio Committee on Justice and Correctional Services, want to hear what everyone thinks about the Cannabis for Private Purposes Bill. The chairperson of this committee, […]
Capitec CEO, Gerrie Fourie, believes South Africa has potential despite its challenges. He thinks the government should cooperate more with the private sector to improve the country’s situation. During a recent presentation, Fourie expressed optimism about Capitec’s future in South Africa. However, when talking about broader issues in the country, he believes the government needs […]
The future of Spar Group Ltd is uncertain after experiencing $95 million software (SAP) trouble and the resignation of its IT chief Mark Huxtable. Spar (Spar Group Ltd.) is a major South African food and liquor retailer. The company has faced some serious trouble with a software system they spent a lot of money on, […]
Massive fires have caused South African farmers to suffer losses exceeding 1 billion Rand in crops and livestock. These fires, which have ravaged parts of the Northern Cape, Free State, North West, and Limpopo since mid-August, have affected over 1.2 million hectares of land. The fires have devastated farmers, destroying grazing land and livestock, including […]
South Africa is dealing with a serious problem of frequent power outages, and it’s getting worse. A recent report suggests that by mid-October, the total time without electricity in 2023 could be double what it was in 2022. According to the Power Blackout Statistics report by energy analyst Pieter Jordaan, South Africans have already experienced […]
Chief Bola Ahmed Adekunle Tinubu, the current President of Nigeria, wants to establish stronger economic and diplomatic ties with South Africa. Nigeria and South Africa aim to build a good partnership in order to tackle Africa continent’s economic challenges. What can Nigerians and South Africans expect? Can the two countries boost their economic ties? What […]
Nigeria is set to increase its palm oil production through a new partnership between the Nigerian Institute for Oil Palm Research (NIFOR) and Luscei Investment Limited. Under the agreement, Luscei Investment will host NIFOR’s Extension Works Seed (EWS) fields and receive free seedlings for a 40-hectare field. The private company will manage the planting, maintenance, […]
Last week on the Nigerian stock market, we saw some ups and downs in various sectors. The Insurance sector didn’t do well last week. It was the biggest loser, dropping by 2.9 percent. This happened because people were selling more insurance-related shares, and two specific insurance companies, Cornerstone Insurance and CHIPLC, saw their share prices […]
Kais Saied, the 7th President of Tunisia, has urged the central bank to finance the budget directly by buying state bonds, citing that the central bank is a public institution. On Friday, the President of Tunisia said that the 2016 law should be reviewed to help the central bank finance the budget directly. Previously, Tunisia’s […]
Raymond Ackerman, the founder of Pick n Pay, one of South Africa’s largest supermarket chains, has passed away at the age of 92. He and his wife Wendy started Pick n Pay in 1967 by purchasing four stores in Cape Town. Over the years, the company has grown to serve millions of customers through its […]
President Bola Tinubu has given security agencies a critical mission of recovering a staggering N1.1 trillion in loans from beneficiaries of the Anchor Borrowers’ Loan Scheme by September 18, 2023. The Anchor Borrowers’ Loan Scheme, initiated by the Central Bank of Nigeria (CBN) to boost agricultural production in Nigeria, is facing a crisis as borrowers […]
Paris has become one of the first European cities to ban rented electric scooters (e-scooters) following an overwhelming vote by residents in favor of the decision. In an April referendum, nearly 90% of voters supported a city-wide ban on shared e-scooters. However, it’s important to note that this ban doesn’t affect shared electric bike (ebike) […]
The National Pension Commission (PenCom) has issued a directive to all Pension Fund Administrators (PFAs) in Nigeria to establish branch offices in at least two states within each geo-political zone of the country. Additionally, PFAs have been instructed to open a branch office in any state where they have 10,000 or more funded retirement savings […]
Oil companies are paying popular influencers on social media to promote their gasoline and fuel rewards programs. This has sparked backlash from climate-conscious fans who are concerned about the promotion of fossil fuels among young people. Influencers who are known for posting about video games, dogs, or holidays are now including plugs for gasoline stations […]
Nigeria has been ranked seventh in the world for mobile phone usage and eleventh for internet reach, according to the Nigerian Communications Commission (NCC). This means that a lot of people in Nigeria use mobile phones and have access to the internet. In fact, Nigeria accounts for 82% of all telecom customers and 29% of […]
Nigeria’s big banks are entering the financial technology (fintech) space, which is causing competition for existing fintech firms. The banks are making strategic investments in fintech businesses to secure their future. This move threatens the valuation of top fintech firms like Flutterwave, Interswitch, and Opay, which are currently valued at over $1 billion. Other fintech […]
The Free Trade Zones (FTZs) Committee on Nigerian Customs Service (NCS) Operational Remodeling has recommended that the service allows the quick export of finished and processed commodities containing 100% local raw materials. This means that products made in Nigeria using only materials from Nigeria can be exported easily. The NCS has promised to adopt this […]