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 […]
The Nigerian Presidency has expressed concern over the removal of fuel subsidy, stating that it has led to increased poverty among Nigerians and a loss of support for the government. President Bola Tinubu announced the removal of subsidy on petrol in May, citing the inability to continue subsidizing petrol for neighboring countries. However, the government […]
Nigeria’s state-oil firm NNPC said on Wednesday it has secured a $3 billion crude oil repayment loan from Cairo-based Afrexim Bank that will support the government’s reforms to stabilize the exchange rate market. Nigeria, Africa’s largest economy, is trying to increase its reserves and prevent the devaluation of its currency. The Nigerian currency has fallen […]
Arcep is calling on mobile operators and Internet service providers to invest more in improving the quality of their services and lowering their charges. And rightly so, since mobile phone consumers seem to be increasingly dissatisfied. The Autorité French regulatory authority for electronic communications and postal services(Arcep) conducted a survey of consumer perceptions of electronic […]
On Wednesday, the transitional government terminated an agreement signed in October 2021 with the French group Meridiam/Marseille for the operation of Donsin airport for a period of thirty (30) years. For the Ministry of Transport, “the Council approved the request to terminate the Donsin airport concession agreement,” according to the minutes of the Council of […]
Russian President Vladimir Putin has announced his intention to establish a free trade area with four North African countries – Egypt, Morocco, Tunisia and Algeria – in order to increase Moscow’s diplomatic influence and economic development on the continent. land. Russia’s official TASS news agency quoted Putin as saying: “We need to turn the level […]
Spain is the biggest importer. It accounts for about 27% of Morocco’s total exports in the past five years. However, in 2022, the kingdom was the fourth largest supplier of fruits and berries to Spain with the share of 15% in Spain’s total imports. ‘East Fruit’ also noted that revenues from Moroccan exports to Spain fell by 23% compared to […]
The World Bank, in collaboration with the Nigerian government and private sector, is set to embark on a significant project to construct 1,000 mini solar power grids in Africa’s largest economy, Nigeria. The project attempts to alleviate the nation’s serious energy issues since millions of people and companies significantly rely on pricey gasoline and diesel […]
The Russia-Africa summit, held amid the ongoing geopolitical crisis between Russia and Ukraine, ended last week with promises of debt relief and food supplies to strengthen economic ties between Moscow and the African nation. As the West continues to isolate Russia, some African leaders have chosen the path of diplomatic neutrality and closer ties with […]
Ammonia, which is made up of nitrogen and hydrogen, is commonly used as a fertilizer. Production of ammonia at an industrial scale allowed agriculture to boom, and according to a study from the University of Manitoba, without it, we wouldn’t be able to produce roughly half of the world’s food today. Across the African continent, innovative transport systems, telecoms operations and smart cities are […]
The number of Singaporean companies doing business in Africa has soared from only 60 in 2018 to more than 155 companies today, which demonstrates that the wealthy city-state increasingly views Africa as a very important market that should not to be ignored. In a sign of this deepening connection, Singaporean Prime Minister Lee Hsien Loong embarked on […]
Vladimir Putin, the current president of Russia, has promised free grain supplies to six African nations after the collapse of the Black Sea grain deal. Despite Western sanctions limiting Russian exports, the Russian president pledged to offer commercial and assistance-based grain shipments to six African countries: Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic, […]
According to the Minister in the Presidency responsible for the State Security Agency, Khumbudzo Ntshavheni, senior national security officials from South Africa, China, Russia, India, and Brazil were scheduled to advance, among other things, their shared “BRICS agenda and cooperation on security-related matters.” At the 13th National Security Advisors Meeting of the BRICS, which took […]
The Nigerian government earned N80.86 billion. In the first six months of 2023 from the Electronic Transfer Levy (EMT). The EMT was introduced as a replacement for Stamp Duty and charges a single fee of N50 on electronic deposits of N10,000 and above. It was created to generate additional revenue from the growing use of […]
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, from N537 to N617 per liter. The pump price of petrol is also known as Premium Motor Spirit (PMS). This adjustment was observed at some filling stations in Abuja and is expected to be implemented nationwide. The decision by NNPCL indicates […]
The Central Bank of Nigeria (CBN) has threatened to close several accounts in order to protect customers’ bank accounts and enhance security in the banking system. The move comes as the CBN aims to ensure compliance with the use of Bank Verification Number (BVN), a unique identification system for bank customers. According to data from […]
Nollywood actress Funke Akindele recently found herself in the midst of online controversy, this time on Mark Zuckerberg’s newly launched social app, Threads. The talented film star posted about her love for fashion, specifically showcasing her clothing and footwear choices. However, her post received a negative response from users on the app. According to reports, […]
Nigeria’s deposit money banks have increased the daily ATM withdrawal limit to N200,000 per day. Zenith Bank, one of the top banks in the country, announced the revised transaction limits, allowing customers to withdraw up to N200,000 from their ATMs nationwide, even if they bank with other financial institutions. However, the N500,000 weekly cashless policy […]
The Federal Government of Nigeria has introduced a new policy that requires vehicle owners to pay an annual fee of N1,000 for a Proof of Ownership Certificate. This means that vehicle owners now have an additional expense on top of their regular vehicle payments. The government estimates that there are approximately 12 million vehicles in […]