Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
Kenyans police fired tear gas at protesting traders against new import taxes on Friday as numerous firms based in Nairobi’s business district closed down in protest of the new customs duties. This as hundreds of protesters took to the streets of Nairobi demonstrating against new duties that would increase the cost of doing business. With […]
A wide-ranging crackdown against organised cybercrime gangs has led to the arrest of 58 individuals in 22 countries and six continents, as Interpol targets criminal gangs accused of conducting romance, cryptocurrency, investment and other financial scams. This particular crackdown, dubbed Operation Jackal IV, targeted West African crime syndicates, particularly the Nigerian-based Black Axe syndicate, which, […]
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 […]
The third China-Africa economic and trade exhibition, which took place in the city of Changsha on Sunday and had the subject of “common development for a shared future,” came to a close with the signing of projects totaling 10.3 billion United States dollars. The 8th Forum on China-Africa Cooperation (FOCAC) Ministerial Conference will serve as […]
Botswana, a landlocked country in Southern Africa, and De Beers, the world’s leading diamond company, have signed a new diamond sales deal. The government of Botswana and the diamond mining company De Beers Diamond Consortium said on Friday that they struck an “agreement in principle.” The De Beers Diamond Consortium, an international corporation that has […]
Trade between China and Africa has shown a rapid and positive development trend, reaching new heights growing to $260 Billion in 2022 from less than $13 Million in 2000. China’s total import and export volume with Africa in the last five months of 2023 reached $113.5 Billion, up about 16.4 percent year-on-year. According to the […]
The Central Bank of Nigeria (CBN) has introduced new guidelines and restrictions on contactless payments in the country. In two circulars issued by the CBN’s Director of Payments System Management Department, the bank outlined measures to standardize operations and encourage the use of innovative payment options while ensuring financial system stability. The guidelines direct that […]
The National Bureau of Statistics (NBS) has reported a drop in the prices of refilling 5 kg and 12 kg cylinders of Liquefied Petroleum Gas (Cooking Gas) in May 2023. The average retail price for refilling a 5 kg cylinder of Cooking Gas decreased by 6.07% on a month-on-month basis, going from N4,642.27 in April […]
According to community leaders and local authorities, at least 13 people have been killed in new skirmishes between farming and herding groups in central Nigeria since Friday. Herder and farmer groups in the central state of Plateau, who are contending over the usage of land and resources, have been known to engage in violent combat […]