Africa Business News

The Office of the Surveyor General of the Federation has pledged to deploy a Geographical Information System expert for the Border Communities Development Agency to help establish its GIS unit. The Surveyor General of the Federation, Abuduganiyu Adebomehin, reassured the agency of his support and collaboration in the areas of mapping, identification, and information regarding border communities across the country. He noted that it was one thing to have imagery and another to be able to read it.

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was vital to prevent the country from going bankrupt. Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy. He says Nigeria is immensely consistent with the belief that economic collaboration and inclusiveness are necessary to engender stability in the rest of the world. He added that the subsidy removal was necessary for the country not to go bankrupt, to reset the economy and pathway to growth.

President Bola Tinubu has secured a $600m investment from Danish shipping and logistics firm A.P Moller-Maersk with a deal to help in expanding port infrastructure to accommodate more container shipping services in Nigerian ports. Presidential spokesman Ajuri Ngelale says there was a need to expand the port infrastructure, especially in Lagos, where they need a bigger hub for logistics services. Chairman of A.P Moller-Maersk, Mr Robert Maersk Uggla, says they believe in Nigeria and will invest $600 million in existing facilities and make the ports accommodating for bigger ships.

President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote that Chinese electric vehicles are an existential threat to the American auto industry. The White House earlier said the US was opening an investigation into whether Chinese cars pose a national security risk. Senator Brown says China will not be allowed to bring its government-backed cheating to the American auto industry. China's vice finance minister, Liao Min, says China's competitive advantages are due to its "large-scale market, complete industrial system and abundant human resources.

Togo's parliament has given final approval to a new constitution extending the president's term after critics denounced the move as a coup. The West African country will move from a presidential to a parliamentary system. President Faure Gnassingbé's supporters argue the changes reduce his powers by transforming the presidency into a ceremonial role. The opposition however says the reforms remove limits on his stay in office and the removal would enable him to remain president until 2031.

Gauteng province, home to South Africa's major cities of Johannesburg and Pretoria, has officially scrapped tolls on freeways, ending more than a decade of public defiance. Gauteng Premier Panyaza Lesufi says that removing the charges would bring much-needed relief to the people of Gauteng who have had to bear the brunt of paying e-tolls. Transport Minister Sindisiwe Chikunga says that motorists with outstanding fees are expected to clear it, but the ministry does not yet have a mechanism for enforcing the payments.

Military leaders in the West African nation have sought closer ties with Russia since seizing power in a coup last year. The US also announced that it had agreed to close down its drone base near Agadez, in the Sahara Desert. The US has relied on Niger as its primary base for monitoring regional jihadist activity. Niger has also distanced itself from local democracies and sought stronger regional alliances with fellow junta-led nations Burkina Faso and Mali.

Ethiopia's first-ever sexual violence registration system is in the works and set to start operations next year, the government has said. The system which aims to prevent and respond to sexual violence against women and children is hoped to make an impact in a country where prosecuting gender-based violence is a major challenge. The anticipated system will hold sex offenders accountable even after they serve time for their crimes. The women's rights and protection executive in the Ministry of Women and Social Affairs Seleshi Tadesse says when it's operational, it will exclude registered sex offenders from working in schools, orphanages and other children's institutions.

The Nigerian Institute of Electrical and Electronic Engineers has called on the Federal Government to audit all power infrastructure assets in the country. President, Felix Olu advised against the backdrop of the recent poor electricity supply in the country despite an increment in electricity tariff recently announced for Band A customers by the Nigerian Electricity Regulatory Commission. The institute stated that the problems in the power sector were systemic, requiring a redesign of market rules to address issues of reliability and market imbalance. He says the problems within the power sector include transmission infrastructure capacity, inefficient quality service, and the unwillingness of DISCOs to accept loads.

The President of the Nigeria Labour Congress confirmed that the new wage of N615,000 monthly was reached after consultations between the NLC and the Trade Union Congress. The labour unions say the current minimum wage of N30,000 can no longer cater for the well-being of an average Nigerian worker, lamenting that not all governors are paying the current wage award which will expire by April, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The unions say inflation has affected the cost of living for an average Nigerian worker, noting that state governors can afford to pay every public servant because they now get more monthly revenue allocation by the Revenue Mobilisation Allocation and Fiscal Commission.

The Nigerian government plans to commercialise the Federal Mortgage Bank as part of efforts to enhance housing delivery efficiency for Nigerians. The FMBN Managing Director, Shehu Osidi, says the focus was shifted to repositioning and recapitalisation after a series of engagements with the Bureau of Public Enterprise on the need for the bank to stay true to its mandate of affordable mortgage financing. He says the task of advancing the goals of affordable housing and urban development is a major assignment to be solved by all means. He added that the amendments to the FMBN and NFH Acts had also commenced in the National Assembly, noting that the grey areas that hindered the assent to the bill had been rectified.

The EU will vote Wednesday on a vast overhaul of its immigration policies that would notably harden entry procedures for asylum-seekers and require all the bloc’s countries to share responsibility. The European Parliament will decide a series of laws forming the bloc’s migration and asylum pact, based on a European Commission proposal first made in September 2020. The European Union has been striking agreements with several outside countries to try to reduce the number of migrants leaving their territories with the goal of reaching Europe.

The EU will vote Wednesday on a vast overhaul of its immigration policies that would notably harden entry procedures for asylum-seekers and require all the bloc’s countries to share responsibility. The European Parliament will decide a series of laws forming the bloc’s migration and asylum pact, based on a European Commission proposal first made in September 2020. The European Union has been striking agreements with several outside countries to try to reduce the number of migrants leaving their territories with the goal of reaching Europe.

Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.

Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.

New Zealand has tightened work visa rules in response to unsustainable migration levels. Low-skilled applicants now have to fulfil English-language requirements and are allowed to stay on for three years - down from five previously. Immigration Minister Erica Stanford says getting their immigration settings right is critical to this government's plan to rebuild the economy. Employers are responsible for ensuring that migrants meet the specified requirements before offering them a job. Authorities have also decided to axe earlier plans to add 11 roles, such as welders, fitters and turners, to the list of occupations that would qualify for a fast track to residency.

New Zealand has tightened work visa rules in response to unsustainable migration levels. Low-skilled applicants now have to fulfil English-language requirements and are allowed to stay on for three years - down from five previously. Immigration Minister Erica Stanford says getting their immigration settings right is critical to this government's plan to rebuild the economy. Employers are responsible for ensuring that migrants meet the specified requirements before offering them a job. Authorities have also decided to axe earlier plans to add 11 roles, such as welders, fitters and turners, to the list of occupations that would qualify for a fast track to residency.

A Brazilian Supreme Court judge has opened an inquiry into Elon Musk after the multi-billionaire said he would reactivate accounts on the social media platform X, formerly Twitter, that the judge had ordered to be blocked. Mr Musk posted on the platform that the restrictions had been lifted because the court order was unconstitutional. He also called for Justice Alexandre de Moraes to resign or be impeached. Justice Moraes wrote that Mr Musk had launched a disinformation campaign against the Supreme Court. The platform's Global Government Affairs team says the company was not allowed to say which accounts were affected.

A Brazilian Supreme Court judge has opened an inquiry into Elon Musk after the multi-billionaire said he would reactivate accounts on the social media platform X, formerly Twitter, that the judge had ordered to be blocked. Mr Musk posted on the platform that the restrictions had been lifted because the court order was unconstitutional. He also called for Justice Alexandre de Moraes to resign or be impeached. Justice Moraes wrote that Mr Musk had launched a disinformation campaign against the Supreme Court. The platform's Global Government Affairs team says the company was not allowed to say which accounts were affected.

Zimbabwe has introduced a new gold-backed currency called ZiG - the name stands for Zimbabwe Gold". Central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate. The ZiG replaces the Zimbabwean dollar, the RTGS, which had lost three-quarters of its value so far this year. Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency. Mr Mushayavanhu said the new currency was being rolled out with immediate effect and banks must convert current Zimbabwe dollar balances to the ZiG.