Africa Business News

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.

Sierra Leone's president has declared a national emergency over rampant drug abuse. Kush, a psychoactive blend of addictive substances, has been prevalent in the country for years. President Julius Maada Bio called the drug a death trap and said it posed an existential crisis. One of the drug's many ingredients is human bones - security has been tightened in cemeteries to stop addicts digging up skeletons from graves. With a bandage around his ankle, one recovering addict told the BBC the drug has a tight grip on him.

Sierra Leone's president has declared a national emergency over rampant drug abuse. Kush, a psychoactive blend of addictive substances, has been prevalent in the country for years. President Julius Maada Bio called the drug a death trap and said it posed an existential crisis. One of the drug's many ingredients is human bones - security has been tightened in cemeteries to stop addicts digging up skeletons from graves. With a bandage around his ankle, one recovering addict told the BBC the drug has a tight grip on him.

The Federal Government announced that testing has commenced on the 700 megawatts Zungeru Hydroelectric Power Plant ahead of the evaluation of electricity from the facility to the national grid. It also stated that the $1.3bn project had been connected to the national grid, in contrast to claims in some quarters that the plant was not connected to the grid. The Zungeru Hydroelectric Power Plant provides flood control, irrigation water and fish breeding facilities and its construction partners include a consortium of Chinese firms (Sinohydro Corporation Limited and China National Electric Engineering Company).

The Federal Government announced that testing has commenced on the 700 megawatts Zungeru Hydroelectric Power Plant ahead of the evaluation of electricity from the facility to the national grid. It also stated that the $1.3bn project had been connected to the national grid, in contrast to claims in some quarters that the plant was not connected to the grid. The Zungeru Hydroelectric Power Plant provides flood control, irrigation water and fish breeding facilities and its construction partners include a consortium of Chinese firms (Sinohydro Corporation Limited and China National Electric Engineering Company).

The Federal Government is to launch three new national identity cards in May this year and has a target of providing them for about 104 million citizens across the country. The three new national identity cards planned by the National Identity Management Commission include a bank-enabled National ID card, a social intervention card, and an optional ECOWAS National Biometric Identity Card. The Technical Adviser, Media, and Communications to the Director-General of NIMC, Ayodele Babalola, says Nigerians would start getting the three national ID cards within one or two months of the launch. He added that Digital/virtual versions of all cards will be available for individuals who prefer digital formats, albeit with limited functionalities. Additionally, ECOWAS cards will be issued on an as-needed basis in collaboration with the Nigerian Immigration Service.

The Federal Government is to launch three new national identity cards in May this year and has a target of providing them for about 104 million citizens across the country. The three new national identity cards planned by the National Identity Management Commission include a bank-enabled National ID card, a social intervention card, and an optional ECOWAS National Biometric Identity Card. The Technical Adviser, Media, and Communications to the Director-General of NIMC, Ayodele Babalola, says Nigerians would start getting the three national ID cards within one or two months of the launch. He added that Digital/virtual versions of all cards will be available for individuals who prefer digital formats, albeit with limited functionalities. Additionally, ECOWAS cards will be issued on an as-needed basis in collaboration with the Nigerian Immigration Service.

The Nigerian Customs Service announced a 90-day window for regularising import duties on specific categories of vehicles. The Public Relations Officer, Abdullahi Maiwada, says Customs noted the initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation. The NCS stated that all vehicle owners, Importers/Agents seeking to regularize import duties on their vehicles are required to apply to the Zonal Coordinators and CAC FCT Command. They must submit the necessary available documents and process Vreg in line with the Federal Ministry of Finance directives for the registration of imported motor vehicles.

Qatar has announced new plans to expand output from the world’s biggest natural gas field, saying it will boost capacity to 142 million tonnes per annum before 2030. The new North Field expansion, named North Field West, will add a further 16 million tonnes of liquefied natural gas (LNG) per year to existing expansion plans. Qatar’s Energy Minister Saad Sherida al-Kaabi said at a news conference on Sunday. Qatar’s Energy Minister Saad Sherida al-Kaabi says recent studies have shown that the North Field contains huge additional gas quantities estimated at 240 trillion cubic feet, which raises the state of Qatar’s gas reserves from 1,760 [trillion cubic feet] to more than 2,000 trillion cubic feet. He says these results will enable them to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 million tonnes per annum. The QatarEnergy chief says the firm will immediately commence with engineering works to ensure the expansion is completed on time.

Qatar has announced new plans to expand output from the world’s biggest natural gas field, saying it will boost capacity to 142 million tonnes per annum before 2030. The new North Field expansion, named North Field West, will add a further 16 million tonnes of liquefied natural gas (LNG) per year to existing expansion plans. Qatar’s Energy Minister Saad Sherida al-Kaabi said at a news conference on Sunday. Qatar’s Energy Minister Saad Sherida al-Kaabi says recent studies have shown that the North Field contains huge additional gas quantities estimated at 240 trillion cubic feet, which raises the state of Qatar’s gas reserves from 1,760 [trillion cubic feet] to more than 2,000 trillion cubic feet. He says these results will enable them to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 million tonnes per annum. The QatarEnergy chief says the firm will immediately commence with engineering works to ensure the expansion is completed on time.

Kenya has exempted passport holders from South Africa and six other countries from paying an unpopular entry fee introduced last month. A memorandum from Kenya's interior ministry and immigration department says the exempted countries had entered visa abolition agreements or signed bilateral visa waiver agreements with the East African state. Only travellers from the East African Community regional bloc were exempt from paying the money. In addition to South Africa, the exemption has been extended to passport holders from five other African states - Ethiopia, Eritrea, Congo-Brazzaville, Comoros and Mozambique. San Marino, Europe's third-smallest nation, is the only other country on the exemption list.

Kenya has exempted passport holders from South Africa and six other countries from paying an unpopular entry fee introduced last month. A memorandum from Kenya's interior ministry and immigration department says the exempted countries had entered visa abolition agreements or signed bilateral visa waiver agreements with the East African state. Only travellers from the East African Community regional bloc were exempt from paying the money. In addition to South Africa, the exemption has been extended to passport holders from five other African states - Ethiopia, Eritrea, Congo-Brazzaville, Comoros and Mozambique. San Marino, Europe's third-smallest nation, is the only other country on the exemption list.

Algeria's President Abdelmadjid Tebboune officially opened The Great Mosque of Algiers, the largest mosque in Africa. It is also the third-largest in the world, after the mosques in Saudi Arabia's Islamic holy cities of Mecca and Medina. The mosque was constructed over seven years, costing more than $800m. It is expected to host prayers during the Islamic holy month of Ramadan, which begins in two weeks.

Algeria's President Abdelmadjid Tebboune officially opened The Great Mosque of Algiers, the largest mosque in Africa. It is also the third-largest in the world, after the mosques in Saudi Arabia's Islamic holy cities of Mecca and Medina. The mosque was constructed over seven years, costing more than $800m. It is expected to host prayers during the Islamic holy month of Ramadan, which begins in two weeks.

The Central Bank of Nigeria has pegged the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. The bank instructed the Customs to utilise the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment. The Director of Trade and Exchange Department, Hassan Mahmud, says this measure aims to tackle the volatility and frequent updates on the customs website concerning the liberalisation of the foreign exchange market.

The Central Bank of Nigeria has pegged the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. The bank instructed the Customs to utilise the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment. The Director of Trade and Exchange Department, Hassan Mahmud, says this measure aims to tackle the volatility and frequent updates on the customs website concerning the liberalisation of the foreign exchange market.

The West African regional bloc, ECOWAS says the exit of Niger, Mali and Burkina Faso would be detrimental to the region’s economy including stalling projects worth over $500 million. It also stated that the authority recognises that the withdrawal will automatically affect the immigration status of the citizens, as they may be required to obtain visas to travel around the region. The Chairman of the Authority, Bola Tinubu, says the issues though daunting, present an opportunity for ECOWAS to reaffirm its commitment to the vision of our founding fathers and the principles underpinning our commitment to peace, security, and regional integration.

The West African regional bloc, ECOWAS says the exit of Niger, Mali and Burkina Faso would be detrimental to the region’s economy including stalling projects worth over $500 million. It also stated that the authority recognises that the withdrawal will automatically affect the immigration status of the citizens, as they may be required to obtain visas to travel around the region. The Chairman of the Authority, Bola Tinubu, says the issues though daunting, present an opportunity for ECOWAS to reaffirm its commitment to the vision of our founding fathers and the principles underpinning our commitment to peace, security, and regional integration.

The Nigeria Labour Congress has threatened to shut down its services all over the country if labour members are attacked during its planned two-day protest beginning February 27, 2024. The Labour, in a statement on Sunday, signed by its President, Joe Ajaero, says there is no going back on the planned industrial action. The NLC says the Federal Government must put on its thinking cap and implement its agreement with the Organised Labour as well as address the mounting economic crisis of survival in Nigeria. The NLC says its member won’t be cowed to shelve their proposed nationwide protest.

The Nigeria Labour Congress has threatened to shut down its services all over the country if labour members are attacked during its planned two-day protest beginning February 27, 2024. The Labour, in a statement on Sunday, signed by its President, Joe Ajaero, says there is no going back on the planned industrial action. The NLC says the Federal Government must put on its thinking cap and implement its agreement with the Organised Labour as well as address the mounting economic crisis of survival in Nigeria. The NLC says its member won’t be cowed to shelve their proposed nationwide protest.