Africa Business News

Ireland, Norway, and Spain have announced they will formally recognise a Palestinian state Spain and Ireland said the decision was not against Israel nor in favour of Hamas, but rather in support of peace. Israel reacted angrily, warning the move would mean more instability in the region and recalling its ambassadors to all three countries. Both Hamas and its rival, the Palestinian Authority, have welcomed the recognition. Norway was first to make its announcement Wednesday in a move co-ordinated with the other two countries. Prime Minister Jonas Gahr Støre says that the move was in support of moderate forces that are on a retreating front in a protracted and cruel conflict.

Burkina Faso's military government has announced it will extend junta rule for another five years. The country's ruler, Capt Ibrahim Traoré, will also be able to contest the next presidential election. Burkina Faso has now joined neighbouring Mali in extending military rule. The move was announced after a national consultation meeting in the West African country's capital city, Ouagadougou. An amended charter, signed by Capt Traoré, states that the new 60-month transition period will take effect from 2 July this year.

The Federal Government stated that there are ongoing plans to establish six mineral centres in the six geo-political zones to boost the mining sector. The Minister of Solid Minerals Development, Dr Dele Alake, says that the plan was part of the President Bola Tinubus administration’s commitment to diversify the country’s economy, by developing key sectors such as the solid minerals industry. He says the centres are also part of the government’s commitment to promoting value addition to its minerals, aimed at facilitating multiplier effects on the economy.

The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. The Geneva, Switzerland-based IATA say the development had brought international airlines’ trapped funds globally to about $1.8bn. The association representing international airlines says the remaining $19m was awaiting the CBN verification through commercial banks. The IATA boss, however, praised the Nigerian government for their efforts in ensuring the successful repatriation of the funds by the international airlines.

The Economic Community of West African States has allocated $9 million to aid refugees, internally displaced persons, and stateless individuals in its member nations. Nigeria received $1 million to assist terrorism victims in the North East. The Chair of the ECOWAS Permanent Representative Committee Musa Nuhu said this during the 2024 ECOWAS Ambassadors Retreat held in partnership with the United Nations High Commissioner for Refugees in Port Harcourt, the Rivers State capital. The organisers emphasized the need to address forced displacements caused by violence, political instability, and climate change. The ECOWAS Commissioner for Human Development and Social Affairs Professor Fatou Sow Sarr underscored the importance of collective efforts in achieving the common objectives of all stakeholders. She noted that contributions from partners are crucial for the success of various projects.

Lagos State government, through the Ministry of Innovation, science and Technology has set up a Cyber Security Operations Center. The Lagos State Commissioner for Science, Innovation and Technology, Olatunbosun Alake, says the Centre was established to identify, monitor and respond to cyber threats against the state’s digital infrastructure in real time. He added that the initiative involves partnerships with leading cybersecurity firms and international organisations. These collaborations will equip the state with cutting-edge technologies and expertise, significantly improving its defences against advanced cyber threats. He mentioned that Lagos has an established cybersecurity council consisting of a team of experts drawn from both the government and the private sector.

Russian President Vladimir Putin plans to remove Sergei Shoigu as defence minister as part of a cabinet reshuffle, making him secretary of the Security Council instead. The Kremlin says Andrei Belousov, a former deputy prime minister who specialises in economics, will become the new defence minister. Kremlin spokesman Dmitry Peskov says that Putin had decided to give the defence portfolio to a civilian because the ministry should be “open to innovation and cutting-edge ideas” and Belousov was the right fit for the job.

Plans to introduce new taxes and increase existing ones have triggered widespread criticism in Kenya. The price of bread is set to climb after the national treasury proposed removing the staple product from a value-added tax exemption list. The costs of mobile money transfers, airtime and data are also set to go up as the government seeks to raise an additional $2.4bn in taxes, in the financial year that starts in July. The government also proposed a new motor vehicle tax that will see drivers pay up to $750 annually to keep their vehicles on the road. The tax hikes are part of a series of financial measures introduced by President William Ruto's government to fund its extensive infrastructure and social programmes.

Egypt says it will formally join the case filed by South Africa against Israel at the International Court of Justice (ICJ), which accuses Israel of violating its obligations under the Genocide Convention in its war on the Gaza Strip. The Egyptian Ministry of Foreign Affairs says that Cairo intended to join the case due to escalating Israeli aggression against Palestinian civilians. South Africa brought its case against Israel in January, accusing the country of committing genocide against Palestinians in Gaza. The death toll from Israel’s war on Gaza, which began in October, has surpassed 35,000, and most of the dead are women and children, according to Palestinian authorities.

Rwanda's government has denied accusations that it armed a rebel group alleged to have carried out a grenade attack in Burundi's economic hub, Bujumbura. Pierre Nkurikiye, the spokesperson for Burundi's interior ministry says at least 38 people were injured in Friday's attack. Rwanda's government dismissed the allegations saying it has absolutely no connection" with the attack and had no reason to be involved in it. Red Tabara, the group accused of executing the grenade attack, has also denied responsibility, saying it does not attack innocent civilians. Rwanda's relationships with neighbouring nations Burundi and the Democratic Republic of Congo have become strained in recent years.

The Head of the Directorate of Valuation Standards, Financial Reporting Council of Nigeria, Ugochukwu Nwora, says that the council has assembled relevant professionals to produce valuation regulations for the country. He says this regulation will be the first of its kind in Nigeria and the council will showcase the exposure draft to the public before launching it in July and the valuation regulations will guide all professional valuers and firms in Nigeria. Nwora noted that the FRC would standardise and regulate submissions, ensuring consistency and adherence to asset valuation standards.

The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. The organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before. The IMF commended the Federal Government for, among other things, phasing out costly and regressive energy subsidies”, saying this was critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability. IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns.

Liberian President Joseph Boakai has signed an executive order to establish the country's first war crimes court, more than 20 years after the end of two civil wars which killed 250,000 people. Mr Boakai said Liberia had endured downpours of agony. The 1989-2003 conflicts saw atrocities including mass killings, rape and the forced recruitment of child soldiers. Critics in Liberia have opposed the creation of the court, saying it risks reopening old wounds however Mr Boakai says the court would help ferret the causes and effects of the violence and bring about justice and healing.

Chad is set to become the first of Africa's current junta-led states to move to democratic rule with Monday's presidential vote. It will end a three-year transition imposed after the sudden death of long-serving leader Idriss Deby Itno while fighting rebels. Prime Minister Succès Masra is among his nine challengers and is seen as his biggest rival. Ten other politicians who had been hoping to run, including two prominent figures, Nassour Ibrahim Neguy Koursami and Rakhis Ahmat Saleh, were excluded by the constitutional council because of irregularities.

The Federal Airports Authority of Nigeria says it has concluded plans with the Office of the National Security Adviser to reduce the number of security checkpoints at the country’s airports. The Managing Director of FAAN, Olubunmi Kuku says the agency and the office of the NSA have agreed to carry out short and long-term measures to address the issue. Kuku noted that the issue of multiple security checkpoints was the first challenge she took up upon the assumption of office. The FAAN MD added that she has had productive conversations with the National Security Adviser, Nuhu Ribadu to craft viable solutions to the issue.

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Minister of the Federal Capital Territory, Nyesom Wike before the Federal High Court in Abuja. Also joined in the suit were the 36 state governors over over their failure to account for and publish the agreements of the N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, respectively. SERAP Deputy Director, Kolawole Oluwadare, says the group asked the court to direct and compel the governors and Mr. Wike to account for N5.9trn and $4.6bn loans obtained by their states and the FCT and to publish copies of the loan agreements, location of projects executed with the loans.

Governor Abba Yusuf has laid the foundation for a ₦15bn three-layer interchange bridge at Kofar Dan’agundi in a move to transform Kano into a mega city, and alleviate traffic congestion, Governor Yusuf emphasised the significance of enhancing traffic flow to elevate Kano’s status to that of a mega city. The project, awarded to CCG Nigeria Limited in December 2023, boasts a completion period of eighteen months. It is part of a comprehensive initiative that includes another high-impact interchange bridge at Talidu roundabout, strategically positioned to mitigate traffic congestion. Gee Wang, Project Manager of CGC Nigeria Limited, expressed confidence in meeting the project’s timeline.

The Japanese yen has slumped to a 34-year low against the United States dollar. The yen on Monday sank to 160.17 per dollar, the lowest since April 1990, prompting speculation that Japanese authorities would intervene to prop up the currency for the first time since late 2022. The yen has been on a continual slide since early 2021 as the Bank of Japan (BOJ) has maintained ultra-low interest rates, while the US Federal Reserve and other central banks have hiked borrowing costs. The downward spiral has continued in recent weeks despite the BOJ raising interest rates last month for the first time in 17 years, as expectations of interest rate cuts in the US fade amid above-target inflation. The Japanese central bank kept its benchmark rate unchanged at 0-0.1 percent. BOJ Governor Kazuo Ueda says that exchange-rate volatility would only affect monetary policy if there was a significant impact on the economy.

Dubai has started work on a $35bn airport terminal that is set to have the world’s largest capacity upon completion, the emirate’s ruler has said. Dubai’s Prime Minister and Vice President Sheikh Mohammed bin Rashid Al Maktoum said that the new terminal would be five times the size of the current Dubai International Airport and handle up to 260 million passengers annually. Sheikh Mohammed says All operations at Dubai International Airport will be transferred to the newer Al Maktoum International Airport over the coming years.

Burkina Faso’s media regulator has suspended more international media outlets over their coverage of a report accusing the Burkinabè army of killing civilians. The military government has now banned the French network TV-Cinq and the websites of Le Monde and the Guardian, as well as the German broadcaster, Deutsche Welle. The suspension comes days after the Burkinabè authorities imposed a two-week ban on BBC and US public broadcaster Voice of America for covering the same Human Rights Watch report. The Superior Council for Communication says that the coverage of the HRW report by the newly suspended outlets "constitutes disinformation likely to bring discredit to the Burkinabè army". The media regulator also reiterated a warning to all media outlets against covering the report, threatening sanctions.