Africa Business News

Qatar has suspended its work as a mediator in ceasefire and hostage release talks between Israel and Hamas The country says it would resume its work when Hamas and Israel show their willingness to negotiate. It comes after senior US officials reportedly says Washington would no longer accept the presence of Hamas representatives in Qatar, accusing the Palestinian group of rejecting fresh proposals for an end to the war in Gaza. Qatar says initial reports from withdrawn from mediation talks are inaccurate. Qatar however says it will resume those efforts when the parties show their willingness and seriousness to end the brutal war.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Botswana’s new president says that he wants undocumented Zimbabweans to be legalised by granting them temporary work and residence permits. Botswana hosts the world’s second-largest community of Zimbabweans fleeing their country’s economic woes - and they are often resented, with deportations taking place daily. President Boko says it was a challenge when thousands of Zimbabweans entered Botswana through the long and porous border between the two countries.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Russian President Vladimir Putin has offered what he called total support for Africa, including in the struggle against terrorism and extremism. Several African governments have cut ties with traditional Western allies and are looking to Moscow for help in tackling frequent attacks by jihadists. Burkina Faso's Foreign Minister Karamoko Jean-Marie Traoré says Russia was a more suitable international partner than the former colonial power, France. He says that as well as military cooperation, Mali was exploring other joint projects in the energy, telecommunications, technology and mining sectors. He added that Russian companies are working in all these areas with the Malian government and [private] partners in Mali to provide solutions to the challenges facing the Malian people.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

A member of the National Assembly, Abdulmumin Jibrin, has expressed confidence that the controversial tax reform bills presented by President Bola Tinubu will be passed into law. The Senator representing Borno South in the National Assembly, Senator Ali Ndume, had said that the bills are dead on arrival insisting that the bills are not dead on arrival, saying that the North is not against the bill. Jibrin says Nigerians will be able to see all the clauses in detail and everything included in the bill.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigeria Labour Congress has directed its members in states that have yet to implement the new minimum wage to go on an indefinite strike beginning on December 1, 2024. The National Executive Council says the outright refusal by the governments to implement the 2024 National Minimum Wage Act is a betrayal in the face of both legality and morality. The NEC however resolves to set up a National Minimum Wage Implementation Committee that will commence a nationwide assessment, mobilization and sensitization campaign, educating workers and citizens on the need to resist this assault on their dignity and rights.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The UN Security Council has voted unanimously to expand its arms embargo in Haiti because of grave concerns over extremely high levels of gang violence. The embargo will extend to all types of arms and ammunition in the Caribbean country, which faces multiple challenges. The resolution authorises the 193 UN member nations to take “appropriate steps to prevent the illicit trafficking and diversion of arms and related materiel in Haiti”. The resolution also extends a travel ban and asset freeze on gang members and criminals on its blacklist.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Egypt has been certified malaria-free by the World Health Organization (WHO) - an achievement hailed by the UN public health agency as truly historic. WHO chief Tedros Adhanom Ghebreyesus says Malaria is as old as Egyptian civilization itself, but the disease that plagued pharaohs now belongs to its history. Egyptian authorities launched their first efforts to stamp out the deadly mosquito-borne infectious disease nearly 100 years. Certification is granted when a country proves that the transmission chain is interrupted for at least the previous three consecutive years. Malaria kills at least 600,000 people every year, nearly all of them in Africa. The WHO praised "the Egyptian government and people" for their efforts to "end a disease that has been present in the country since ancient times".Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Nigeria’s telecommunications sector has again strongly rejected the Federal Government’s attempt to reintroduce a 5 per cent excise duty on telecommunications services. Stakeholders described the move as insensitive to the current economic climate and the financial struggles faced by consumers. The excise duty structure in the bill indicates that telecom services, including postpaid and prepaid services regulated by the Nigerian Communications Commission, will attract a five per cent duty. The proposal added that Services, including telecommunications, gaming, gambling, betting, and lotteries, however, described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Transmission Company of Nigeria has promised a backup or buffer system to ensure that Nigerians won’t be thrown into blackout whenever the national grid collapses. TCN Managing Director, Sule Abdulaziz, blamed aged infrastructure as old as 50 years for the frequent grid collapses in the country. Abdulaziz says they are trying to upgrade all transmission lines adding that though the government might not have enough money for the project, the TCN has been working in partnership with private companies to mobilise funds.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Ukrainian President Volodymyr Zelenskyy has accused North Korea of sending not only weapons but also soldiers to help Russia in its war against Ukraine. He says Ukraine and its allies needed to evolve their response in light of Russia’s deepening alliances and reiterated his call for increased military support to prevent a bigger war. He says the front line needs more support. He says Ukraine needs greater long-range capabilities and more decisive supplies for forces not just a list of military equipment.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government is working to reverse Nigeria’s growing unemployment rate. Vice-President Kashim Shettima says that the current administration is committed to empowering Nigerians with globally competitive skills which would enable them excel anywhere in the world. He says the unemployment rates, the growing informal sector, and low labour force participation must be reversed. He says the unveiling of a blueprint for Narawa’s human capital challenges reaffirms the administration’s commitment to tackling each state's unique realities.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has proposed introducing a tax payment option that enables individuals to pay their taxes in instalments. It introduced this in the Nigeria Tax Bill 2024, recently submitted to the National Assembly for consideration and approval. Our correspondent obtained a copy of the draft on Sunday. The government also proposed the creation of a special account by the Accountant-General of the Federation for tax refunds. The government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection. The four new bills sent to the two chambers of the National Assembly are aimed at giving legislative frameworks to some proposals of the Presidential Fiscal Policy and Tax Reforms Committee headed by Taiwo Oyedele.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The United Nations Children’s Fund has partnered with Jigawa State and 14 other Nigerian states to domesticate the Safe School Policy, amid increasing concerns over the safety of educational institutions in the country. The Education Specialist at UNICEF’s Kano Field Office, Mr. Muttaka Muktar, highlighted the alarming number of school closures due to security challenges. He says non-state actors have destroyed more than 910 schools, and at least 1,500 have been forced to close down across Nigeria. He added that attacks on schools have intensified in recent years, particularly in the North-East, where the abduction of students has become a recurring issue.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

International bilateral electricity customers in Benin Republic and Togo owe Nigeria $5.79m for the energy consumed in the second quarter of 2024. The Nigerian Electricity Regulatory Commission says out of the $15.60m invoice issued by the market operator between April and June, the international customers remitted $9.81m. The foreign companies off-taking power from Nigeria are Para-SBEE in Benin Republic ($1.23m), Transcorp-SBEE in Benin, Mainstream-NIGELEC in Togo ($1.09m), and Odukpani-CEET in Togo ($3.47m). Para-SBEE in Benin Republic remitted 71.21 per cent of the $4.29m billed, Transcorp-SBEE in Benin remitted 100 per cent of the $4.25m it was billed; Mainstream-NIGELEC in Togo paid 69.72 of $3.59m, and Odukpani-CEET did not remit anything during the period.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Joe Biden visited the Tampa area of Florida on Sunday to conduct an aerial tour of the destruction caused by Hurricane Milton, the second major storm to hit the area in as many weeks. Biden pledged more than $500m (£380m) to help restore the state's damaged electrical grid. Biden thanked first responders and other local officials for their effort while offering his empathy to residents whom he said he knows are "heartbroken and exhausted". The president's pledge to provide over half a billion dollars to help repair Florida's electrical grid comes amid rising tension over budgeting on Capitol Hill.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

French President Emmanuel Macron has called for a halt on arms deliveries to Israel which has been bombing Gaza for a year now, and recently launched a military operation against Lebanon. While France is not a leading weapons provider for Israel, its voice as a key player in the European Union and as a permanent member of the United Nations Security Council carries significant influence amid international efforts to reach a political solution to the conflict in Gaza. The United Kingdom also announced that it was suspending some arms exports to Israel, citing a clear risk that they could be used in a serious breach of international humanitarian law.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The World Health Organization has approved the first diagnostic test for Mpox where the results can be immediately known, saying it could prove pivotal in helping to stop the rising global cases of the deadly virus. The new PCR test enables the detection of the Mpox DNA taken from skin lesion swabs. The WHO says of the more than 30,000 suspected cases reported in Africa this year, barely 40% had been confirmed through a test. Yukiko Nakatani, the WHO's assistant director-general, described the new diagnostic test as a significant milestone.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Rwanda says it will begin vaccine trials for the fatal Marburg virus, which has already killed at least 12 people in the country - most of them health workers. The East African country has received 700 vaccine doses from the Sabin Vaccine Institute, a US-based non-profit organisation. Health Minister Sabin Nsanzimana says those most at risk, like doctors, and those who have come in contact with Marburg patients, will be the initial target for the vaccine. Nsanzimana says people should not worry about health concerns about the vaccine as trials have already been held in Kenya and Uganda. The Marburg vaccine has only been tested in adults 18 and older, with no current plans to conduct trials in children.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation. Cardoso emphasized that the rate hike, while tough on borrowers, is crucial for the country’s economic stability. Cardoso says the decision to raise the Monetary Policy Rate to 27.25 per cent was a bold move adding that it was necessary to curb excess money in circulation and control inflation. He noted that the CBN’s focus on core objectives, such as containing inflation, restoring credibility, and building public trust in the financial system, is critical to any meaningful recovery.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government says 63 items have been exempted from Value-Added Tax. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, says the exempted items are contained in an official gazette for the Value Added Tax (Modification) Order, 2024. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the introduction of concessions to revitalise the oil and gas industry to boost Nigeria’s upstream and downstream sectors. The minister unveiled two major fiscal incentives. They included VAT modification order 2024 and notice of tax incentives for deep offshore oil and gas production, following the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.