Africa Business News

The risk of soaring Chinese electric car prices in the EU could be easing after both sides agreed to negotiate a planned series of import taxes. Top officials from both regions spoke about the tariffs on a call and agreed to discuss them further, though frictions remain. The EU says Chinese EVs were unfairly subsidised by its government. In response, China accused the EU of protectionism and trade rule breaches. They said the two sides would continue to engage at all levels in the coming weeks. They said any negotiated outcome to the proposed tariffs must address the injurious subsidisation of Chinese EVs.

Kenya’s government has scrapped some proposed taxes in this year's controversial finance bill, including a 16% levy on bread, after a public outcry, The announcement by MPs came as police fired tear gas and used water cannons to try to disperse angry protesters in the capital, Nairobi. Dozens of people have been arrested, and lawyers earlier joined chanting crowds at the city's main police station to demand that detainees be freed. Kuria Kimani, chairman of the parliamentary finance committee, announced the U-turn over the new finance bill at a press briefing attended by President Ruto and other lawmakers in the ruling coalition.

A South African lawmaker has been suspended by his party, the Democratic Alliance after a series of old clips resurfaced online of him spewing violent racist language against black people. Renaldo Gouws initially insinuated one of the videos was doctored and denied it but a statement issued by the DA says it was genuine and not a fake. In the video, Mr Gouws, who was sworn into parliament last week, uses a local slur typically reserved for Black Africans repeatedly along with the n-word, and calls for black people to be killed. The centre-right DA the country's second-biggest party, has faced accusations of racism from critics who say the party wants to protect the interests of the white-minority population - a charge it denies.

President Bola Tinubu has directed that all civil servants drawing salaries from the government after relocating abroad should be made to refund the money. The President also directed that the supervisors and department heads of the culprits must also be punished for aiding and abetting the fraud under their watch. He reiterated that the government would take appropriate measures to ensure they were punished and the money refunded to the government treasury.

The Nigerian Air Force says that its airstrikes destroyed 13 illegal oil refining sites and seven boats in Rivers, Bayelsa and Imo states. NAF spokesman Edward Gabkwet says between June 18 and 22, 2024, its Air Component of Operation Delta Safe destroyed the illegal refining sites, seven Cotonou boats as well as dispersed five buses attempting to siphon suspected crude oil products from surface tanks. He says airstrikes against economic saboteurs and oil thieves would be sustained until the activities of the criminals are reduced to the barest minimum.

The Nigerian National Petroleum Company Limited , has shifted the delivery date for the $700m Obiafu-Obrikom-Oben gas pipeline project from March 2024 to August. The Minister for Petroleum Resources for States Resources (Gas), Ekperikpe Ekpo, says the project would now be completed and commissioned latest by August. The NNPCL says the River Niger Crossing operation has been the major impediment to the completion of the strategic OB3 Gas Pipeline for over three years, due to failure of the various technologies deployed to achieve the construction of the 48-inch pipe under the river bed between Ndoni in Rivers State and Aboh in Delta State.

Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. The apex bank’s latest monthly economic report, says the total consumer credit outstanding increased to N3,823bn in January 2024. The report further explained that a disaggregation of consumer credit revealed, that personal loans increased by 14.3 per cent to N3,028bn from N2,649bn in December 2023. A study by SBM Intelligence found that 27 per cent of Nigerians across different income categories now resort to loan apps to keep up with their living expenses in the wake of record inflation.

World leaders at the Ukraine summit for peace in Switzerland are exploring ways of ensuring the security of nuclear sites and of Ukraine's food exports. They are seeking to adopt a final communique which blames the war's widespread suffering and destruction firmly on Russia, which Kyiv would regard as a success. But Austria's leader has said that the declaration is not expected to gain unanimous support from participants. More than 90 countries and international organisations are attending the summit, aimed at creating the broadest possible backing for a process that could help end the war in Ukraine. Russia has not been invited, and its biggest backer China is not present, leading some to cast doubt on the summit's effectiveness. The draft final document, seen by Reuters news agency, calls for Ukrainian control to be restored over the Zaporizhzhia nuclear power plant and the country's ports on the Azov Sea, all currently occupied by Russia.

The Israeli military says it will hold a daily "tactical pause of military activity" along a road in southern Gaza to enable more humanitarian aid to enter, but emphasised that there is no ceasefire and combat would continue in Rafah. They will only affect a route that leads northwards from the key Kerem Shalom crossing, which Gaza shares with Israel. Aid agency ActionAid told the BBC it was getting a "confused" picture over what the pauses mean. Israel has been under continuous pressure from its allies, including the US, to prevent the humanitarian crisis in Gaza from worsening. The Israel Defense Forces says Sunday's announcement follows "additional related discussions with the UN and international organizations". The IDF clarified that there is no ceasefire in the southern Gaza Strip, and fighting would continue in Rafah.

A democratically elected president who was kicked out of power by the military a year ago should now lose his immunity from prosecution, Niger's top court has ruled. That decision by the newly created body clears the way for Mohamed Bazoum, 64, to be tried by a military court. He and his wife Hadiza have been detained in the president palace without a telephone since the coup last July. Since then, Niger's new military leaders have brought in drastic policy changes - including severing defence and diplomatic ties with former colonial power France and pivoting towards Russia. The ruling junta in the capital, Niamey, has been legally empowered to prosecute him on charges of treason, undermining national security and financing terrorism. Mr Bazoum's lawyers have called the process a "travesty" and withdrew from a hearing last week.

South Africa's governing African National Congress (ANC) and the main opposition Democratic Alliance (DA) have agreed to form a government of national unity, along with two smaller opposition parties. This follows weeks of speculation about who the ANC would partner with after losing its parliamentary majority for the first time in 30 years, in last month's elections. It got 40% of the vote, while the DA came second with 22%. The agreement paves the way for ANC leader Cyril Ramaphosa to remain president. ANC secretary-general Fikile Mbalula says the coalition deal is on track and that the agreement with opposition parties is a "remarkable step". DA leader John Steenhuisen said the deal was a "new chapter in our history".

The President of the Dangote Group, Alhaji Aliko Dangote, says it is expanding the storage capacity of his refinery by 600 million litres. He says This will enable the refinery to have a storage capacity of 5.3 billion litres. The Dangote Petrochemical Refinery currently has 4.78 billion litres of storage capacity for refined petroleum products. Dangote alleged that international oil companies refused to sell crude oil to his refinery because they did not want him to succeed. The business mogul said the refinery would be a strategic reserve for refined products. Dangote asked the Federal Government to enforce regulations stopping the importation of dirty fuels.

Cholera has killed 15 persons in Lagos State with 350 suspected cases reported in the state. The Lagos Ministry of Health says there are 17 confirmed cases of cholera in the state. Lagos State Commissioner for Health Professor Akin Abayomi revealed that 350 suspected cases of cholera were reported in 29 wards across multiple LGAs in Lagos State with 17 confirmed cases and 15 fatalities so far. The health commissioner says the laboratory investigation and test results have confirmed Cholera sub-type O-1. This subtype is associated with more severe disease. According to our ongoing surveillance and monitoring updates, the pattern of new cases per day varies across LGAS. He says there is a need for residents to adhere strictly to precautionary, personal, and environmental hygiene measures.

Nigeria’s inflation rate increased to 33.95 per cent in May 2024, the National Bureau of Statistics disclosed in its latest data. The NBS Consumer Price Index report shows an increase of 0.26% points when compared to the April 2024 headline inflation rate, The data revealed that on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. A month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%). The NBS report also revealed that the Food inflation rate in May 2024 was 40.66% on a year-on-year basis, which was 15.84% points higher compared to the rate recorded in May 2023 (24.82%).

Israeli war cabinet minister Benny Gantz has quit the emergency government in a sign of deepening divisions over Prime Minister Benjamin Netanyahu's post-conflict plans for Gaza. Mr Gantz says the decision was made with a "heavy heart adding that Mr Netanyahu preventing true victory, which is the justification for the painful ongoing crisis. Considered by some to be a potential challenger for power in Israel, Mr Gantz called on Mr Netanyahu to set a date for elections. Mr Gantz is a political rival of Mr Netanyahu and a former chief of staff of the Israel Defense Forces. Immediately after the announcement, far-right National Security Minister Itamar Ben-Gvir demanded a place in the war cabinet.

Kenya's President William Ruto has reversed a contentious ban imposed in parts of the country on muguka, a variety of the popular stimulant known as khat or miraa. The consumption of freshly plucked buds and soft leaves has been blamed for a rise in mental health issues and increased social ills, including crime. Three county governors from the coastal region banned its sale and use last week, sparking anger in the areas where the crop is grown. President Ruto says the muguka crop was legal and its sale should not be prevented. Mombasa Governor Abdulswamad Shariff Nassir earlier banned the entry, transportation, sale and consumption of muguka citing its harmful effects, especially on young people. Governor Nassir said more than half the people recovering in Mombasa rehabilitation centres were muguka addicts.

Schengen visa statistics released more expenses await African nationals seeking visas to enter the European Union as the EU plans to increase visa fees. The report stated that starting from Tuesday; African nationals would pay €90 instead of €80 for a Schengen visa application The report stated that the EU had earned €3.4m from rejected Schengen visa applications submitted by Nigerian citizens. The report noted that many rejected visa applications had caused African nationals to spend millions every year, with the fees known as ‘reverse remittances’ benefitting no one but the EU countries.

Newly released data by the Nigerian Bureau of Statistics has revealed that exports of agricultural goods from Nigeria to other countries, increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270 per cent when compared to the value recorded in Q1, 2023 (₦279.64 billion). The NBS’s report on ‘Foreign Trade in Goods Statistics’ for Q1, 2024, noted that most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports to Europe with ₦366bn. The reports added that export of agricultural products was dominated by ‘Sesamum seeds’ valued at ₦247.75bn, ‘Superior quality Cocoa beans,’ with ₦231bn and ‘Standard quality Cocoa beans’ with₦140bn.

State governors have called on the federal government to enforce a no-meter, no-service policy for all new electricity connections in the country. State governments highlighted the critical importance of electricity meters in bridging the significant metering gap, which is essential for the viability of sub-national markets. The states also argued that State Electricity Regulatory Commissions (SERCs) should have the autonomy to determine the most suitable meter technology, type, and form for deployment within their respective electricity markets. This is as the states are getting set to eliminate electricity subsidies in their territories as more states gear up to join others in running their different power markets under their own laws.

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.