Africa Business News

BRICS leaders at a summit took aim at US President Donald Trump’s “indiscriminate” import tariffs and recent Israeli-US strikes on Iran. The 11 emerging nations — including Brazil, Russia, India, China, and South Africa — account for about half the world’s population and 40 per cent of global economic output. BRICS members says the tariffs risked hurting the global economy, according to a summit joint statement. Trump says any country aligning themselves with the anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Trump has warned he will impose unilateral levies on partners unless they reach “deals” by August 1. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Elon Musk says he is launching a new political party, weeks after dramatically falling out with US President Donald Trump. The billionaire announced on his social media platform X that he had set up the America Party, billing it as a challenge to the Republican and Democratic two-party system. The Federal Electoral Commission had not published documents indicating the party had been formally registered. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Namibian government has announced a temporary ban on state funerals amid criticism over the rising costs of these burials. Only President Netumbo Nandi-Ndaitwah has the power to exempt funerals from the moratorium, the government said. Minister of Information and Communication Technology Emma Theofelus says the moratorium would last until April 2026, while a review committee looks into the "criteria and processes associated with bestowing official funerals". Ms Theofelus added that a committee consisting of "no more than seven members" would be established to lead the review. The government has not said whether the decision was related to mounting criticism of the increasing costs of the numerous state funerals as reported by local media. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigerian Upstream Petroleum Regulatory Commission has generated a total sum of N28.11bn in miscellaneous oil revenue tied to licensing fees and renewals within the first five months of 2025. The fund collected by the commission between January and May 2025 was remitted fully to government coffers. This comes amidst the scramble by over 40 Petroleum Prospecting Licence holders to renew their exploration permits. The commission described this category of income as revenue generated from granting approvals for various types of licences and permits. Still, it did not disclose the specific amounts earned from each source. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigerian Communications Commission, the regulator for telecom firms and internet service providers, has said it will introduce a portal for tower companies to report downtimes on their network facilities. It has also given them an August deadline to improve their infrastructure or face fines. The NCC says Nigeria experiences an average of two network outages daily, with a total of 349 major outages recorded across the country between January and June 2025. The NCC wants every company involved in the network connectivity value chain to be held accountable. When your internet connection frustrates you next time, it’s not enough to blame MTN, Airtel, Glo, or 9mobile. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government, through the Nigeria Data Protection Commission, has imposed a fine of N766million on Multichoice Nigeria for breaching the Nigeria Data Protection Act, citing violations of subscribers’ privacy rights and the unlawful transfer of citizens’ personal data across borders. The Head of Legal, Enforcement and Regulations at NDPC, Babatunde Bamigboye, says the sanction followed an investigation launched in the second quarter of 2024 after allegations surfaced regarding the company’s intrusive data processing activities. He says the probe uncovered multiple breaches, including the unauthorised processing of personal data belonging to both subscribers and individuals who were not Multichoice customers. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Donald Trump says a group of very wealthy people is set to buy short-form video app TikTok. Trump declined to share more details about the buyers, saying only that he would reveal their identities in two weeks Trump has repeatedly delayed a bill forcing owner ByteDance to sell the app or see it banned in the United States. In January, he said his “initial thought” was to create “a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership.” He’s also says he was open to allies Larry Ellison or Elon Musk buying the app, although Musk seems like a less likely candidate now. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Ethiopia’s central bank has issued a long-awaited directive allowing foreign banks and investors to formally enter its financial sector, marking a major step in the country’s broader economic liberalisation programme. Analysts say the move could inject new capital, boost competition, and accelerate the development of a sector that remains heavily dominated by the state-owned Commercial Bank of Ethiopia. The new licencing rules were published by the National Bank of Ethiopia, will provide a clear regulatory path for foreign banks to set up subsidiaries, open branches, or establish representative offices in the country. Foreign strategic investors can also acquire stakes in existing local banks, with individual ownership capped at 30%, and total foreign ownership capped at 40%. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Rwanda and the Democratic Republic of Congo have signed a peace deal in Washington aimed at ending decades of devastating conflict between the two neighbours, and potentially granting the US lucrative mineral access. The deal demands the "disengagement, disarmament and conditional integration" of armed groups fighting in eastern DR Congo. US President Donald Trump says the violence and destruction comes to an end, and the entire region begins a new chapter of hope and opportunity Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The National Health Insurance Authority has sanctioned 49 healthcare facilities and 47 Health Maintenance Organisations in 2024 over violations of its operational guidelines, the agency said on Sunday. Acting Director of Media and Public Relations, Emmanuel Ononokpono, noted that the key issues recorded in the complaints against HCFs were unavailability of medicines, denial of services, out-of-pocket payment for covered services and non-provision of payment narrations. He says the issues were related to delays or denials of referral authorisation codes, delays in settlement of agreed reconciled payments, refusal to monitor quality assurance in facilities, etc. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Governor Caleb Mutfwang of Plateau State has described Nigeria’s lingering insecurity as a problem created and sustained by the country’s elite. Mutfwang said the elite have contributed to deepening communal divisions and must take responsibility for reversing the trend. He says when the elite conspires to lead the people in the wrong direction there will continue to be perennial crisis He noted that while the “poisoning of minds” may often start at the community level, the elite have the power to halt such narratives—if they choose to. Mutfwang urged Nigeria’s elite to take greater responsibility in promoting unity and peaceful coexistence. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Nigeria's President Bola Tinubu has signed four finance bills into law in a set of major reforms aimed at restructuring the tax system in Africa's most populous nation. The government says the new laws will simplify revenue collection, reduce the tax burden on some individuals and businesses, while also helping to raise much-needed government income revenue by making collection more efficient. He says the tax reforms will protect low-income households and support workers by expanding their disposable income. Andersen Nigeria, a tax and business advisory firm says for people earning up to 1m naira a year, a rent relief of 200,000 naira will be applied, effectively reducing their taxable income to 800,000 naira which will means they will no longer pay income tax. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Iran threatened US bases in the Middle East after massive air strikes that Washington says had destroyed Tehran’s nuclear program, though some officials cautioned that the extent of damage was unclear. Ali Akbar Velayati, an advisor to Iran’s supreme leader Ayatollah Ali Khamenei, says bases used by US forces could be attacked in retaliation. Iranian Permanent Representative to the UN Amir Saeid Iravani says any country in the region or elsewhere that is used by American forces to strike Iran will be considered a legitimate target for our armed forces. President Donald Trump urged Iran to end the conflict after he launched surprise bunker buster strikes on a key underground uranium enrichment site at Fordo, along with nuclear facilities in Isfahan and Natanz. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world's most important shipping routes. Oil prices rose following the US attack on Iranian nuclear sites, with the price of the benchmark Brent crude reaching its highest level in five months. Marco Rubio says If Iran closes the Straits, it will be economic suicide for all countries Around 20% of the world's oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region. Any attempt to disrupt operations in the Strait could could send global oil prices skyrocketing. Head of Energy Research at MST Financial, Saul Kavonic, says the US is now positioned with an overwhelming defence posture in the region to be prepared for any Iran counter attacks. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Officials from Rwanda and the Democratic Republic of Congo have reached a draft agreement aimed at ending decades of conflict. The breakthrough, mediated by the US and Qatar, provides for the "disengagement, disarmament and conditional integration" of armed groups fighting in eastern DR Congo. It also includes provisions for a joint security mechanism to prevent future flare-ups. The peace deal is expected to be formally signed next week. The US State Department says technical teams had initialled the draft text ahead of a formal signing ceremony next Friday to be witnessed by US Secretary of State Marco Rubio. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Central Bank of Egypt has dropped a new rule for anyone running a digital payment business in Egyptwhether domestic or foreign company. The regulations outline the process for obtaining approval and licenses; set the rules for amending licenses; and specify the fees for inspections and supervision. The central bank says everyone must apply for a licence while existing companies have just 12 months to comply—they can keep running while the CBE decides if they meet the rules. Foreign companies must be licensed in their home countries. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has pledged full support to a $400 million Foreign Direct Investment plan to build Africa’s largest, rare earth and critical minerals plant in Nasarawa State, potentially creating over 10,000 jobs nationwide. Minister of Solid Minerals Development, Dele Alake, says that Hasetins hopes to add 12,000 metric tonnes to its current 6,000 metric tonnes installed capacity as preparations for the forthcoming groundbreaking of the additional facility gathers momentum. Alake says the establishment of the plant would promote skills transfer and boost the contributions of the solid minerals sector to the economy noting that it represents a significant milestone in efforts to spur investor confidence in the mining sector, Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Bola Tinubu has directed security agencies to redouble their efforts in defeating the remnants of Boko Haram insurgents in the country. The President described the attack as an act of cowardice and commiserated with the Borno State Government and the people of the state over the incident. He also directed the National Emergency Management Agency to support the survivors. He urged security agencies to double their efforts in routing remnants of the Boko Haram insurgents who resort to attacks on soft targets as a diversionary tactic. President Tinubu stressed the importance of workplace safety measures and tasked relevant government institutions with investigating the incident. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US President Donald Trump has ordered an expansion of the detention and deportation of migrants across the country as protests against his policies continue. Trump called on federal agencies to "do all in their power" to deliver "the single largest mass deportation programme in history", naming Los Angeles, Chicago and New York as specific targets. These cities are among the many where large-scale protests have broken out against raids on undocumented migrants since 6 June. Trump has faced legal challenges and criticism for his response to the protests - particularly his deployment of the military to quell the demonstrations. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

New York state lawmakers passed a bill that aims to prevent frontier AI models from OpenAI, Google, and Anthropic from contributing to disaster scenarios, including the death or injury of more than 100 people, or more than $1 billion in damages. The passage of the RAISE Act represents a win for the AI safety movement, which has lost ground in recent years as Silicon Valley and the Trump administration have prioritized speed and innovation. Safety advocates including Nobel laureate Geoffrey Hinton and AI research pioneer Yoshua Bengio have championed the RAISE Act. If passed into law, the bill would establish America’s first set of legally mandated transparency standards for frontier AI labs. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.