Africa Business News

The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle factories and increased industrial collaboration. Ambassador Dunhai emphasised the strategic importance of Nigeria in China’s foreign policy adding that Nigeria is a great country blessed with tremendous natural resources. Chinese companies are already deeply involved in Nigeria’s mining sector, from exploration to processing. He noted that both presidents agreed to elevate bilateral ties to a comprehensive strategic partnership, unlocking new avenues for cooperation. He stated that the embassy consistently advises Chinese firms operating in Nigeria to respect local laws, fulfil corporate social responsibility and uphold environmental and safety standards. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Bola Tinubu has approved the issuance of critical regulatory licenses for the Kolmani Integrated Development Project. The project is a multibillion-dollar oil exploration initiative located between Bauchi and Gombe states. The Minister of State for Petroleum Resources (Oil) says the development was revealed during the flag-off ceremony for the construction of the permanent site of the Bauchi Oil and Gas Academy in Alkaleri Local Government Area. The Kolmani Integrated Development Project, first inaugurated in November 2022, marked the start of oil exploration in Northern Nigeria. It’s situated in the Kolmani River II oil field, a border community between Bauchi and Gombe States. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Nigeria’s Central Bank, in collaboration with the Nigeria Inter-Bank Settlement System launched a platform to make it easier for Nigerians living abroad to get their Bank Verification Number (BVN) remotely. Nigerians abroad are expected to get a Non-Resident Bank Verification Number and they are required to pay ₦80,000 ($50). The launch of the NRBVN platform is part of a bigger push to drive remittance inflows— money sent from workers abroad back to their home country—and strengthen Nigeria’s foreign exchange reserves as remittances are a significant source of foreign exchange for the country. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has concluded key legal and governance frameworks required for the operational rollout of the African Energy Bank as preparations for its official launch enter the final phase. The Special Assistant on Media and Communications to the Minister, Nneamaka Okafor says the meeting assessed progress on the bank’s establishment and confirmed that critical milestones had either been completed or were progressing on schedule. He added that the review confirms that every critical milestone is either completed or on schedule and remains fully aligned with continental partners. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The US and China will give details of “substantial progress” touted by Washington on trade talks aimed at ending a devastating tariff war launched by US President Donald Trump that has wiped billions off equities and brought chaos to international commerce. US Treasury Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang for closed-door talks in Geneva on Saturday and Sunday. Both sides sounded an optimistic note after the talks ended on Sunday, without providing many specifics, with the White House calling it a new “trade deal”. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Russian President Vladimir Putin proposed direct negotiations in the coming days to end the conflict in Ukraine but did not address a 30-day ceasefire proposal drawn up hours earlier by European allies of Kyiv, reportedly with US backing. Putin proposed direct talks with Ukraine in Istanbul on May 15 — hours after Kyiv and the leaders of France, Germany, Britain and Poland had called for an unconditional 30-day ceasefire to start on Monday. Russian and Ukrainian negotiators held direct talks in Istanbul in the first weeks of the conflict, but failed to agree to halt the fighting, which has been raging ever since. Putin says he was committed to serious negotiations with Ukraine and that he wanted talks to “eliminate the root causes of the conflict and to establish a long-lasting peace. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Safaricom Ethiopia, the subsidiary of Kenya’s largest telecom operator, narrowed its losses by 65% to $165.7 million in 2024. The group company posted an 11% jump in 2024 full-year profit to $540 million, buoyed by stabilising losses from its Ethiopian expansion and steady growth in mobile money and data in Kenya. Safaricom is laying the rails for mobile money dominance in a country where 90% of transactions are still cash-based. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Taliban government in Afghanistan has banned chess until further notice due to fears the game is a source of gambling. Officials says the game has been prohibited indefinitely until its compatibility with Islamic law can be determined. Atal Mashwani, the spokesman of the Taliban government's sports directorate, says chess in Islamic sharia law is "considered a means of gambling". He says there are religious considerations regarding the sport of chess adding that until these considerations are addressed, the sport of chess is suspended in Afghanistan. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

South Africa has criticised the US as reports emerge suggesting Washington could receive white Afrikaners as refugees as early as next week. South Africa's foreign ministry described the purported move as "politically motivated" and designed to undermine South Africa's "constitutional democracy". Trump earlier described Afrikaners as victims of "racial discrimination" in an executive order, opening up the prospect for them to resettle in the US. The South African authorities says they would not block the departures of those chosen for resettlement, but says hey had sought assurances from the US that those selected had been fully vetted and did not have pending criminal charges. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Kebbi State Government has announced the release of over N266 million for the payment of tuition fees for 100 students of Kebbi origin studying in India. Kebbi State Commissioner for Higher Education, Isah Tunga, described the efforts of the governor as a significant step towards taking education to greater heights. “The Kebbi State Government, under the able leadership of Governor Nasir Idris, the education promoter, has approved and released the payment of tuition fees of N266,964,560 for the 100 students of Kebbi State indigenes studying in various universities in India. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Human Rights lawyer, Femi Falana, SAN, has called on the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund by Nigeria to fight the COVID-19 pandemic. Falana asked the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were used for their intended purposes. He further urged the IMF to suspend the collection of the scheduled charges, including net charges, basic interest, and administrative fees, amounting to N275.28 billion pending the conclusion of its investigation. The International Monetary Fund confirmed that Nigeria had fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrumentbut scheduled charges, including net charges, basic interest and administrative fees, amount toN275.28 billion. Become a supporter of this podcast: https://www.spre

US President Donald Trump says he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being devastated by a trend of US filmmakers and studios working abroad. The announcement comes as the White House is coming under mounting criticism over its aggressive trade policies that have seen Trump impose sweeping tariffs on countries around the globe. Trump authorised the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Donald Trump says he is directing his government to reopen and expand Alcatraz, the infamous former prison on an island near San Francisco's Golden Gate Bridge. President Trump says that for too long America has been plagued by vicious, violent, and repeat criminal offenders". The reopening of Alcatraz - once notorious as one of the US's toughest prisons - would serve as a "symbol of law, order, and justice," he said. Leading Democrats said the proposal was "not a serious one". The maximum security facility, also known as The Rock, was closed in 1963 and it is currently operating as a successful tourist site. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Kenyan commercial banks have rejected the Central Bank’s proposed loan pricing model, arguing it risks reintroducing interest rate controls through the back door. The Central Bank wants lenders to price credit using the Central Bank Rate plus a regulated premium known as “K”—but banks prefer a market-driven benchmark like the interbank rate. The CBK aims to make interest rates more transparent and better aligned with monetary policy however the banks say the new formula could limit their ability to price risk effectively, especially when lending to small businesses. They argue that strict pricing rules would reduce credit flow to riskier sectors and undermine efforts to support economic growth. Banks also noted the potential disruption to their existing SME loan commitments. The Kenya Bankers Association says lenders have pledged to disburse KES150 billion (annually to SMEs. Imposing a rigid pricing formulacould make those goals harder to meet. Become a supporter of this podcast: https://www.spreaker.com/po

South African President Cyril Ramaphosa has announced a judicial inquiry into allegations of political interference in the prosecution of apartheid-era crimes. The announcement comes three decades after the end of white-minority rule - and after a group of survivors and victims' relatives sued Ramaphosa's government over a perceived lack of justice. A presidential statement says Ramaphosa is determined that the true facts be established and the matter brought to finality. Plaintiffs include the son of Fort Calata who, among a group of anti-apartheid activists who came to be known as the Cradock Four, was burnt and killed by security forces in 1985. The presidency acknowledged that allegations of improper influence in delaying or hindering the investigation and prosecution of apartheid-era crimes have persisted from previous administrations. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, adding to fears of oversupply of crude. OPEC+ member countries announced that they would increase oil production in June. Saudi Arabia, Russia, and six other members of the oil-producing countries will implement a production adjustment of 411,000 barrels a day in June, up from May’s 137,000 barrels. The group says the decision was after the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman), met virtually to review global market conditions and outlook. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

A court in Tunisia has sentenced former Prime Minister Ali Laarayedh to 34 years in prison on a raft of terrorism charges. He is the latest high-profile critic of the president to be jailed as campaigners slam "sham trials" in the country. Laarayedh was charged with setting up a terrorist cell and helping young Tunisians travel abroad to join Islamist fighters in Iraq and Syria. Laarayedh has consistently denied any wrongdoing and said the case was politically motivated. Rights groups say these trials have highlighted Saied's authoritarian control over the judiciary, after dissolving parliament in 2021 and ruling by decree. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Minister of Housing, Ahmed Dangiwa, says the Federal Ministry of Housing and Urban Development will collaborate with the German Development Cooperation to pilot a Green Mortgage Scheme in Nigeria. Dangiwa says they see strong potential to adapt a similar green mortgage model within the Federal Mortgage Bank of Nigeria under the National Housing Fund Scheme. The plan is to drive the supply and uptake of energy-efficient affordable homes under the Renewed Hope Housing Programme. Dangiwa noted that the scheme aligned with President Bola Tinubu’s Renewed Hope Agenda to create sustainable, climate-resilient communities. The minister emphasised that as part of the collaboration, the ministry plans to embed energy-efficient standards in all housing projects. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Kenyan Wall Street reported that the country’s central bank is looking to add gold to its foreign exchange reserve in hopes of giving its struggling reserves some buffer. Gold hauled in over 180% in the last month, summing up an impressive rally that started in January to cross $3,000 for the first time in decades. Gold (in ounces) now costs $3,218. Trump’s inspiring policy-making and the ongoing will-they-won’t-they situation with China. This drove up a gold cash grab, with investors backing the asset against piling up the greenback. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

A senior figure from South Africa's ruling ANC party has defended his country's sovereignty amid growing tensions with the US over race relations and a new land law. ANC National Chair Gwede Mantashe says they are a free country not a province of the United States and that sovereignty will be defended. US President Donald Trump has hit out at South Africa's new expropriation law, signing an executive order in February stating it was a means to which the government could "seize ethnic minority Afrikaners' agricultural property without compensation". President Cyril Ramaphosa says the law ensures "public access to land in an equitable and just manner. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.