News : Africanews

A new bill targeting Chinese telecom equipment makers Huawei and ZTE was passed by Congress on Wednesday. Beijing called the measure protectionism disguised as national security

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Cameroon becomes first importer of Dangote's petroleum

Business • 8:27 AM

1 min

The first export of 60,000 tonnes of refined petroleum went to Neptune Oil, a major distributor and retailer in Central Africa. The company said it was working with the refiner to establish 'a reliable supply chain that will help stabilize fuel prices and

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African development bank approves $108 million loan for Zambia

Business • 5:47 PM

2 min

The African Development Bank Group's Board of Directors has approved a $108 million loan to Zambia to enhance the nation's economic governance and implement reforms in essential public sectors.

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Burundi 2040: Is Corruption Undermining the Vision? [Business Africa]

Business • 4:11 PM

3 min

This week, we explore Burundi's ambitions to become an industrial economy by 2040, Burkina Faso's progress in industrialization through crowdfunding, and the potential of the leather and footwear sector in Nigeria.

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Food banks gain popularity as Nigerians grapple with high living costs

Business • 9:41 AM

5 min

With over 30 million Nigerians facing acute hunger, according to the United Nations, food banks — previously uncommon in the country — have become a vital and welcome lifeline.

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Morocco Sees Record 15.9 Million Tourists in 2024

Business • 5:52 PM

1 min

Morocco received a record 15.9 million tourists in the first 11 months of this year, surpassing the total in the entire previous year

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USA: McKinsey pays fine for corruption in South Africa

Business • 11:47 AM

1 min

An African subsidiary of consulting firm McKinsey & Company Inc. will pay a criminal fine of more than $122 million to end a U.S. Justice Department investigation into a years-long bribery scheme of South African officials, U.S. authorities said Thursday.

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Africa’s Green Economy: A Job Creation Revolution by 2030 {Business Africa}

Business • 6:31 AM

2 min

Africa's Green Economy is set to create 3.3 million jobs by 2030, driven by solar energy and climate-smart agriculture according a report while Zenith Bank Plc launches its Paris branch, a major milestone in its global expansion strategy.

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Bitcoin surges past $100,000, marking a major milestone in cryptocurrency’s journey

Business • 7:47 AM

2 min

Analysts view the $100,000 threshold as not just a psychological benchmark but also a signal of Bitcoin’s evolving role in the global financial ecosystem.

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Ramaphosa says G20 to caution itself from Trump's America First policies

Business • 7:12 AM

2 min

Ramaphosa reassured about the relevant steps they have taken as a group to caution against Trump's America First approach in his second administration, which starts on Jan. 20.

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South Africa poised to take over the leadership of the G20 on Sunday

Business • 8:07 PM

1 min

South Africa is poised to take over the leadership of the G20 on Sunday. This is the first time an African country is taking the presidency of a Group of 20 countries.

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Nigeria's Ngozi Okonjo-Iweala wins second term as WTO chief

Business • 3:58 PM

1 min

Her reappointment comes amid fears of a trade war when US president-elect Donald Trump assumes office in January.

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ILO says global wage inequality has declined but many challenges remain

Business • 10:51 AM

2 min

Its latest report showed that wage inequality has decreased globally at an annual rate of 0.5 to 1.7 per cent since 2000.

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Central African Republic: Shaping diamond's future post-embargo [Business Africa]

Business • 6:29 PM

2 min

This week: the lifting of the diamond embargo in CAR, a turning point for the economy, the GIMPay project reinventing payments in Nigeria, and the challenges of circular textiles in Ghana.

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Zimbabwe seeks debt restructuring to unlock funding and rebuild economy

Business • 1:49 PM

1 min

Zimbabwe's President Emmerson Mnangagwa hosted creditors and finance executives on Monday to discuss plans for clearing the country's $12.7 billion external debt and restructuring arrears.

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IMF highlights progress in Egypt’s reforms and global economic updates

Business • 4:31 PM

2 min

The IMF highlighted signs of economic stabilization in Argentina following a year of contraction. Leaders are exploring new arrangements to address the country’s $44 billion loan with the Fund.

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Kenya cancels airport and energy deals with Adani group after the U.S. indicts the tycoon

Business • 3:19 PM

2 min

President William Ruto in a state of the nation address said the decision was made “based on new information provided by our investigative agencies and partner nations.”

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Africa's hight cost of climate change [Business Africa]

Business • 2:00 PM

3 min

Climate change-related weather events and conditions are placing disproportionate burdens and risks on Africa. Such events as droughts, floods and cyclones are increasing, leading to massive population displacement and considerable economic losses.

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US vetoes UN resolution demanding a cease-fire in Gaza for 4th time

Business • 9:55 PM

5 min

The council voted overwhelmingly in favor of the resolution — 14 of its 15 members voted “yes” including U.S. allies Britain and France — but it was doomed by the veto.

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EU pledges $96M loan to Cameroon to boost infrastructure

Business • 9:02 PM

2 min

The European Union pledged Tuesday to lend 91 million euros ($96 million) to Cameroon over the next three years to boost the West African country's infrastructure and attract foreign investment.

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Brazil hands over G20 Presidency to South Africa

Business • 8:30 PM

1 min

Brazil's President Luiz Inácio Lula da Silva closed the Group of 20 summit on Tuesday and handed over the presidency to South Africa.

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Ethiopia: Electromobility, turning point or illusion? [Business Africa]

Business • 11:09 AM

3 min

This week, we examine Ethiopia's goal of reaching 440,000 electric vehicles by 2030, featuring an interview with the CEO of Dodai. We also discuss mobile cafés in Morocco, which provide opportunities, and Lienne Shonhiwa, the founder of Manetain Organics

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Pro-palestinian demonstrators protest in Rio de Janeiro as G20 summit unfolds

Business • 10:16 AM

1 min

Protesters took to the streets of Rio de Janeiro, where the G20 summit is taking place, calling for an end to the war in Gaza and for the Brazilian government to sever ties with Israel.

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Climate crisis takes centre stage at G20 summit in Brazil

Business • 6:45 AM

2 min

On Tuesday, G20 leaders are expected to discuss sustainable development and the transition to cleaner energy.

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World leaders gather in Brazil for G20 summit amid global tensions

Business • 4:42 PM

1 min

The summit comes at a challenging time, with ongoing wars in Ukraine and the Middle East and the recent U.S. presidential election victory of Donald Trump

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Activists highlight plight of world's hungry ahead of G20 summit in Brazil

Business • 10:44 AM

1 min

The protest which was organized by the NGO Rio da Paz or Rio for Peace sought to draw the attention of the leaders of the world's richest nations on the scourge of hunger.

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Nigeria's inflation rate surges as food prices escalate

Business • 4:38 PM

1 min

A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77%. The jump was attributed to a steep rise in the prices of staples such as maize, rice and cooking oil

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COP29: What next for Africa's energy transition?

Business • 3:24 PM

1 min

Africa stands at a crossroad in the global energy transition. So how can the continent address its energy needs whilst navigating the climate crisis?

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Turkey offered partner status by BRICS amid bid to balance East-West ties

Business • 2:06 PM

1 min

The offer comes after Turkish President Recep Tayyip Erdoğan attended a BRICS summit in Kazan, hosted by Russian President Vladimir Putin, underscoring Ankara’s aspirations for deeper engagement with the group.

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Civil society takes center stage at Brazil’s G20 social summit

Business • 9:07 AM

2 min

The event is part of Brazil’s broader G20 agenda to promote sustainable development, green energy transitions, poverty eradication, and reduced inequality, setting a collaborative tone for the upcoming leaders’ summit in Rio.

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New era of sovereignty in Mali's gold sector [Business Africa]

Business • 3:21 PM

3 min

This week, we explore the dynamic changes in Mali's mining sector, as the government strengthens its control over gold resources. We also look at Tanzania's ambitions to boost its mining industry and Zimbabwe's real estate market as a safe haven for inves

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Nigeria signs $1.2 billion deal with Chinese state-owned company to revamp key gas plant

Business • 11:52 AM

2 min

Minister of State for Gas Ekperikpe Ekpo expressed optimism about the “significant investment,” stating that it would position the smelter “back on the path to becoming a leading aluminium producer for both domestic and international markets.”

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DRC on a mission to financing the world's largest hydropower dam

Business • 2:21 PM

4 min

The Grand Inga project requires an estimated $80 billion in investments to produce 40,000 megawatts of electricity—enough not only to meet the demands of the DRC but also to support other African countries facing energy shortages.

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UN agricultural fund calls for adaptation financing for small-scale farmers

Business • 11:35 AM

2 min

Ahead of the COP29 climate change conference, IFAD says a proposed climate finance goal needs to prioritise the needs of small farms.

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Botswana's new government races to diversify its economy {Business Africa}

Business • 8:00 PM

2 min

With unemployment on the rise and a downturn in diamond demand, can Botswana's new administration succeed in driving economic diversification? In Ethiopia, despite efforts to reduce fuel dependence and pollution, electric vehicle owners face obstacles du

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Benin: Tapping the potential of luxury tourism [Business Africa]

Business • 12:23 AM

4 min

In this Business Africa episode, you'll get to meet the head of hotel's first 5-star hotel. Also on the program, funding cultural and creative industry and we'll look at how Morocco built an investor-friendly climate.

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South Africa projects wider deficits and rising debt despite improved growth

Business • 6:32 AM

1 min

The Treasury forecasted a 5.0% deficit for the fiscal year ending March 2025, up from the 4.5% expected, with next year’s deficit now estimated at 4.3% of GDP.

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Kenya's supreme court reinstates 2023 finance law after appeals court nullification

Business • 6:15 AM

1 min

The 2023 finance law, which included increased fuel taxes, a housing levy, and higher top income tax rates, triggered opposition-led protests and unrest, leading to over 60 deaths in June and July. In response, Ruto withdrew this year's bill, delaying an

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Financial audit forces Senegal to reassess IMF program strategy

Business • 8:25 AM

3 min

The Minister of Finance, Cheikh Diba, announced during the annual IMF meetings in Washington that Senegal's program with the international institution needs to be revised following an audit that revealed a higher debt and budget deficit than previously re

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Malaysia, Ethiopia agree to strengthen bilateral ties

Business • 1:39 PM

1 min

Ethiopian prime minister Abiy Ahmed and his Malaysian counterpart Anwar Ibrahim held talks in Putrajaya on Saturday in which the two sides agreed to collaborate further in several sectors including agriculture, industry and trade, and investment

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IMF: Outlook for sub-Saharan Africa is improving but challenges remain

Business • 11:17 AM

3 min

In its latest report it says while the economic outlook in the region is improving, implementing reforms is increasingly difficult.

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Egypt's economic outlook: Growth expected amidst IMF reforms

Business • 2:16 PM

2 min

Key forecasts show gradual recovery following austerity measures

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Putin concludes BRICS summit with call for UN reform

Business • 1:38 PM

2 min

Russian President Vladimir Putin led the final session of BRICS summit, advocating for reforms at the UN to increase the representation of Asian, African, and Latin American nations.

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Africa’s growing role in BRICS: Opportunities and challenges {Business Africa}

Business • 10:20 AM

1 min

African nations tap into BRICS for trade and infrastructure development, while Zimbabwe's young population drives internet demand, with over 11.5 million users pushing SpaceX's Starlink to capacity in Harare, raising questions about affordability and comp

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Charges dropped: Binance executive freed by Nigerian court decision

Business • 8:06 AM

2 min

A Nigerian court ruled that Binance executive Tigran Gambaryan should be released after the government dismissed money laundering charges against him, enabling him to seek medical treatment overseas.

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Ethiopian PM Abiy Ahmed meets Putin at BRICS Summit, pushes for stronger trade ties

Business • 5:49 AM

1 min

Ethiopia formally joined the group of emerging economies earlier this year. It is one of the newest members of the block.

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BRICS: African leaders call for reforms of international institutions

Business • 5:38 PM

2 min

African leaders attending the BRICS summit in Russia, spoke out on Wednesday about what they see as important issues on the international stage.

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Economic collaboration: Putin's vision for BRICS at Kazan summit

Business • 4:09 PM

2 min

At the BRICS summit in Kazan, Russian President Vladimir Putin discussed the economic potential within the member nations.

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Egyptian, Russian leaders agree to strengthen ties during Brics summit

Business • 10:48 AM

1 min

As El-Sissi stressed his desire to enhance cooperation; a feeling shared by Vladimir Putin on Tuesday (Oct. 21). Egypt is one of 5 nations which were invited to join the BRICS this year.

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CAF unveils 2022-2023 financial report, projects net profit next year

Business • 6:00 AM

2 min

Patrice Motsepe who was elected at the helm of CAF in 2021 hailed the body's reduction in losses. Officialy, the losses were reduced to $ 9.2 million from $ 28.9 million. CAF projects net profit in next financial year.

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South African Minister of International Relations hails ties with China, ahead of BRICS summit

Business • 8:38 PM

1 min

Ahead of the BRICS summit of emerging economies taking place in Russia, the South African Minister of International Relations hailed ties with China. Ronald Lamola described the relationship between the two nations as based on mutual trust. The BRICS summ

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Vladimir Putin holds bilateral talks with Cyril Ramaphosa on sidelines of BRICS summit

Business • 7:09 PM

1 min

Russian president Vladimir Putin hosted bilateral talks with his South African counterpart, Cyril Ramaphosa, on Tuesday. These discussions were held on the sidelines of the BRICS summit, which kicked off on the same day. Both leaders hailed the relationsh

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Putin hosts BRICS summit, Defies Western isolation

Business • 1:16 PM

1 min

The leaders of China, South Africa and India arrived in Russia on Tuesday for the BRICS summit of emerging economies. The meeting will see president Vladimir Putin host more than 20 heads of state, in a move that defies expectations that the Ukraine war a

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16th BRICS summit: a test of Moscow's influence in world affairs

Business • 10:06 AM

4 min

Russian President Vladimir Putin is set to host leaders for the 16th annual BRICS summit, on teusday aiming to demonstrate that Moscow remains engaged on the global stage showcasing BRICS coalition as a counterbalance to Western influence in international

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Putin says BRICS countries will drive economic growth in coming years

Business • 9:48 AM

2 min

He was speaking at the bloc’s business forum which comes ahead of the BRICS summit in the Russian city of Kazan from 22-24 October.

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Global South experts see BRICS expansion as positive

Business • 7:03 AM

1 min

Experts from 40 think tanks were speaking at a Global South meeting ahead of the BRICS summit in Russia from 22-24 October.

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Russia's Putin praises economic growth of BRICS countries, says they are exceeding G7

Business • 1:56 PM

2 min

Putin noted that the total GDP of the members of the BRICS association is more than 60 trillion dollars and that its total share in the world gross product "confidently exceeds" the corresponding indicators of the G7 group.

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Egypt increases fuel prices by 10% to 17%

Business • 1:04 PM

1 min

Egyptians have been grappling with soaring inflation as they navigate rising daily costs that reached another high over the summer including a previous 10% increase in fuel prices, a hike in subway fares and the local currency sliding against foreign curr

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Egypt's Economy Hard Hit by Gaza War [Business Africa]

Business • 3:06 PM

4 min

The Egyptian economy, already struggling for several years, has been severely impacted by the war in Gaza. The escalation of the conflict between Israel and its neighbors has become yet another obstacle to economic reforms and development in Egypt.

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