News : Africanews

The Chinese-built pipeline which runs from Niger's Agadem oil fields to Benin's port of Seme began transporting crude in May. But Cotonou soon blocked it citing Niamey's refusal to open its border to trade

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Cameroon: French court backs Douala port in Bolloré dispute

Business • 9:44 AM

1 min

The court overturned a previous decision by the Paris Chamber of Commerce, which had ordered the port of Cameroon's economic capital to pay €58.6 million to a Bolloré subsidiary that lost a bid for the concession

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Kenya: President Ruto open to dialogue with protesting youth

Business • 8:44 AM

1 min

Youth protests against the public finance bill, which introduces new taxes, continue. Last week, thousands protested nationwide, demanding its repeal. According to human rights organizations, two young protesters died, and at least 200 were injured

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Niger revokes French company's operating licence at major uranium mine

Business • 3:04 PM

2 min

The decision has highlighted tensions between the junta, which came to power in a coup in July last year, and France.

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Kenya: Demonstrators blockade streets in rally against finance bill

Business • 8:18 AM

2 min

Thousands of mostly young protestors gathered near the parliament complex in Nairobi as lawmakers sat to approve the finance bill. It proposes a string of new taxes and levies which the goverment are necessary to pay off debt and fund social services

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Kenya: More protests over controversial tax bill

Business • 2:44 PM

2 min

Demonstrators took to the streets of Nairobi and other cities across the country on Thursday saying the proposed tax hikes will raise the cost of living.

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Will Senegal leverage oil to transform its economy? [Business Africa]

Business • 7:48 AM

2 min

Senegal enters the oil era with Woodside Energy. Traveling in Africa remains challenging due to poor air connectivity. In Zimbabwe, despite El Niño-induced drought, horticulture is growing and creating opportunities for farmers.

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Remittances: A growing lifeline for the unbanked

Business • 4:30 PM

2 min

The digitalization of sending remittances in the last decade has led to huge improvements in access for millions of the world's poorest rural people, yet the costs of sending those remittances in some countries like Kenya are still prohibitive.

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G7 Summit: Meloni meets with the President of Algeria, Abdelmadjid Tebboune

Business • 4:15 PM

1 min

During the meeting, the two Leaders expressed their deep satisfaction with the excellent state of bilateral relations, notably in the economic domain, where relations continue to develop in the energy, agricultural and indu

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Nigeria secures $2.25B World Bank loan to back reforms despite hardship

Business • 2:40 PM

2 min

the bulk of the $1.5 billion loan will help protect millions who have faced growing poverty since a year ago when President Bola Tinubu came to power and took drastic steps to fix the country's ailing economy.

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G7: Leaders hold session on investments in Africa

Business • 10:06 AM

1 min

The infrastructure investments are meant to serve as an alternative to China’s development efforts, which the U.S. and its allies seek to contain.

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Partners of G7 leaders visit several attractions in Italy

Business • 9:11 AM

2 min

While G7 summit leaders discussing global conflicts and the situation in Africa their spouses visiting various cultural destinations in the vicinity of the Borgo Egnatia venue, in Fasano .

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Climate protesters prepare in Italy as leaders gather for G7 summit

Business • 6:34 AM

2 min

Dozens of international demonstrators gathered in Puglia on Thursday to prepare for this Saturday's protest against the G7 summit that is taking place in Borgo Egnazia.

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UN humanitarian affairs chief wants G7 action on conflict-fueled hunger

Business • 1:42 PM

1 min

In Gaza, UNICEF is warning that nearly 3000 children in south of the Israeli-blockaded strip have been cut off from treatment for moderate and severe acute malnutrition, putting them at risk of death

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Nigeria’s president says economic reforms will continue despite hardships

Business • 10:42 AM

1 min

Bola Tinubu said the economy had been in desperate need of reform for decades.

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Production starts at Senegal's first offshore oil project

Business • 9:05 AM

2 min

Production has started at Senegal's first offshore oil project, the Australian group Woodside Energy said Tuesday, as the country's new government eyes higher profits from natural resources.

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Lavrov holds bilateral talks with BRICS counterparts

Business • 8:02 AM

1 min

Russian Foreign Minister Sergey Lavrov held bilateral talks with his counterparts from Brazil, South Africa, Iran, Laos, Thailand and Ethiopia on Monday on the sidelines of the BRICS foreign ministers’ summit in Nizhny Novgorod, Russia.

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Paris Peace Forum advocates for fair transitions

Business • 5:17 AM

3 min

This year's theme is fair transitions as countries face the dilemma of reconciling environmental preservation with reducing the energy gap.

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Egypt stabilizes interest rate for the first time in 2024

Business • 3:35 PM

1 min

This stabilization comes on the heels of the government's decision to liberalize the exchange rate of the Egyptian pound on May 23.

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Central African Republic suspends activities of Chinese mining company

Business • 2:28 PM

2 min

The government of the Central African Republic has suspended the activities of a Chinese mining company in the country, accusing it of cooperating with armed militias, according to a government decree.

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The AfDB defines its strategy for the African economy [Focus]

Business • 12:25 AM

2 min

It was in Nairobi that the annual general meetings of the African Development Bank (AfDB) were held. The reform of the international financial architecture was on the agenda.

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Putin says Russian economy is growing despite heavy sanctions

Business • 4:31 PM

2 min

President Vladimir Putin said Friday that the Russian economy is growing despite heavy international sanctions and the country has expanded economic ties with countries in Africa, the Middle East and Asia, as he sought to court investors.

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Pink diamond expected to sell for $10 million at NYC auction

Business • 2:10 PM

2 min

A rare pink diamond is expected to fetch around $10 million when it is auctioned in New York next week. The Eden Rose ring has never been up for auction before.

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DR Congo seeks to curb dollar dominance by fronting use of local currency

Business • 4:13 PM

1 min

The goal of this measure is to increase the demand for Congolese francs and reduce dependency on the US dollar, which contributes to the weakening of the national currency.

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AI aligns with Africa’s economic landscape {Business Africa}

Business • 2:36 PM

1 min

In a bid to bridge the digital skills gap in Africa and reduce bias in AI applications, Zindi, and Microsoft have joined forces to train thousands of youths on the continent whil the Zimbabwe mining sector feels the heat as demand for energy transition a

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UN chief calls for a tax on profits of fossil fuel companies

Business • 5:31 AM

2 min

“We cannot accept a future where the rich are protected in air-conditioned bubbles, while the rest of humanity is lashed by lethal weather in unlivable lands,” Guterres said.

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Global public debt hit a record $97 trillion in 2023 - UN

Business • 8:56 AM

3 min

In its report entitled "A World of Debt," the agency said high interest payments are outstripping growth in essential public spending.

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South Korea seeks to expand mineral ties with some African countries

Business • 8:46 AM

2 min

South Korea hosted Wednesday (Jun. 5) a business forum attended by local and African industry leaders, the event was organized on the second day and final day of the inaugural Korea-Africa summit.

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With eye on the North, South Korea courts Africa with development aid

Business • 5:24 PM

4 min

South Korea’s outreach to Africa comes at a time when North Korea is becoming more active in trying to break out of its diplomatic isolation and build cooperation with African countries

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South Korea-Africa summit: 25 heads of state attend maiden meeting

Business • 9:21 AM

1 min

Trade with African nations currently accounts for less than 2% of South Korea’s total imports and exports.

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China's monitoring progress of negotiations on Zambia's debt restructuring

Business • 10:15 AM

2 min

China is closely monitoring the progress of negotiations on Zambia's debt restructuring and will take steps to support Zambia in dealing with relevant issues, Chinese Foreign Ministry spokesman Mao Ning said on Friday.

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AfDB's annual meetings end in Nairobi

Business • 8:27 PM

2 min

Over 3,000 participants from 82 countries attended the 5-day event. A Reform of the Global Financial Architecture to take into account climate-related challenges was high on the agenda this year.

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Gitex Africa: Start-ups carving their way into the global AI economy

Business • 7:48 PM

2 min

Powering Africa into the global AI economy was one of the ambitions of the 2024 Gitex tech fair which ended in Morocco Friday (May 31).

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Billions of dollars in gold flows illegally out of Africa each year - report says

Business • 9:00 AM

5 min

Between 32% and 41% of gold produced in Africa was not declared. In 2022, Ghana was the largest gold producer in Africa, followed by Mali and South Africa, it said.

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Gitex Africa: Morocco's tech fair focuses on continent's needs

Business • 4:50 PM

2 min

Around 1,500 exhibitors, companies, entrepreneurs, innovators and startups from over 130 countries are attending the second GITEX Africa tech show.

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BHP commits to South Africa economy amid Anglo bid support effort

Business • 1:22 PM

2 min

Australian mining giant BHP Group on Wednesday pledged to invest in South Africa's economy as it seeks support for a 38.6 billion pound ($49.3 billion) bid to acquire Anglo American, which was founded in the country more than a century ago and remains one

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Zimbabwe's new gold-backed currency faces public skepticism amid crackdown

Business • 2:09 PM

6 min

Although money typically doesn't require publicity, Zimbabwe's sixth national currency in 15 years needs all the help it can get.

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Ghana signs MoU to restructure $5.4 billion debt

Business • 1:51 PM

1 min

The MoU provides a framework for restructuring loans from official creditors, following an agreement by the Paris Club in January.

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ECOWAS bloc under growing pressure [Business Africa]

Business • 2:50 PM

2 min

Coming up this week: The uncertain future of ECOWAS amid economic and political challenges, the pipeline standoff between Benin and Niger, and the launch of the first turbine at the Nachtigal dam in Cameroon.

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Violence in New Caledonia affects nickel prices

Business • 3:31 PM

4 min

Global nickel prices have soared since deadly violence erupted in the French Pacific territory of New Caledonia last week.

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Nigeria: Financial sector experts optimistic about economic recovery

Business • 8:32 AM

5 min

Data by the National Bureau of Statistics (NBS) showed that Nigeria's financial service sector contributed N3. 8 trillion to Nigeria's Gross Domestic Product (GDP) in 2023

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South Africa's power utility to delay coal plants closures

Business • 5:02 PM

1 min

South Africa experienced one of its worst electricity crisis last year with daily power cuts of up to almost 10 hours. It strangled Africa's most developed economy. This put the spotlight on the government's energy transition strategy.

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UN forecasts improved prospects for the world economy

Business • 1:53 PM

2 min

According to its report, the world economy is now projected to grow by 2.7% this year, up from the 2.4% it forecast in its January report – and by 2.8% in 2025.

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Africa's Venture Capital landscape faces challenges

Business • 11:23 AM

1 min

With the funding landscape changing, African startups and investors are facing challenges.

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UN entrepreneurship forum focuses on innovation and growth

Business • 7:09 PM

2 min

It aims to empower entrepreneurial leaders who can build a brighter future and achieve sustainable development for all.

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Think tank says South Sudan faces an economic meltdown

Business • 3:50 PM

2 min

International Crisis Group says South Sudan is on edge as the war in neighbouring Sudan disrupts its oil exports.

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Nigeria suspends cybersecurity levy

Business • 10:51 AM

1 min

"The new levy was planned as authorities clamp down on cryptocurrency, which they have blamed for Nigeria's currency weakness,"

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Morocco’s automotive industry shifts gears to prep for EV era

Business • 8:41 AM

6 min

More than 250 companies that manufacture cars or their components operate in Morocco. French automaker Renault, the country's largest private employer, calls Morocco “Sandero-land” because it produces nearly all of its subcompact Dacia Sanderos there.

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Corruption: a critical barrier to progress [Business Africa]

Business • 11:21 AM

1 min

This week's lineup: Africa's ongoing battle against corruption, Zambia's copper industry threatened by an energy crisis, and the latex crisis in Cameroon's rubber plantations.

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Nigeria's detainment of Binance Executives sets alarming precedent, CEO warns

Business • 11:31 AM

2 min

Richard Teng, CEO of Binance, condemned Nigeria's detention of two of its executives during a crackdown on cryptocurrency.

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Cameroon: chocolate-makers squeezed by high cocoa prices

Business • 2:37 PM

3 min

After several years of poor cocoa harvests, chocolate-makers have already increased prices to consumers.

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Top 10 richest people in the world as of May 1, 2024

Business • 3:18 PM

3 min

Forbes' real-time billionaires list confirms Arnault's ongoing reign at the top, a position he has held since February 2024, closely trailed by Elon Musk, the visionary behind Tesla.

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Global Citizen NOW urges investment in Sub-Saharan Africa

Business • 8:53 AM

2 min

The conference, which aimed to channel resources toward fighting poverty, emphasized the crucial role of political, business, and philanthropic leaders in backing education and healthcare in the least-developed nations.

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Nigeria: Court adjourns trial of Binance and executives to May 17

Business • 2:05 PM

1 min

The adjournment came Thursday after a lawyer for the exchange said he had not been served with documents needed to prepare for the case.

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Nigeria: Uptick recorded in private funding for climate-tech startups

Business • 10:12 AM

5 min

“A lot of the VCs (Venture Capital) playing in this space right now in Africa are doing a really fantastic job, I think room for improvement is now to see that bigger investors now look at the model and participate and take the level of risk that VCs will

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Nigeria: Govt workers salaries increased by up to 35 percent

Business • 10:12 AM

2 min

Nigeria 's labour unions have been agitating for an increase in wages and salaries since last year when president Bola Ahmed Tinubu effected the removal of subsidies on petrol upon his assumption of office.

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Withdrawal limits as Zimbabwe releases new currency

Business • 3:33 PM

1 min

The highest denomination of the new currency, known as Zimbabwe Gold or ZiG, will be the 200 ZiG note, valued at approximately $15.

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African heads of states meet in Nairobi for World Bank summit

Business • 6:55 PM

2 min

Established in 1960, IDA is part of the World Bank and aims to reduce poverty by providing grants and zero-to low-interest loans for programmes that boost economic growth, reduce inequalities and improve people’s living conditions.

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Norwegian foreign minister criticizes western response to Gaza crisis

Business • 4:26 PM

2 min

The minister's remarks come at a time when the Gaza crisis has reached catastrophic proportions, with a desperate need for humanitarian aid and a call for durable peace in the region

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