Africa Business News

The country’s headline inflation for December 2024 slowed to about 24.1%, down from 25.1% in November. December’s figure was the lowest since 2022. The latest inflation rate has raised hopes of the first interest rate cut since 2022. The Central Bank of Egypt has held its interest rates since March 2024. The Egyptian government also agreed to cost-cutting measures, including the gradual removal of fuel subsidies and divestment from state-owned enterprises. The government recently sold 30% of its stake in state-owned United Bank. The IMF signed an $8 billion loan deal with the government in 2024, with the country on track for the disbursement of a $1.2 billion tranche of the loan.

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Nigeria’s justice ministry says close to $53m in alleged illicit funds recovered from Nigeria's former oil minister Diezani Alison-Madueke will be used to fund public services. The money is being sent back to Nigeria from the US, whose authorities allege that Alison-Madueke enriched herself, and others, while leading Nigeria's state oil firm by awarding contracts in exchange for bribes. The US alleged that the money was then used to buy a 65-metre superyacht called the Galactica Star plus multiple luxury properties in California and New York. Alison-Madueke, 64, has always denied all allegations of wrongdoing.

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The President of the African Development Bank, Dr Akinwumi Adesina, says Nigeria has secured $7.6bn in investment interests at the Africa Investment Forum 2024, which took place in Rabat, Morocco, from December 4 to 6, 2024. He expressed optimism about the potential impact of the investment interests, highlighting the presence of several Nigerian state governors at the forum The forum facilitated $29.2bn in total investment interests for various African projects, ranging from energy and infrastructure to agriculture and technology.

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The Federal Government has approved four airlines as official air carriers for pilgrims of the 2025 Hajj. The Executive Chairman, of the National Hajj Commission of Nigeria, Prof. Abdullahi Usman says the four airlines were selected out of the 11 companies that submitted applications to transport Nigerian pilgrims to Saudi Arabia for Muslim pilgrimage. He says the four approved airlines are Air Peace Ltd., Fly-Nas, a Saudi Arabia-designated airline, Max Air, and UMZA Aviation Services Ltd. He stated that the airlines were screened and shortlisted by a team of 32 members that the NAHCON inaugurated on Nov. 26, 2024. Usman explained that the composition of the Aviation Screening Committee included representatives from State Pilgrims’ Welfare Boards, three members from the Nigerian Civil Aviation Authority and one member each from the Federal Airports Authority of Nigeria.

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Syria’s new Foreign Minister Asaad Hassan al-Shaibani has called on the United States to lift crippling sanctions on his country, as he visited Qatar as part of a regional trip to seek support after the fall of Bashar al-Assad. He says these sanctions constitute a barrier and an obstacle to the rapid recovery and development of the Syrian people who await services and partnerships from other countries. Qatar’s Foreign Ministry says that the Gulf country’s premier also met with Syria’s Defence Minister Murhaf Abu Qasra and the new head of intelligence Anas Khattab, as well as al-Shaibani.

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Somalia's foreign minister says the diplomatic dispute between Ethiopia and Somalia that had led to tense regional relations has been resolved. Ahmed Moalim Fiqi's says Somalia had made no concessions. Ethiopia has not commented on the Somali claim, but said the two countries had agreed to "strengthen bilateral relations". Ethiopia has thousands of troops stationed in Somalia which are not part of the AU force and it has not been clear what role they will play in the future. Somalia's foreign ministry also said the country had expressed its willingness to consider Ethiopia's request to contribute forces to the mission.

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Outgoing President Nana Akufo-Addo says All African passport holders are now able to visit Ghana without needing a visa. He announced the plan last month but in his final state-of-the-nation address he said that the policy had come into effect at the beginning of the year. Visa-free travel within the continent has long been an aspiration for those promoting pan-African values and is seen as vital for economic cooperation. Ghana is now the fifth African country to offer this to travellers from the rest of the continent after Rwanda, Seychelles, The Gambia and Benin. He says this is the logical next step to the African Continental Free Trade Area and the workings of the largest trading bloc in the world

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The Federal Government has increased the allocation to group life assurance by 80 per cent in the proposed Appropriation Bill for 2025. The Minister of Information and National Orientation, Mohammed Idris, revealed that the N9.6bn was for 12 local insurance firms to cover the federal workers in case of unforeseen eventualities in the course of their duties. N17.31bn was allocated to group life assurance for all MDAs (including the Department of State Services/insurance of sensitive assets/members of the National Youth Service Corps, plus administration & monitoring). The policy, which ensures that dependents of a deceased employee receive three times his total annual emolument, was meant to cushion the effect of death on a deceased worker’s family.

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The military has expressed determination to explore ways to harness the skills of law-abiding citizens engaged in the local production of firearms and military-grade equipment even as it is committed to putting an end to the production and circulation of illegal arms in the country. Chief of Defence Staff, General Christopher Musa, reiterated that additional resources, including advanced weaponry, vehicles, and welfare improvements were on the way to enhance their operational capabilities further. General Musa emphasized the importance of professionalism, discipline, and respect for human rights in military operations.

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Malawi's government is demanding the astonishing sum of $309bn in unpaid taxes and royalties from a US-based gemstone company for rubies exported from the southern African state over the last 10 years. Columbia Gem House, a family-owned business which says that it upholds fair trade practices, dismissed the claim as "baseless and defamatory". Attorney General Thabo Chakaka Nyirenda says the government is also demanding $4bn from French gas giant TotalEnergies in unpaid revenue from an oil storage deal, and $9.5m from Turkish tobacco firm Star Agritech. Nyirenda says the amount is not just for one year but goes over 10 years back which also includes the interest.

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