Africa Business News

Russian President Vladimir Putin has offered what he called total support for Africa, including in the struggle against terrorism and extremism. Several African governments have cut ties with traditional Western allies and are looking to Moscow for help in tackling frequent attacks by jihadists. Burkina Faso's Foreign Minister Karamoko Jean-Marie Traoré says Russia was a more suitable international partner than the former colonial power, France. He says that as well as military cooperation, Mali was exploring other joint projects in the energy, telecommunications, technology and mining sectors. He added that Russian companies are working in all these areas with the Malian government and [private] partners in Mali to provide solutions to the challenges facing the Malian people.

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A member of the National Assembly, Abdulmumin Jibrin, has expressed confidence that the controversial tax reform bills presented by President Bola Tinubu will be passed into law. The Senator representing Borno South in the National Assembly, Senator Ali Ndume, had said that the bills are dead on arrival insisting that the bills are not dead on arrival, saying that the North is not against the bill. Jibrin says Nigerians will be able to see all the clauses in detail and everything included in the bill.

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The Nigeria Labour Congress has directed its members in states that have yet to implement the new minimum wage to go on an indefinite strike beginning on December 1, 2024. The National Executive Council says the outright refusal by the governments to implement the 2024 National Minimum Wage Act is a betrayal in the face of both legality and morality. The NEC however resolves to set up a National Minimum Wage Implementation Committee that will commence a nationwide assessment, mobilization and sensitization campaign, educating workers and citizens on the need to resist this assault on their dignity and rights.

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The UN Security Council has voted unanimously to expand its arms embargo in Haiti because of grave concerns over extremely high levels of gang violence. The embargo will extend to all types of arms and ammunition in the Caribbean country, which faces multiple challenges. The resolution authorises the 193 UN member nations to take “appropriate steps to prevent the illicit trafficking and diversion of arms and related materiel in Haiti”. The resolution also extends a travel ban and asset freeze on gang members and criminals on its blacklist.

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Egypt has been certified malaria-free by the World Health Organization (WHO) - an achievement hailed by the UN public health agency as truly historic. WHO chief Tedros Adhanom Ghebreyesus says Malaria is as old as Egyptian civilization itself, but the disease that plagued pharaohs now belongs to its history. Egyptian authorities launched their first efforts to stamp out the deadly mosquito-borne infectious disease nearly 100 years. Certification is granted when a country proves that the transmission chain is interrupted for at least the previous three consecutive years. Malaria kills at least 600,000 people every year, nearly all of them in Africa. The WHO praised "the Egyptian government and people" for their efforts to "end a disease that has been present in the country since ancient times".

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Nigeria’s telecommunications sector has again strongly rejected the Federal Government’s attempt to reintroduce a 5 per cent excise duty on telecommunications services. Stakeholders described the move as insensitive to the current economic climate and the financial struggles faced by consumers. The excise duty structure in the bill indicates that telecom services, including postpaid and prepaid services regulated by the Nigerian Communications Commission, will attract a five per cent duty. The proposal added that Services, including telecommunications, gaming, gambling, betting, and lotteries, however, described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service.

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The Transmission Company of Nigeria has promised a backup or buffer system to ensure that Nigerians won’t be thrown into blackout whenever the national grid collapses. TCN Managing Director, Sule Abdulaziz, blamed aged infrastructure as old as 50 years for the frequent grid collapses in the country. Abdulaziz says they are trying to upgrade all transmission lines adding that though the government might not have enough money for the project, the TCN has been working in partnership with private companies to mobilise funds.

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Ukrainian President Volodymyr Zelenskyy has accused North Korea of sending not only weapons but also soldiers to help Russia in its war against Ukraine. He says Ukraine and its allies needed to evolve their response in light of Russia’s deepening alliances and reiterated his call for increased military support to prevent a bigger war. He says the front line needs more support. He says Ukraine needs greater long-range capabilities and more decisive supplies for forces not just a list of military equipment.

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The Federal Government is working to reverse Nigeria’s growing unemployment rate. Vice-President Kashim Shettima says that the current administration is committed to empowering Nigerians with globally competitive skills which would enable them excel anywhere in the world. He says the unemployment rates, the growing informal sector, and low labour force participation must be reversed. He says the unveiling of a blueprint for Narawa’s human capital challenges reaffirms the administration’s commitment to tackling each state's unique realities.

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The Federal Government has proposed introducing a tax payment option that enables individuals to pay their taxes in instalments. It introduced this in the Nigeria Tax Bill 2024, recently submitted to the National Assembly for consideration and approval. Our correspondent obtained a copy of the draft on Sunday. The government also proposed the creation of a special account by the Accountant-General of the Federation for tax refunds. The government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection. The four new bills sent to the two chambers of the National Assembly are aimed at giving legislative frameworks to some proposals of the Presidential Fiscal Policy and Tax Reforms Committee headed by Taiwo Oyedele.

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