Africa Business News

Governor Caleb Mutfwang of Plateau State has described Nigeria’s lingering insecurity as a problem created and sustained by the country’s elite. Mutfwang said the elite have contributed to deepening communal divisions and must take responsibility for reversing the trend. He says when the elite conspires to lead the people in the wrong direction there will continue to be perennial crisis He noted that while the “poisoning of minds” may often start at the community level, the elite have the power to halt such narratives—if they choose to. Mutfwang urged Nigeria’s elite to take greater responsibility in promoting unity and peaceful coexistence.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Nigeria's President Bola Tinubu has signed four finance bills into law in a set of major reforms aimed at restructuring the tax system in Africa's most populous nation. The government says the new laws will simplify revenue collection, reduce the tax burden on some individuals and businesses, while also helping to raise much-needed government income revenue by making collection more efficient. He says the tax reforms will protect low-income households and support workers by expanding their disposable income. Andersen Nigeria, a tax and business advisory firm says for people earning up to 1m naira a year, a rent relief of 200,000 naira will be applied, effectively reducing their taxable income to 800,000 naira which will means they will no longer pay income tax.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Iran threatened US bases in the Middle East after massive air strikes that Washington says had destroyed Tehran’s nuclear program, though some officials cautioned that the extent of damage was unclear. Ali Akbar Velayati, an advisor to Iran’s supreme leader Ayatollah Ali Khamenei, says bases used by US forces could be attacked in retaliation. Iranian Permanent Representative to the UN Amir Saeid Iravani says any country in the region or elsewhere that is used by American forces to strike Iran will be considered a legitimate target for our armed forces. President Donald Trump urged Iran to end the conflict after he launched surprise bunker buster strikes on a key underground uranium enrichment site at Fordo, along with nuclear facilities in Isfahan and Natanz.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world's most important shipping routes. Oil prices rose following the US attack on Iranian nuclear sites, with the price of the benchmark Brent crude reaching its highest level in five months. Marco Rubio says If Iran closes the Straits, it will be economic suicide for all countries Around 20% of the world's oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region. Any attempt to disrupt operations in the Strait could could send global oil prices skyrocketing. Head of Energy Research at MST Financial, Saul Kavonic, says the US is now positioned with an overwhelming defence posture in the region to be prepared for any Iran counter attacks.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Officials from Rwanda and the Democratic Republic of Congo have reached a draft agreement aimed at ending decades of conflict. The breakthrough, mediated by the US and Qatar, provides for the "disengagement, disarmament and conditional integration" of armed groups fighting in eastern DR Congo. It also includes provisions for a joint security mechanism to prevent future flare-ups. The peace deal is expected to be formally signed next week. The US State Department says technical teams had initialled the draft text ahead of a formal signing ceremony next Friday to be witnessed by US Secretary of State Marco Rubio.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Central Bank of Egypt has dropped a new rule for anyone running a digital payment business in Egyptwhether domestic or foreign company. The regulations outline the process for obtaining approval and licenses; set the rules for amending licenses; and specify the fees for inspections and supervision. The central bank says everyone must apply for a licence while existing companies have just 12 months to comply—they can keep running while the CBE decides if they meet the rules. Foreign companies must be licensed in their home countries.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has pledged full support to a $400 million Foreign Direct Investment plan to build Africa’s largest, rare earth and critical minerals plant in Nasarawa State, potentially creating over 10,000 jobs nationwide. Minister of Solid Minerals Development, Dele Alake, says that Hasetins hopes to add 12,000 metric tonnes to its current 6,000 metric tonnes installed capacity as preparations for the forthcoming groundbreaking of the additional facility gathers momentum. Alake says the establishment of the plant would promote skills transfer and boost the contributions of the solid minerals sector to the economy noting that it represents a significant milestone in efforts to spur investor confidence in the mining sector,

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Bola Tinubu has directed security agencies to redouble their efforts in defeating the remnants of Boko Haram insurgents in the country. The President described the attack as an act of cowardice and commiserated with the Borno State Government and the people of the state over the incident. He also directed the National Emergency Management Agency to support the survivors. He urged security agencies to double their efforts in routing remnants of the Boko Haram insurgents who resort to attacks on soft targets as a diversionary tactic. President Tinubu stressed the importance of workplace safety measures and tasked relevant government institutions with investigating the incident.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US President Donald Trump has ordered an expansion of the detention and deportation of migrants across the country as protests against his policies continue. Trump called on federal agencies to "do all in their power" to deliver "the single largest mass deportation programme in history", naming Los Angeles, Chicago and New York as specific targets. These cities are among the many where large-scale protests have broken out against raids on undocumented migrants since 6 June. Trump has faced legal challenges and criticism for his response to the protests - particularly his deployment of the military to quell the demonstrations.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

New York state lawmakers passed a bill that aims to prevent frontier AI models from OpenAI, Google, and Anthropic from contributing to disaster scenarios, including the death or injury of more than 100 people, or more than $1 billion in damages. The passage of the RAISE Act represents a win for the AI safety movement, which has lost ground in recent years as Silicon Valley and the Trump administration have prioritized speed and innovation. Safety advocates including Nobel laureate Geoffrey Hinton and AI research pioneer Yoshua Bengio have championed the RAISE Act. If passed into law, the bill would establish America’s first set of legally mandated transparency standards for frontier AI labs.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.