Africa Business News

Paul Kagame has been sworn in for a fourth term as Rwanda's president after winning 99% of the vote in last month's election. While some hail Mr Kagame for bringing peace and stability to his country after the 1994 genocide, others accuse him of running a repressive regime in a country where ordinary people are afraid to criticise him openly. Rights groups say the margin of his electoral victory is proof of the lack of democracy in Rwanda. Only two candidates were allowed to stand against Mr Kagame in the 15 July election.

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

The Federal Ministry of Health and the Nigeria Centre for Disease Control and Prevention have designed a health declaration form for international passengers to guide against the surging new strain of monkeypox in some African countries from spreading to Nigeria. The new variant of monkeypox started ravaging African countries especially DR Congo in September 2024. Deadlier and more transmissible than previous forms, the mpox strain, known as the Clade Ib subclade, spread from person to person. The World Health Organisation says it was considering convening an expert committee to advise on whether to declare an international emergency, as it did during the global mpox outbreak in 2022.

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

The Lagos Rail Mass Transit Blue Line will from Monday, 12th August 2024 increase its number of trips from 54 to 72 per day. The Managing Director of Lagos Metropolitan Area Transport Authority, Engr. Abimbola Akinajo says Blue Line train riders will now travel between Marina and Mile 2 in just about 18 minutes from the previous travel time of 25 minutes. She says the implication is that there would be a train every 18 minutes both ways, thus allowing commuters to plan their trips. Akinajo says a 25 per cent discount has also been reintroduced for commuters travelling within the off-peak period set at 10.00 am and 4.00 pm daily. The managing director of LAMATA adds that the new train schedule is potentially expected to reduce journey times, encourage more riders to use the train system during off-peak periods and reduce transport spending.

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

The Nigerian Air Force has announced the destruction of 13 illegal refining sites and ten overhead tanks. The Director of Public Relations and Information of the Air Force, Air Vice Marshal Edward Gabkwet says operations conducted along the Imo River near Obuzor and Okoloma, several active illegal refining sites were discovered to be taking advantage of the difficult terrain to perpetrate their illegalities. The statement further added that while the crew extended their patrol downstream, they spotted a six-tyre tipper truck along the riverbank with four canoes seen loading illegal products into the car and after a thorough scan of the area and observing the criminals dispersed in disarray upon sitting the aircraft, the truck as well as the canoes, were attacked and destroyed.

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

The management of the National Youth Service Corps has denounced what it described as misleading information circulating in the media regarding the payment of ₦70,000 minimum wage to corps members. The Director, of Information and Public Relations of the Corps, Eddy Megwa, says corps members, parents and members of the public should note that no directive has been received from the relevant sector of government responsible to raise the allowance of corps members. He explained that corps members already know the approved channel and mode of communication in the scheme and should therefore ignore misleading information accordingly.

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

President Volodymyr Zelensky says Ukraine has received its first American-made F-16 fighter jets. Ukraine’s leader thanked allies for what they were once very hesitant to provide - though he added that many more were needed. The arrival of the jets marks a crucial milestone in boosting the capabilities of Ukraine's air force, which largely relies on old Soviet-era jets. He says more F-16s are expected and hoped in the months ahead, though Ukraine does not yet have enough trained pilots to fly them all. He did not specify how many aircraft had arrived in Ukraine - or whether they had all been sent by Denmark, the Netherlands and the US, which he specifically thanked.

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

Stock markets across Asia plunged on Monday, following big falls last week by major indexes around the world. In Japan, the Nikkei 225 index fell by 12.4%, or 4,451 points - its largest points drop in history, while the broader Topix index lost 12.2%. It comes after weak jobs data in the US on Friday sparked concerns about weakness in the world's largest economy. A stronger yen makes Japanese goods more expensive, and consequently less attractive to potential overseas buyers. India's main index, the NSE Nifty 50, was trading 2.8% lower and the S&P/ASX 200 in Australia was down about 3.6%. The Hang Seng in Hong Kong was down 2.5%, while the Shanghai Stock Exchange was 1.4% lower.

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

Ethiopia has secured a $3.4 billion loan from the IMF after floating its currency as part of the reforms to ease the country’s foreign currency shortages and attract foreign investments. IMF says the four-year financing package will support the authorities’ Homegrown Economic Reform Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. The National Bank of Ethiopia has maintained a managed FX rate system, causing chronic dollar shortages affecting importers and foreign investors repatriating profits. The birr slumped 30% to 74.73 per dollar after the central bank removed restrictions on the FX market and committed that the regulator would only make limited interventions.

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

A court in Guinea has sentenced former military ruler Moussa Dadis Camara to 20 years in prison for crimes against humanity. The charges stemmed from one of the worst massacres in the nation's history - the killing of more than 156 people after troops opened fire at a rally held in September 2009 to demand a return to civilian rule. Camara and seven of his military commanders were convicted, while four others were acquitted. He denied any involvement in the stadium massacre. His lawyer described the ruling as politically motivated and said they would appeal.

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

Mali says it has cut diplomatic relations with Ukraine after a military official suggested Kyiv had played a role in deadly fighting near the Algerian border last month. Dozens of Malian soldiers and mercenaries from Russia's Wagner group were killed in days of clashes with Tuareg separatist rebels and fighters linked to al-Qaeda. Andriy Yusov, a spokesman for Ukrainian military intelligence, says that the rebels had been given the necessary information to conduct the attacks. A top Malian official, Colonel Abdoulaye Maiga, said his government was shocked to hear the claim and accused Ukraine of violating Mali's sovereignty. He says Mali has decided to break off relations "with immediate effect. Reports say the Malian and Russian forces were ambushed by Tuareg rebels and fighters from al-Qaeda affiliate Jamaat Nusrat al-Islam wal-Muslimin while waiting for reinforcements, after retreating from Tinzaouaten.

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