Africa Business News

The Minister of Budget and Economic Planning, Atiku Bagudu, has expressed dissatisfaction with the inadequate support from international development partners, noting that the government had anticipated greater assistance for its reform efforts to yield results. He says the international bodies have not provided enough support to consolidate the bold, courageous, and risky reforms undertaken by the current administration since its inception over a year ago. He advocated enhanced international development assistance to African countries, suggesting that it should be more proportional to their populations.

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The Minister of Agriculture and Food Security Abubakar Kyari says the country expects a bumper harvest before year-end. Food inflation has reached 40 per cent according to data from the National Bureau of Statistics, pushing the prices of essential commodities beyond the reach of millions of Nigerians. Kyari however says the Federal Government has measures in place to address the situation including ramping up farming which would increase food production. He says one of the reasons for the acute food shortage in the country at the moment is also linked to seasonal reasons.

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President Nicolás Maduro has won Venezuela's presidential election, according to partial results announced by the electoral council. The head of the National Electoral Council, Elvis Amoroso - who is a close ally of Mr Maduro - says that with 80% of ballots counted, President Maduro had 51% of the vote, compared to 44% for his main rival. The Venezuelan opposition dismissed the CNE's announcement as fraudulent and promised to challenge the result. It says its candidate, Edmundo González, had won with 70% of the votes and insisted he was the rightful president-elect.

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Canadian nationals, along with those from Germany, the US, the UK and 29 other countries, will require a visa to enter Namibia from next April. These include all non-reciprocating countries which means the new visa rules will affect citizens from all countries that require Namibian passport holders to have visas. Namibia’s immigration ministry says Namibia has extended gestures of goodwill and favourable treatment to nationals of various countries however, despite these efforts, certain nations have not reciprocated. The ministry says these visitors will be able to buy their 90-day visa, costing $90, on arrival in Namibia - unlike the requirements placed on African passport holders who need to get their visas beforehand.

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The Central Bank of Nigeria has clarified that only accounts that have been inactive for over 10 years are eligible to be classified as dormant and will be used for investment purposes. It also stated that a dedicated office would be created to manage dormant accounts and unclaimed balances. The Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria is a policy issued by the CBN that seeks to operationalise Section 72 of the Banks and Other Financial Institutions Act, 2020 and standardise the management of dormant accounts and unclaimed balances. The CBN had earlier disclosed that it might invest funds from dormant accounts, unclaimed balances in Nigerian Treasury Bills, and other government securities. The apex bank will manage these funds in trust, refunding the principal and any accrued interest to beneficiaries within 10 working days of receiving a reclaim request from the financial institution.

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Human rights lawyer Ebun-Olu Adegboruwa has asked the Nigerian Communications Commission to probe telecommunication operators’ alleged disconnection of subscribers ahead of the planned #EndBadGovernance nationwide protest. The Senior Advocate of Nigeria warned that telcos should not attempt to sabotage the forthcoming protest against economic hardship in Nigeria by restricting internet access among displeased citizens. He says the contract between telecom companies and their subscribers remains sacrosanct and should not be tampered with arbitrarily.

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The United States, United Kingdom, and Canada have issued security alerts to their citizens in Nigeria, warning of potential violence during the planned nationwide protests. The development comes from a planned nationwide protest against hunger and hardship slated to take off from August 1, 2024. In separate travel advisories, the three countries cautioned their citizens to avoid areas where confrontations between security agencies and protesters might occur. The alert highlighted the potential for roadblocks, checkpoints, traffic congestion, and physical confrontations. They advised vigilance, adherence to local authorities’ instructions, and continuous monitoring of local media for updates.

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Egyptian fintech giant MNT-Halan, the country’s only private unicorn, has raised another $157.5 million in a new funding round. MNT-Halan, The microfinance lending and payment company runs a hybrid business model. It targets customers lacking access to credit and financial services, and serves as a distribution medium for merchants selling fast-moving consumer goods (FMCGs). The company acquired Advans Group in Pakistan, instantly topping its user base by 62,000, and obtaining a microfinance bank licence to continue operating in Pakistan. MNT-Halan’s expansion philosophy is simple: To expand into populated, underserved areas that are heavily cash-reliant. With this new funding, MNT-Halan is setting its sights beyond Egypt. Nakhla highlighted plans to expand regionally through strategic acquisitions.

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United States President Joe Biden has heeded calls to withdraw his re-election bid, thrusting this year’s already high-wire race for the White House into an uncertain territory. The announcement by the sitting president in US history came amid mounting pressure from his fellow Democrats, with more than 30 Congress members publicly pushing for his exit. Biden, says he will remain in his role as president and commander-in-chief until his term ends in January 2025 and will address the nation this week. Biden says he has intended to seek reelection but I believe it is in the best interest of the party and the country to stand down and to focus solely on fulfilling his duties as President for the remainder of his term.

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Zambia's President Hakinde Hichilema has fired the entire board of the country's corruption-busting body after they were accused of corruption, which they deny. The head of the Anti-Corruption Commission (ACC), Thom Shamakamba, resigned from his post and the country's solicitor-general - Marshal Muchende - were accused of taking kickbacks which they strongly deny the allegations. The whistleblower, O’Brien Kaaba - who was once a board member of the ACC says the same "immunity deals" under the former governing party, the Patriotic Front, were now being "used under the current government in a manner that shows no commitment to fighting corruption. He says the ACC must be reformed, alleging that the rot goes beyond the four fired board members and affects the whole institution.

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