Africa Business News

Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. The apex bank’s latest monthly economic report, says the total consumer credit outstanding increased to N3,823bn in January 2024. The report further explained that a disaggregation of consumer credit revealed, that personal loans increased by 14.3 per cent to N3,028bn from N2,649bn in December 2023. A study by SBM Intelligence found that 27 per cent of Nigerians across different income categories now resort to loan apps to keep up with their living expenses in the wake of record inflation.

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World leaders at the Ukraine summit for peace in Switzerland are exploring ways of ensuring the security of nuclear sites and of Ukraine's food exports. They are seeking to adopt a final communique which blames the war's widespread suffering and destruction firmly on Russia, which Kyiv would regard as a success. But Austria's leader has said that the declaration is not expected to gain unanimous support from participants. More than 90 countries and international organisations are attending the summit, aimed at creating the broadest possible backing for a process that could help end the war in Ukraine. Russia has not been invited, and its biggest backer China is not present, leading some to cast doubt on the summit's effectiveness. The draft final document, seen by Reuters news agency, calls for Ukrainian control to be restored over the Zaporizhzhia nuclear power plant and the country's ports on the Azov Sea, all currently occupied by Russia.

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The Israeli military says it will hold a daily "tactical pause of military activity" along a road in southern Gaza to enable more humanitarian aid to enter, but emphasised that there is no ceasefire and combat would continue in Rafah. They will only affect a route that leads northwards from the key Kerem Shalom crossing, which Gaza shares with Israel. Aid agency ActionAid told the BBC it was getting a "confused" picture over what the pauses mean. Israel has been under continuous pressure from its allies, including the US, to prevent the humanitarian crisis in Gaza from worsening. The Israel Defense Forces says Sunday's announcement follows "additional related discussions with the UN and international organizations". The IDF clarified that there is no ceasefire in the southern Gaza Strip, and fighting would continue in Rafah.

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A democratically elected president who was kicked out of power by the military a year ago should now lose his immunity from prosecution, Niger's top court has ruled. That decision by the newly created body clears the way for Mohamed Bazoum, 64, to be tried by a military court. He and his wife Hadiza have been detained in the president palace without a telephone since the coup last July. Since then, Niger's new military leaders have brought in drastic policy changes - including severing defence and diplomatic ties with former colonial power France and pivoting towards Russia. The ruling junta in the capital, Niamey, has been legally empowered to prosecute him on charges of treason, undermining national security and financing terrorism. Mr Bazoum's lawyers have called the process a "travesty" and withdrew from a hearing last week.

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South Africa's governing African National Congress (ANC) and the main opposition Democratic Alliance (DA) have agreed to form a government of national unity, along with two smaller opposition parties. This follows weeks of speculation about who the ANC would partner with after losing its parliamentary majority for the first time in 30 years, in last month's elections. It got 40% of the vote, while the DA came second with 22%. The agreement paves the way for ANC leader Cyril Ramaphosa to remain president. ANC secretary-general Fikile Mbalula says the coalition deal is on track and that the agreement with opposition parties is a "remarkable step". DA leader John Steenhuisen said the deal was a "new chapter in our history".

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The President of the Dangote Group, Alhaji Aliko Dangote, says it is expanding the storage capacity of his refinery by 600 million litres. He says This will enable the refinery to have a storage capacity of 5.3 billion litres. The Dangote Petrochemical Refinery currently has 4.78 billion litres of storage capacity for refined petroleum products. Dangote alleged that international oil companies refused to sell crude oil to his refinery because they did not want him to succeed. The business mogul said the refinery would be a strategic reserve for refined products. Dangote asked the Federal Government to enforce regulations stopping the importation of dirty fuels.

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Cholera has killed 15 persons in Lagos State with 350 suspected cases reported in the state. The Lagos Ministry of Health says there are 17 confirmed cases of cholera in the state. Lagos State Commissioner for Health Professor Akin Abayomi revealed that 350 suspected cases of cholera were reported in 29 wards across multiple LGAs in Lagos State with 17 confirmed cases and 15 fatalities so far. The health commissioner says the laboratory investigation and test results have confirmed Cholera sub-type O-1. This subtype is associated with more severe disease. According to our ongoing surveillance and monitoring updates, the pattern of new cases per day varies across LGAS. He says there is a need for residents to adhere strictly to precautionary, personal, and environmental hygiene measures.

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Nigeria’s inflation rate increased to 33.95 per cent in May 2024, the National Bureau of Statistics disclosed in its latest data. The NBS Consumer Price Index report shows an increase of 0.26% points when compared to the April 2024 headline inflation rate, The data revealed that on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. A month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%). The NBS report also revealed that the Food inflation rate in May 2024 was 40.66% on a year-on-year basis, which was 15.84% points higher compared to the rate recorded in May 2023 (24.82%).

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Israeli war cabinet minister Benny Gantz has quit the emergency government in a sign of deepening divisions over Prime Minister Benjamin Netanyahu's post-conflict plans for Gaza. Mr Gantz says the decision was made with a "heavy heart adding that Mr Netanyahu preventing true victory, which is the justification for the painful ongoing crisis. Considered by some to be a potential challenger for power in Israel, Mr Gantz called on Mr Netanyahu to set a date for elections. Mr Gantz is a political rival of Mr Netanyahu and a former chief of staff of the Israel Defense Forces. Immediately after the announcement, far-right National Security Minister Itamar Ben-Gvir demanded a place in the war cabinet.

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Kenya's President William Ruto has reversed a contentious ban imposed in parts of the country on muguka, a variety of the popular stimulant known as khat or miraa. The consumption of freshly plucked buds and soft leaves has been blamed for a rise in mental health issues and increased social ills, including crime. Three county governors from the coastal region banned its sale and use last week, sparking anger in the areas where the crop is grown. President Ruto says the muguka crop was legal and its sale should not be prevented. Mombasa Governor Abdulswamad Shariff Nassir earlier banned the entry, transportation, sale and consumption of muguka citing its harmful effects, especially on young people. Governor Nassir said more than half the people recovering in Mombasa rehabilitation centres were muguka addicts.

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