Africa Business News

Schengen visa statistics released more expenses await African nationals seeking visas to enter the European Union as the EU plans to increase visa fees. The report stated that starting from Tuesday; African nationals would pay €90 instead of €80 for a Schengen visa application The report stated that the EU had earned €3.4m from rejected Schengen visa applications submitted by Nigerian citizens. The report noted that many rejected visa applications had caused African nationals to spend millions every year, with the fees known as ‘reverse remittances’ benefitting no one but the EU countries.

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Newly released data by the Nigerian Bureau of Statistics has revealed that exports of agricultural goods from Nigeria to other countries, increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270 per cent when compared to the value recorded in Q1, 2023 (₦279.64 billion). The NBS’s report on ‘Foreign Trade in Goods Statistics’ for Q1, 2024, noted that most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports to Europe with ₦366bn. The reports added that export of agricultural products was dominated by ‘Sesamum seeds’ valued at ₦247.75bn, ‘Superior quality Cocoa beans,’ with ₦231bn and ‘Standard quality Cocoa beans’ with₦140bn.

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State governors have called on the federal government to enforce a no-meter, no-service policy for all new electricity connections in the country. State governments highlighted the critical importance of electricity meters in bridging the significant metering gap, which is essential for the viability of sub-national markets. The states also argued that State Electricity Regulatory Commissions (SERCs) should have the autonomy to determine the most suitable meter technology, type, and form for deployment within their respective electricity markets. This is as the states are getting set to eliminate electricity subsidies in their territories as more states gear up to join others in running their different power markets under their own laws.

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Ireland, Norway, and Spain have announced they will formally recognise a Palestinian state Spain and Ireland said the decision was not against Israel nor in favour of Hamas, but rather in support of peace. Israel reacted angrily, warning the move would mean more instability in the region and recalling its ambassadors to all three countries. Both Hamas and its rival, the Palestinian Authority, have welcomed the recognition. Norway was first to make its announcement Wednesday in a move co-ordinated with the other two countries. Prime Minister Jonas Gahr Støre says that the move was in support of moderate forces that are on a retreating front in a protracted and cruel conflict.

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Burkina Faso's military government has announced it will extend junta rule for another five years. The country's ruler, Capt Ibrahim Traoré, will also be able to contest the next presidential election. Burkina Faso has now joined neighbouring Mali in extending military rule. The move was announced after a national consultation meeting in the West African country's capital city, Ouagadougou. An amended charter, signed by Capt Traoré, states that the new 60-month transition period will take effect from 2 July this year.

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The Federal Government stated that there are ongoing plans to establish six mineral centres in the six geo-political zones to boost the mining sector. The Minister of Solid Minerals Development, Dr Dele Alake, says that the plan was part of the President Bola Tinubus administration’s commitment to diversify the country’s economy, by developing key sectors such as the solid minerals industry. He says the centres are also part of the government’s commitment to promoting value addition to its minerals, aimed at facilitating multiplier effects on the economy.

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The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. The Geneva, Switzerland-based IATA say the development had brought international airlines’ trapped funds globally to about $1.8bn. The association representing international airlines says the remaining $19m was awaiting the CBN verification through commercial banks. The IATA boss, however, praised the Nigerian government for their efforts in ensuring the successful repatriation of the funds by the international airlines.

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The Economic Community of West African States has allocated $9 million to aid refugees, internally displaced persons, and stateless individuals in its member nations. Nigeria received $1 million to assist terrorism victims in the North East. The Chair of the ECOWAS Permanent Representative Committee Musa Nuhu said this during the 2024 ECOWAS Ambassadors Retreat held in partnership with the United Nations High Commissioner for Refugees in Port Harcourt, the Rivers State capital. The organisers emphasized the need to address forced displacements caused by violence, political instability, and climate change. The ECOWAS Commissioner for Human Development and Social Affairs Professor Fatou Sow Sarr underscored the importance of collective efforts in achieving the common objectives of all stakeholders. She noted that contributions from partners are crucial for the success of various projects.

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Lagos State government, through the Ministry of Innovation, science and Technology has set up a Cyber Security Operations Center. The Lagos State Commissioner for Science, Innovation and Technology, Olatunbosun Alake, says the Centre was established to identify, monitor and respond to cyber threats against the state’s digital infrastructure in real time. He added that the initiative involves partnerships with leading cybersecurity firms and international organisations. These collaborations will equip the state with cutting-edge technologies and expertise, significantly improving its defences against advanced cyber threats. He mentioned that Lagos has an established cybersecurity council consisting of a team of experts drawn from both the government and the private sector.

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Russian President Vladimir Putin plans to remove Sergei Shoigu as defence minister as part of a cabinet reshuffle, making him secretary of the Security Council instead. The Kremlin says Andrei Belousov, a former deputy prime minister who specialises in economics, will become the new defence minister. Kremlin spokesman Dmitry Peskov says that Putin had decided to give the defence portfolio to a civilian because the ministry should be “open to innovation and cutting-edge ideas” and Belousov was the right fit for the job.

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