Africa Business News

Military leaders in the West African nation have sought closer ties with Russia since seizing power in a coup last year. The US also announced that it had agreed to close down its drone base near Agadez, in the Sahara Desert. The US has relied on Niger as its primary base for monitoring regional jihadist activity. Niger has also distanced itself from local democracies and sought stronger regional alliances with fellow junta-led nations Burkina Faso and Mali.

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Ethiopia's first-ever sexual violence registration system is in the works and set to start operations next year, the government has said. The system which aims to prevent and respond to sexual violence against women and children is hoped to make an impact in a country where prosecuting gender-based violence is a major challenge. The anticipated system will hold sex offenders accountable even after they serve time for their crimes. The women's rights and protection executive in the Ministry of Women and Social Affairs Seleshi Tadesse says when it's operational, it will exclude registered sex offenders from working in schools, orphanages and other children's institutions.

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The Nigerian Institute of Electrical and Electronic Engineers has called on the Federal Government to audit all power infrastructure assets in the country. President, Felix Olu advised against the backdrop of the recent poor electricity supply in the country despite an increment in electricity tariff recently announced for Band A customers by the Nigerian Electricity Regulatory Commission. The institute stated that the problems in the power sector were systemic, requiring a redesign of market rules to address issues of reliability and market imbalance. He says the problems within the power sector include transmission infrastructure capacity, inefficient quality service, and the unwillingness of DISCOs to accept loads.

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The President of the Nigeria Labour Congress confirmed that the new wage of N615,000 monthly was reached after consultations between the NLC and the Trade Union Congress. The labour unions say the current minimum wage of N30,000 can no longer cater for the well-being of an average Nigerian worker, lamenting that not all governors are paying the current wage award which will expire by April, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The unions say inflation has affected the cost of living for an average Nigerian worker, noting that state governors can afford to pay every public servant because they now get more monthly revenue allocation by the Revenue Mobilisation Allocation and Fiscal Commission.

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The Nigerian government plans to commercialise the Federal Mortgage Bank as part of efforts to enhance housing delivery efficiency for Nigerians. The FMBN Managing Director, Shehu Osidi, says the focus was shifted to repositioning and recapitalisation after a series of engagements with the Bureau of Public Enterprise on the need for the bank to stay true to its mandate of affordable mortgage financing. He says the task of advancing the goals of affordable housing and urban development is a major assignment to be solved by all means. He added that the amendments to the FMBN and NFH Acts had also commenced in the National Assembly, noting that the grey areas that hindered the assent to the bill had been rectified.

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The EU will vote Wednesday on a vast overhaul of its immigration policies that would notably harden entry procedures for asylum-seekers and require all the bloc’s countries to share responsibility. The European Parliament will decide a series of laws forming the bloc’s migration and asylum pact, based on a European Commission proposal first made in September 2020. The European Union has been striking agreements with several outside countries to try to reduce the number of migrants leaving their territories with the goal of reaching Europe.

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The EU will vote Wednesday on a vast overhaul of its immigration policies that would notably harden entry procedures for asylum-seekers and require all the bloc’s countries to share responsibility. The European Parliament will decide a series of laws forming the bloc’s migration and asylum pact, based on a European Commission proposal first made in September 2020. The European Union has been striking agreements with several outside countries to try to reduce the number of migrants leaving their territories with the goal of reaching Europe.

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Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.

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Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. Country Garden says due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex" when it announced its earnings report would be delayed. The firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.

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New Zealand has tightened work visa rules in response to unsustainable migration levels. Low-skilled applicants now have to fulfil English-language requirements and are allowed to stay on for three years - down from five previously. Immigration Minister Erica Stanford says getting their immigration settings right is critical to this government's plan to rebuild the economy. Employers are responsible for ensuring that migrants meet the specified requirements before offering them a job. Authorities have also decided to axe earlier plans to add 11 roles, such as welders, fitters and turners, to the list of occupations that would qualify for a fast track to residency.

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