Africa Business News

The Monetary Policy Committee of the Central Bank of Nigeria has again voted to retain the monetary policy rate at 11.5 percent.The CBN governor, Godwin Emefiele says the committee voted to leave the MPR at 11.5 per cent, Cash Reserve Ratio at 27.5 percent, and Liquidity Ratio at 30 percent.He explained that the move is expected to allow further economic growth, after the country exited recession in the fourth quarter of 2020, amid rising inflation.The MPC also lamented the effect of insecurity on the nation’s economy and called on the Federal Government to handle insecurity immediately to successfully tackle inflation.The MPC also noted that at least 70% of Nigeria’s population must be vaccinated if the country means to achieve economic recovery.

The Accountant General of the Federation, Ahmed Idris says the £4.2m looted by ex-Delta State Governor, James Ibori, has been returned to the state.The Attorney-General of the Federation, Abubakar Malami argued that the law that was alleged to have been breached by Ibori was a federal law and that the parties of interests involved in the repatriation of the funds were national and not sub-national governments.He says the major consideration relating to who is entitled to a fraction or perhaps the money in its entirety is a function of law and international diplomacy.

European Union leaders have agreed on a set of sanctions against Belarus, including a ban on the use of the 27-nation bloc’s airspace and airports amid fury for the forced diversion of a passenger jet flying between two EU countries in order to arrest an opposition journalist.The EU leaders also decided to slap individual sanction on officials linked to the operationThey called on the International Civil Aviation Organization to start an investigation into what they see as an unprecedented move and what some have called state terrorism.The decisions at the summit will be turned into action as soon as legal proceedings allow.

Police in India’s capital has served notice at Twitter’s offices, seeking information for a complaint about why a tweet by the spokesman of the ruling Hindu nationalist party was tagged as manipulated media.Congress complained to Twitter saying the document was fake, after which the United States’s company marked some of the posts manipulated media.New Delhi police say they had received a complaint about the classification of Patra’s tweet, which it was investigating, adding that a team of officials visited a Twitter office to serve notice of the inquiry.Twitter says it applies its manipulated media tag to posts that include media that have been deceptively altered or fabricated.

The United Nations and the African Union says soldiers in Mali have detained the president and prime minister of the interim government deepening political chaos in the country just nine months after a military coup overthrew its previous leader.The bodies in a joint statement called for President Bah Ndaw and Prime Minister Moctar Ouane’s immediate and unconditional release and say the international community rejects in advance any act of coercion, including forced resignations.The United States, United Kingdom, France, Germany and the West African regional bloc known as ECOWAS also signed the statement.

Ethiopia ministry of foreign affairs has announced the country will reassess its relationship with the US if it continues to meddle in its internal affairs.It was reacting to the US's decision to impose wide-ranging restrictions on economic and security assistance to Ethiopia over the conflict in the Tigray region.The foreign ministry in a statement called the decision, which also involved visa restrictions on unnamed officials, regrettable.The Ethiopian authorities say they have been engaging with international partners, including the US, to improve humanitarian access to the conflict-hit Tigray region.It however says it would not negotiate with Tigray People's Liberation Front.

US President Joe Biden and Egypt's President Abdul Fattah al-Sisi discussed on Monday the Nile dam dispute with Ethiopia.The White House in a statement says that President Biden acknowledged Egypt’s concerns about access to Nile River waters.It says Mr Biden underscored the US interest in achieving a diplomatic resolution that meets the legitimate needs of Egypt, Sudan, and Ethiopia".A statement from the Egyptian presidency is quoted by Reuters news agency as saying that both presidents agreed to strengthen diplomatic efforts during the coming period in order to reach an agreement that preserves water and developmental rights for all parties.

The World Bank will in the next few weeks make some major announcements concerning its efforts to commence the production of COVID-19 vaccines in some African countries.The bank says it had already begun consultations with some African manufacturing hubs to that end, noting that the move is to ensure that the jabs are available and accessible to poor nations.President of the bank, Mr David Malpass, stated that there is an urgent need to find faster and more effective ways to get vaccines to people in developing countries and to plan for future health emergencies.He also urged countries with excess vaccine supplies to release their surplus doses as soon as possible to developing countries that have vaccination operations already in place as well as increase the transparency of delivery commitments.

Sudan has declared a state of emergency and a night curfew in parts affected by ethnic clashes.Violence was reported in some parts of the coastal Port Sudan city.State Media Suna reports that at least five people were killed and 13 injured.The Red Sea state governor's media office did not give any figures in their statement.Ethnic clashes are common in Sudan among rival groups with some being over shared natural resources.

A member of the House of Representatives from Rivers State, Awaji-Inombek Abiante, is proposing a bill to repeal the National Youth Service Corps Act.He noted that the NYSC was established to encourage and develop common ties among the Nigerian youths, promote national unity, as well as develop the youths and the country into a great and dynamic economy.The lawmaker lamented that the programme has failed to address the essence of its establishment after several decades.He decried that several reform efforts have also not yielded desired results but have continued to be a drain on the nation’s scarce resources and exposed families to several nightmares, and even loss of loved ones after so much investment.