Africa Business News

The West African regional bloc, ECOWAS says the exit of Niger, Mali and Burkina Faso would be detrimental to the region’s economy including stalling projects worth over $500 million. It also stated that the authority recognises that the withdrawal will automatically affect the immigration status of the citizens, as they may be required to obtain visas to travel around the region. The Chairman of the Authority, Bola Tinubu, says the issues though daunting, present an opportunity for ECOWAS to reaffirm its commitment to the vision of our founding fathers and the principles underpinning our commitment to peace, security, and regional integration.

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The West African regional bloc, ECOWAS says the exit of Niger, Mali and Burkina Faso would be detrimental to the region’s economy including stalling projects worth over $500 million. It also stated that the authority recognises that the withdrawal will automatically affect the immigration status of the citizens, as they may be required to obtain visas to travel around the region. The Chairman of the Authority, Bola Tinubu, says the issues though daunting, present an opportunity for ECOWAS to reaffirm its commitment to the vision of our founding fathers and the principles underpinning our commitment to peace, security, and regional integration.

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The Nigeria Labour Congress has threatened to shut down its services all over the country if labour members are attacked during its planned two-day protest beginning February 27, 2024. The Labour, in a statement on Sunday, signed by its President, Joe Ajaero, says there is no going back on the planned industrial action. The NLC says the Federal Government must put on its thinking cap and implement its agreement with the Organised Labour as well as address the mounting economic crisis of survival in Nigeria. The NLC says its member won’t be cowed to shelve their proposed nationwide protest.

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The Nigeria Labour Congress has threatened to shut down its services all over the country if labour members are attacked during its planned two-day protest beginning February 27, 2024. The Labour, in a statement on Sunday, signed by its President, Joe Ajaero, says there is no going back on the planned industrial action. The NLC says the Federal Government must put on its thinking cap and implement its agreement with the Organised Labour as well as address the mounting economic crisis of survival in Nigeria. The NLC says its member won’t be cowed to shelve their proposed nationwide protest.

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Parliament in Somalia has approved a major defence agreement with Turkey. Under the ten-year deal, Turkey will arm and train Somali navy forces and deploy its ships in Somali waters. Analysts say it's a major step in enhancing Somalia’s maritime security. Prime Minister Hamza Abdi says the deal eliminates - in his words - fears of terrorism, piracy, illegal fishing and the dumping of toxic waste. It comes as Ethiopia signed a controversial agreement with the self-declared republic of Somaliland, which has increased tensions between Mogadishu and Addis Ababa.

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Parliament in Somalia has approved a major defence agreement with Turkey. Under the ten-year deal, Turkey will arm and train Somali navy forces and deploy its ships in Somali waters. Analysts say it's a major step in enhancing Somalia’s maritime security. Prime Minister Hamza Abdi says the deal eliminates - in his words - fears of terrorism, piracy, illegal fishing and the dumping of toxic waste. It comes as Ethiopia signed a controversial agreement with the self-declared republic of Somaliland, which has increased tensions between Mogadishu and Addis Ababa.

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The Biden administration has announced it is cancelling $1.2bn of student debt for 153,000 American borrowers. The Supreme Court had previously blocked President Joe Biden's plan to cancel student debt for over 40 million Americans. This announcement only applies to those enrolled in a specific repayment plan who meet certain requirements. Those affected will be notified and it will be applied automatically. The announcement from the White House only applies to those enrolled in the voluntary Saving on a Valuable Education repayment plan who have been making payments for at least 10 years and who originally borrowed $12,000 or less for school.

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The Biden administration has announced it is cancelling $1.2bn of student debt for 153,000 American borrowers. The Supreme Court had previously blocked President Joe Biden's plan to cancel student debt for over 40 million Americans. This announcement only applies to those enrolled in a specific repayment plan who meet certain requirements. Those affected will be notified and it will be applied automatically. The announcement from the White House only applies to those enrolled in the voluntary Saving on a Valuable Education repayment plan who have been making payments for at least 10 years and who originally borrowed $12,000 or less for school.

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The South African government has announced that it's tapping into its foreign reserves to try to reduce its enormous debts. The unusual move was announced by the finance minister, Enoch Godongwana, as he gave his budget speech in Cape Town. South Africa's current borrowings are the highest since 1947 and more money is spent servicing the debts than on education and health. The opposition has accused the governing ANC party of trying to sway voters ahead of the general election in May, which could see the party lose its majority for the first time since the end of apartheid 30 years ago.

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The South African government has announced that it's tapping into its foreign reserves to try to reduce its enormous debts. The unusual move was announced by the finance minister, Enoch Godongwana, as he gave his budget speech in Cape Town. South Africa's current borrowings are the highest since 1947 and more money is spent servicing the debts than on education and health. The opposition has accused the governing ANC party of trying to sway voters ahead of the general election in May, which could see the party lose its majority for the first time since the end of apartheid 30 years ago.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.