Africa Business News

The United Nations urges international donors to pledge up to $10 billion on Tuesday to help Syrians fleeing a decade of civil war in the midst of the COVID-19 pandemic, saying that the need for humanitarian support has never been so great.The event hosted by the European Union will seek $4.2 billion for people inside Syria and $5.8 billion for refugees and their hosts in the Middle East.Some 24 million people need basic aid, a rise of four million over the past year and the highest number yet since a crackdown on pro-democracy protesters by Syrian President Bashar al-Assad in 2011 led to civil war.U.N. aid chief Mark Lowcock says plummeting living conditions, economic decline and COVID-19 result in more hunger, malnutrition and disease. There is less fighting, but no peace dividend.

The US suspended a trade pact with Myanmar Monday and led international condemnation of the junta’s ruthless crackdown, as protesters and mourners took to the streets after the deadliest weekend since the military coup.Soldiers and police have killed hundreds in a brutal campaign against mass anti-coup protests demanding a restoration of democracy and the release of ousted civilian leader Aung San Suu Kyi.The United Nations says at least 107 people, including seven children, were killed on Saturday as the regime staged a major show of might for Armed Forces Day an annual parade showcasing Myanmar’s military prowess.US President Joe Biden’s administration announced Monday that the 2013 Trade and Investment Framework Agreement, which laid out ways to boost business but was not a fully-fledged deal, would remain suspended until democracy is restored.

A government audit says Tanzania’s national carrier posted a $26m loss in the financial year 2019/20.Auditor General Charles Kichere says they have discovered that the airline has made losses of up to 60bn but also in the past five years this company has been making losses annually. There are several challenges that the government ought to address immediately. Air Tanzania acquired two Boeing 787 Dreamliner, but critics say they have not been deployed to operate in lucrative routes.The International Air Transport Association says the airline resumed regional and international flights in October 2020, seven months after it suspended operations because of the Covid-19 pandemic.

The South African president, Cyril Ramaphosa, has told members of his party they must resign within 30 days of being charged with corruption or face suspension.Mr Ramaphosa was addressing an executive meeting of the African National Congress.Party officials have been asked to compile lists of those facing charges.Mr Ramaphosa has been at odds with the ANC secretary-general Ace Magashule - who's denied corruption charges against him and has refused to step aside.The president pledged to clamp down on corruption in the ANC after becoming party leader in 2017.

The Minister of Transportation, Rotimi Amaechi says that the Federal Government has borrowed about $2.5billion for the construction of a railway linking Lagos to Ibadan.The Minister explained that the Federal Government’s decision to extend the rail line to the nation’s seaports is for the economic benefit associated with it.He added the project is costing about $2 billion. The government added $200 million and they are bringing out about $700 million because they have to end the seaport in Apapa which was not part of the original design.He says China also lent them about $1.4 billion for the Lagos-Ibadan while the Federal Government had to add about $200 million to make it $1.6 billion.

Chairman of Nigerian Governors Forum, Governor Kayode Fayemi says proceeds of banditry and kidnapping are being used to fuel insurgency within the North East.Governor Fayemi was of the opinion that military action alone will not be sufficient in the war against the insurgents.Fayemi insisted there are reasons to believe that there is a correlation between activities of bandits in the Northwest, kidnapping in the Southwest, and insurgency in the Northeast.He says the nation is in urgent need of a political will to bridge the gap between the government and the youths as well as synergy among security operatives to tackle the Boko Haram crisis.The governor further disclosed that the president has accelerated moves to procure additional security equipment through partnerships with other countries and is confident that the National Assembly would speedily work in tandem.

President Muhammadu Buhari says Nigerians are better and even stronger together as a nation. He says despite occasional inter-ethnic tensions in the national history, notwithstanding the diversity of ethnicity, culture, language, and religion, Nigerians are better together; even stronger together. He says Nigerians must count their blessings in Nigeria and see in them the crucial factors of peace and unity.

Chief Bola Tinubu on Monday asked the Federal Government to recruit 50 million youths into the Nigerian Army in a bid to oust the insurgents and miscreants threatening the nation’s peace. He says the insurgents and bandits are taking advantage of the high unemployment in the country and are recruiting the youths to indulge in their criminal activities.Tinubu emphasized that the nation is under-policed, adding that drafting the youth into various national security agencies should not be based solely on educational qualification or literacy.He urged the government to create opportunities in agriculture to stem the unemployment rate.

President Muhammadu Buhari proceeds to London, the United Kingdom for a routine medical check-up.This was announced in a statement issued on Monday night by the Special Adviser to the President on Media and Publicity, Femi Adesina.President Buhari would meet with the security chiefs in the morning. Before departing the country for the UKHe is expected back in Nigeria during the second week of April 2021.His long absence sparked rumours that he had passed on speculations that were denied by the presidency.

Chinese officials say Sweden’s H&M and other foreign companies should not make rash moves or step into politics after the companies raised concerns about forced labour in Xinjiang, sparking furious online backlash and boycotts.H&M, Burberry, Nike and Adidas and other Western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang. The growing rift comes as the United States and other Western governments increase pressure on China over suspected human-rights abuses in the western region.Xu Guixiang, a Xinjiang government spokesman at a news conference says that a company should not politicize its economic behaviour.He says to rush into this decision and get involved in the sanctions is not reasonable. It’s like lifting a stone to drop it on one’s own feet.