Africa Business News

Central African Republic President Faustin-Archange Touadera and a delegation from South Africa's ruling ANC party are among those attending a forum in Russia, which aims to create a body that will fight against neo-colonialism and the influence of the West. The two countries are among Russia's closest allies in Africa. South Africa's delegation has been led by ANC Secretary-General Fikile Mbalula. It has been convened by the United Russia party, the country's largest political party, Russian state-owned news agency Sputnik reported. The two-day event will also be attended by a delegation of North Korea's ruling party and other representatives from countries in the Global South that are perceived by Russia as "advocates of the fight against new manifestations of colonialism".

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Authorities in Somalia have banned face masks in the capital, Mogadishu, due to security concerns. The spokesperson of the Mogadishu administration, Salah Dheere, says that face masks are being used by criminals to hide their identity and carry out illegal activity. Authorities also outlawed the wearing of hats and carrying weapons in public transport. But traditional sunnah hats worn by elders are exempt from the ban. Somalia has been plagued by insecurity for years, with the main threats emanating from the al-Shabab militant group.

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Authorities in Somalia have banned face masks in the capital, Mogadishu, due to security concerns. The spokesperson of the Mogadishu administration, Salah Dheere, says that face masks are being used by criminals to hide their identity and carry out illegal activity. Authorities also outlawed the wearing of hats and carrying weapons in public transport. But traditional sunnah hats worn by elders are exempt from the ban. Somalia has been plagued by insecurity for years, with the main threats emanating from the al-Shabab militant group.

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President Kais Saied has appointed a new governor of the central bank of Tunisia, a north African country in the throes of economic hardship. Saied named Fethi Zouhair Nouri, a 69-year-old member of the central bank’s board, to succeed Marouane Abassi, 64. Tunisia has grappled with a growing economic crisis following the COVID-19 pandemic, political tensions after Saied’s power grab in 2021, and Russia’s war in Ukraine. Nouri’s appointment came days after parliament passed a controversial amendment allowing the central bank to finance the public budget with an interest-free loan. The exiting central bank governor warned that the loan would lead to a decline in foreign currency reserves, with potentially negative effects on the Tunisian dinar.

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President Kais Saied has appointed a new governor of the central bank of Tunisia, a north African country in the throes of economic hardship. Saied named Fethi Zouhair Nouri, a 69-year-old member of the central bank’s board, to succeed Marouane Abassi, 64. Tunisia has grappled with a growing economic crisis following the COVID-19 pandemic, political tensions after Saied’s power grab in 2021, and Russia’s war in Ukraine. Nouri’s appointment came days after parliament passed a controversial amendment allowing the central bank to finance the public budget with an interest-free loan. The exiting central bank governor warned that the loan would lead to a decline in foreign currency reserves, with potentially negative effects on the Tunisian dinar.

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Nigeria's Power Minister Adebayo Adelabu says the country can no longer sustain the power subsidy. Mr Adelabu says that subsidising the cost of electricity had resulted in the government owing a debt of 1.3 trillion naira to power generating companies and an additional $1.3bn to gas companies. The minister added that Nigeria has allocated 450 billion naira to electricity subsidies this year, but findings show that the subsidies could end up costing 2.9 trillion naira. The International Monetary Fund earlier advised Nigeria to remove the electricity subsidy to restore economic stability, but some Nigerians fear that the subsidy's withdrawal could worsen economic hardship.

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Nigeria's Power Minister Adebayo Adelabu says the country can no longer sustain the power subsidy. Mr Adelabu says that subsidising the cost of electricity had resulted in the government owing a debt of 1.3 trillion naira to power generating companies and an additional $1.3bn to gas companies. The minister added that Nigeria has allocated 450 billion naira to electricity subsidies this year, but findings show that the subsidies could end up costing 2.9 trillion naira. The International Monetary Fund earlier advised Nigeria to remove the electricity subsidy to restore economic stability, but some Nigerians fear that the subsidy's withdrawal could worsen economic hardship.

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The National Bureau of Statistics says the country’s headline inflation moved to 29.90% per cent in January 2024. NBS says in January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%. The NBS, says the food inflation, on a year-on-year basis, was 35.41%,11.10% points higher compared to the rate recorded in January 2023 (24.32%). The Central Bank of Nigeria is optimistic that the figures will go down this year despite the soaring inflation rates.

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The National Bureau of Statistics says the country’s headline inflation moved to 29.90% per cent in January 2024. NBS says in January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%. The NBS, says the food inflation, on a year-on-year basis, was 35.41%,11.10% points higher compared to the rate recorded in January 2023 (24.32%). The Central Bank of Nigeria is optimistic that the figures will go down this year despite the soaring inflation rates.

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A narrowly divided US Senate moved closer to passing a $95.34bn aid package for Ukraine, Israel and Taiwan, showing undiminished bipartisanship despite mounting opposition from Republican hardliners and former US President Donald Trump. Democratic President Joe Biden, who has been seeking the aid for months, says Congress would be guilty of neglect if it failed to pass the measure. The bill includes $61bn for Ukraine, $14bn for Israel in its war against Hamas and $4.83bn to support partners in the Indo-Pacific, including Taiwan, and deter aggression by China. It also would provide $9.15bn in humanitarian assistance to civilians in Gaza and the West Bank, Ukraine and other conflict zones around the globe.

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