Africa Business News

The Federal Executive Council on Wednesday approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper with N12.66tn budget projection for each of the three fiscal years.
The approval was given at a virtual meeting of the council presided over by President Muhammadu Buhari.
The Minister of State for Finance, Budget and National Planning, Mr Clement Agba, while briefed State House correspondents at the end of the meeting listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three per cent and revenue target of N7.5tn.
The minister said that was the Debt Management Office have to advise the government on issues of borrowing and debt servicing.
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The people Bank of China (PBoC) injected CNY 50 billion into the banking system via reverse repos at an interest rate of 2.2 percent on July 13th. It is the first injection in July, aiming to ensure banking liquidity is at a reasonable and sufficient level. Investors expect the central bank to keep its policy easing stance and continue to support credit to economy. In the first half of the year, Chinese banks loaned a record high of CNY 12.09 trillion.                                   According to CNBC, Guo Kai, deputy director of the monetary policy department of the People’s Bank of China, told reporters on Friday that the central bank isn't planning much more stimulus.
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Oil prices dropped on Monday, amid concerns that a record rise in COVID-19 infections could stall global recovery in fuel demand. The WHO Sunday reported a record daily rise in virus cases worldwide. In the US, Florida reported over 15 thousand new virus infections Sunday, the highest single-day total to date for any US state since the health crisis began in the country. At the same time, investors are looking at an OPEC technical meeting this week, which is expected to recommend an easing in supply cuts. At around 06:00 AM GMT, WTI crude fell 0.8% to $40.23 a barrel, while Brent crude was down 0.7% to $42.94 a barrel.
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The ASX 200 added 45 points or 0.76% to 5964.2 on Monday. Market sentiment was optimistic after Gilead Sciences said its coronavirus treatment candidate, Remdesivir, showed an improvement in clinical recovery and a 62% reduction in the risk of mortality. However, optimism was limited as Victoria continues to struggle with community transmission of the novel coronavirus, while fresh clusters emerge in neighboring New South Wales. The news follows the World Health Organisation’s report of a record increase in global coronavirus cases - the total rising by 230,370 in 24 hours, with the biggest increases seen in United States, Brazil, India and South Africa.
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Hungary’s government on Sunday said it was barring travel from Africa, most of Asia apart from China and Japan, and restricting entry from several European countries after worldwide spikes in coronavirus cases.
Prime Minister Viktor Orban’s Chief of Staff Gergely Gulyas said that Hungarian health officials have placed 154 countries into three risk categories based on numbers of coronavirus infections.
He told reporters in Budapest that they need to protect their security so that the virus is not introduced from abroad as the level of active infection cases at home is falling, and must be kept like that.
Entry into Hungary would be barred for citizens from countries assessed as red from Tuesday midnight, including all African and Asian countries apart from China and Japan.
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Libya's National Oil Company (NOC) has accused the United Arab Emirates (UAE) of instructing renegade forces to reimpose a blockade of oil exports.
The country recently resumed oil exports after a halt of nearly six months, caused by conflict and political upheaval.
The oil company however said the blockade was reinstated over the weekend after Libya National Army (LNA) forces loyal to Gen Khalifa Haftar announced the blocking of export of oil from the country.
Reuters quoted a statement by the company which said NOC has been informed that the instructions to shut down production were given to (the LNA) by the United Arab Emirates.
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Sudan justice minister said the country will permit non-Muslims to consume alcohol and strengthen women’s rights, including banning female genital mutilation (FGM), in a reversal of almost four decades of hardline Islamist policies.
According to the United Nations, About 3% of Sudan’s population is non-Muslim.
Justice Minister Nasredeen Abdulbari told state television that Non-Muslims will no longer be criminalised for drinking alcohol in private however for Muslims the ban will remain.
He said Sudan will also decriminalise apostasy and ban FGM, a practice which typically involves the partial or total removal of the external genitalia of girls and women.
Women will also no longer need a permit from male members of their families to travel with their children.
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South African President Cyril Ramaphosa on Sunday re-imposed a night curfew and suspended alcohol sales as coronavirus infections spiked and the health system risked being overwhelmed.
Ramaphosa in a televised address to the nation said the countyr is heading towards the peak of infections and it is vital that clinics and hospitals are not burden with alcohol-related injuries that could have been avoided.
Ramaphosa said in order to conserve hospital capacity, the sale, dispensing and distribution of alcohol will be suspended with immediate effect.
He also ordered a curfew from 9pm (1900GMT) until 4am (0200GMT) starting Monday.
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The spokesman of the ruling African National Congress (ANC) on Monday said Zindzi Mandela, daughter of former South African president and liberation hero Nelson Mandela, has died.
State broadcaster SABC said the 59-year-old, who was serving as South Africa’s ambassador to Denmark, died in a hospital in Johannesburg however it did not state the cause of death.
ANC spokesman Pule Mabe said “She still had a role to play in the transformation of the society and a bigger role to play even in the African National Congress. Mabe said further details would be provided in due course.
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The Federal Government of Nigeria is set to present its 2nd Voluntary National Review on the implementation of the Sustainable Development Goals (SDGs) to the United Nations High Level Political Forum (HLPF) on Monday, 13th July. 
President Muhammadu Buhari, represented by his Senior Special Assistant on SDGs, Princess Adejoke Orelope-Adefulire, will be presenting the Report at the 2nd Panel session of the Forum, which is holding online for the first time this year due to the COVID-19 pandemic.
This focus is based on Nigeria’s current development priorities and the development objectives of President Muhammadu Buhari’s administration.
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