Africa Business News

The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle factories and increased industrial collaboration. Ambassador Dunhai emphasised the strategic importance of Nigeria in China’s foreign policy adding that Nigeria is a great country blessed with tremendous natural resources. Chinese companies are already deeply involved in Nigeria’s mining sector, from exploration to processing. He noted that both presidents agreed to elevate bilateral ties to a comprehensive strategic partnership, unlocking new avenues for cooperation. He stated that the embassy consistently advises Chinese firms operating in Nigeria to respect local laws, fulfil corporate social responsibility and uphold environmental and safety standards.

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President Bola Tinubu has approved the issuance of critical regulatory licenses for the Kolmani Integrated Development Project. The project is a multibillion-dollar oil exploration initiative located between Bauchi and Gombe states. The Minister of State for Petroleum Resources (Oil) says the development was revealed during the flag-off ceremony for the construction of the permanent site of the Bauchi Oil and Gas Academy in Alkaleri Local Government Area. The Kolmani Integrated Development Project, first inaugurated in November 2022, marked the start of oil exploration in Northern Nigeria. It’s situated in the Kolmani River II oil field, a border community between Bauchi and Gombe States.

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Nigeria’s Central Bank, in collaboration with the Nigeria Inter-Bank Settlement System launched a platform to make it easier for Nigerians living abroad to get their Bank Verification Number (BVN) remotely. Nigerians abroad are expected to get a Non-Resident Bank Verification Number and they are required to pay ₦80,000 ($50). The launch of the NRBVN platform is part of a bigger push to drive remittance inflows— money sent from workers abroad back to their home country—and strengthen Nigeria’s foreign exchange reserves as remittances are a significant source of foreign exchange for the country.

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The Federal Government has concluded key legal and governance frameworks required for the operational rollout of the African Energy Bank as preparations for its official launch enter the final phase. The Special Assistant on Media and Communications to the Minister, Nneamaka Okafor says the meeting assessed progress on the bank’s establishment and confirmed that critical milestones had either been completed or were progressing on schedule. He added that the review confirms that every critical milestone is either completed or on schedule and remains fully aligned with continental partners.

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The US and China will give details of “substantial progress” touted by Washington on trade talks aimed at ending a devastating tariff war launched by US President Donald Trump that has wiped billions off equities and brought chaos to international commerce. US Treasury Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang for closed-door talks in Geneva on Saturday and Sunday. Both sides sounded an optimistic note after the talks ended on Sunday, without providing many specifics, with the White House calling it a new “trade deal”.

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Russian President Vladimir Putin proposed direct negotiations in the coming days to end the conflict in Ukraine but did not address a 30-day ceasefire proposal drawn up hours earlier by European allies of Kyiv, reportedly with US backing. Putin proposed direct talks with Ukraine in Istanbul on May 15 — hours after Kyiv and the leaders of France, Germany, Britain and Poland had called for an unconditional 30-day ceasefire to start on Monday. Russian and Ukrainian negotiators held direct talks in Istanbul in the first weeks of the conflict, but failed to agree to halt the fighting, which has been raging ever since. Putin says he was committed to serious negotiations with Ukraine and that he wanted talks to “eliminate the root causes of the conflict and to establish a long-lasting peace.

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Safaricom Ethiopia, the subsidiary of Kenya’s largest telecom operator, narrowed its losses by 65% to $165.7 million in 2024. The group company posted an 11% jump in 2024 full-year profit to $540 million, buoyed by stabilising losses from its Ethiopian expansion and steady growth in mobile money and data in Kenya. Safaricom is laying the rails for mobile money dominance in a country where 90% of transactions are still cash-based.

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The Taliban government in Afghanistan has banned chess until further notice due to fears the game is a source of gambling. Officials says the game has been prohibited indefinitely until its compatibility with Islamic law can be determined. Atal Mashwani, the spokesman of the Taliban government's sports directorate, says chess in Islamic sharia law is "considered a means of gambling". He says there are religious considerations regarding the sport of chess adding that until these considerations are addressed, the sport of chess is suspended in Afghanistan.

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South Africa has criticised the US as reports emerge suggesting Washington could receive white Afrikaners as refugees as early as next week. South Africa's foreign ministry described the purported move as "politically motivated" and designed to undermine South Africa's "constitutional democracy". Trump earlier described Afrikaners as victims of "racial discrimination" in an executive order, opening up the prospect for them to resettle in the US. The South African authorities says they would not block the departures of those chosen for resettlement, but says hey had sought assurances from the US that those selected had been fully vetted and did not have pending criminal charges.

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The Kebbi State Government has announced the release of over N266 million for the payment of tuition fees for 100 students of Kebbi origin studying in India. Kebbi State Commissioner for Higher Education, Isah Tunga, described the efforts of the governor as a significant step towards taking education to greater heights. “The Kebbi State Government, under the able leadership of Governor Nasir Idris, the education promoter, has approved and released the payment of tuition fees of N266,964,560 for the 100 students of Kebbi State indigenes studying in various universities in India.

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