Africa Business News

The United States government has faulted Nigeria for the continued delay in approving import permits for American agricultural products, describing the situation as a longstanding trade barrier that has hindered access to the Nigerian market. The Office of the United States Trade Representative says that despite repeated efforts to secure market access, Nigeria had not acted on several pending requests concerning food and agricultural imports from the US. The Nigeria Customs Service however countered the claims by the United States government that the NCS still operates a largely manual system, describing the assertion as unfair and misinformed. The USTR noted that Nigeria’s weak capacity to review certificates, inspect goods, and conduct testing had contributed to long clearance delays, forcing many traders to rely on informal channels.

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Nigeria’s Federal Competition and Consumer Protection Commission slammed the tech giant with a $220 million fine, last year accusing it of exploiting user data and enforcing unfair privacy policies through Facebook and WhatsApp. Nigeria’s Competition and Consumer Protection Tribunal ruled against Meta, upholding the fine and rejecting its arguments of “technical infeasibility. In the ruling, the tribunal noted that Meta “cannot threaten regulators” just because compliance would be inconvenient. Meta must now pay the $220 million fine, overhaul its data practices, and submit proof of compliance to regulators—or face further sanctions.

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A top Chinese economic official says Beijing was on the right side of history in its gruelling trade war with the United States. US President Donald Trump has imposed 10 per cent tariffs on most US trading partners and a separate 145 per cent levy on many products from China which Beijing has responded with 125 per cent tariffs of its own on US goods. Senior economic planner Zhao Chenxin says Beijing was on the right side of history adding that the United States play cards out of thin air, bully and go back on their word. US Treasury Secretary Scott Bessent on Sunday defended Trump’s tumultuous tariff policy as a way of creating “strategic uncertainty” that gives Washington the upper hand. Beijing, however, has vowed to fight a trade war “to the end” and denied US claims it is in talks with Washington.

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South Africa’s Financial Sector Conduct Authority has slapped African Bank with a $38,000 fine for false advertising after a December 2023 social media campaign blurred the lines between loans and investments. The ads, featuring a popular South African celeb, pitched personal loans with the tagline: It’s not debt, friend! It’s an investment The FSCA says this marketing move misled consumers by painting a credit facility as an investment product, violating section six of its conduct standards that require financial ads to be clear, fair, factually correct, and free from false promises or forecasts. The regulator also flagged oversight failures in African Bank’s governance process, over the approval and review of advertising materials, further breaching another part of section 6 of the Conduct Standard.

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Kenyan Wall Street reported that the country’s central bank is looking to add gold to its foreign exchange reserve in hopes of giving its struggling reserves some buffer. Gold hauled in over 180% in the last month, summing up an impressive rally that started in January to cross $3,000 for the first time in decades. Gold (in ounces) now costs $3,218. Trump’s inspiring policy-making and the ongoing will-they-won’t-they situation with China. This drove up a gold cash grab, with investors backing the asset against piling up the greenback.

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Nigeria will join senior diplomats from BRICS countries to meet in Brazil to present a united front in the face of threats emerging from US President Donald Trump’s aggressive trade policies. The meeting comes at a critical moment for the world economy after the International Monetary Fund slashed growth forecasts over the impact of the American leader’s sweeping new tariffs this week. Brazil’s BRICS representative, Mauricio Lyrio, says the ministers are negotiating a declaration to reaffirm the multilateral trading system's centrality and importance.

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Flipkart, the Walmart-owned Indian e-commerce startup that closely fights Amazon in the South Asian market, is preparing to shift its headquarters back to India from Singapore as the company prepares to file for an IPO on Indian stock exchanges. Flipkart says the move “represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy.” The startup says the relocation is subject to requisite approvals without disclosing a specific timeline however, Flipkart is expected to file for an IPO in the country sometime next year.

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Harvard University has filed a lawsuit against the Trump administration, claiming that its freezing of federal grants worth billions of dollars is unlawful. Its president, Alan M Garber, announced the action to the university community,y which said the $2bn funding freeze would hamper critical disease research. Harvard, the world's richest university, last week rejected a list of demands that the Trump administration said was designed to curb diversity initiatives and fight anti-semitism at the school. In response to the lawsuit, the White House said the "gravy train of federal assistance" was coming to an end.

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Global shipping giant DHL will “temporarily” suspend the shipping of parcels worth more than $800 from businesses to individuals in the United States citing delays in US customs clearances. DHL says that due to recent US Customs regulatory updates, we are experiencing multi-day transit delays to the US from any origin for shipments with a declared customs value exceeding USD 800. The company added that the suspension would not affect business-to-business shipments, though they may also face delays.

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Niger State has officially waived right-of-way (RoW) fees for fibre optic infrastructure, becoming the twelfth Nigerian state to implement the policy to incentivise telecom operators and expand internet access. The policy, formalised in a government gazette dated September 2, 2024, and signed by Governor Muhammed Umar Bago, is part of a broader effort to attract private-sector investment, extend internet access to remote communities, and digitise public services. Under the new policy, telecom operators will pay a one-time, non-refundable application fee of ₦500,000 ($311.80). Niger State’s Commissioner for Communications Technology and Digital Economy, Suleiman Isah, says the fee covers both initial network deployment and any future expansions. He added that even if a company received its permit ten years ago, they are not required to pay again for expansion—just notify the state. Niger, the state with the fifth largest fibre infrastructure (3,681.66km), now joins the list of states—Zamfara, Katsina, Anambra, Kebbi, Nasarawa, Bauchi, Adamawa, Kaduna, Ekiti, Imo, and Plateau—that have either eliminated or significantly reduced RoW charges to attract investment.

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