Africa Business News

Russian President Vladimir Putin plans to remove Sergei Shoigu as defence minister as part of a cabinet reshuffle, making him secretary of the Security Council instead. The Kremlin says Andrei Belousov, a former deputy prime minister who specialises in economics, will become the new defence minister. Kremlin spokesman Dmitry Peskov says that Putin had decided to give the defence portfolio to a civilian because the ministry should be “open to innovation and cutting-edge ideas” and Belousov was the right fit for the job.

Plans to introduce new taxes and increase existing ones have triggered widespread criticism in Kenya. The price of bread is set to climb after the national treasury proposed removing the staple product from a value-added tax exemption list. The costs of mobile money transfers, airtime and data are also set to go up as the government seeks to raise an additional $2.4bn in taxes, in the financial year that starts in July. The government also proposed a new motor vehicle tax that will see drivers pay up to $750 annually to keep their vehicles on the road. The tax hikes are part of a series of financial measures introduced by President William Ruto's government to fund its extensive infrastructure and social programmes.

Egypt says it will formally join the case filed by South Africa against Israel at the International Court of Justice (ICJ), which accuses Israel of violating its obligations under the Genocide Convention in its war on the Gaza Strip. The Egyptian Ministry of Foreign Affairs says that Cairo intended to join the case due to escalating Israeli aggression against Palestinian civilians. South Africa brought its case against Israel in January, accusing the country of committing genocide against Palestinians in Gaza. The death toll from Israel’s war on Gaza, which began in October, has surpassed 35,000, and most of the dead are women and children, according to Palestinian authorities.

Rwanda's government has denied accusations that it armed a rebel group alleged to have carried out a grenade attack in Burundi's economic hub, Bujumbura. Pierre Nkurikiye, the spokesperson for Burundi's interior ministry says at least 38 people were injured in Friday's attack. Rwanda's government dismissed the allegations saying it has absolutely no connection" with the attack and had no reason to be involved in it. Red Tabara, the group accused of executing the grenade attack, has also denied responsibility, saying it does not attack innocent civilians. Rwanda's relationships with neighbouring nations Burundi and the Democratic Republic of Congo have become strained in recent years.

The Head of the Directorate of Valuation Standards, Financial Reporting Council of Nigeria, Ugochukwu Nwora, says that the council has assembled relevant professionals to produce valuation regulations for the country. He says this regulation will be the first of its kind in Nigeria and the council will showcase the exposure draft to the public before launching it in July and the valuation regulations will guide all professional valuers and firms in Nigeria. Nwora noted that the FRC would standardise and regulate submissions, ensuring consistency and adherence to asset valuation standards.

The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. The organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before. The IMF commended the Federal Government for, among other things, phasing out costly and regressive energy subsidies”, saying this was critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability. IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns.

Liberian President Joseph Boakai has signed an executive order to establish the country's first war crimes court, more than 20 years after the end of two civil wars which killed 250,000 people. Mr Boakai said Liberia had endured downpours of agony. The 1989-2003 conflicts saw atrocities including mass killings, rape and the forced recruitment of child soldiers. Critics in Liberia have opposed the creation of the court, saying it risks reopening old wounds however Mr Boakai says the court would help ferret the causes and effects of the violence and bring about justice and healing.

Chad is set to become the first of Africa's current junta-led states to move to democratic rule with Monday's presidential vote. It will end a three-year transition imposed after the sudden death of long-serving leader Idriss Deby Itno while fighting rebels. Prime Minister Succès Masra is among his nine challengers and is seen as his biggest rival. Ten other politicians who had been hoping to run, including two prominent figures, Nassour Ibrahim Neguy Koursami and Rakhis Ahmat Saleh, were excluded by the constitutional council because of irregularities.

The Federal Airports Authority of Nigeria says it has concluded plans with the Office of the National Security Adviser to reduce the number of security checkpoints at the country’s airports. The Managing Director of FAAN, Olubunmi Kuku says the agency and the office of the NSA have agreed to carry out short and long-term measures to address the issue. Kuku noted that the issue of multiple security checkpoints was the first challenge she took up upon the assumption of office. The FAAN MD added that she has had productive conversations with the National Security Adviser, Nuhu Ribadu to craft viable solutions to the issue.

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Minister of the Federal Capital Territory, Nyesom Wike before the Federal High Court in Abuja. Also joined in the suit were the 36 state governors over over their failure to account for and publish the agreements of the N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, respectively. SERAP Deputy Director, Kolawole Oluwadare, says the group asked the court to direct and compel the governors and Mr. Wike to account for N5.9trn and $4.6bn loans obtained by their states and the FCT and to publish copies of the loan agreements, location of projects executed with the loans.

Governor Abba Yusuf has laid the foundation for a ₦15bn three-layer interchange bridge at Kofar Dan’agundi in a move to transform Kano into a mega city, and alleviate traffic congestion, Governor Yusuf emphasised the significance of enhancing traffic flow to elevate Kano’s status to that of a mega city. The project, awarded to CCG Nigeria Limited in December 2023, boasts a completion period of eighteen months. It is part of a comprehensive initiative that includes another high-impact interchange bridge at Talidu roundabout, strategically positioned to mitigate traffic congestion. Gee Wang, Project Manager of CGC Nigeria Limited, expressed confidence in meeting the project’s timeline.

The Japanese yen has slumped to a 34-year low against the United States dollar. The yen on Monday sank to 160.17 per dollar, the lowest since April 1990, prompting speculation that Japanese authorities would intervene to prop up the currency for the first time since late 2022. The yen has been on a continual slide since early 2021 as the Bank of Japan (BOJ) has maintained ultra-low interest rates, while the US Federal Reserve and other central banks have hiked borrowing costs. The downward spiral has continued in recent weeks despite the BOJ raising interest rates last month for the first time in 17 years, as expectations of interest rate cuts in the US fade amid above-target inflation. The Japanese central bank kept its benchmark rate unchanged at 0-0.1 percent. BOJ Governor Kazuo Ueda says that exchange-rate volatility would only affect monetary policy if there was a significant impact on the economy.

Dubai has started work on a $35bn airport terminal that is set to have the world’s largest capacity upon completion, the emirate’s ruler has said. Dubai’s Prime Minister and Vice President Sheikh Mohammed bin Rashid Al Maktoum said that the new terminal would be five times the size of the current Dubai International Airport and handle up to 260 million passengers annually. Sheikh Mohammed says All operations at Dubai International Airport will be transferred to the newer Al Maktoum International Airport over the coming years.

Burkina Faso’s media regulator has suspended more international media outlets over their coverage of a report accusing the Burkinabè army of killing civilians. The military government has now banned the French network TV-Cinq and the websites of Le Monde and the Guardian, as well as the German broadcaster, Deutsche Welle. The suspension comes days after the Burkinabè authorities imposed a two-week ban on BBC and US public broadcaster Voice of America for covering the same Human Rights Watch report. The Superior Council for Communication says that the coverage of the HRW report by the newly suspended outlets "constitutes disinformation likely to bring discredit to the Burkinabè army". The media regulator also reiterated a warning to all media outlets against covering the report, threatening sanctions.

Several African leaders are gathering in Kenya's capital, Nairobi, for the World Bank's International Development Association (IDA21) summit. The two-day summit aims to address development challenges on the continent and work towards creating prosperous, inclusive, and sustainable economies. The IDA is the part of the World Bank that helps the world’s 75 poorest countries, 39 of which are in Africa. Among presidents attending the summit include Andry Rajoelina (Madagascar), Julius Maada Bio (Sierra Leone), Lazarus Chakwera (Malawi), Samia Suluhu Hassan (Tanzania) and Hassan Sheikh Mohamud of Somalia. Others include Évariste Ndayishimiye of Burundi, Mohamed Ould Ghazouani of Mauritania and Comoros' Azali Assoumani.

The Office of the Surveyor General of the Federation has pledged to deploy a Geographical Information System expert for the Border Communities Development Agency to help establish its GIS unit. The Surveyor General of the Federation, Abuduganiyu Adebomehin, reassured the agency of his support and collaboration in the areas of mapping, identification, and information regarding border communities across the country. He noted that it was one thing to have imagery and another to be able to read it.

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was vital to prevent the country from going bankrupt. Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy. He says Nigeria is immensely consistent with the belief that economic collaboration and inclusiveness are necessary to engender stability in the rest of the world. He added that the subsidy removal was necessary for the country not to go bankrupt, to reset the economy and pathway to growth.

President Bola Tinubu has secured a $600m investment from Danish shipping and logistics firm A.P Moller-Maersk with a deal to help in expanding port infrastructure to accommodate more container shipping services in Nigerian ports. Presidential spokesman Ajuri Ngelale says there was a need to expand the port infrastructure, especially in Lagos, where they need a bigger hub for logistics services. Chairman of A.P Moller-Maersk, Mr Robert Maersk Uggla, says they believe in Nigeria and will invest $600 million in existing facilities and make the ports accommodating for bigger ships.

President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US. The chair of the Senate Banking Committee, Senator Sherrod Brown, wrote that Chinese electric vehicles are an existential threat to the American auto industry. The White House earlier said the US was opening an investigation into whether Chinese cars pose a national security risk. Senator Brown says China will not be allowed to bring its government-backed cheating to the American auto industry. China's vice finance minister, Liao Min, says China's competitive advantages are due to its "large-scale market, complete industrial system and abundant human resources.

Togo's parliament has given final approval to a new constitution extending the president's term after critics denounced the move as a coup. The West African country will move from a presidential to a parliamentary system. President Faure Gnassingbé's supporters argue the changes reduce his powers by transforming the presidency into a ceremonial role. The opposition however says the reforms remove limits on his stay in office and the removal would enable him to remain president until 2031.