New probe into Akinwumi Adesina could derail his quest for AFDB presidency
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New probe into Akinwumi Adesina could derail his quest for AFDB presidency

The African Development Bank which plays a key role in funding projects that fight poverty and improving the lives of people on the continent, is facing one of its biggest crises since its formation over half a century ago. The bank’s sharp dressing President Akinwumi Adesina who is due for re-election in August, is facing mounting…

Nigerian local oil firms get $200m intervention funds
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Nigerian local oil firms get $200m intervention funds

The Nigerian government has announced a $200m Content Intervention Fund for indigenous service providers in the country’s oil industry. President Muhammadu Buhari made the announcement in his speech on Friday, June 12 – Nigeria’s Democracy Day in which he outlined that the fund is expected to boost the participation and investment of Nigerians in the oil…

SA Minerals Council denies mines are epicentre of Covid-19
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SA Minerals Council denies mines are epicentre of Covid-19

The Minerals Council South Africa, which represents mining operators in the country, has denied claims the sector is fast becoming the epicentre of Covid-19. The mining industry, which employs nearly a half a million people has come under increased scrutiny over its response to the virus. Under level three of lockdown regulations, the sector is…

Nigeria targets Netflix, Facebook others in tax revenue drive
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Nigeria targets Netflix, Facebook others in tax revenue drive

With dwindling revenue, Nigeria has revealed plans to tax video streaming sites, companies that offer digital content downloads and social medial platforms. The companies which provide services to Nigerians and earn revenue in Naira are expected to pay digital tax to the Federal Inland Revenue Service, according to a Companies Income Tax Order 2020 issued…

African airlines’ losses to reach $2 billion, says IATA
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African airlines’ losses to reach $2 billion, says IATA

The global airlines body (IATA) has released a 2020 air transport economic outlook with African airlines recording a combined loss of $2 billion a stark contrast from the 200 million loss that was predicted in 2019. The airlines industry has been one of the most hard hit due to the travel restrictions with most regions recording negative operating…

The African Development Bank gives $1.2 million for Ethiopia-Sudan railway study
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The African Development Bank gives $1.2 million for Ethiopia-Sudan railway study

The two-year, comprehensive feasibility study will assess the proposed project’s technical, economic, environmental and social viability The African Development Bank’s Board of Directors has approved a $1.2 million grant to Ethiopia’s government to finance a feasibility study for construction of a standard-gauge railway (SGR) link between Ethiopia and neighbouring Sudan. The grant, from the African…

Nigeria’s foreign trade falls by 17.94% in Q1 2020
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Nigeria’s foreign trade falls by 17.94% in Q1 2020

Nigeria’s total foreign trade decreased by 17.94% to N8.3trn ($21.4bn) in the first quarter of 2020 when compared with the forth quarter of the previous with a figure of N10.12trn ($27bn), according to new data released by the National Bureau of Statistics. However, the latest figure represents a 0.8% year on year increase from the…

SAA’s Business Rescue Plan Fails to Take Off
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SAA’s Business Rescue Plan Fails to Take Off

A business rescue plan for beleaguered state- owned airline South African Airways continues to hit turbulence. Business rescue practitioners Les Matuson and Siviwe Dongwana were meant to present a final plan to creditors today, but have asked for yet another extension, following disagreements with trade unions at the airline.  In a letter to creditors on…

Nigerian ex-oil minister becomes Dominican citizen amid a corruption investigation
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Nigerian ex-oil minister becomes Dominican citizen amid a corruption investigation

The news has been described as akin to the chess move of the decade. Some have called it the best political gimmick ever carried out by a Nigerian politician under corruption indictment. But one thing is certain, a former Nigerian petroleum minister, Diezani Alison-Madueke who has been indicted and is being prosecuted in a multi-million…

African Development Bank approves $288.5 million for Nigeria COVID-19 Response Support Program
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African Development Bank approves $288.5 million for Nigeria COVID-19 Response Support Program

The loan is the Bank’s initial response to help mitigate the slump in oil prices and its impact on the national economy The Board of Directors of the African Development Bank on Friday approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses. The loan…

Western Cape is Epicenter of Covid19 in South Africa
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Western Cape is Epicenter of Covid19 in South Africa

South Africa’s health minister Dr. Zweli Mkhize says the Covid19 pandemic has behaved differently than initial projections suggested. Models originally touted Gauteng, the country’s economic heartland as the epicenter of the virus – but the rapid spread of the disease in the Western Cape, in areas around Cape Town – has defied models and the…

South Africa Goes Back To Work
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South Africa Goes Back To Work

This week will be a seminal moment in South Africa’s fight against the devastating Covid-19 pandemic and depending on how we conduct ourselves, the next seven days could have a lasting socio-economic impact. From an economic standpoint the return of over 8 million people to work will be a massive relief for many businesses who…

What does Nigeria’s Siemens power deal mean for businesses?
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What does Nigeria’s Siemens power deal mean for businesses?

Six days out of every week, James Agbebi wakes up as early as 5am to prepare for work. 6.30 am. He opens twin door of his printing shop on Agunbiade Street in the heart of the Lagos’s printing hub at Shomolu and headed to a small cage, locked with a large padlock beside his shop….

Nigeria seeks approval for $5.5bn loan
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Nigeria seeks approval for $5.5bn loan

Nigerian President Muhammadu Buhari has approached the country’s House of Representatives to request approval for a new external borrowing amounting to $5.513bn. If approved, the loan would bring Nigerians’ external debt to $36.013. The country’s external debt as of December 2019, stood at $27.1bn while IMF had extended an emergency loan of $3.4bn to Nigeria…

Struggling SA Aviation Industry Pleads for Government Intervention
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Struggling SA Aviation Industry Pleads for Government Intervention

With most airports closed and flights grounded for the past two months, South Africa’s aviation sector is teetering on the brink of collapse. The situation is so dire that a delegation representing the industry has called on the South African government to provide “specific financial relief” to the sector to help cushion the blow of…

COVID travel ban: Anger trails Nigeria’s slap-on-the-wrist penalty for a British airline
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COVID travel ban: Anger trails Nigeria’s slap-on-the-wrist penalty for a British airline

An announcement that the Nigerian government has imposed a fine of about $2,500 on a British private charter plane, Flairjet, which contravened the flight ban imposed to prevent the spread of COVID-19 in the country, has been greeted by mostly disbelief and anger. According to the Nigerian aviation minister Hadi Sirika, a Legacy 600 aircraft…

75% of Economy opened as SA moved to Level 3
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75% of Economy opened as SA moved to Level 3

Many businesses will be heaving a sigh of relief following President Cyril Ramaphosa’s announcement on Sunday night, that from June 1st, the country will be moving to level three of its lockdown regulations. This means over 8 million people will return to work and industries such as manufacturing, mining, construction, media and government services which…

Nigeria loses $1.09bn oil revenue in Q1 2020
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Nigeria loses $1.09bn oil revenue in Q1 2020

Oil revenue from Africa’s largest crude oil producer, Nigeria, shed $1.09bn in the first quarter of 2020, the country’s Minister of Finance, Budget and National Planning, Zainab Ahmed has said. The minister explained during a presentation at the National Econiomic Council’s first virtual meeting, which was presided over by Vice President Yemi Osinbajo, that the net…

Senegal: A West African Leader on the Rise
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Senegal: A West African Leader on the Rise

Senegal has demonstrated strong ambition for economic development and rapid progress towards becoming an attractive investment destination (By Thomas Hedley, Field Editor) Although they are located 1,800Km from each other, Côte d’Ivoire and Senegal vie for the place of the economic leader in West Africa, with a slight advantage for the former which, thanks to…