297 episodes

Daily news insights and analysis of the Africa Business Landscape, covering from emerging startups to macroeconomics from across the 55 Africa Union member states com. Support this podcast: a href=

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Daily news insights and analysis of the Africa Business Landscape, covering from emerging startups to macroeconomics from across the 55 Africa Union member states com. Support this podcast: a href=

    South Africa advised to seek fund from IMF

    South Africa advised to seek fund from IMF

    The Institute of International Finance has advised South Africa to seek funding from the International Monetary Fund given its high debt levels, large capital outflows and a potentially deep recession.
    The IIF said it expected South Africa’s economy to contract by 2.5 percent in 2020, but said waning demand, travel restrictions and pandemic-related closures could lead to a deeper recession.
    The group, which was created by 38 banks in leading industrialised countries, called South Africa's economic situation "increasingly untenable". It said entering a program with the IMF could bring much-needed funding and help shore up investor confidence.

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    Nigeria delays planned increase in electricity tariff

    Nigeria delays planned increase in electricity tariff

    Nigeria's Power Minister, Sale Mamman, says the country will postpone, by at least three months, planned electricity tariff increases as its citizens struggle with coronavirus lockdowns. Mamman made the announcement in a tweet. He said the first price increase since 2015, which was scheduled to take effect on Wednesday, will take place only when distribution companies “improve quality of supply, meter consumers and agree with consumers on rates.

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    Taraba state Government orders closure of markets and worship center

    Taraba state Government orders closure of markets and worship center

    Taraba State government has ordered the closure of all markets, shops and worship centres in the state to prevent the spread of COVID-19. The shutdown is expected to commence from Thursday, April 2. At a press briefing, the Deputy Governor, Haruna Manu, warned that the measure taken should not be allowed to cause panic buying, hoarding or hike in prices of goods and services.
    Manu explained that essential services like pharmacies, food stores and petrol service stations were exempted from the order.
    He said the state government will study the implications of its directive by giving periodic updates on the situation so that it does not impact negatively on the people.

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    NNPC seeks smooth movement of petroleum tankers

    NNPC seeks smooth movement of petroleum tankers

    Meanwhile, the Nigerian National Petroleum Corporation has appealed to law enforcement agencies across the country to allow free movement of petroleum products during the lockdown of Lagos, Ogun and the Federal Capital Territory, Abuja.
    The group, in a statement, said the exemption granted by President Muhammadu Buhari to certain categories of essential workers covers the operations of petroleum products tanker drivers. The group also advised motorists not to engage in panic buying, noting that NNPC holds over 2.6 billion litres of petrol which is enough to last through the period of the lockdown and beyond.

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    Federal Government of Nigeria reduces petrol price to N123.5 per liter

    Federal Government of Nigeria reduces petrol price to N123.5 per liter

    The Federal Government has reduced the price of petrol from 125 naira per litre to 123 naira, 50 kobo per litre. This is a 1 naira 50 kobo reduction on every litre of petrol purchased nationwide.
    The Petroleum Products Pricing Regulatory Agency announced the new price after a whole day meeting with stakeholders in the oil and gas sector in Abuja.
    Executive Secretary of PPPRA, Abdulkadir Saidu, said the guiding price takes effect on 1st April 2020, and shall apply at all retail outlets nationwide for the month of April 2020. He said the PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.

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    Britain’s banking sector scraps billions of dollars in shareholder dividends.

    Britain’s banking sector scraps billions of dollars in shareholder dividends.

    Britain’s banking sector has scrapped billions of dollars in shareholder dividends and share buybacks after the Bank of England requested the move to boost liquidity and help cope with the coronavirus pandemic.
    The British central bank, in a statement, said its Prudential Regulation Authority division had asked lenders to stop the payments until the end of the year.
    It also said it expects them not to pay any cash bonuses to top staff.
    In response, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander and Standard Chartered all stated that they will scrap dividends and not pursue buybacks.

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