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  • Kenya To Add Gold To Its Reserve

    Kenya To Add Gold To Its Reserve
    2025/05/02
    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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  • South Africa Will Defend Sovereignty

    South Africa Will Defend Sovereignty
    2025/05/02
    A senior figure from South Africa's ruling ANC party has defended his country's sovereignty amid growing tensions with the US over race relations and a new land law. ANC National Chair Gwede Mantashe says they are a free country not a province of the United States and that sovereignty will be defended. US President Donald Trump has hit out at South Africa's new expropriation law, signing an executive order in February stating it was a means to which the government could "seize ethnic minority Afrikaners' agricultural property without compensation". President Cyril Ramaphosa says the law ensures "public access to land in an equitable and just manner.

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  • US Calls Out Nigeria’s Trade Barriers, Port Corruption

    US Calls Out Nigeria’s Trade Barriers, Port Corruption
    2025/05/02
    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 Upholds $220 Million Fine Against Meta

    Nigeria Upholds $220 Million Fine Against Meta
    2025/05/02
    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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  • China Says On ‘Right Side Of History’ In Trade Standoff With US

    China Says On ‘Right Side Of History’ In Trade Standoff With US
    2025/05/02
    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 Conduct Authority fines African Bank For Misleading Ad Campaign

    South Africa’s Financial Conduct Authority fines African Bank For Misleading Ad Campaign
    2025/05/02
    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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  • Kenya To Add Gold To Its Reserve

    Kenya To Add Gold To Its Reserve
    2025/05/02
    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.

    Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
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  • Nigeria Joins BRICS Meeting For Discussion On Trump’s Trade Policies

    Nigeria Joins BRICS Meeting For Discussion On Trump’s Trade Policies
    2025/05/02
    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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