Dangote Cement's Nigerian unit posted a net profit of 747.4 billion naira between January and September 2023, up 173% YoY. An analysis of this result showed it is largely attributed to foreign exchange gains, amplified by the depreciation of the naira. Dangote Cement Nigeria announced a net profit of N747.4 billion ($930 million, $1=800 naira) for the first nine months of 2023, according to...

Although less affected than its neighbors, Benin has also been facing an upsurge in terrorist attacks in its northern part since 2021. Benin's Minister of Economy and Finance, Romuald Wadagni, reached a deal last October 24 with the Chargé d'Affaires a.i. of the Japanese Embassy in Benin, Motonobu Ichijo. The agreement is aimed at financing Benin's "Economic and Social Development Program". It...

E-commerce is thriving in Côte d'Ivoire, providing job opportunities and increasing revenues despite ongoing challenges. As the Ivorian government looks to boost its income, they are involving the sector. E-commerce platforms in Côte d'Ivoire will soon be subject to an 18% value-added tax (VAT) on their commissions, as revealed in a press release from the Treasury Department. This measure is...

The African Development Bank is partnering with the East African Community (EAC) Secretariat and the United Nations Conference on Trade and Development to launch a capacity development project to enhance trade in East Africa. The $1.56M EAC Trade Portal Enhancement Project will support digitized trade solutions to reduce trade barriers and enable the EAC to meet its obligations under the...

The Lagos State Tax Appeals Tribunal has ordered MTN Nigeria to pay $72.5 million in tax arrears to the Federal Inland Revenue Service (FIRS). This amount covers the period from 2007 to 2017. The verdict was pronounced following an appeal by the local subsidiary of the South African telecoms group. The dispute began in May 2018, when the Federal Attorney General's Office published a report...

The European Union adopted on October 23 a legal framework for sanctions against the military regime in Niger. This move enables the organization to "sanction persons and entities responsible for actions that threaten the peace, stability, and security of Niger, undermine the constitutional order [...] or constitute serious violations of human rights [...] or breaches of international...

The Ivorian government announced the suspension of the import of alcoholic energy drinks on its territory. The “precautionary” measure will remain in effect until December 31, a statement from the Ministries of Trade and Health reported. According to the document, the decision is aimed at cracking down on the consumption of a drug mix called "Kadhafi", which combines alcoholic energy drinks...

Since 2019, Zimbabwean telecom operators have been allowed to increase their tariffs several times to meet the challenges of the local operating environment. The latest tariff adjustments date back to February and April 2023. The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has approved a new increase in tariffs for services provided by telecom companies. This new...

The Board of Directors of the African Development Bank Group have approved South Africa’s Country Strategy Paper (CSP) 2023-2028 The Bank’s interventions over the next five years will focus on two priority areas: improving governance and developing the private sector in southern Africa’s largest and most populated country. The CSP 2023-2028 aims to support the South African government’s...

Gilles Duffaut was appointed the new Director of International Logistics Development for AGL (Africa Global Logistics) on 01 September 2023. Together with Eric Melet, CEO of Logistics and Rail Solutions, he is responsible for developing the international network at the leading African multimodal logistics operator. With the appointment of Gilles Duffaut, AGL aims to strengthen relationships...