New Post Africa

Category: Business

  • Lagos Government begins compensation for Blue Line rail landlords

    Lagos Government begins compensation for Blue Line rail landlords

    LAGOS, NIGERIA, 01 April 2026 (NPA) — The Lagos State Government, through the Lagos Metropolitan Area Transport Authority (LAMATA), has reached a new milestone in its commitment to residents affected by the Blue Line Rail extension project.

    After completing compensation payments to tenants, the Authority has now commenced disbursement to landlords. This next phase highlights the government’s resolve to ensure fair, transparent, and timely compensation for all stakeholders impacted by the project.

    The process officially began today with the presentation of cheques to landlords who had completed documentation and verification for the Blue Line Depot land acquisition. Duly enumerated property owners received payments as part of the coordinated exercise.

    The compensation programme is being overseen by Dr Babatunde Osho, Managing Director of Global Impact Environmental Consulting, working closely with LAMATA officials.

    This initiative is a critical component of the wider Blue Line Rail project, which is progressing toward completion in the first quarter of 2027. By prioritising equitable compensation and inclusive transition processes, LAMATA reinforces its commitment to the social well‑being of Lagosians while advancing a modern, integrated urban transport system.

  • South Africa slashes fuel levy to ease price rise on citizens

    South Africa slashes fuel levy to ease price rise on citizens

    AFRICA, 01 April 2026 (NPA) — In a decisive move to shield South Africans from surging global energy costs, the National Treasury and the Department of Petroleum and Mineral Resources (DMPR) have announced a temporary R3 cut to the general fuel levy.

    Effective immediately, the levy on petrol drops from R4.10 to R1.10 per litre, while diesel falls from R3.93 to R0.93. Officials say the measure will provide motorists with urgent relief while safeguarding the stability of the country’s fuel supply system.

    The Finance Minister emphasised that the decision balances consumer welfare, particularly food and transport inflation, with fiscal objectives. The one‑month reduction is expected to cost R6 billion in foregone revenue and will be reviewed monthly for the next two months.

    Without the cut, April’s fuel price hikes would have been steeper: petrol up R3.06 per litre, diesel rising more than R7, and paraffin climbing by over R11 wholesale. The DMPR stressed that paraffin pricing excludes levies and taxes, a deliberate policy to protect low‑income households.

    Authorities assured the public that national fuel stocks remain sufficient, with reported shortages linked to localised panic buying and logistical bottlenecks. Citizens are urged to avoid unnecessary stockpiling and purchase responsibly to prevent further strain on distribution networks.

    The government reiterated its commitment to protecting vulnerable households, promising further targeted measures to cushion the poor from high energy costs. Officials added that work is underway on a broader package of interventions to support households and key sectors of the economy, with details to be announced soon.

  • Afreximbank Secures $4bn Financing for Dangote Refinery

    Afreximbank Secures $4bn Financing for Dangote Refinery

    LAGOS, NIGERIA, 01 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

    Afreximbank and Access Bank acted as co-Mandated Lead Arrangers for the five-year facility, designed to consolidate existing financing, optimise capital structure, and align with the refinery’s operational status and long-term growth plan.

    The transaction represents a major milestone for DPRP, Africa’s largest refinery and petrochemical complex, with a capacity of 650,000 barrels per day. The facility will enhance balance sheet flexibility, strengthen financial resilience, and support the refinery’s role as a strategic supplier of refined petroleum products to Africa and global markets.

    Afreximbank’s US$2.5 billion share is the largest in the syndicate, underscoring its leadership in mobilising capital to drive Africa’s industrialisation, promote intra-African trade, and bolster energy security. Since refining operations began in February 2024, the Bank has provided a US$1 billion working capital facility and acted as Financial Adviser on the Naira-for-Crude initiative, which enables crude purchases and refined product sales in local currency.

    Speaking in Cairo, Afreximbank President Dr George Elombi said: “We take immense pride in being the single largest provider of financing to the Dangote Group. When we invest in ourselves, we build a secure and resilient future for our continent.” He noted that Afreximbank has invested about US$15 billion in the Dangote Group since 2015.

    Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the financing as “an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positioning the business for the next phase of growth.”

    The syndicated loan attracted strong interest from African and international financial institutions, reflecting confidence in the refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.

  • South Africa targets $118B at landmark investment conference

    South Africa targets $118B at landmark investment conference

    AFRICA, 31 March 2026 (SA News Agency ) — The South Africa Investment Conference (SAIC) has opened in Sandton, with the government targeting R2 trillion ($118B) in new commitments.

    The Sandton Convention Centre is abuzz as delegates arrive for the sixth edition of SAIC, South Africa’s flagship platform to position itself as a credible, competitive investment destination. More than 1,200 delegates are expected, including Cabinet Ministers, business leaders and global investors.

    Held under the theme ‘Invest. Partner. Prosper’, the conference brings together government, investors, development finance institutions and strategic partners to advance investment-led growth and strengthen South Africa’s role as a gateway into Africa. The event aligns with commitments made by President Cyril Ramaphosa in the 2026 State of the Nation Address, setting a more ambitious medium-term investment target.

    SAIC is structured to move from reform credibility to investor confidence, aligning domestic priorities with international interests. Presidential spokesperson Vincent Magwenya noted that investment mobilisation is continuous, with international delegations recognising South Africa as a viable business destination.

    The 2026 conference marks a shift from planning to implementation, as the government accelerates delivery on existing commitments. An additional R2 trillion in pledges is targeted over the next five years, building on R1.5 trillion secured at previous conferences, of which R600 billion has already been invested. These investments have supported new factories, mines and industrial facilities, contributing to job creation and poverty reduction.

    Under the “3Ds” framework — Digitisation, Decarbonisation and Diversification — the conference highlights opportunities in technology, clean energy and expanded trade. It also launches South Africa’s Second Investment Drive, aligned with the priorities of the 7th Administration: inclusive growth, employment, infrastructure and reform.

    Launched in 2018 by President Ramaphosa, SAIC has become central to attracting investors. The 2026 edition takes place amid improved confidence, supported by progress in structural reforms, enhanced energy reliability and broader recovery initiatives. – SAnews.gov.za

  • African Union convenes Fifth Session on Tax and Illicit Financial Flows in Abuja

    African Union convenes Fifth Session on Tax and Illicit Financial Flows in Abuja

    ABUJA, NIGERIA, 31 March 2026 (NPA) — The African Union has convened the Fifth Session of the Sub-Committee on Tax and Illicit Financial Flows (IFFs) in Abuja, Nigeria, under the theme “Building the Africa We Want Through Tax and Fiscal Policy Reforms to Support Economic Growth and Domestic Resource Mobilisation.”

    The meeting, taking place from 31 March to 2 April under the framework of the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration (STC-FMAEPI), comes at a crucial moment as Africa intensifies efforts to finance its own development and strengthen the resilience of its economies. It serves as a strategic continental platform for action-oriented dialogue and policy alignment, bringing together Member States, Pan-African institutions, and key partners to strengthen tax systems, curb illicit financial flows, and advance domestic resource mobilisation (DRM) as a cornerstone of sustainable growth.

    Anchored in the implementation of Agenda 2063: The Africa We Want, the Fifth Session builds on the momentum of the Fourth Sub-Committee on Tax and IFFs and the Eighth Ordinary Session of the STC-FMAEPI held in Johannesburg in September–October 2025. Delegates are expected to consolidate African positions, share practical experiences, and shape collective responses to evolving global and continental tax reforms.

    Hosting the session in Abuja provides Nigeria, through the Nigeria Revenue Service (NRS), with an opportunity to contribute to continental dialogue on tax administration reforms and DRM strategies. It also reinforces collaboration among African tax administrations and institutions in tackling illicit financial flows and strengthening fiscal frameworks.

  • Sett secures $30M to automate game marketing with AI agents

    Sett secures $30M to automate game marketing with AI agents

    MIDDLE EAST, 30 March 2026 (NPA) — Israeli startup Sett, which develops an AI agent–based platform for the gaming industry, has raised $30 million in a Series B round led by Greenfield Partners, with participation from existing investors F2 and Bessemer, bringing total funding to $57 million.

    The round also included Ben Feder of Tirta Fund, a prominent gaming executive and former CEO of Take-Two Interactive, developer of the Grand Theft Auto (GTA) series, as well as former president of Tencent’s gaming division.

    Founded in 2023, Sett is already generating tens of millions in revenue with strong growth rates, according to sources. Its customers include major gaming companies such as Zynga, Playtika and Papaya.

    While currently focused on gaming, Sett plans to expand into industries driven by performance-based marketing — including fintech, apps and e-commerce — by the end of 2026. The company believes its platform can act as a force multiplier, helping firms tackle increasingly complex marketing challenges.

    At its founding, Sett envisioned companies relying on autonomous AI agents to manage marketing operations. Initially, it focused on generating data-driven content and interactive ads for mobile gaming firms. Following early success, Sett is now developing a holistic user acquisition platform designed to manage player growth end-to-end, faster and more efficiently than traditional teams.

    User acquisition remains one of the largest cost centres for gaming companies, which spend billions annually. Marketing teams often produce hundreds of playable ads and thousands of video ads each month, a process that can take weeks manually. Sett says its platform cuts production times from weeks to hours and significantly reduces costs, saving companies millions while maintaining content quality.

    The company was founded by Amit Carmi (CEO) and Yoni Blumenfeld (CTO), both alumni of Unit 8200, and currently employs around 50 people. The new funding will accelerate product development and support global expansion.

  • NCC orders mobile operators to compensate subscribers for poor service

    NCC orders mobile operators to compensate subscribers for poor service

    ABUJA, NIGERIA, 30 March 2026 (Agency Report) — The Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) to compensate subscribers in areas where service quality falls below prescribed standards.

    In a statement issued on Sunday in Abuja, Nnenna Ukoha, Head of Public Affairs at the NCC, said the Commission’s position was that consumers should not bear the full burden of service disruptions when operators fail to meet required benchmarks.

    Under the directive, affected subscribers will receive compensation in the form of airtime credits, calculated according to their average spending patterns and presence within Local Government Areas where service failures occur.

    Ukoha explained that the measure reflects the NCC’s consumer-centred regulatory philosophy, ensuring accountability while reinforcing the importance of consistent investment in network resilience, capacity expansion, and infrastructure upgrades.

    She emphasised that poor service quality undermines productivity, commercial activity, and public confidence in Nigeria’s communications system. While regulatory fines have traditionally served as deterrents, the Commission is now adopting a more consumer-focused approach to strengthen industry accountability.

    The directive also extends to tower companies, which own critical infrastructure for service delivery. Ukoha noted that the NCC will continue to deploy regulatory tools that promote fairness, transparency, and accountability across the sector, ensuring subscribers receive the quality of service they deserve while supporting Nigeria’s digital future.

  • China–South Africa forum sparks optimism as zero‑tariff policy boosts trade

    China–South Africa forum sparks optimism as zero‑tariff policy boosts trade

    ABUJA, 29 March 2026 (NPA) — A China–South Africa trade forum held in Cape Town on Friday has raised confidence in deeper bilateral cooperation following China’s zero‑tariff measures for 53 African countries.

    Jointly organised by the China Council for the Promotion of International Trade and South Africa’s Department of Trade, Industry and Competition, the forum drew over 350 political and business representatives, including 70 Chinese and 110 South African executives. Talks centred on agriculture, manufacturing, energy, mining, finance, automobiles, and logistics.

    South Africa’s Deputy Minister Alexandra Abrahams said the zero‑tariff policy would allow African products duty‑free access to China, attracting more investment. She noted that China has long been South Africa’s largest trading partner, while South Africa remains China’s top partner on the continent. “It’s a win‑win situation,” she said.

    Russel Brueton of Wesgro stressed that China will remain a key market for local exporters, adding that easier trade will drive inclusive growth and job creation. He welcomed the policy as a major opportunity for South African products to reach new buyers.

    Chinese companies also expressed optimism. Wang Jian of Aberdare Cable said zero‑tariff measures would cut costs and stabilise raw material supply. Shenzhen Skyworth’s Chairman Fan Ruiwu highlighted opportunities in photovoltaics, energy storage, and new energy vehicles, predicting stronger two‑way investment.

    Lu Ping of Hainan Free Trade Zone Dehang Group said the policy framework offers “early harvest” gains, linking South Africa’s speciality industries with China’s free trade port advantages. Cultural and tourism exchanges are also expected to benefit, with Beijing Green and Blue Culture Media’s Xiao Meng calling the move a platform for deeper cooperation.

  • German embassy, NAWOJ push for women’s empowerment in journalism

    German embassy, NAWOJ push for women’s empowerment in journalism

    ABUJA, NIGERIA (NPA) — 29 March 2026 — The German Embassy in Nigeria and the Nigeria Association of Women Journalists (NAWOJ) have joined forces to champion women’s empowerment in journalism, describing it as vital for building an inclusive and resilient democracy.

    Speaking at a one‑day capacity‑building workshop in Abuja, Mr Felix Haala, Head of Press and Political Counsellor at the German Embassy, said empowering women journalists strengthens democratic governance and social change. The workshop, themed “Empowering Women Journalists for Democratic Governance and Social Change,” was organised by NAWOJ’s FCT Chapter in partnership with the Embassy as part of activities marking International Women’s Day 2026.

    Haala commended Nigeria’s relatively free media environment, stressing that democracy cannot thrive without press freedom. He noted that amplifying women’s voices benefits society at large, while expressing concern over low female representation in parliament. “Empowering women journalists is not only a matter of equality and justice, but also essential for a strong, inclusive and resilient democracy,” he said.

    NAWOJ National President Hajia Aisha Ibrahim emphasised that empowering women journalists yields stronger democratic voices, improved accountability, and more inclusive communities. FCT Chairperson Mrs Bassey Ita‑Ikpang highlighted the training’s focus on investigative reporting, ethical journalism, gender‑sensitive storytelling, and leadership. NUJ FCT Chairman Ms Grace Ike, represented by Treasurer Sandra Chukwugekwu, described the workshop as timely, noting that women journalists play critical roles in shaping narratives and holding leaders accountable despite persistent challenges.

  • Kwara State launches $250,000 community revolving fund for small businesses

    Kwara State launches $250,000 community revolving fund for small businesses

    NIGERIA (NPA) — 28 March 2026 — The Kwara State Government, in Nigeria’s North Central region, has empowered clusters of small businesses across local communities with a total of $250,000 (₦350 million) in interest-free loans under its new Community Revolving Fund (CRF).

    Governor Abdulrahman Abdulrazaq, in a statement on 25 March, described the initiative as one of the many fruits of the state’s partnership with the World Bank through the Kwara Agro-Climatic Resilience in Semi-Arid Landscapes (Kwara ACReSAL) project. He explained that the World Bank-supported scheme is designed to provide women, youth, farmers, and cooperatives with access to resources that will enable them to create wealth, generate employment, and uplift households.

    The government emphasised that the CRF is a practical step towards reducing poverty, a central focus of the present administration. Beneficiaries were drawn from community interest groups, each receiving $25,000 to strengthen their enterprises.

    Governor Abdulrazaq expressed gratitude to the World Bank and the ACReSAL project team, congratulating the pioneer beneficiaries. He urged them to use the funds judiciously and ensure prompt repayment so that other groups can also benefit. “This initiative is about shared prosperity,” he said, stressing that repayment will guarantee continuity and wider impact across Kwara communities.