Good morning, and a warm welcome to ThinkBusiness Africa, your Monday – Friday dose of commentary, contexts, and insights on business and economic news that matter to you.

Remember to visit www.tb.africa to continue to enjoy the second phase of our media services development. Also remember to share your feedback.

ThinkBusiness Africa thank you.

Please, also share so we can continue to build a community of “business thinkers”.

Upcoming Event

In partnership with

Africa Headlines

Nigeria struggles to grow revenues from solid minerals under the weight of illegal mining – As widely reported yesterday, Governor Abdullahi Sule of Nasarawa State has accused foreign companies of exploiting the nation’s mineral resources, leaving residents impoverished. This is another reminder that Nigeria is struggling to maximise the opportunities in the minerals sector for the purpose of diversifying the country’s export receipts, growth and jobs. It comes amidst the proposals for a 5% share of mineral revenue for host communities. The minister of solid minerals Dele Alake also said recently that mining companies will now be required to have agreement in place with host communities before they can explore minerals. However, what is missing is a comprehensive fiscal incentive that will attract established mining companies into Nigeria. As it is, the mining sector in the country is characterised by illegal mining, fragmentation, insecurity, and poor investment. In the context, the solid minerals space has become a welcome field for all and sundry. Until the right and appropriate structure is established, this will continue and leave Nigeria and Nigerians short changed.

Africa nurses struggle with national governments on work abroad – Major economies in Africa are currently struggling to keep their nurses at home. In Nigeria, South Africa, Zimbabwe, Uganda, Ghana, and many others, the story is the same. This has led to clashes between nursing bodies, nurses, and national governments. For instance, the National Nurses Association of Kenya (NNAK) and governors are clashing over plans to send nurses abroad. In Nigeria, the Nursing and Midwifery Council of Nigeria (NMCN) has established proposals that any Nigeria trained nurses must first work two years at home. In Ghana, it is estimated that 4,000 nurses left the country in 2022. The struggle to keep nurses at home in Africa comes amidst strong demand for nurses in the UK, Germany, and Saudi Arabia. At the same time, the applications for nursing degrees are up in the economies following the growth in foreign demand for them. In Africa, the World Health organisation estimates that there are 1.2 million nurses, grossly inadequate for the continent’s need. Meanwhile, over 7,000 nurses migrated from Nigeria to the UK alone between 2021 – 2022. 

Niger airspace remains closed to Nigeria as the country Opens Airspace to Others – As Niger opened its airspace to other country’s airlines, the government has reiterated that the airspace remains shut to all flights to and from Nigeria. So, other countries flights passing through Nigerien airspace without landing are not affected. However, they must maintain operational ADS-B and/or radar transponders. Military, operational, and special flights remain banned, requiring prior authorisation. This development highlights the complex, deepening, and worsening relationship between Nigeria and Niger, following the coup in the country July 2023. Following the coup, the Economic Community of West Africa States (ECOWAS), led and currently chaired by Nigeria sanctioned the country, including power cut on the 80-Megawatt Birnin – Kebbi line, while Cote d’ Ivoire suspended all imports and exports from the country, while the regional central bank, the BCEAO has shut down its branch in the country.

Tyranny of sovereignty’ undermining African trade: MTN vice president – Despite the optimistic tone at the African Prosperity Dialogues in Ghana, business leaders expressed frustration with logistical barriers hindering cross-border trade. MTN's Ebenezer Asante urged policymakers to end "the tyranny of sovereignty" hindering seamless trade within West Africa. He emphasized leveraging technology and open borders for continental progress. Travel remains a challenge, with speakers highlighting visa complexities and inefficient air routes. President Akufo-Addo promised visa-free entry for Africans to Ghana, while transport infrastructure improvements like the Lagos-Abidjan corridor are seen as crucial. Financial systems pose another hurdle, with 44 currencies and disparate payment systems limiting trade and pushing transactions outside formal channels. UBA's Marufatu Abiola Bawuah shared sanctions encountered while trying to facilitate cross-border payments. The message was clear: implementing the African Continental Free Trade Area requires addressing these issues comprehensively. The current 17% intra-African trade lags other continents, hindering economic goals and regional value chain development. Only with freer movement of goods, money, and people can Africa unlock its full trade potential.

Wagner Group Rebranded as "Russia's Africa Corps" – The Wagner Group, a controversial Russian mercenary organization, has been replaced by the "Russia's Africa Corps" across its key strongholds in Africa. This follows the deaths of the group's founders in a plane crash last year. New leader Anton Yelizarov confirmed the rebranding and emphasized the organization's continued operations in Africa and Belarus. He claims the Africa Corps will serve "the interests of the Russian Federation" and fight Islamist insurgencies, starting with deploying 100 personnel to Burkina Faso. The organisation has taken over operations in Mali and Libya and seeks a base in the Central African Republic. Analysts predict further deployments across the Sahel region, with activities dependent on local contracts. Unrestricted access to transport hubs in Libya and Algeria is seen as crucial for successful operations. This move raises concerns about Russia's growing military presence in Africa, particularly amidst ongoing insurgencies and fragile political situations. It remains to be seen how the Africa Corps will operate and the extent of its influence on the continent.

Global Headlines

Middle East crisis: Rafah offensive will bring ‘severe consequences’, warns Iran – The Iranian foreign minister, Hossein Amir-Abdollahian, has issued a warning to Israel, stating that an offensive on Rafah will result in severe consequences for Tel Aviv. He specifically mentions the extension of war crimes and genocide to Palestinian refugees in Rafah. This warning comes at a time when there are reports of an imminent ground invasion by Israel in this densely populated area in southern Gaza. Lord Cameron, the UK Foreign Secretary, has also cautioned Israel, urging them to carefully consider their actions before proceeding in Rafah. He highlights the challenging nature of fighting a war in such a densely populated region with limited options for civilian safety. US President Joe Biden has communicated to Israeli Prime Minister Benjamin Netanyahu that any military operation in Rafah should only be initiated if there is a credible plan to ensure the safety of the approximately one million people seeking shelter there. The White House emphasizes the importance of protecting the lives of civilians in the region