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Africa Headlines

South Africa’s growth outlook slashed, global economy resilient – IMF – The International Monetary Fund (IMF) yesterday cut the growth outlook for South Africa to 1% for 2024, from 1.8%. Growth is estimated at 0.6% for 2023. It came as the Bretton Wood institution launched an updated World Economic Outlook (WEO) in Johannesburg. The weaker expectation is on the back of expected logistics and power challenges. The IMF had Pierre-Olivier Gourinchas, Chief Economist and Director of Research. The IMF expects lower growth in the US, weak demand in China, but expects slight improvements in growth in Europe. In Africa, growth is expected to rise while it expects inflation to continue to ease. Improvements in inflation is expected to allow Central Banks to reduce inflation later this year. Risks remain on tightened financial conditions and energy prices..

Nigeria’s CBN says all airlines backlogs paid, airlines disagree – The Central Bank of Nigeria (CBN) claims to have settled all verified claims by foreign airlines operating in Nigeria by paying an additional US$64.44 million, bring the total to foreign airlines to US $136.73 million. However, the International Air Transport Association (IATA) responded by acknowledging the latest payment but emphasized that around US $700 million is still outstanding. It does mean that the aggregates recognised by the Bank and the airlines differ. IATA acknowledged the progress that has been made but stressed the that the continuous depreciation of the Naira is posing a great challenge. As we reported yesterday, the Naira reached an historical low of N1348 to the US $ after trading on Monday. In recent months, the CBN has cleared over US $2.5 billion in overdue foreign exchange debts and has released $500 million to different sectors to address the backlog of verified foreign exchange transactions..

300 stranded Europe-bound Nigerians return from Libya – Over 320 Nigerians stranded in war-torn Libya have been rescued and are being assisted by the International Organization for Migration (IOM) to return to Nigeria. Libya has become a significant departure point for migrants, including those from other parts of Africa, who undertake risky sea journeys in the hope of reaching Europe. The expulsion of 163 irregular migrants of Nigerian nationality, including women, men, and children, took place from Mitiga airport in Tripoli, coordinated by the Libyan migration agency and the IOM. Additionally, 160 Nigerians were scheduled to be sent back from Benina airport in Benghazi. The IOM estimates that there are over 700,000 migrants in Libya.

Ban on styrofoam stands, Lagos tells supermarket owners – The Lagos State Government is intensifying efforts to raise awareness about the dangers of using styrofoam and to encourage behavioral change among residents. The Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, met with representatives of the National Association of Supermarkets and Operators of Nigeria to discuss the ban on styrofoam. He emphasized the need for all segments of society to understand and embrace the ban, calling for the association's support. He stated that the ban was already having a positive impact and mentioned that Abia State had also recently announced a ban on styrofoam. The decision to ban styrofoam and other single-use plastics was made at the National Council on Environment in 2021, with enforcement starting this year. The Commissioner encouraged manufacturers to develop alternatives to styrofoam, and he assured that the enforcement of the ban would be carried out civilly but firmly after a three-week grace period for distributors and sellers to clear their stock.

Zimbabwe court frees Job Sikhala after almost 600 days – Job Sikhala, an opposition politician, and former MP in Zimbabwe, has been released after spending 595 days on pre-trial remand. Sikhala and his co-accused, MP Godfrey Sithole, were sentenced to a two-year wholly suspended term for five years for inciting public violence. Sikhala's lawyers intend to appeal the conviction at the High Court. Sikhala was arrested in June 2022 and charged with encouraging violence following the discovery of a dismembered body. The incident sparked violence in the area, and Sikhala, who was the family lawyer of the deceased, was accused of using social media to incite the violence. The trial magistrate found Sikhala and Sithole responsible for the violence based on the evidence presented. Sithole was granted bail after five months, while Sikhala's bail applications were unsuccessful, leading to speculation of state persecution. Sikhala still faces charges of disorderly conduct, inciting violence, and publishing falsehoods.

Global Headlines

Former Pakistan Prime Minister Imran Khan sentenced to 10 years in prison – Imran Khan, Pakistan's former leader and head of the Pakistan Tehreek-e-Insaf (PTI) political party, has been sentenced to 10 years in prison for leaking state secrets. The closed court hearing took place in Rawalpindi's Adiala Jail, where Khan and former Foreign Minister Shah Mehmood Qureshi are already imprisoned on corruption charges. The PTI party stated that the case against Khan and Qureshi was a sham, and they plan to challenge the decision in a higher court. The sentencing comes ahead of parliamentary elections scheduled for February 8, which Khan is unable to contest due to his previous conviction. Khan has faced numerous legal battles since his ouster in 2022 and has been imprisoned since August on corruption charges.

The US walks a tight rope with Iran over weekend attacks – The US is walking on a very thin rope in determining a response to the attack on US troops that killed three and injured over 30 in Jordan, near Syrian border. President Biden is determined to provide a response but also careful not to escalate an already precarious situation in the middle east. Since the escalation of the crisis between Israel and Palestinians, it has widened slightly by the escalation of attacks by Houthis on ships on the Red Sea. However, the weekend attack was the first time that US troops have been killed and the US is expected to respond.

Venezuela accuses US of ‘blackmail’ over sanctions – Venezuela has criticized the United States' decision to reimpose oil and gas sanctions and has issued a warning that deportation flights for Venezuelan migrants in the US without documents could be halted. Vice President Delcy Rodriguez stated that if the US intensifies economic aggression against Venezuela, repatriation flights for Venezuelan migrants will be immediately cancelled starting from February 13. The US began repatriating Venezuelan migrants in October, following an agreement between Nicolas Maduro and President Joe Biden. In response to the US sanctions, Venezuela threatens to review all other areas of cooperation as a countermeasure. The US Department of the Treasury has given US entities until February 13 to wind down transactions with Venezuelan state-owned miner Minerven. The US Department of State announced that it does not plan to renew a license allowing Venezuela's oil to flow freely to chosen destinations. 

Hong Kong begins legislative push to pass new national security laws – The Hong Kong government has begun working on new national security laws, four years after China imposed comprehensive legislation following pro-democracy protests. Chief Executive John Lee stated that while Hong Kong appears calm and safe, it must remain vigilant against potential sabotage and independent Hong Kong ideas. A public consultation period for the new law has been announced, covering offences such as treason, insurrection, espionage, destructive activities endangering national security, and external interference. The proposed legislation also aims to tighten control over foreign political organizations linked to the city. The enactment of a national security law has been delayed due to public opposition, fearing it would erode civil liberties. The 2019 pro-democracy protests prompted Beijing to impose a national security law, resulting in convictions and lengthy pre-trial detentions.