Nigeria June Inflation Highest in 10 Years – Africa Business News Roundup

Inflation in Nigeria has hit its highest level in almost a decade, surging to 16.5% in June. It highlights a deepening crisis for Africa’s biggest economy.

The inflation rate in Africa’s largest economy increased to 16.5 percent from 15.6 in May, the Abuja-based National Bureau of Statistics. That’s the highest rate since October 2005, according to data on the Central Bank of Nigeria’s website. Prices rose 1.7 percent in the month. Read also Dionne Searcey’s Nigeria Finds a National Crisis in Every Direction It Turns.

Global leaders at UNCTAD 14 in Nairobi

UNCTAD will focus on four areas: the challenges and opportunities posed by the multilateral system in trade and development; the enhancement of  overall and sustainable development through trade, investment, financing, and technology in order to achieve prosperity for all; achieving a structural economic transformation to enable economic flexibility, address obstacles to trade and development, and benefit from available opportunities; and finally, how to contribute to the active implementation of the global Sustainable Development Goals for 2030 issued by the United Nations in September 2015. Follow the discussions online using #UNCTAD14.

Kenya May Ink EU Trade Deal Alone

After the signing of the comprehensive Economic Partnership Agreement (EPA) between the East African Community (EAC) and the European Union (EU) was called off on Monday, Bloomberg reports that Kenya may sign the deal alone without its other EAC members.

If signed, the negotiated EPA would give members of the EAC immediate duty-free, quota-free access to the EU for all exports.

Africa Business Review speaks to the CEO of Woolworths South Africa about sustainability, success stories and the secret to staying on top in The Art of innovation.

Africa – the land of great opportunity

Africa is rapidly becoming the global economic growth engine. Half of the world’s 25 fastest-growing nations are in Africa and almost 40 per cent of the continent will achieve GDP growth of more than 5 per cent in 2016. The population is set to grow by 50 per cent to 1.5bn by 2030, and by 2040, Africa’s working-age population will rise to 1.1bn from about 500m today – greater than the working-age populations of China and India combined.

A burgeoning middle class is also catalysing growth across a range of sectors, including financial services, telecommunications, retail, residential and transportation.  Read more.

East Africa: Why Dar Port Still Cheap

Value Added Tax (VAT) on auxiliary services, widely referred to as VAT on Transit Goods has of recent attracted a lot of criticisms from stakeholders, mainly those using Dar es Salaam Port. Brought by the new VAT Act of 2014, the VAT on transit goods became operational from the last financial year.

According to the recent comparative data, the importer pays a total of 4,169 US dollars for the 20-foot container that is subjected to all costs including VAT on auxiliary services at the Dar es Salaam port while the same container is charged a total of 4,465 US dollars at the Mombasa Port. Read more.