Kenya’s NSSF hikes contribution rates on Feb 1, 2025, doubling the upper earnings threshold and raising max employee deductions to KSh 4,320, affecting all formal workers.
Welcome to the Business section of Explore Africa Daily — your quick source for what matters in African markets, energy, startups and trade. Here you’ll find clear updates that help farmers, entrepreneurs, investors and everyday readers make smarter decisions.
Fuel and energy moves change prices fast. For example, South Africa’s planned fuel levy hike is already squeezing farmers and shoppers — that’s not just a headline, it affects food transport costs and household budgets. When NNPC adjusts petrol prices after the Dangote refinery starts selling fuel, it shifts supply chains and retail prices across Nigeria.
Currencies and rates matter if you trade or save. The South African rand’s slide as US yields rise hits importers and holiday budgets. When central banks or global bond markets shift, expect ripple effects in bonds, stocks and commodity prices.
Big projects and policy shape long-term growth. BUA Group’s updates on the Akwa Ibom refinery show how local refining capacity can cut fuel imports and boost jobs. At the same time, political moves — like Kenya’s decision to borrow more after the finance bill saga — change how governments fund services and infrastructure.
Startups face fast changes. Copia Global’s crisis and potential layoffs show how funding and market fit still decide survival in African e-commerce. Amazon’s entry into South Africa without its full suite of products shows how global players test local markets before going all in.
Crypto and security are now mainstream business issues. The $1.4 billion Bybit hack and the industry’s joint response show why security and quick coordination matter to protect users and restore trust.
How to use this section: scan headlines for immediate risks (fuel hikes, currency moves), read analysis for investment or business planning, and follow company updates for partnership or hiring signals. If you run a farm, watch fuel and transport stories. If you manage a small business, monitor currency and import cost stories. If you’re investing, track policy changes, large projects and sector-specific news.
Search tips: try terms like “fuel levy South Africa,” “Dangote refinery petrol price,” “rand exchange movers,” “startup layoffs Kenya,” or “crypto exchange hack Bybit” to find related stories fast on our site.
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Kenya’s NSSF hikes contribution rates on Feb 1, 2025, doubling the upper earnings threshold and raising max employee deductions to KSh 4,320, affecting all formal workers.
The Nigerian Naira moved higher against the US dollar after the Central Bank of Nigeria cut its policy rate. Official data shows the Naira rose to N1,487.37 per dollar, up from N1,488.60 the day before. The gain was seen in both official and parallel markets. Analysts say the rate cut boosted confidence in the currency. The trend points to a broader stabilization effort by the central bank.
South Africa’s fuel levy increase, set for June 2025, is raising alarm bells among farmers and consumers. With fuel making up a hefty slice of farming costs, the hike threatens to drive up food prices and strain rural communities, all while pushing household budgets even tighter.
Bybit expressed gratitude to partners like Bitget, Crypto.com, and Tether after a historic $1.4 billion hack. This incident highlighted the industry's solidarity and maturity in handling crises. Bybit CEO emphasized unity, while audits confirmed user fund safety despite significant withdrawals. Industry players are reassessing security measures, reflecting an evolving response strategy.
BUA Group has clarified the status of its ambitious refinery project in Akwa Ibom, dismissing rumors of it being 90% complete. The company's statement stresses commitment to transparency and timely completion, underscoring its historical success in industrial ventures. BUA aims to enhance Nigeria's refining capacity, while managing additional energy projects to boost power generation across the nation.
Donald Trump, the US President-elect, has proposed a bold strategy of 100% tariffs against BRICS nations as a deterrent to their plans of creating a new currency to rival the US dollar's global dominance. This move aims to prevent a shift in global financial power, though its practicality and potential fallout remain in question. Despite Trump's aggressive tactics, the US dollar retains its stronghold as the world's leading reserve currency.
The South African Rand continued its downward trend, hitting its lowest in nearly two weeks, as global economic worries and rising US Treasury yields deter investors. The currency's decline is heightened by concerns over South Africa's sluggish economic growth and falling commodity prices, notably gold. As the US inflation data release looms, the Rand's performance remains uncertain.
Troy University's Small Business Development Center marked Hispanic Heritage Month by presenting a workshop in Enterprise, AL aimed at supporting Hispanic and Latino entrepreneurs. This event focused on providing necessary tools and resources to foster business growth among the community. Conducted in Spanish, it highlighted the SBDC's dedication to inclusiveness and aligned with the university’s mission to embrace cultural diversity.
NNPC has increased petrol prices for the second time in two weeks, coinciding with the arrival of fuel from the Dangote refinery. The new rates vary by region, with the highest prices in the northeast. Amidst the inflation and fuel cost crisis, the new refinery aims to reduce Nigeria's reliance on imported gasoline.
Facing a massive financial challenge, President William Ruto of Kenya has disclosed plans to borrow an additional trillion shillings following the dismissal of a controversial finance bill. The bill's withdrawal, prompted by violent protests, has led to severe financial implications, affecting public services and fueling further civil unrest.
Kenyan e-commerce startup Copia Global is contemplating drastic actions amid uncertainties, such as laying off over 1000 employees or potentially shutting down the business. CEO Tim Steel highlighted the need to cut costs, despite significant funding rounds. The company already laid off 700 employees and ceased Uganda operations in 2023, reflecting broader challenges in the Kenyan e-commerce sector.
Amazon has launched its retail operations in South Africa, mirroring local competitors but without its proprietary products and digital services. The entry includes competitive pricing and a similar returns policy to Takealot, yet lacks gadgets like Kindle and services like Amazon Music or Prime.
Business
