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ABUJA (Reuters) – Nigeria’s lower house of parliament passed four tax reform bills proposed by President Bola Tinubu on Thursday, marking progress in the government’s efforts to overhaul the country’s tax system, but several proposed measures were watered down. Nigeria, Africa’s most populous country, has one of the world’s lowest tax-to-GDP ratios, at 10.8%, forcing …

Nigeria’s lower house of parliament passes tax reform bills, with some tweaks Read More »

By Siyanda Mthethwa and Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s SPAR Group is planning a chain of about 30 to 40 high-end grocery stores, with the first set to open in the fourth quarter of this year, an executive said on Thursday, as the retailer targets affluent shoppers. South African grocery retailers are increasingly …

South Africa’s SPAR plans chain of up to 40 high-end grocery stores Read More »

DAR ES SALAAM (Reuters) – Tanzania plans to increase overall spending by 13.4% in the fiscal year from July, according to a draft budget that focuses on the country’s debt repayment needs, the cost of a coming general election, and U.S. President Donald Trump’s pause in overseas aid. The east African country plans to spend …

Tanzania plans to raise spending by 13% in fiscal year from July, draft shows Read More »

By Wendell Roelf CAPE TOWN (Reuters) – The European Investment Bank is holding off on decisions to finance the $760 million Ruzizi III hydropower plant in Central Africa, due to fighting between Rwandan-backed rebels and the Democratic Republic of Congo, a spokesperson said. Europe is ramping up pressure on the adversaries following January’s blitzkrieg by …

EIB reviews financing for $760 million hydro project over DRC war Read More »

NAIROBI (Reuters) – The Kenyan shilling held steady on Thursday compared with the previous session but was expected to weaken due to demand for hard currency from foreign-owned banks looking to pay dividends, traders said. At 0903 GMT commercial banks quoted the shilling at 129.20/129.60, same range as Wednesday’s close. (Reporting by Elias Biryabarema; Editing …

Kenyan shilling stable, dividend payments could weigh Read More »