Business News – Africa’s Top Stories Today

Looking for what’s happening in African business right now? You’re in the right spot. From currency swings to big‑company moves, we break down the news that matters to you.

Market Movers

The Nigerian Naira is feeling the heat. On June 3, black market rates jumped past ₦1,600 per dollar because the Central Bank held back new official numbers. Traders say the gap between street and official prices is wider than ever, making it harder to predict costs for imports.

Across the continent, investors are watching the steel sector closely. Aliko Dangote pulled his planned steel plant in Nigeria after the government accused him of trying to monopolize the market. Dangote says the claims are wrong and that he still wants a strong local steel industry.

Corporate Headlines

Volvo is shifting its electric‑vehicle production from China to Belgium. The move helps the carmaker dodge possible EU tariffs on Chinese EVs, which could add extra fees for European buyers.

In Kenya, the Adani Group slammed fake press releases about new projects, urging people to check their official website for real information. The controversy comes as a court paused an agreement between Adadi and the Kenyan government.

Even outside Africa, business news hits home. Over 700 McDonald’s workers in the UK are filing a lawsuit over harassment and claims of “sex for shifts.” While it’s a UK story, the fallout shows how workplace issues can ripple across multinational brands.

These stories illustrate why staying updated matters. A sudden change in exchange rates can affect your travel budget, while a new factory plan can create jobs or spark debate about competition.

Want to keep track of more business news? Bookmark this page and check back daily. We’ll bring you fresh headlines, quick explanations, and the practical takeaways you need to make sense of Africa’s fast‑moving economy.

Jun

Naira Faces Fresh Pressure: Black Market Exchange Rates Surge Past ₦1,600 as Official Data Lags

SIYABONGA SOKHELA
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On June 3, 2025, Nigeria's black market exchange rates soared, with $1 trading at ₦1,605. The Central Bank of Nigeria held back on publishing new official rates, making the gap between official and street rates more obvious than ever. Traders warn about relying solely on user-reported prices, given big swings and buyer-seller differences.

Mar

Mass Legal Action Against McDonald's UK Over Harassment and 'Sex for Shifts' Scandal

SIYABONGA SOKHELA
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Over 700 young UK workers from McDonald's are filing a lawsuit alleging harassment, racism, and inappropriate management behavior, as revealed by a 2023 BBC investigation. The claims, affecting over 450 restaurants, involve managers reportedly offering shifts for sexual favors. Despite McDonald's attempts to address these issues, unions criticize their measures, leading to group action in Employment Tribunals.

Oct

Understanding the 2025 Social Security Cost-of-Living Increase: What Beneficiaries Need to Know

SIYABONGA SOKHELA
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In January 2025, Social Security recipients will experience a 2.5% increase in their benefits due to the cost-of-living adjustment. This affects nearly 68 million beneficiaries and 7.5 million SSI recipients. The CPI-W has guided this change, with an average increase of $50 in retirement benefits. Notices will be sent in December, but online access through *my* Social Security accounts is available from late November, provided accounts are set up by November 20.

Sep

Adani Group Debunks Fake Press Releases About Alleged Kenya Projects

SIYABONGA SOKHELA
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The Adani Group has categorically denied the authenticity of several press releases circulating about its projects in Kenya. Stating these releases as fraudulent, the group urged the public to refer to their official website for verified information. This denial comes amidst the suspension of a proposed deal between Adani Group and the Kenyan government by a Kenyan court.

Jul

Aliko Dangote Scraps Steel Plant Investment Amid Monopoly Accusations

SIYABONGA SOKHELA
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Africa's richest man, Aliko Dangote, has decided to cancel his plans to invest in a new steel plant in Nigeria following accusations of monopolistic practices by the Nigerian government. Dangote refutes these allegations, maintaining that his company does not aim to monopolize the steel industry.

Jun

Nick Imudia, Former CEO of Konga and D.light, Tragically Commits Suicide Amid Investigation

SIYABONGA SOKHELA
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Nick Imudia, previously the CEO of Konga and at the time of his death the CEO of D.light, has died by suicide. Imudia took his own life by jumping from a storey building on June 25. The Lagos police command is investigating, with the SCID heading the case. Imudia's career included positions at TCL/Alcatel and Microsoft Device and Services. Condolences have been expressed by several industry leaders.

Jun

Volvo Transitions Electric Vehicle Production to Belgium to Sidestep Potential EU Tariffs

SIYABONGA SOKHELA
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In a strategic move, Volvo Car is relocating its electric vehicle production from China to Belgium to avoid potential European Union tariffs on imports subsidized by Beijing. This shift comes as the EU investigates whether Chinese-made EVs are receiving unfair government support, which could lead to extra duties.