
China has announced that 53 African countries with which it maintains diplomatic relations, including Libya, will be exempted from customs duties. This exemption began on May 1, 2026, and will continue until April 30, 2028. The Kingdom of Eswatini is excluded from this policy due to its diplomatic ties with Taiwan. Chinese Foreign Ministry spokesman Lin Jian stated that this policy reflects China's and Africa's shared commitment to global peace and development through stability. The initiative saw its first shipment under the new policy on May 1, with 24 tonnes of South African apples entering China at Shenzhen Customs.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Libya Herald.
Must ReadLibya's National Oil Corporation NOC announced that total daily production has reached 1,487,723 barrels, with crude oil production at 1,438,560 barrels and condensate production at 49,163 barrels per day. This marks the highest production rate recorded since 2013, moving the NOC closer to its goal of producing 1.5 million barrels of crude oil per day. NOC Chairman Masoud Suleiman commended the efforts of local companies and their employees during a meeting at the NOC's Tripoli headquarters. He acknowledged their dedication despite challenges and emphasized the need to maintain this momentum to reach the target rate by the end of 2026, aiming to support the Libyan economy and national development.

Abdel Nasser Najm, Chairman of the Benghazi branch of Libya鈥檚 Privatization and Investment Board PIB, met with a delegation from China's KEDA Industrial Group. The meeting aimed to attract and localize foreign investment within projects operating under the Libyan Investment Law. Ahmed Al-Oraibi, Director of the PIB鈥檚 Investment Department, provided details on the Investment Law and investor services. The PIB highlighted that the visit from KEDA, a large Chinese industrial group, comes amidst reconstruction efforts in Libyan cities, creating investment opportunities in engineering consulting, construction, and technology transfer. The PIB seeks to support the national economy and position Libya as an appealing investment destination for major foreign companies, aiming to create jobs and enhance skills for Libyan nationals. KEDA Industrial Group operates in over twenty countries, with an annual revenue exceeding two billion dollars and employing twenty thousand people globally.

Libyan Minister of Economy and Trade, Suhail Abu Shiha, stated that the Ministry's primary focus is on citizens, aiming to alleviate living burdens and improve living standards. Speaking at the Tripoli Government Communication Conference, Abu Shiha explained how fiscal and monetary policies, and their distortions, impact daily life, prices, competition, and goods availability. He clarified that the Ministry seeks to enable the market to function properly, benefiting citizens, the state, and merchants through fair competition. Abu Shiha noted that while 2021 and 2022 saw stable financial conditions, late 2024 and early 2025 experienced declining competition, rising prices, and reduced goods quality due to economic imbalances. He attributed these issues to "money creation" or injecting liquidity outside traditional frameworks, which increased the money supply without corresponding production. This uncoordinated money creation directly impacts purchasing power, leading to higher prices and a decline in the real value of money and savings. The Minister concluded by stating that the Ministry is developing a plan to regulate the market, reduce distortions, enhance competition, ensure goods availability, and improve citizens' living standards.