Major International Business Headlines Brief ::: 29 April 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  29 April 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Budget Limits School Security in Gauteng 

ü  Africa: Floods and Droughts Are Two Sides of the Same Crisis

ü  Nigeria: CSCS, Others Harp On Infrastructure, Inclusive Growth to Unlock
New Frontiers of Innovation

ü  Nigeria: Govt Set to Pay Five Months Wage Award Arrears to Workers

ü  Nigeria: In Major Policy Shift to Boost AfCFTA, CBN Lowers Documentation
for Low-Value PAPSS Transactions

ü  Ethiopia's Macroeconomic Reform Has Earned Global Praise

ü  Ethiopia Spearheads Comprehensive Energy Diplomacy in Africa

ü  Nigeria: Cooling Systems in High Demand in Nigeria but Regulatory Gaps
Persist

ü  Liberia: Gbarnga Marketers Decry Soaring U.S. Rate

ü  Nigeria On Bold Journey to Becoming $1trn Economy - CSCS

ü  Trump set to ease tariff impact on US car makers

ü  Australian PM dismisses warning over AAA credit rating

ü  ChatGPT AI bot adds shopping to its powers

ü  DHL lifts suspension of high-value deliveries to US

ü  How Armenia is trying to build a Silicon Valley in the Caucasus

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: Budget Limits School Security in Gauteng 

 

Budget Limits School Security in Gauteng

 

The Gauteng Education Department said  it could not afford to place security
personnel at every school following a fire at Riverlea High School that
destroyed 11 classrooms and several toilets, reports SABC  News. Locals
reported seeing people at the school before the fire broke out. At least 280
Grade 8 learners, whose classrooms were among those destroyed, were to be
temporarily accommodated in the school hall. Department spokesperson Steve
Mabona said the budget did not allow for security at all schools. Security
was only deployed at high-risk schools where criminal activity or gang
violence was more prevalent.

 

Manhunt Underway After Double Fatal Shooting in Durban

 

A manhunt was underway for a suspect who shot and killed two people and
injured another in the Umbumbulu area, south of Durban, reports EWN. A
family's car broke down on the R603, and a gunman approached and opened
fire. Police found the mother and son, who had run to a nearby house with
multiple gunshot wounds; the boy died at the scene, while the mother was
taken to the hospital for treatment. The father was later found dead on a
riverbank. ALS Paramedics spokesperson Garrith Jamieson confirmed that
paramedics responded to three scenes resulting from the single shooting
incident.

 

 

Long Weekend Leads to Numerous Drunk Driving Arrests in Eastern Cape

 

At least 257 drunk drivers were arrested on Eastern Cape roads over the
Freedom Day long weekend, with Mthatha in the OR Tambo District identified
as a hotspot, reports SABC News. Eastern Cape Transport spokesperson Unathi
Binqose said Transport MEC Xolile Nqatha praised officers for their efforts
and urged motorists to change their behaviour, warning that continued
arrests of drunk drivers posed a serious threat to road safety. The arrests
came shortly after the province had released its Easter weekend road safety
statistics.

 

More South African news

 

 

 

Africa: Floods and Droughts Are Two Sides of the Same Crisis

United Nations — Water emergencies are deeply personal to us. Coming from
Southeast Asia and southern Africa--two regions that struggle with water
challenges--we have witnessed firsthand how water defines the fate of
communities and nations.

 

In many areas of the world, floods have become a persistent risk, displacing
millions and causing severe economic losses. Extreme rainfall has led to
destroyed homes, infrastructure, and livelihoods. In 2022 alone, floods
affected more than 90 million people globally, with damages surpassing $120
billion.

 

Yet in others, prolonged droughts have had devastating consequences. In
southern Africa, rivers are drying up, crippling agriculture and energy
production. The severe droughts of recent years have left millions without
reliable access to water, and created cascading economic and social
challenges.

 

The extremes of too much or too little water are connected by a simple
truth: we cannot solve our water challenges without protecting the
ecosystems that regulate them.

 

 

Water is running out where we need it most and arriving in excess where we
don't. One in four people lacks access to safe water. Droughts and floods
are intensifying, putting not just people, but entire economies at risk.

 

But the global response remains reactive rather than preventative--billions
are spent on disaster relief, yet the fundamental role of nature in water
resilience remains overlooked.

 

Across our regions, we have seen how wetland ecosystems sustain life. Rice
paddies in Southeast Asia sustain food production while also acting as
natural reservoirs, capturing and regulating seasonal water flows. Mangrove
forests along coastlines protect from storm surges while helping to
stabilize freshwater supplies.

 

In southern Africa, wetlands help sustain livestock and agriculture, with
floodplains and seasonal wetlands providing grazing land and water storage
during dry periods. The Okavango Delta in Botswana, a Ramsar-listed Wetland
of International Importance, is just one example--critical for regional
water resilience, supporting biodiversity and sustaining livelihoods in one
of Africa's driest regions.

 

 

Cracked earth, from lack of water and baked from the heat of the sun, forms
a pattern in the Nature Reserve of Popenguine, Senegal. Credit: UN
Photo/Evan Schneider

 

Wetland ecosystems are nature's most effective water managers, yet they are
disappearing three times faster than forests. The destruction of wetlands in
urban areas has increased the severity of floods, while the degradation of
inland wetlands has led to worsening desertification.

 

We tend to focus on large-scale water infrastructure projects--dams,
pipelines, and desalination plants--to address water shortages. While these
projects play an important role, they cannot fully replace the natural
functions of wetlands. Wetlands naturally store water, filter pollutants,
and regulate floods and droughts, yet their conservation and restoration
remain underfunded.

 

Every wetland lost further weakens our ability to manage water sustainably.

 

The global water financing gap is estimated at $1 trillion annually, but
only a fraction of this goes toward nature-based solutions. Restoring
wetlands is often a cost-effective complement to traditional infrastructure,
reducing the need for costly flood defences and water treatment facilities.
So why does it continue to be undervalued in water governance?

 

The international community has already taken some important steps in the
right direction. The Sustainable Development Goals (SDGs), particularly SDG
6 on clean water and sanitation, depend on addressing wetland loss.

 

Wetland conservation and restoration are essential to building climate
resilience and can no longer be sidelined in global funding mechanisms.
Governments must integrate wetland protection into national water policies,
and the private sector must step up with investment in ecosystem-based water
management.

 

One truth is undeniable: We must rethink water governance. As co-authors of
this piece, we know that solving global water issues requires integrated
solutions. The Triple A approach presented at the One Water
Summit--Advocate, Align, Accelerate--provides a framework for putting
wetlands at the centre of water strategies through collaboration.

 

The upcoming COP15 of the Convention on Wetlands, hosted in Victoria Falls,
Zimbabwe, in July 2025, presents an opportunity to reinforce commitments to
wetland restoration as a solution for water resilience.

 

Delaying action only deepens losses, as floods and droughts continue to
wreak havoc on both people and the planet. Investing in wetlands now
prevents far greater costs in the future. Each restored wetland means
cleaner water, fewer disasters, and a stronger foundation for resilience.

 

If we want reliable water both now and for future generations, we must
protect the ecosystems that sustain it. Keeping wetlands intact means
keeping water flowing--clean, available, and accessible to all.

 

Retno Marsudi and Musonda Mumba

 

Source: Africa Renewal, United Nations

 

IPS UN Bureau

 

Follow @IPSNewsUNBureau

 

Read the original article on IPS.

 

 

 

Nigeria: CSCS, Others Harp On Infrastructure, Inclusive Growth to Unlock New
Frontiers of Innovation

The Central Securities Clearing System Plc, CSCS, and other stakeholders in
the capital market have harped on the need for resilient infrastructure,
inclusive growth and collaboration to unlock new frontiers of innovation
across Africa and Middle East.

 

The CSCS made this known during a two-day African and Middle East
Depositories Association (AMEDA) Conference 2025, hosted for the first time
in Nigeria.

 

Temi Popoola, the Chairman of the Board of CSCS, who commended AMEDA's
presence in Nigeria, stated: "Hosting AMEDA in Nigeria reflects the rising
influence of our capital market within the region. This is not just a moment
of pride for CSCS but a call to deepen our collaborative efforts in
strengthening market infrastructure across borders.

 

 

"The AMEDA Conference 2025 was not only a resounding success but also a
catalyst for ongoing conversations around cross-border investment, market
infrastructure innovation, and regulatory cooperation" he added.

 

Also commenting, Haruna Jalo-Waziri, the Vice Chairman of AMEDA and MD/CEO
of CSCS, said "Our country is on a bold journey to grow its economy to a
$1trillion economy. This ambition is underpinned by a capital market that
must evolve in scale, sophistication and inclusiveness.

 

Abdulla Abdin, Chairman of AMEDA, reinforced the importance of financial
market infrastructures in supporting inclusive and innovation-driven
economies, saying: "The theme of the conference reflects our deepest
awareness of the rapid transformation taking place in the global economy and
the role played by the financial market infrastructures in enabling
economies to adopt innovation and achieve inclusive growth".

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: Govt Set to Pay Five Months Wage Award Arrears to Workers

The Federal Government has disclosed that it is set to pay the outstanding
five months' N35,000 wage award arrears to its workers.

 

Director (Press and Public Relations), the Office of the Accountant General
of the Federation (OAGF), Bawa Mokwa in a statement issued in Abuja
explained that the Federal Government had earlier paid five months wage
award to federal government employees in instalments, adding that the
outstanding arrears would be paid in instalments of N35,000 per month for
five months.

 

President Bola Tinubu approved a new national minimum of N70,000 per month
in July last year. However, the implementation for Federal workers has been
hampered by government funding constraints.

 

But the OAGF has said the first instalment of the outstanding wage award
arrears would be paid after the April 2025 salary.

 

"The wage award arrears would not be paid with the April 2025 salary; it
will come immediately after the salary is paid", the OAGF said.

 

The Office reiterated the Federal Government's resolve to fully implement
all policies and agreements regarding staff remuneration and welfare to
enhance productivity and efficiency.

 

Read the original article on Vanguard.

 

 

 

Nigeria: In Major Policy Shift to Boost AfCFTA, CBN Lowers Documentation for
Low-Value PAPSS Transactions

Central Bank of Nigeria (CBN), yesterday, announced a major review of
documentation requirements for transactions conducted through the
Pan-African Payment and Settlement System (PAPSS) in the country.

 

The move was part of CBN's ongoing commitment to foster seamless
intra-African trade, financial inclusion, and operational efficiency for
Nigerians engaging in cross-border payments within Africa.

 

The amendments were conveyed in a statement issued by the apex bank's acting
Director, Corporate Communications Department, Mrs. Hakama, Sidi Ali.

 

PAPSS was launched on January 13, 2022 by African Union (AU) and African
Export-Import Bank (Afreximbank) to complement trading under the African
Continental Free Trade Area (AfCFTA) with further future planned rollout in
the Caribbean region.

 

 

It is a Pan-African real-time gross settlement (RTGS) infrastructure for
cross-border payments in distinct local currencies, and serves as a
centralised payment and settlement platform that enables instant, secure,
and efficient cross-border transactions throughout Africa.

 

To ease cross-border transactions, the central bank stated that it was
effective immediately, and to simplified documentation for low-value
transactions, customers might now use basic Know-Your-customer (KYC) and
Anti-Moneylaundering (AML) documents provided to their Authorised Dealer
Banks (ADBs) for low-value transactions of $2,000 and $5,000 equivalent in
Naira for individuals and corporate, respectively.

 

CBN pointed out that for transactions above the thresholds, all
documentation as stipulated in the CBN Foreign Exchange Manual and related
circulars remained mandatory.

 

The central bank further stressed that applicants were responsible for
ensuring all regulatory documents were available to facilitate the clearance
of goods, as required by relevant government agencies.

 

According to the apex bank, by facilitating payments in local currencies,
PAPSS minimises reliance on third-party currencies, reduces transaction
costs, and supports the rapid expansion of trade under the AfCFTA.

 

Likewise, as part of the revised policy, CBN stated that ADBs might now
source foreign exchange for PAPSS settlements through the Nigerian Foreign
Exchange Market, without recourse to the apex bank.

 

Furthermore, all export proceeds repatriated via PAPSS shall be certified by
the relevant processing banks, it added.

 

CBN urged all banks to adopt PAPSS and commence originating transactions in
line with the new policy.

 

It encouraged exporters, importers, and individuals to familiarise
themselves with the new requirements and leverage PAPSS for cross-border
transactions within Africa.

 

Read the original article on This Day.

 

 

 

Ethiopia's Macroeconomic Reform Has Earned Global Praise

In recent years, Ethiopia has embarked on an ambitious and indigenous
economic reform journey that has now gained notable recognition from global
leaders. During the 2025 IMF and World Bank Spring Meetings, and in
subsequent high-level engagements, Ethiopia's reform path received
resounding praise, highlighting the country's steady progress towards
macroeconomic stability and inclusive growth.

 

Guided by its "Homegrown Economic Reform Agenda," Ethiopia has chosen a path
rooted in its unique realities, cultures, and aspirations rather than
relying solely on external prescriptions. This approach has begun to yield
tangible results, as acknowledged by the International Monetary Fund (IMF)
and leading development partners. The significant achievements recorded
include a consistent decline in inflation, a surge in exports, improved
domestic revenue mobilization, and a gradually enhancing business
environment. These milestones were realized despite an increasingly volatile
global economic backdrop.

 

During the 2025 Spring Meetings held in Washington, D.C., a high-level
Ethiopian delegation led by Finance Minister Ahmed Shide and National Bank
Governor Mamo Mihretu engaged in constructive discussions with Nigel Clarke,
the newly appointed Deputy Managing Director of the IMF. Clarke commended
Ethiopia's impressive strides in achieving core macroeconomic targets. The
Deputy Managing Director specifically highlighted the resilience and
ambition demonstrated by Ethiopia, particularly in reducing inflation,
boosting export performance, enhancing the investment climate, and
strengthening revenue collection.

 

The fruitful discussions between Ethiopian officials and the IMF leadership
culminated in a renewed commitment for sustained collaboration. The IMF
pledged continued technical and financial support, emphasizing the
importance of accelerating the reform agenda to unlock Ethiopia's full
economic potential. Minister Ahmed Shide, for his part, expressed gratitude
for the IMF's critical support, reaffirming Ethiopia's steadfast dedication
to sustaining momentum in opening up and modernizing its economy, fostering
private sector investment, and creating broad-based employment
opportunities.

 

 

Beyond engagements with the IMF, Ethiopia's reform journey attracted
admiration from other international partners. A notable example was the
meeting between Minister Ahmed Shide and the United Kingdom's Minister of
State for International Development, Baroness Chapman. Their exchange
underscored the deepening bilateral ties between Ethiopia and the UK, with
Baroness Chapman praising Ethiopia's reform efforts and acknowledging the
improving business environment. She further reiterated the UK's commitment
to supporting Ethiopia's development endeavors and its vital role in
maintaining regional stability in the Horn of Africa.

 

 

Both sides agreed to broaden the scope of their collaboration beyond
traditional development assistance. Plans were outlined to promote greater
investment, enhance trade relations, and expand economic partnerships
between the two nations--a testament to Ethiopia's evolving position as an
attractive and reliable partner on the global economic stage.

 

Further amplifying the international validation of Ethiopia's reforms was
the visit of IMF Managing Director Kristalina Georgieva to Addis Ababa. In
meetings with senior Ethiopian officials, including representatives from the
Ministry of Finance, the Ministry of Planning and Development, and the
National Bank, Georgieva lauded the government's unwavering commitment to
reform and the significant progress achieved across various sectors.

 

During these discussions, Minister Ahmed Shide outlined the government's
broader vision of transforming Ethiopia into a symbol of prosperity within
Africa. He stressed that the reforms were not merely technical adjustments
but foundational shifts aimed at establishing a dynamic, inclusive, and
resilient economy that serves all Ethiopians.

 

Georgieva's acknowledgment of Ethiopia's accomplishments and her optimism
for its future signify a major endorsement of the government's economic
management. It also reflects growing confidence among international
stakeholders in Ethiopia's ability to navigate complex challenges while
charting a course toward sustainable growth and development.

 

What sets Ethiopia's economic reforms apart is their deep-rooted connection
to national realities. Unlike externally imposed programs, Ethiopia's
homegrown reforms are tailored to local contexts and driven by a vision of
inclusive prosperity. This has ensured stronger public ownership, greater
political commitment, and more meaningful engagement with key economic
actors, particularly the private sector.

 

The results are becoming increasingly visible. Inflation has shown a
downward trend, vital sectors such as manufacturing and agriculture are
recording steady growth, and foreign direct investment (FDI) is gaining
momentum. Structural reforms in financial services, energy, and logistics
sectors are unlocking new opportunities, while targeted social protection
measures ensure that the most vulnerable segments of society are not left
behind.

 

Moreover, Ethiopia's commitment to fiscal prudence, monetary policy
modernization, and exchange rate flexibility is laying a firm foundation for
a more resilient and competitive economy. By strengthening institutions and
promoting transparency, the government is also enhancing the overall
investment climate, which is essential for attracting long-term domestic and
foreign investment.

 

The accolades Ethiopia has received are well-deserved. However, sustaining
the momentum will require continued diligence, innovation, and partnership.
Deepening financial sector reforms, maintaining macroeconomic discipline,
ensuring inclusive growth, and enhancing governance will be critical in
consolidating the gains achieved so far.

 

It is also vital that Ethiopia continues to harness international goodwill
and partnerships in a way that aligns with its national priorities.
Strategic alliances, such as those discussed with the IMF and UK officials,
should serve as platforms for mobilizing resources, sharing knowledge, and
fostering mutual prosperity.

 

In this regard, Ethiopia's success story offers valuable lessons for other
developing nations. The homegrown solutions anchored in national realities,
complemented by strategic international partnerships, can achieve meaningful
and sustainable economic transformation.

 

In short, the international acclaim Ethiopia's macroeconomic reform has
garnered is a tribute to the vision, resilience, and hard work of its
leadership and people. It is a strong affirmation that Ethiopia's journey
toward becoming a beacon of economic hope and progress in Africa is well
underway. With unwavering commitment, strategic partnerships and sustained
reforms, Ethiopia is poised not just to meet its aspirations, but to inspire
a continent.

 

Editor's Note: The views entertained in this article do not necessarily
reflect the stance of The Ethiopian Herald

 

BY WAKUMAN KUDAMA

 

THE ETHIOPIAN HERALD TUESDAY 29 APRIL 2025

 

Read the original article on Ethiopian Herald.

 

 

 

Ethiopia Spearheads Comprehensive Energy Diplomacy in Africa

Ethiopia's Energy Diplomacy refers to the strategic use of its energy
resources--particularly hydropower--as a tool for advancing its national
interests, regional cooperation, and foreign policy goals. This approach
plays a significant role in shaping Ethiopia's position within the Horn of
Africa, the Nile Basin, and across Africa. The term hydro-diplomacy is an
element of Ethiopia's diplomacy used to mean energy diplomacy but the author
prefers to use energy diplomacy in this contribution as it will help to
explain that there are other natural energy sources in Ethiopia including
geo-thermal energy, wind farms and solar energy which is abundantly
available in the country.

 

Ethiopia possesses vast renewable energy resources, positioning the country
as a potential leader in sustainable energy development in Africa. The
nation's renewable energy portfolio includes hydropower, wind, solar, and
geothermal sources, each contributing to Ethiopia's energy mix and economic
growth.

 

Hydropower is one of the most important renewable energy resources in
Ethiopia. Naturally endowed with 12 river basins, the nation can even cover
vast areas of Africa with huge hydropower potential which is estimated at
45.000 MW. Hydropower accounts for 90% of the national energy generation

 

Major projects include: Ethiopian Renaissance Dam (GERD): Planned capacity
of 5,150 MW; began partial operation in 2022, Gilgel Gibe III Dam: Capacity
of 1,870 MW Koysha Hydropower Dam: Anticipated capacity of 2,170 MW.
Ethiopia has a potential for wind farms estimated at 1,351,000 MW Current
Projects include Ashegoda Wind Farm: Approximately 120 MW Adama Wind Farms I
& II: Each with a capacity of 51 MW

 

 

Ethiopia has high solar irradiance with an estimated potential of 1,350,000
MW The Government is scaling up solar energy programs aiming to develop up
to 500 MW of solar power.

 

The country possesses Approximately 10,000 MW of geothermal resources,
leveraging the East African Rift Valley

 

Current projects include Aluto Langano Geothermal Plant: Operational with 8
MW capacity and Corbetti and Tulu Moye Projects: Each planned for 150 MW
capacity.

 

Ethiopia's energy diplomacy, just like other forms of the country's
diplomatic activities has become an important component of the nation's
foreign policy and diplomatic initiatives across the globe and in Africa.

 

The energy diplomacy of the country effectively synchronizes with Ethiopia's
leading role in promoting African integration in the realm of development of
renewable energy resources both for the country and for the Horn of Africa.
Energy diplomacy of the country is based on the principles of sharing
resources for mutual development and regional peace.

 

 

Ethiopia's energy diplomacy is a component of the national foreign policy
strategy in fulfilling economic pan Africanism and the main strategies
inscribed in Agenda 2063. What are the key pillars of Ethiopia's energy
diplomacy?

 

The importance of Ethiopia's energy diplomacy rests on several aspects of
Ethiopia's foreign policy and diplomacy.

 

Grand Ethiopian Renaissance Dam (GERD): GERD is central to Ethiopia's energy
diplomacy. It aims to generate over 6,000 MW of electricity, making Ethiopia
a regional power hub. It is now under the final stage of completion. It has
geopolitical implications, especially in relation to Nile Basin countries
like Egypt and Sudan.

 

Ethiopia exports electricity to Sudan, Djibouti, and Kenya--and has plans to
extend to South Sudan and Tanzania. This positions Ethiopia as an energy
exporter and fosters regional interdependence and peace. Ethiopia has
prioritized renewable energy (hydropower, solar, wind, geothermal) in its
Green Legacy and Climate Resilience strategies. Its image as a clean energy
producer enhances its international profile and attracts green investment.

 

Ethiopia works with regional bodies like the Eastern Africa Power Pool
(EAPP) and the African Union, advocating for energy cooperation and
sustainable development. The country collaborates with global partners like
the World Bank, AfDB, and China.

 

What therefore are the economic and diplomatic significance of Ethiopia's
energy diplomacy? Energy exports bring in much-needed foreign exchange. It
encourages large-scale investment in transmission lines, substations, and
roads. It creates jobs in construction, engineering, and energy sectors and
Positions Ethiopia as a key factor in global climate diplomacy. Energy
interdependence promotes dialogue and reduces conflict risk in the region.

 

In recent times, the government has started to sell its power to its
neighboring nation Kenya in addition to the previously agreements with Sudan
and Djibouti. On November 2023, Ethiopia has officially started exporting
its power to Kenya. According to reports, the long-awaited power sale to
Nairobi came true after Ethiopia conducted a successful test run of
electricity supply to Kenya via the 500KV cross-border transmission power
line built to link power grids of the two neighbors. The Ethiopian Electric
Power (EEP) stated that Ethiopia has completed activities to ensure
uninterrupted and reliable transmission of power to Kenya while noting that
Kenya will similarly execute and implement pending activities on its part.

 

The government sets a long- term plan to generate adequate income from its
electric power exporting scheme. For instance, Ethiopia, as to reports,
plans to earn around $100 million annually from electricity exports to
Kenya. Kenya also signed a 25-year power purchase deal with Ethiopia to
import 600 megawatts of electricity from Ethiopia.

 

The deal, which runs until 2047, between Kenya and Ethiopia is a kind of a
deal that approves mutual benefit for both nations. The deal makes Ethiopia
Kenya's second biggest source of hydropower.

 

Kenya has turned towards cheaper sources of electricity in a bid to edge out
the expensive electricity from independent power producers and ensure
buffers to meet peak demand. Dubbed Ethiopia-Kenya Transmission
Interconnection Line, the 1,045km long electricity highway has the capacity
to transmit up to 2,000 megawatts. The project is part of the Eastern Africa
Power Pool (EAPP), a regional institution established in 2005 to coordinate
cross-border power trade and grid interconnection among nations of the
Eastern Africa region.

 

Ethiopia's energy diplomacy is an important component of the integrated
foreign policy and diplomacy of the country adding up to the promotion of
the national interest of the country across the globe and in the African
region. On the other hand energy diplomacy is instrumental in promoting
other components of the national diplomacy of the country including public
diplomacy to promote people to people relations particularly with the
neighboring countries. This will help to ensure regional peace and stability
in the midst of politically turbulent and volatile Horn of Africa.

 

Ethiopia has actively participated in the formation of NBI which has already
developed into the Nile Council. This gives Ethiopia an opportunity to share
her experience on the development of cheaper renewable energy resources and
particularly on further developing hydropower resources among the Nile
Riparian countries.

 

Africa is already short of energy resources that are needed for
manufacturing industries in the continent and using the natural, renewable
and cheaper energy resources is important for self-reliance in the sector
instead of depending on fossil fuel resources which have become expensive
due to various reasons.

 

Africa cannot rid itself of poverty, food insecurity and other development
requirements unless the nations can cooperate in the area of energy
development suited to African capacity and needs.

 

Developing clean and renewable energy resources for Africa certainly
requires peaceful and mutually beneficial and sustainable strategy. Ethiopia
has come along a long way in not only developing hydroelectric power but
also other forms of energy development.

 

Ethiopia's energy diplomacy is based on charting out common development
programs which can benefit participating countries.

 

Africa's Agenda 2063 on energy development focuses on ensuring access to
affordable, reliable, sustainable, and modern energy for all, while
transitioning to a clean energy system based on renewable sources. This is
achieved through initiatives like the African Single Electricity Market
(AfSEM) and the Continental Power Systems Masterplan (CMP). These programs
aim to drive sustainable socio-economic development, industrialization, and
regional integration through robust continental power infrastructure.

 

Access to sustainable, renewable Energy is seen as a key driver for economic
growth and development and that is why Ethiopia pushes forward for the
development of the sector at national and regional levels.

 

As the Ethiopian experience indicates, access to energy is crucial for
education, healthcare, and other social services. Energy provides the power
needed for modernizing agriculture and supporting value-added processing.

 

Besides, the energy sector can create jobs in construction, maintenance, and
other related areas and a robust energy infrastructure is essential for
connecting communities and supporting economic activity. Investing in energy
research and development can lead to new technologies and solutions that
could be shared among African countries.

 

As stated earlier, energy is the backbone of industrial production and
diversification.

 

Among specific energy initiatives designed for Africa are African Single
Electricity Market (AfSEM) which aims to create a unified electricity market
across the continent to facilitate trade and reduce costs, Continental Power
Systems Masterplan (CMP) Focuses on developing the necessary infrastructure
to support the AfSEM and ensure reliable power supply, Grand Inga Dam
Project which is a large-scale hydroelectric project that can transform
Africa's energy landscape and provide electricity to multiple countries in
the continent. Integrated High Speed Train Network would connect African
capitals and commercial centers, facilitating trade and travel.

 

It is worth noting that Ethiopia has already developed her own single gauge
railway line which connects the country to Djibouti as a major line for the
country's import export trade.

 

Ethiopia has been playing active role in designing the above mentioned
projects in the context of Agenda 2063 and other renewable energy programs.

 

As mentioned above, integrating the energy sector is an important
prerequisite for African economic integration which is the only ways for
sustainable development of the countries in the continent. African countries
including Ethiopia herself cannot fully engage in sustainable development
unless the countries join hands in collective development instead of trying
to defeat poverty singlehandedly

 

BY SOLOMON DIBABA

 

THE ETHIOPIAN HERALD TUESDAY 29 APRIL 2025

 

Read the original article on Ethiopian Herald.

 

 

 

Nigeria: Cooling Systems in High Demand in Nigeria but Regulatory Gaps
Persist

The systematic release of gases into the atmosphere due to faulty
installations, unsafe disposal at the end of use, or adding gas without leak
testing is a common problem in Nigeria

 

When Kola Adebayo, an air conditioning technician in Abuja, gets a call to
fix a malfunctioning air conditioning system, one of the first questions he
asks is if the AC needs servicing or a gas refill.

 

Mr Adebayo said these problems are persistent in the Nigerian capital.
"Usually, people tell you their ACs are not freezing, and it needs servicing
or a gas refill," Mr Adebayo said, hauling a piece of equipment.

 

In Nigeria, air conditioners have become popular as the appliance, once a
luxury for the middle class, has become a necessity in an increasingly hot
climate.

 

The cooling sector is governed by regulations that prohibit the release of
refrigerant gases into the air, such as by conducting leak tests after
repairing an appliance.

 

Yet the systematic release of gases into the atmosphere due to faulty
installations, unsafe disposal at the end of use, or adding gas without leak
testing is a common problem in Nigeria, even though it is illegal.

 

When the refrigerant gases used in cooling and freezing appliances stay
within a closed circuit, they are safe. But if they leak out into the air as
a result of a malfunction or poor service practices, or if the appliance is
not properly disposed of at the end of its life, the gases are highly
destructive to the earth's sensitive atmosphere.

 

 

According to an AP report, the refrigerant gases that make cooling systems
work have hundreds to thousands of times the warming potency of carbon
dioxide, and the worst of them also damage the ozone layer.

 

They are "the most potent greenhouse gases known to modern science," one
research paper put it, and they're growing fast.

 

In 2016, officials from over 150 countries signed the Kigali Amendment,
agreeing to limit these gases being spewed into the air.

 

Nigeria, Africa's most populous country, also enacted regulations guiding
the use of these gases. But enforcement is a problem, threatening the
country's commitments to slash emissions.

 

"We have some rules and regulations, but many technicians are not
well-trained, so they don't know," said Ken Buchi, a market leader in the
refrigerant gases business in Kano.

 

"People need to be enlightened first, before regulators can enforce laws,"
Mr Buchi said.

 

 

Experts said the weak regulatory system for the cooling industry in Nigeria
is evident in the lack of proper training and awareness of environmental
harm caused by refrigerants among technicians.

 

When a client contacted him to fix his air conditioner sometime in January,
Emma Bognor, a technician in the Sabon Gari District of Kano, casually
frittered the gas from the unit into the air, preparing it to be refilled
with a new gas after the repair.

 

Samson Adewunsi, owner and technician at Gaskiya Tech and Cooling Kano, also
does the same thing all the time. He wastes the existing gas of an air
conditioner into the air before refilling it with fresh gas.

 

If Messrs Adewunsi and Bognor had followed the country's regulations, they
would have collected the gas into a canister, preventing or minimising the
gas's environmental harm.

 

"I am not aware of this procedure, and I don't think it's necessary," Mr
Adewunsi argued. "Since I don't have a canister, the easiest thing to do is
to waste the gas into the air before refilling," added Mr Adewunsi, who
originally specialised in welding before venturing into fixing air
conditioners to increase his income options.

 

Mr Adewunsi was trained by his "master" in 1986 and set up his own workshop
in 1990. He has trained several people over the past three decades, but
their training did not include the required safety standards for handling
refrigerants.

 

He and many others still did not conduct a leakproof test after installing
an air conditioner, which is required by the country's cooling industry
regulations.

 

Technicians like Messrs Adewunsi and Bognor are self-employed and
unsupervised, but they often attract customers because they offer cheaper
services.

 

However, some trained workers do follow environmental rules governing the
use of cooling refrigerants. But their kinds of installations and services
cost more.

 

Not just Leaking AC Units

 

Leaking AC units are just one way refrigerants seep into the atmosphere,
raising levels and contributing to increasingly extreme weather.

 

Cars are another source of these super pollutants, said Abdulrazaq Nafiu, an
expert in refrigeration and cooling in Kano.

 

AC systems in gas-powered vehicles are "prone to leaking," Mr Nafiu said,
and on average, approximately 25 per cent of refrigerant from all cars leak
out every year.

 

In the Durumi area of Abuja, there is a workshop specialising in car air
conditioning repair and there is a line of cars waiting to be fixed. The
drivers have their windows down and are wiping sweat off their foreheads.

 

When they want to repair a major component of a car's AC system, the
technician, Samuel Charles, said they first need to empty any residual
refrigerant gas.

 

Ideally, Mr Nafiu said, they should use specialised equipment to suck out
the refrigerant, and following repairs, pump the same gas back in. This
equipment pays off for the mechanic and the planet.

 

By reusing the gas, mechanics don't have to buy as much new gas and they
also emit less refrigerant into the atmosphere.

 

But Mr Charles and his assistant Aliyu don't own the equipment, which can
cost thousands of naira. Therefore, they just release the gas into the air.

 

Mr Nafiu said car air conditioners emit refrigerants in two ways. "First,
car air conditioners are prone to refrigerant leaks. Unlike their stationary
counterparts, mobile air conditioning systems aren't hermetically sealed at
the factory. Instead of soldered, leak-tight connections, car air
conditioning systems are held together with an array of nuts and bolts.

 

"After thousands of kilometres of driving, bumps, and vibration, these
connections loosen, invariably leading to refrigerant leaks. Leaks have
several deleterious effects: the air conditioner becomes less energy
efficient, parts like the compressor wear down faster, and your car stops
blowing cold air," the expert told PREMIUM TIMES.

 

Potent greenhouse gases

 

For most of the twentieth century, the refrigerant gases used were
chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFC). However,
scientists discovered that these caused widespread damage to the ozone layer
in the mid to late 1900s.

 

So, countries came together and ratified the Montreal Protocol, which went
into effect in 1987 and banned CFCs. This is cited as one of the most
successful international environmental laws ever.

 

But the effort to get rid of CFCs resulted in many chemical manufacturers
choosing to replace them with two groups of chemicals with a different
problem - hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs).
These refrigerants

 

break down ozone molecules far less but are extremely potent greenhouse
gases.

 

Their capacity to warm the atmosphere - measured as global warming potential
- is thousands of times greater than carbon dioxide, with some being up to
13,850 times more potent.

 

Although these chemicals are used for several different purposes, by far the
largest source of emissions is from refrigeration and air conditioning
systems. Over time, they can leak out into the atmosphere from damaged
appliances or car air conditioning systems, for example.

 

According to industry professionals and public records, the most common air
conditioners in Africa still use what's known as R-22 gas. This refrigerant
is less harmful to the ozone layer compared to the older, even more damaging
CFCs.

 

But R-22 is also considered many times more damaging to the world's climate
than carbon dioxide, according to the US Environmental Protection Agency.

 

For example, about one-half kilogramme of R-22 is said to equal one ton of
carbon dioxide, the most common greenhouse gas. Carbon dioxide is a
greenhouse gas that causes a lot of problems, not just to the environment as
a whole but specifically to agriculture and farms.

 

However, while carbon dioxide can stay in the atmosphere for more than 200
years, R-22 stays for about 12 years. R-22 air conditioners also have low
energy efficiency, and most of the electricity powering them in Africa is
from fossil fuels.

 

The R-22 phasing-out process began in 2010 to protect the ozone layer and
slow climate change.

 

Nigeria is planning to ban R-22 refrigerants by 1 January 2030. But without
enough enforcement, that target is not likely to be met, experts said.

 

Air conditioners running on R-410A are the next most common in Africa after
R-22. Although R-410A is better for the environment than R-22, it also
damages the atmosphere. An R-410A has a warming potential 2,088 times
greater than that of carbon dioxide and lasts roughly 30 years in the
atmosphere. This refrigerant is also common in Europe and the US.

 

But experts say the R-410A refrigerants are still widespread and increasing
rapidly due to a global surge in demand for air conditioning, sluggish
industry innovation and inadequate legislation around their disposal.

 

Around the world, the demand for air conditioning is growing as temperatures
rise and people become wealthier, according to the International Energy
Agency (IEA).

 

The number of global cooling devices is estimated to increase from 3.6
billion to 9.5 billion by 2050, according to a report by the United Nations
Environment Programme (UNEP) and the IEA.

 

Providing cooling to everyone who needs it, and not just those who can
afford it, will require 14 billion devices by 2050, the report notes.

 

Because cooling is essential for human health and economic development - to
protect life-saving vaccines and medicines, prevent food from spoiling,
safeguard communities during heatwaves, power energy sources, and much more
- start-up companies around the world are creating technologies to make
cooling solutions more sustainable and cost-effective.

 

Amaka Ejiofor, a spokesperson for Nigeria's National Environmental Standards
and Regulations Agency, declined to comment when contacted by a PREMIUM
TIMES reporter. Instead, she said questions should be sent through email. An
email sent by this newspaper was acknowledged, but the questions were not
answered.

 

This reporting was completed with the support of the Centre for Journalism
Innovation and Development as part of the Centre for Investigative
Journalism's Open Climate Reporting Initiative.

 

Read the original article on Premium Times.

 

 

 

 

Liberia: Gbarnga Marketers Decry Soaring U.S. Rate

Marketers at the Gbarnga Central Market have voiced their growing
frustrations over the sharp increment in the US dollar exchange rate and the
ongoing political crisis at the House of Representatives, calling on the
Boakai-Kroon administration to act swiftly and uphold the rule of law.

 

In interviews conducted over the weekend, several traders lamented the
soaring exchange rate, which they say is strangling their businesses and
worsening their already difficult living conditions. Goods imported using US
dollars are now priced beyond the reach of many ordinary Liberians, causing
a significant drop in market activity.

 

 

"We are suffering. Every day the rate goes up, and we cannot even buy our
goods anymore. Customers cannot afford our prices," said Martha Kollie, a
vendor who sells dry goods at the market. "We want the government to
stabilize the economy before we all go out of business."

 

The marketers also expressed deep concern over the ongoing leadership crisis
in the House of Representatives, which has led to political uncertainty and
legislative paralysis. They believe the crisis is contributing to the
country's economic instability and eroding public trust in governance.

 

"The lawmakers should be thinking about how to help the people, not fighting
among themselves," said Moses T. K. Bility, another trader at the market.
"Their confusion is making our situation worse."

 

The group called on President Joseph Boakai and Vice President Jeremiah
Kroon to immediately respect the recent Supreme Court ruling regarding the
disputed leadership at the House. They warned that failure to uphold the
decision of the country's highest court could further plunge the nation into
political chaos and economic hardship.

 

"We voted for change, not for confusion," said trader Sarah Mulbah. "The
Supreme Court has spoken, and the government must obey. If they don't, it
will only bring more suffering to the Liberian people."

 

As frustrations mount across Gbarnga and beyond, citizens are hoping for
swift government action to restore confidence, stabilize the economy, and
preserve the rule of law.

 

Read the original article on New Dawn.

 

 

 

Nigeria On Bold Journey to Becoming $1trn Economy - CSCS

The vice chairman of the African and Middle East Depositories Association
(AMEDA) and managing director/CEO of Central Securities Clearing System
(CSCS) Plc, Haruna Jalo-Waziri, emphasized that Nigeria is on an ambitious
journey to grow its economy to a $1 trillion scale.

 

Jalo-Waziri made this statement during CSCS's successful hosting of the
AMEDA 2025 conference in Nigeria for the first time. The conference, themed
'Shaping the Future: Financial Market Infrastructures as Catalysts for
Transforming Economies', gathered key financial market infrastructure
operators, regulators, policymakers, and leaders from the private sector
across Africa and the Middle East to discuss the future of capital markets
and the role of financial market infrastructure in economic transformation.

 

He noted the significance of infrastructure in achieving Nigeria's goals,
stating, "our country is on a bold journey to grow its economy to a $1
trillion economy. This ambition is supported by a capital market that must
evolve in scale, sophistication, and inclusiveness."

 

 

Jalo-Waziri further explained that CSCS is proud to support this journey by
investing in future-ready infrastructure, enhancing investor confidence,
building systemic resilience, and collaborating with innovators throughout
the financial services value chain.

 

The chairman of AMEDA, Abdulla Abdin underscored the critical role of
financial market infrastructures in fostering inclusive and
innovation-driven economies. He stated, "The theme of the conference
reflects our deep awareness of the rapid transformations taking place in the
global economy and the role financial market infrastructures play in
enabling economies to adopt innovation and achieve inclusive growth."

 

Vice President of Nigeria, Sen. Kashim Shettima, highlighted President Bola
Tinubu's commitment to market reform and economic stability. He noted, "our
administration is devoted to strengthening Nigeria's financial market
infrastructures through a careful blend of regulation, reform, capital
market development strategies, and robust public-private collaboration. This
includes broadening participation in our capital markets, increasing access
to finance for micro, small, and medium enterprises (MSMEs) and startups,
and financing infrastructure through green bonds, social bonds, and sukuk."

 

The Governor of Lagos State, Babajide Sanwo-Olu, represented by the
Commissioner for Economic Planning and Budget, Opeyemi George, reiterated
the state's dedication to enabling investment and economic growth.

 

The director-general of the Securities and Exchange Commission (SEC), Dr.
Emomotimi Agama emphasized the essential role of capital markets. He stated,
"we live in an era of accelerated transformation. Financial markets today
are active agents of national development, regional integration, and global
competitiveness."

 

The chairman of the Board of CSCS, Temi Popoola remarked that "hosting AMEDA
in Nigeria reflects the rising influence of our capital market within the
region. This is not just a moment of pride for CSCS but a call to deepen our
collaborative efforts in strengthening market infrastructure across
borders."

 

CSCS encouraged ongoing collaboration among financial market stakeholders
across Africa and the Middle East, asserting, "together, we can build
resilient infrastructures, foster inclusive growth, and unlock new frontiers
of innovation and investment."

 

Read the original article on Leadership.

 

 

 

 

Trump set to ease tariff impact on US car makers

President Donald Trump is set to take action to ease the impact of his
tariffs on US car makers, a top White House official says.

 

"This deal is a major victory for the President's trade policy by rewarding
companies who manufacture domestically," Commerce Secretary Howard Lutnick
said in a statement provided to the Reuters news agency.

 

The president will announce measures to reduce some import duties on parts
from abroad that are used in vehicles manufactured in the US.

 

In addition, while cars made outside the country will still be subject to
automotive tariffs, they will not be hit with further levies like those on
steel and aluminium products, the Wall Street Journal reported earlier.

 

 

Trump is due to hold a rally in Michigan on Tuesday to mark his first 100
days in office.

 

The state is home to the so-called Detroit Three carmakers - Ford, General
Motors (GM) and Stellantis - and a network of more than 1,000 major
suppliers to the industry.

 

Trump has put tariffs at the centre of his economic plans, describing it as
"the most beautiful word in the dictionary".

 

But they have sparked turmoil in global financial markets, caused major
uncertainties for businesses and increased fears of a sharp economic
slowdown.

 

The move to ease the impact on the motor industry has been seen as the
latest attempt by his administration to show flexibility on the policy.

 

GM's chief executive Mary Barra welcomed the development.

 

"We're grateful to President Trump for his support of the US automotive
industry and the millions of Americans who depend on us," she told the BBC
in an emailed statement.

 

"We appreciate the productive conversations with the President and his
Administration and look forward to continuing to work together."

 

Ford and Stellantis did not immediately respond to requests for comment.

 

Last week, a coalition of US motor industry groups called on the president
to not impose 25% tariffs on imported car parts.

 

A letter to his administration from groups representing companies including
GM, Toyota and Volkswagen said the levies "will lead to higher auto prices
for consumers, lower sales at dealerships and will make servicing and
repairing vehicles both more expensive".

 

Trump had previously said the tariffs would come into effect by 3 May.-BBC

 

 

 

 

Australian PM dismisses warning over AAA credit rating

Australian Prime Minister Anthony Albanese has dismissed concerns that
election spending promises could jeopardise the country's prized AAA
sovereign credit rating.

 

Analysts at S&P Global this week wrote that Australia's public spending was
at "post-war highs", and warned both major parties that the country's rating
was at risk if savings were not found.

 

Party leaders have made big spending promises in Australia's tightly-fought
election, scheduled for 3 May - with the cost of living a critical issue for
voters.

 

Speaking to reporters on Tuesday morning, Albanese said that he was proud of
his Labor Party's economic record, adding that he "delivered responsible
economic management".

 

 

Earlier, Albanese had said the authors of the S&P report "must have been
beside themselves". He added: "The Coalition left us with a A$78bn ($5bn;
£3.7bn) deficit. We turned that into a $2bn surplus."

 

Angus Taylor, Australia's shadow treasurer, wrote on social media that
Albanese "mocking the ratings agency shows he's not fit to lead".

 

During Australia's election campaign, both main parties have pledged
billions of dollars for housing, healthcare and energy - aimed at easing
cost pressures for citizens.

 

But the S&P report wrote that "larger, structural deficits", coupled with
more volatility in the global economy, could threaten Australia's AAA credit
rating – the highest tier.

 

When is the Australian election and who could be prime minister?

 

Sovereign credit ratings are an indication of a country's creditworthiness.
The highest rating means a country can borrow at cheaper rates.

 

Only 11 countries currently have a AAA sovereign credit rating from S&P,
including Australia, Germany and Denmark - higher than the US and UK.

 

Anthony Walker, one of the S&P Global report's authors, told Sky News
Australia that neither party seemed "interested" in raising taxes to fund
their spending plans.

 

"We are seeing tax cuts in the next 12 to 18 months from both parties. So
the answer for us is: 'Is there going to be additional taxes to cover it?
Are they going to find internal savings or are they just going to keep debt
funding it?'"

 

The warning came on the same day Albanese's ruling Labor Party announced
costing plans.

 

If re-elected, the government said it would slash $6.4bn in costs on
consultants, and raise $760m by increasing application fees for student
visas.-BBC

 

 

 

 

ChatGPT AI bot adds shopping to its powers

Overwhelmed by online shopping? Maybe a robot can help.

 

The viral ChatGPT bot is adding shopping features to its powers, extending
the reach of its artificial intelligence (AI) into an area traditionally
dominated by media sites and tech rivals such as Amazon and Google.

 

It said the update would allow users to see prices and reviews more easily,
as well as find direct links to purchase personalised product
recommendations.

 

Parent company OpenAI said its selections would be "chosen independently and
are not ads".

 

 

The company, which sparked the frenzy over AI in 2022 with its technological
advances, debuted its search tool last year. It said it was among its most
popular and fastest growing features, with over one billion web searches in
the last week.

 

Google is still by far the dominant player in search, capturing roughly 89%
of global traffic, according to analyst estimates. But its share of the
market has been slowly slipping in recent months.

 

Adding shopping to its search puts OpenAI into even more direct competition
with Google, as well other websites that offer product reviews, such as the
New York Times and other publishers.

 

Amazon unveiled its own generative AI shopping assistant last year, while
rival AI firm Perplexity also has a shopping tool.

 

OpenAI said the goal of its update was to make it "faster to find, compare,
and buy products". It said the feature would be available to all users but
it would take a few days for the rollout to be complete.

 

The change was one of several announced on Monday as part of a wider update
to its search product.

 

OpenAI also unveiled a feature that would allow users to text chatGPT for
live sports scores and would provide multiple citations in its answers.-BBC

 

 

 

DHL lifts suspension of high-value deliveries to US

DHL has lifted a suspension it had imposed on deliveries worth more than
$800 (£603) to the US after negotiating "adjustments" to customs rules.

 

Earlier this month, the delivery giant said it had stopped such shipments to
US shoppers "until further notice" due to a "significant increase" in red
tape from President Donald Trump's tariff policies.

 

However, DHL has now lifted the suspension after "constructive dialogue"
between the delivery industry and the US government.

 

A DHL spokesperson said it "values this positive development and the support
of the federal government in making these changes".

 

 

US Customs and Border Protection, the Department of Homeland Security, and
the Department of Commerce have been approached for comment.

 

DHL's reversal is the latest development in the ongoing tussle between
businesses and the White House over US tariff policies.

 

Previously, packages worth up to $2,500 could enter the US with minimal
paperwork but, due to tighter customs checks that came into force alongside
the tariffs earlier this month, the threshold has been lowered.

 

DHL said last week the change had "caused a surge in formal customs
clearances, which we are handling around the clock".

 

It said that while it was working to "scale up and manage this increase,
shipments worth over $800, regardless of origin, may experience multi-day
delays".

 

However, on Monday, DHL lifted the suspension after negotiations with
customs authorities and other US government bodies.

 

"The express industry... had a constructive dialogue with [the US
government] to optimise customs regulations as to ensure critical goods
still reach US businesses and consumers in a timely, safe and compliant
manner," a DHL spokesperson said.

 

"Adjustments to US customs regulations will allow DHL to resume accepting
business to consumer shipments with a declared value exceeding $800 into the
US."

 

'De minimis' rule

The back and forth between DHL and the White House comes as the US
government looks to clamp down on deliveries under $800 - specifically those
sent from China and Hong Kong.

 

On 2 May, it intends to close a loophole allowing low-value packages to
enter the US without incurring any duties.

 

The removal of the so-called "de minimis" rule will affect the likes of the
fast-fashion firm Shein and low-cost retail giant Temu.

 

Shein and Temu have both warned that they will increase prices "due to
recent changes in global trade rules and tariffs".-BBC

 

 

 

 

How Armenia is trying to build a Silicon Valley in the Caucasus

In a typical three-storey state school in the suburbs of Yerevan, the
Armenian capital, nine-year old Slavik is demonstrating his invention - a
box with three LED lights.

 

"He has learned how to control it, and the programming language. You can see
the code is written by him," says Maria, the 21-year-old tech coach leading
the class.

 

Next to them, 14-year-old Eric and Narek are showing their smart greenhouse
model that monitors temperature and controls fans automatically through a
mobile app.

 

Other children are enthusiastically showcasing their inventions: games,
robots, apps and smart home projects.

 

Eleven-year-old Arakel is holding his cardboard model of a house with a
retractable clothesline.

 

"I have made my mother's work easy, one part of the device is set on the
roof, and another is a motor," he says. "When it rains the line goes under
the roof to keep the clothes dry."

 

 

Armenia country profile

Armenia: Silicon Valley of the Caucasus?

These young inventors have been attending engineering lab classes where they
learn programming, robotics, coding, 3D modelling and more.

 

The programme started in 2014, and is called Armath, which translates into
English as "root". Today there are 650 Armath labs in schools across
Armenia.

 

The initiative was established by a business organisation called the Union
of Advanced Technology Enterprises (UATE), which represents more than 200
high-tech Armenian companies.

 

"The vision is that we want to see Armenia becoming a tech centre powerhouse
that delivers utmost values to Armenia and to the world," says Sarkis
Karapetyan, the chief executive of UATE.

 

In his spacious, open-plan office in Yerevan he says that there are now
around 4,000 tech companies in Armenia.

 

Armenia and its capital Yerevan, pictured, were a centre of maths and
computing during the Soviet era

Armath is part of the UATE's education and workforce development programme.
Mr Karapetyan says the programme is the most successful public-private
partnership in the country.

 

"We raise capital expenditure from the private sector, we go to the schools
and establish Armath labs, we donate the equipment," he says. "And the
government, the education ministry gives us a budget of $2m (£1.5m) annually
to pay the salaries of the coaches."

 

There are now more than 600 coaches, and 17,000 active students.

 

"The goal is to have 5,000 of the most talented kids decide to become
engineers every year," says Mr Karapetyan.

 

 

Armenia is a landlocked country of 2.7 million people, the smallest in the
South Caucasus region, and its borders with neighbouring Azerbaijan and
Turkey have been shut for decades due to unresolved territorial disputes.

 

Unlike its neighbours, Armenia does not have natural resources or access to
the sea. But throughout the Soviet era it had been a centre of mathematics
and computer science.

 

In 1956 the Yerevan Scientific Research Institute of Mathematical Machines
was established in Armenia and by 1960 it had developed two first generation
computers.

 

Today, the country is tapping into its legacy with the ambition to transform
itself into the tech powerhouse of the Caucasus.

 

And there has been some success already. Picsart, a AI-powered photo and
video editing website and app, was launched in Armenia in 2011. Today the
company of the same name, which has dual headquarters in Yerevan and Miami,
is valued at $1.5bn.

 

Krisp, which makes audio-processing software, and Service Titan, which
provides business software, are other Armenian success stories.

 

Meanwhile, an annual report says that Armenia is the best country in the
Caucuses region in which to launch a company, putting it in 57th place
globally. This compares with Georgia in 70th position, and Azerbaijan in
80th.

 

Picsart, founded in Armenia in 2011, is today valued at $1.5bn

 

A critical factor in boosting Armenia's tech development is the nation's
global diaspora – some 75% of the world's estimated Armenians, and people of
Armenian descent, live elsewhere.

 

This worldwide community provides important connections, especially in the
US tech industry. In the US there are as many as 1.6 million people of
Armenian ancestry, centred on California.

 

Samvel Khachikyan, is director of programs at SmartGate, a venture capital
firm based in both California and Armenia that focuses on tech investments.

 

He says that if you look at the top 500 companies in the US, "for sure
you'll find at least one or two Armenians" in the boardroom or one
management level below.

 

Mr Khachikyan explains how his company helps Armenian entrepreneurs set up
operations in the US.

 

"Imagine an Armenian start-up, two young people deciding to go to the US to
try to operate there, they have no connections, no knowledge about the
culture how it works.

 

"It's gonna be hard, very hard. We are helping them, it's like the launch of
the rocket, the first couple of seconds is the hardest."

 

SmartGate takes Armenian founders to Silicon Valley and Los Angeles for
intensive networking with top US companies and investors.

 

But many Armenian start-ups first test their products in their home market.

 

Irina Ghazaryan, is the founder of an app called Dr Yan that is changing how
Armenians access healthcare by enabling them to more easily book
appointments with doctors.

 

Ms Ghazaryan was previously working in product and web design when, helped
by the fact she comes from a family of doctors, she identified a gap in the
market. "Patients couldn't find the right doctors, and doctors were
suffering from endless calls."

 

The app operates on a subscription model, with doctors paying to be listed
on the platform, and there are plans to expand.

 

"We are growing at least 25% revenue month by month," adds Ms Ghazaryan. "We
are almost break-even in Armenia and that gives us strength to start
expanding to other markets, like Uzbekistan."

 

 

Irina Ghazaryan, the founder of medical app Dr Yan, smiles at the camera
with her arms crossed

Irina Ghazaryan plans to expand her medical app Dr Yan abroad

Armenia's tech ecosystem received an unexpected boost in 2022 following
Russia's invasion of Ukraine. Thousands of Russian IT specialists left their
country, and many chose to settle in Armenia.

 

Meanwhile, US chipmaking giant Nvidia moved its Russian office to Armenia.

 

Vasily is a Russian IT consultant who relocated to Armenia in 2023. "Armenia
was the most friendly to people from Russia in order to help them move,
adapt and so on," he says.

 

He estimates that that the Russian IT community in Armenia now totals 5,000
to 8,000 people. This influx has said to have filled crucial skill gaps in
Armenia's tech sector, in areas such as data processing, cybersecurity, and
financial technologies.

 

Yet Vasily says that Armenia can be expensive and the country needs to
reduce the tax burden on IT firms if it wants them to stay in the country.

 

However, overall optimism remains high about Armenia's tech future. Samvel
Khachikyan expects the sector to boom. He points to Service Titan, which
floated on the New York Stock Exchange last December, and is now worth more
than $10bn.-BBC

 

 

 

 

 

 

 

 

 

 


 


 


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companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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