Major International Business Headlines Brief::: 17 February 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  17 February 2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: The Reckless and Irresponsible Quest for 31 New States

ü  Nigeria: Taiwan Urges Tinubu to Relocate Mission Office to Abuja, Seeks Improved Relations With Nigeria

ü  Nigeria: Govt to Engage 28,000 Nigerian Health Workers On USAID Payroll

ü  Nigeria: Govt Begins Construction of Emerging Technologies Institute in Kano

ü  Nigeria: Expert Blames Nigeria's Lack of Economic Prosperity On Ineffective Utilisation of Raw Materials

ü  Ethiopia: Dangote Plans $400m Expansion of Ethiopia Cement Plant

ü  Nigerian Govt to Absorb 28,000 Health Workers Formerly Paid By USAID

ü  Cote d'Ivoire: How Drones Are Transforming Agriculture in Côte d'Ivoire

ü  Nigeria: Govt Backs Bill to Protect Rights of Domestic Workers

ü  S Korea removes Deepseek from app stores over privacy concerns

ü  Trump steel tariffs negative for UK and US, says Reynolds

ü  Anglo Platinum pays $856 million top up cash dividend before spinoff

ü  China’s Xi speaks to entrepreneurs in a rare meeting, signaling support for private sector

ü  Sibanye dealmaker Froneman to retire as CEO in September

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: The Reckless and Irresponsible Quest for 31 New States

Therefore, politicians should stop this state creation distraction and ponder on why real development has been elusive since the Fourth Republic began in 1999.

 

The ongoing amendment of the 1999 Constitution has unfolded the familiar script of greed and self-centeredness, which is cloaked in the garb of altruism, and characteristic of the political class, evident in the demand for the creation of 31 new states in Nigeria. The proposals have been sent to the House of Representatives' Joint-Committee on Constitutional Review.

 

The Deputy Speaker and co-chairman of the National Assembly review panel, Benjamin Kalu, who revealed this a fortnight ago during a plenary session of the House, further stated that the advocates of the proposals had been given up to 5 March to meet the constitutional requirements necessary for action to be taken.

 

 

Reactions are as manifold as the envisioned new geopolitical entities. The Yoruba socio-cultural group, Afenifere, and the Arewa Consultative Forum, have scoffed at the idea. However, the Middle Belt Forum and Pan-Niger Delta Forum are upbeat about it, provided that all the regions of the country have an equal number of states. But Ohaneze Ndigbo questioned the distribution of the intended states, which marginalises the South-East further.

 

The weird proposals will bring the number of states in the country to 67 if this is acceded to. Nigeria had four regions in the First Republic, which morphed into 12 states in 1967 as a civil war strategy to neutralise the then Biafra Republic. The North-Central has six new proposals for state creation; the North-West has five; the North-East, four; South-West, seven; South-South, five; and the South-East, five states each. This portends a landscape with the same presently discredited disproportional state geopolitical distribution.

 

However, the Constitution provides the guidelines in its Section 8 and analogous subsections to be met for the National Assembly's approval of any such request. First, the request must be "supported by at least two-thirds majority of members (representing the area demanding the creation of the State) in each of the following, namely," the Senate and House Representatives; the House of Assembly in respect of the area and local government areas also.

 

More hurdles outlined are in the conduct of a referendum with at least two-thirds of the people in support; which will further be passed in the state assembly with a two-thirds majority. The same legislative ritual is to be observed in the Senate and House of Representatives. Consequent upon all this shall be the boundary adjustment of states and the creation of new local government areas, all subject to the approval of the foregoing layers of the legislature.

 

The process is by no means easy. Indeed, it is divisive, time and resource consuming, which present national realities do not support. The National Assembly's Eighth and Ninth sessions failed in similar attempts at state creation. How the Tenth National Assembly thinks it can pull out all the stops to achieve the feat, is left to be seen.With the 2027 election around the corner, the adventure smacks of the usual chicanery of politicians. It is absurd and a misplacement of priorities. Therefore, the parliament should smell the coffee and face the urgent task of devolution of powers squarely to make Nigeria function better as a federation.

 

In fact, we view these rash demands for new states as nothing but self-serving designs to create additional bureaucracies and gubernatorial offices to cater for political interests. The simulus for this irrationality is largely the itch to access the monthly proceeds of national oil revenues that are shared from the centre to the subnational, which are generally unaccounted for. A critical assessment of some of the proposed states will reveal their tribal and sectarian underpinning, which belie a critical stanza of the reintroduced national anthem that harps on national unity - "though tribe and tongue may differ, in brotherhood we stand."

 

Contextually, Nigeria presently has 36 states and 774 Local Government Areas, all created at the whims and caprices of the military. There are six geopolitical zones namely: the North-East with six states; North-Central, also with six states; the North-West having seven states; South-West, six states; South-South, six states; and the South-East with five states. The inherent imbalance in the above has continued to trigger agitations for equity, since the resources of the country are shared among the three tiers of government.

 

The current push is not the first seeking to reconfigure this skewed political morphology. Its looming largeness was originally fostered by the South-East's demand for an additional state to square up with four of the other zones that have six states each, and the North-West with seven states.

 

The issue surfaced in the 1995 Political Conference of the Sani Abacha regime, when the six geopolitical structure unofficially became part of Nigeria's lexicon, put forward by a former Vice-President, Alex Ekwueme, in an effort at restructuring the polity. The Political Conference of Goodluck Jonathan administration in 2014 proposed 18 new states, with an additional one to the South-East to address its concern about inequity. But the conference report was neither acted on by President Jonathan, nor by President Muhammadu Buhari, subsequently.

 

In a federation, states should not depend on the central government to survive. In Nigeria, most of the existing states are not viable and are dependent on federal allocations to function. Only Lagos and Rivers State can stand on their feet. The National Bureau of Statistics' 2023 report on the internally generated revenue (IGR) profile of the 36 states puts this issue in sharp relief. While Lagos State generated N815.36 billion, Rivers State made N195.41 billion and Federal Capital Territory (FCT) Abuja, N211.10 billion, to top the ranks. And, the N11.74 billion; N10.87 billion; and N11.19 billion of Kebbi, Yobe and Taraba states respectively, showed the worst indices.

 

Little wonder, therefore, that some states are yet to implement the new N70,000 minimum wage, six months after it was signed into law in July 2024 by President Bola Tinubu. This is a worrisome development for which the Nigeria Labour Congress (NLC) has given the affected states a March deadline to implement the new wage, or face the consequences of labour unrest. New states, if they come into existence at this time, will almost immediately find themselves in a fiscal cul-de-sac.

 

The atomisation of the country, such that every local government becomes a state, does not foster development, which is the pseudo logic behind the proliferation of states. Instead, only resourcefulness, zero-tolerance for corruption, investment in human capital and accountability in governance are the silver bullets.

 

Instructively, Alaska, the largest state in the US, with a landmass of 1,723,337 square kilometres is bigger than Nigeria, which has 923,768 square kilometres. Yet, it has not been Balkanised. The state of California, almost half the size of Nigeria, with its 423,970 square kilometres, and a $3.9 trillion GDP that makes it the fifth largest economy in comparison to countries of the world, is still a single entity.

 

Therefore, politicians should stop this state creation distraction and ponder on why real development has been elusive since the Fourth Republic began in 1999 and their role in it. Today, most citizens can hardly feed. Let's focus on the urgency of now.

 

Premium Times.

 

 

 

 

 

Nigeria: Taiwan Urges Tinubu to Relocate Mission Office to Abuja, Seeks Improved Relations With Nigeria

Taiwanese mission in Nigeria was forced to move its mission office from Abuja to Lagos in 2017.

 

Taiwan has called for improved foreign relations with Nigeria to aid socioeconomic development for both countries.

 

The Asian country has also called on Nigeria's President Bola Tinubu to expedite the relocation of Taiwan's Mission in Nigeria from Lagos to Abuja, the country's capital city.

 

Andy Yih-Ping Liu, Taiwan's Head of Mission in Nigeria and Chief of Taiwan's Mission at the Taipei Trade Office in Nigeria, made the call in Abuja on Sunday during a roundtable with journalists.

 

 

He noted that while Nigeria has natural resources, Taiwan doesn't have any but has the technical know-how to develop those natural resources for socioeconomic development of both countries.

 

"Taiwan would help Nigeria in developing its agriculture, natural minerals, and energy industries,"Mr Liu said, adding that "Taiwan has done it with Australia for about 20 years now."

 

Mr Liu further noted that "Taiwan doesn't do backdoor deals, or illegal mining" in Nigeria or anywhere else in the world.

 

He acknowledged that Nigeria, being a democratic nation and the largest democracy in Africa, shouldn't be dictated to by any country, especially those who don't practise democracy.

 

"Nigeria has sustained its powerful democracy since 1999, how then can a totalitarian regime dictate to the biggest democracy in Africa?" Mr Liu queried.

 

Forced relocation

 

He said the Taiwanese government was shocked when former President Muhammadu Buhari ordered the Federal Capital Territory Administration to force Taiwan to move its mission office from Abuja to Lagos in 2017.

 

"We urge President Bola Tinubu to return Taiwan's Mission Office to Abuja where it had been since all foreign missions and embassies were moved from Lagos to Abuja in the year 2000 following Nigeria's return to civilian rule in 1999," Mr Liu noted.

 

He said even the world powers - United States of America, Russia and other European countries trade and make other bilateral agreements with Taiwan independently.

 

"China trades in billions of dollars with Taiwan every year. So, no one can stop Nigeria from trading with Taiwan," he said.

 

'Taiwan's mission not under Chinese embassy'

 

He further clarified that the Taiwanese Mission is not under the Chinese embassy or its government, noting that both Asian countries have distinct sovereignty.

 

"China cannot issue visa to Taiwan. Visa issuance is a symbol of sovereignty. Chinese government can't issue passport to Taiwanese, only Taiwan can," he noted.

 

Mr Liu's clarification comes against the backdrop of the claim by Chinese government in Beijing that it has jurisdiction over Taiwan.

 

'Socio-economic pact'

 

Mr Liu urged the Nigerian government on Sunday to sign the Investment Promotion and Protection Agreement (IPPA) which has been discussed by both countries, to foster improved relations and socio-economic growth for both countries.

 

He further acknowledged President Tinubu's show of commitment to Nigeria's foreign policy of non-alignment, citing Nigeria's decision on the Russian-Ukrainian war.

 

"While campaigning somewhere prior to the 2023 elections, President Tinubu declared that he would make South-East Nigeria the Taiwan of Africa, Liu said, while commending Nigeria's President's recognition of Taiwan's industrial advancement.

 

"The quality of our product has been deeply trusted and has been having good comments from the Nigerian traders and industrial companies. So, the most important thing for the government is to attract more Taiwanese companies to come to Nigeria to do trading and investment. It's very important that Nigeria and Taiwan renew the agreement of protection of investment," he said.

 

The diplomat, whose first mission assignment to Nigeria was over 30 years ago during which time he maintained embassy offices in Lagos and Cross River states, said that the previous bilateral agreement that was signed in 1991 under former Head of State Ibrahim Babangida needs improvement.

 

Meanwhile, last week, the chairperson of Nigeria's House of Representatives Committee on Science and Engineering, Inuwa Garba, called for enhanced collaboration between Nigeria and Taiwan in the fields of science, engineering, and technology, emphasising that such a partnership would accelerate Nigeria's economic growth and national development.

 

Speaking during a courtesy visit by Mr Liu to the National Assembly, Mr Garba underscored the vital role of technology in shaping modern economies.

 

He noted that Nigeria, with its vast natural and human resources, stands to gain significantly from Taiwan's expertise in technological advancement, innovation, and industrialization.

 

The lawmaker pointed out that strategic partnerships in areas such as building technology, technology transfer, and scientific research would help Nigeria overcome some of its development challenges and build a stronger, knowledge-driven economy.

 

Premium Times.

 

 

 

 

Nigeria: Govt to Engage 28,000 Nigerian Health Workers On USAID Payroll

THE Coordinating Minister of Health and Social Welfare, Ali Pate, said weekend the Federal Government was planning to engage 28,000 health workers previously being paid by the United States Agency for International Development, USAID.

 

Speaking in an interview on Channels Television, Pate said the government was ready to take ownership of the country's healthcare sector amid the change in the policy of the US government.

 

US President Donald Trump had recently ordered a funding pause for HIV treatment in developing countries, as part of an executive order on foreign aid.

 

The executive orders also affected the operations of USAID and other foreign interventions of the US government.

 

Consequently, the US Department of State suspended the disbursement of funds from the President's Emergency Plan for AIDS relief, PEPFAR. PEPFAR is providing HIV treatment for more than 20 million people living with the disease in Nigeria and globally, including 566,000 children under 15 years of age.

 

 

However, the joint United Nations programme on HIV/AIDS in a statement had said the US government approved a waiver that allowed people living with HIV to continue accessing treatment.

 

Recall that the Federal Executive Council, FEC, recently approved an allocation of N4.5 billion for the procurement of HIV treatment packs to support Nigerians living with HIV/AIDS.

 

Speaking further, the health minister said Nigeria has not invested heavily in the healthcare sector, adding that President Bola Tinubu's administration was ready to change the narrative. He said more than 70 perent of the medications being used in Nigeria were imported, adding that the country also imported more than 99 per cent of its medical devices.

 

Pate said 30 per cent of the country's health expenditure came from the government, while 70 per cent were from private individuals.

 

He noted that while part of the government's healthcare expenditure was funded by external donors, foreign funding didn't make up the largest portion of the country's healthcare spending. The minister acknowledged the role played by the US government in supporting the country's healthcare.

 

While advising the federal and state governments to fill the gaps created by the suspension of US aid and reduce foreign dependence, Pate said: "Quality healthcare is not cheap. We, as a country, have not invested in it yet and we are asking for the highest quality healthcare.

 

"Domestically, we have not invested. We have, since things changed in the last 18 months, with the deliberate efforts to improve investments and allocate investments to where it matters, the foundation. "Can you believe that more than 70 per cent of our drugs, we import them with foreign exchange that we don't really have.

 

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"We are a capable country and we are determined to own up to that responsibility. If others step in and support us, we appreciate it but we are not begging.

 

"There are health workers, 28,000 of them who are being paid through US government support. While it has been appreciated, these health workers are Nigerian, we have to transit them.

 

"Our approach, long before the change in US policy, has been to increase national ownership."

 

Vanguard.

 

 

 

Nigeria: Govt Begins Construction of Emerging Technologies Institute in Kano

The federal government, last week, began the construction of the Sustainable and Emerging Technologies Institute (SETI), through the National Agency for Science and Engineering Infrastructure (NASENI).

 

The Executive Vice Chaiman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, during the ground-breaking ceremony held at the Bayero University Kano (BUK), said the new institute would 30 hectares of the BUK land, featuring state-of-the-art facilities, including innovation hubs devoted to Artificial Intelligence and other cutting-edge technologies, complemented by reliable power supply.

 

"NASENI will fully build and equip and support the new Institute," Halilu said, adding that the future of socio-economic development for nations rests on human creativity, innovation and cooperation, Artificial intelligence, robotics amongst others.

 

 

According to him, the establishment of SETI in Nigeria is to rapidly respond to the waves of young people globally revolutionising world economies with unprecedented emergence of socio-economic frontiers as by-products of innovations and ingenuities of these young minds.

 

"We in NASENI are firm believers in the potential of young Nigerians to be the prime catalysts of the type of transformation that Nigeria requires. And we will do everything within our powers to support them to fulfil this important responsibility.

 

"We are gathered here today to kickstart a project that will transform the lives and careers of future generations of young Nigerians. This is very much in line with our operating principles; what we call our 3Cs: Collaboration, Creation, and Commercialisation. These 3Cs are the principles that passionately drive us and guide the work that we do to ensure the industrialisation of Nigeria in line with the Renewed Hope agenda of President Bola Ahmed Tinubu," Halilu further said.

 

SETI will produce innovators, technologists, entrepreneurs who will make their mark not just in Nigeria but around the world. "I'm eagerly looking forward to the day, not too long from now, when the Institute's first set of beneficiaries will astonish the world with what they're capable of accomplishing. These stories will put not just BUK on the global innovation map, but also Kano State and the entire Nigeria," Halilu added.

 

In his goodwill message, the Vice Chancellor of BUK, Professor Sagir Adamu Abbas, described the new institute as a vehicle for bringing together the three critical tripods for economic and sustainable development for nations, that is, the government, academia and industry. He described the ground-breaking event as the beginning of Nigeria's journey in pursuit of sustainable development, massive job creation opportunities for the youths, and that the BUK was delighted to be host to such laudable initiative and momentum.

 

This Day.

 

 

 

 

 

Nigeria: Expert Blames Nigeria's Lack of Economic Prosperity On Ineffective Utilisation of Raw Materials

Abuja — The Director General, Raw Materials Research and Development Council (RMRDC), Prof. Martin Ike-Muonso has blamed Nigeria's ineffective utilisation of her raw materials for the nation's lack of economic prosperity.

 

Ike-Muonso stated this while delivering a public lecture at the Enugu State University of Science and Technology (ESUT), according to a press release by the RMRDC Director, Mr. Chuks Ngaha.

 

Speaking at the maiden public lecture themed "Raw Materials Education and Sustainable Development in Contemporary Nigeria,"

 

Ike-Muonso warned that recession is eminent if Nigeria is unable to effectively utilise and add value to its abundant raw materials before export.

 

 

He underscored the critical role raw materials play in national development and sustainable prosperity, identifying several reasons why raw materials are critical to development, including their role as fundamental input in production processes, their impact on the quality of final products, and their potential to create new markets and improve trade balances.

 

"Africa's underdevelopment is tied to the non-processing of its raw materials on its soil," he said, highlighting the historical factors that have contributed to the continent's underdevelopment, including the transatlantic slave trade, colonialisation, and the exploitation of raw materials.

 

To achieve prosperity, Ike-Muonso advocated for the development of raw materials into useful industrial input, stressing that "research and development drive innovation and industrialisation, leading to economic growth and prosperity."

 

He also emphasised the importance of education on raw materials, citing its potential to promote value addition, reduce dependence on imports, and foster stability and supply chain management.

 

"Raw materials education is crucial for sustainable development and economic diversification in Nigeria," Ike-Muonso said, calling for its integration into national curricula and strengthening institutions like the RMRDC.

 

He noted that manufacturers should support raw materials education to ensure long-term resource availability, enhance supply chain resilience, drive innovation and efficiency, strengthen corporate social responsibility, and support circular economy principles.

 

"As President Tinubu said, 'Africa's natural resources are shaping the future,' but we must add value to these resources to reap the benefits," he emphasised

 

The Vice Chancellor of ESUT, Prof Aloysius Michael Okolie in his address stated that though the nation is greatly blessed with natural resources, the challenge is harnessing these resources for economic development.

 

Okolie, who was represented by Prof. Nnenna Nwobodo-Nzeike stressed the need for stakeholders to come together- the researchers, academia, industrialists and government, to build a vibrant and industrial competitive environment for sustainable national growth.

 

The VC stated that ESUT's collaboration with RMRDC at this time was necessary to change the narrative, adding that the university has the capacity for effective research in science and technology development.

 

This Day.

 

 

 

 

Ethiopia: Dangote Plans $400m Expansion of Ethiopia Cement Plant

Abuja — Aliko Dangote, Africa's richest man, has announced a $400 million plan to revive a second production line at the Mugher cement plant in Ethiopia, aiming to double the facility's annual capacity to 5 million tons.

 

The Ethiopian plant that became operational in 2015 has faced challenges, including recurrent violence in the region, Bloomberg reported.

 

This led to the vandalism of vehicles and machinery by protesters. The country manager of Dangote Cement Plc and two other staff were shot dead in 2018, the report recalled.

 

"Despite the ups and downs, we have successfully repaid all our loans and repatriated our profit," the Dangote Industries Ltd. chairman and chief executive officer told reporters on Saturday in the Ethiopian capital, Addis Ababa.

 

 

"The expansion project is expected to be operational within the next 30 months", Bloomberg quoted him as saying.

 

Dangote also announced plans to establish a new greenfield cement grinding unit with a capacity of 3 million tons per annum.

 

In collaboration with state-owned Ethiopian Investment Holdings, Dangote Industries will invest in the Omo Kuraz sugar factory, he said.

 

Aliko Dangote, Africa's richest man, has built a vast business empire through the Dangote Group, which operates in multiple sectors across Africa. His investments are mainly in manufacturing, infrastructure, and agriculture, with a focus on reducing Africa's dependence on imports.

 

Dangote Cement is Africa's largest cement producer, operating in over 10 countries, including Nigeria, Ethiopia, Tanzania, and South Africa. The company has a production capacity of over 51 million metric tons per year, helping to reduce Africa's reliance on imported cement, according to estimates.

 

There is also the Dangote Refinery, located in Lagos, Africa's largest oil refinery and one of the world's biggest single-train refineries. It has a 650,000 barrels per day refining capacity, aiming to make Nigeria self-sufficient in fuel production and reduce fuel imports.

 

One of Africa's largest sugar producers, Dangote Sugar, also supplies sugar for household use and major industries like beverages and food processing. He also produces flour, pasta, and other food products, playing a crucial role in Nigeria's food security.

 

This Day.

 

 

 

 

 

 

 

Nigerian Govt to Absorb 28,000 Health Workers Formerly Paid By USAID

Mr Pate acknowledged the significant contribution of the US government to Nigeria's healthcare sector.

 

The Nigerian government has announced plans to retain 28,000 health workers whose salaries were previously covered by the United States Agency for International Development (USAID), whose activities have been halted by US President Donald Trump.

 

Nigeria's Coordinating Minister of Health and Social Welfare, Muhammad Pate, while speaking on Channels Television's Hard Copy programme, on Friday, announced that the government is working to absorb the health workers into the country's healthcare system and reduce reliance on foreign aid.

 

Mr Pate acknowledged the significant contribution of the US government to Nigeria's healthcare sector, particularly in the areas of HIV, Tuberculosis, and Malaria.

 

He, however, emphasised that Nigeria is determined to take ownership of its healthcare sector and reduce its dependence on external aid.

 

 

"There are health workers, 28,000 of them, who were being paid through US government support. While it has been appreciated, those health workers are Nigerians. We have to find ways to transit them," he said.

 

Apart from suspending the USAID which supports healthcare and other development activities across the world, President Trump has also halted the President's Emergency Plan for AIDS Relief (PEPFAR), which supports the global fight against HIV/AIDS.

 

Policy shifts

 

PREMIUM TIMES reports that following his inauguration on 20 January, President Trump signed multiple executive orders affecting global health funding and significantly impacting developing countries like Nigeria that rely on US assistance for health financing.

 

Mr Trump signed an order to halt the disbursement of foreign aid to any country for three months. The implementation of this order halted the US global health efforts, including PEPFAR, in low and middle-income countries around the world.

 

Although PEPFAR was issued a limited waiver a week later, allowing it to restart some services, the situation has remained fluid. PEPFAR is a major programme through which HIV interventions in Nigeria are funded.

 

The situation was also worsened by the US government's decision to suspend USAID's activities. The agency implements many US health programmes in Nigeria and other developing countries.

 

All USAID interventions in Nigeria and across the world have been suspended with the American president's team, led by billionaire Elon Musk, saying they are auditing the agency to check waste and corruption in the system.

 

To mitigate the impact of the US policy shift, the Nigerian Senate recently allocated an additional N300 billion to the health sector in the 2025 budget. This additional budgetary allocation is expected to take care of the 28,000 health workers, among other issues in the sector.

 

Funding of health sector

 

According to Mr Pate, about 70 per cent of the country's total health expenditure comes from private sources, including out-of-pocket payments by citizens, while only 30 per cent is publicly financed.

 

"Our total health spends in Nigeria, the total health expenditure: 30 per cent is public, 70 per cent is private," he said, emphasising the financial burden on individuals seeking medical care.

 

While external assistance has played a role in supporting healthcare programmes, the minister noted that it is not the primary source of Nigeria's health funding.

 

"The component of overseas development assistance for health is not the largest chunk of our health expenditure," he stated.

 

However, the reliance on foreign aid for critical services such as HIV, TB, and malaria has made the country vulnerable to shifts in donor policies, as seen with the recent changes in US government funding.

 

Mr Pate stressed the need for increased domestic investment in healthcare, citing President Bola Tinubu's Renewed Hope Agenda, which prioritises human capital development and increased healthcare funding.

 

He highlighted the government's recent approval of nearly $1 billion to improve health service delivery across the country.

 

"We've seen deliberate efforts to mobilise resources to invest in health. Just last week, the Federal Executive Council approved almost a billion dollars in terms of financing for the programme. That is a significant resource that states will implement. It's a programme for results that will deliver better, but it will take time," he said.

 

Reliance on imports

 

Mr Pate further highlighted that the government is working to address Nigeria's heavy dependence on imports for its pharmaceutical needs, noting that the country imports the vast majority of its medical supplies.

 

"Can you believe that more than 70 per cent of our drugs, we import with foreign exchange that we didn't have? So, if we can flip it over time. 99 per cent of our medical devices, we import them," he said.

 

He acknowledged that reversing this trend will not happen overnight but emphasised that the government is committed to changing the trajectory.

 

He pointed to efforts aimed at increasing local production of essential medical commodities, including antibiotics, as part of a broader strategy to strengthen Nigeria's healthcare system.

 

"Now, if we flip that over time, that is not going to take place overnight, but we have to be on that path," he added.

 

"Healthcare is not cheap. Quality healthcare is not cheap. You have to invest in it. We as a country had not invested in it, and yet we had been asking for the highest quality health."

 

Premium Times.

 

 

 

 

 

Cote d'Ivoire: How Drones Are Transforming Agriculture in Côte d'Ivoire

In Côte d'Ivoire, where agriculture accounts for 20 percent of GDP, the sector is gradually modernising and adopting new technologies to improve efficiency - notably drones, used in the application of pesticides.

 

In the small village of Sokrogbo, in the south of Côte d'Ivoire, locals never tire of a particular sight: the take-off of the T-10 drone, a 25 kilogram machine capable of spraying up to 4.8 litres of pesticides per minute.

 

"I don't stand too close to the drone, I move a little further away," Amoin Koffi, an agronomist and drone pilot, told RFI. "And then, anyone who wants to watch stands behind me. They are curious, they want to know. They call it a 'little plane'," she explains, in front of a crowd of curious children.

 

 

This drone was provided by Investiv, a young Ivorian company specialising in drone use and precision agriculture. Operational since November 2023, it provides phytosanitary products and rents out its drone services to planters.

 

'My Cow, My Choice': Kenyan farmers resist livestock vaccination campaign

 

Drone spraying

 

Banouri Coulibaly grows oil palm on a shared 25-hectare plot. At 60 years old, he has spent his life using backpack sprayers but was won over by this new technology - faster and more efficient than manual spraying.

 

"When I heard about it, I wanted to try drone spraying to see if it was really better. And indeed, it's more efficient. I immediately realised that it would improve my productivity," Coulibaly said.

 

"Since it sprays from above, it can reach the tops of the palm trees, which we can't do from the ground. Where the drone has passed, the leaves are greener, and the bunches of palm nuts are heavier."

 

How the Tunisian sun is turning red algae into food industry gold

 

Drone spraying is also often more economical. At this centre, it costs 10,000 CFA francs (€15) per hectare, whereas manual labour for spraying costs between 20,000 and 30,000 CFA francs (€30-40) for the same area.

 

'In no time, the work is done'

 

Despite this traditionally conservative environment, farmers have quickly been convinced, notes Hervé Jean-Luc Kouakou Koffi, a cocoa, palm nut, and vegetable producer.

 

"Things are changing day by day. Agriculture has moved from an archaic phase to a mechanical phase. We, the youth of today, at my age of 34, just follow what will be easier for us," he said. "There's the time factor: with the drone, in no time, the work is done. There's also health; working with the drone is the best way to stay healthy."

 

French military exit leaves Ivorian traders facing an uncertain future

 

Spraying is just one use for drones in agriculture. Investiv also offers aerial photography services, topographic surveys and data collection.

 

"We've evolved along with drone technology," explains its founder, Aboubacar Karim. "When we started aerial spraying activities, we used a 10-litre drone that required 80 batteries a day. Today, we use a 50-litre drone with six batteries. The drones are bigger, and logistics are less cumbersome. Drone technology is evolving extremely fast."

 

▶ This report was produced by Marine Jeannin for the RFI podcast Reportage Afrique.

 

- RFI website.

 

 

 

 

Nigeria: Govt Backs Bill to Protect Rights of Domestic Workers

Abuja — The Ministry of Labour and Employment has reaffirmed its support for a bill before the National Assembly, seeking to protect the rights of domestic workers who are among the most vulnerable groups in the Nigerian labour market.

 

The Minister of Labour and Employment, Muhammadu Maigari Dingyadi, said that domestic workers played a crucial role in Nigerian households and society but were subjected to precarious working conditions.

 

He regretted that these workers had remained among the most vulnerable groups in the labour market

 

A statement by the Head of Press and Public Relations, Patience Onuobia, quoted the minister as saying this during the post public hearing interactive meeting on the "Bill for an Act to provide for the Documentation and Protection of Domestic Workers and Employers, and for other matters connected therewith," organised by the Senate Committee on Labour, Employment and Productivity.

 

 

Dingyadi noted that domestic workers play a crucial role in Nigerian households and society, but for too long, they had remained among the most vulnerable groups in the labour market, facing precarious working conditions, low wages, and lack of legal protection.

 

He described the bill as a welcome and timely initiative aimed at ensuring that domestic workers were afforded the dignity, rights, and protections they deserve while also setting clear obligations for their employers.

 

He said: "As mentioned by my predecessor during the public hearing last year, the Ministry of Labour and Employment is fully committed to supporting this bill and ensuring its effective implementation when passed into law.

 

"We believe that the passage of this piece of legislation is a crucial step towards promoting decent work and protecting the rights of domestic workers in Nigeria.

 

"It is our expectation that the amendments proposed by the Federal Ministry of Labour and Employment, as contained in the memorandum submitted by the Ministry during the public hearing, are reflected in the bill before passage."

 

Dingyadi said government was in the process of ratification of the International Labour Organisation's (ILO) Domestic Workers Convention, 2011 (No 189), which sets out minimum standards for the treatment of domestic workers worldwide

 

According to him, the ratification of the convention would further strengthen the efforts to protect the rights of domestic workers in Nigeria.

 

Speaking further, Dingyadi said: "As part of the ongoing review of our labour laws, the ministry has amended the definition of a worker in the current Labour Act Cap L1 2004 to explicitly include domestic workers.

 

"This amendment is incorporated in the reviewed Labour Standards Bill, which will soon be forwarded to the National Assembly for consideration. By formally recognising domestic workers within our legal framework, we seek to eliminate ambiguities in their employment status and ensure they enjoy the same protections as other categories of workers."

 

Earlier, the Chairman of the Senate Committee on Labour, Employment and Productivity, Diket Plang, said the meeting was convened to get the input of the ministry for proper packaging of the bill.

 

This Day.

 

 

 

 

S Korea removes Deepseek from app stores over privacy concerns

South Korea has banned new downloads of China's DeepSeek artificial intelligence (AI) chatbot, according to the country's personal data protection watchdog.

 

The government agency said the AI model will become available again to South Korean users when "improvements and remedies" are made to ensure it complies with the country's personal data protection laws.

 

In the week after it made global headlines, DeepSeek became hugely popular in South Korea leaping to the top of app stores with over a million weekly users.

 

But its rise in popularity also attracted scrutiny from countries around the world which have imposed restrictions on the app over privacy and national security concerns.

 

 

South Korea's Personal Information Protection Commission said the DeepSeek app became unavailable on Apple's App Store and Google Play on Saturday evening.

 

It came after several South Korean government agencies banned their employees from downloading the chatbot to their work devices.

 

South Korea's acting president Choi Sang-mok has described Deepseek as a "shock", that could impact the country's industries, beyond AI.

 

Despite the suspension of new downloads, people who already have it on their phones will be able to continue using it or they may just access it via DeepSeek's website.

 

China's DeepSeek rocked the technology industry, the markets and America's confidence in its AI leadership, when it released its latest app at the end of last month.

 

Its rapid rise as one of the world's favourite AI chatbots sparked concerns in different jurisdictions.

 

Aside from South Korea, Taiwan and Australia have also banned it from all government devices.

 

The Australian government has insisted its ban is not due to the app's Chinese origins, but because of the "unacceptable risk" it says it poses to national security.

 

Italy's regulator, which briefly banned ChatGPT in 2023, has done the same with DeepSeek.

 

The company has been asked to address concerns over its privacy policy before it becomes available again on app stores.

 

Data protection authorities in France and Ireland have also posed questions to DeepSeek about how it handles citizens' personal information - including whether it is stored on servers in China, as its privacy policy suggests.

 

It also says that, like other generative AI tools, it may collect information such as email addresses and dates of birth, and use input prompts to improve their product.

 

Meanwhile, lawmakers in the US have proposed a bill banning DeepSeek from federal devices, citing surveillance concerns.

 

At the state-government level, Texas, Virginia and New York, have already introduced such rules for their employees.

 

DeepSeek's "large language model" (LLM) has reasoning capabilities that are comparable to US models such as OpenAI's o1, but reportedly requires a fraction of the cost to train and run.

 

That has raised questions about the billions of dollars being invested into AI infrastructure in the US and elsewhere.-BBC

 

 

 

 

Trump steel tariffs negative for UK and US, says Reynolds

Imposing US tariffs on UK steel would be "negative" for both countries, the business secretary has said.

 

Jonathan Reynolds told the BBC the UK and US have a "mutual interest" in negotiating an exemption from President Donald Trump's plans for the 25% import tax, which could come into force in March.

 

He said the UK was in a different trading position to other countries and could offer "very specialised" steel and aluminium exports the US needs like Navy submarine casings made in Sheffield, while tariffs would push up costs for US taxpayers.

 

Reynolds' comments came after the government promised up to £2.5bn in support for the UK steel industry.

 

 

President Trump has said his tariffs would be enforced "without exceptions or exemptions".

 

However, Reynolds told the Sunday with Laura Kuenssberg programme that imposing them on UK steel "would be negative for ourselves, it would be negative for the US as well".

 

He said he has had "some very constructive conversations with key people in the Trump administration recognising our relationship is different", including the US special envoy to the UK.

 

The minister told the programme he thought there was a basis for "constructive engagement" between the UK and US but "I'm not saying it's easy".

 

He added: "I appreciate they have a mandate for changing how they approach the issues of trade, but we have got a different argument, a different story to tell, to the EU or to China in relation to our trading relationships."

 

Getty Images A worker dressed in orange overalls with a protective mask covering his face grinds smooth a section of fabricated steel beam at Severfield Plc steel fabricators in Dalton, near Thirsk. There are two workers in similar clothing in the background of the image.Getty Images

The government has already said it would not retaliate immediately to the tariffs announced by Trump.

 

UK Steel, which represents the industry, has said the tariffs would be a "devastating blow" that would damage the sector's £400m-a-year contribution to UK-US trade.

 

The UK is not a big supplier of steel to the US, with the country accounting for about 10% of British steel exports.

 

But there are concerns within the industry the tariffs might not just hinder exports to the US, but also lead to excess steel being "dumped" in the UK.

 

This could occur if other countries no longer exporting to the US decide to offload steel at cheaper prices, which could potentially lead to UK steelmaking businesses being undercut.

 

Shadow business secretary Andrew Griffith said the "uncertainty" the steel industry faced due to US tariffs was something the government "has been entirely silent on when instead they should be talking to the US, our closest trading partner".

 

On Sunday, the government launched a consultation on its Plan for Steel, which will look at ways to reverse long-term issues facing the industry - including cheap imports flooding the domestic market.

 

The UK steel industry has faced heavy job losses in recent years.

 

Tata Steel is replacing old blast furnaces with an electric arc furnace - which is less energy-intensive and environmentally friendlier - at its site in Port Talbot, Wales. Traditional steelmaking at the site ceased in September, resulting in 2,800 job cuts.

 

British Steel announced in 2023 it would close blast furnaces in Scunthorpe, and unveiled plans to roll out an electric arc furnace, which requires fewer workers to keep it going, with 2,000 jobs under threat.

 

Asked about the potential job losses in Scunthorpe, Reynolds accepted that there would be a "reduction in head count" with the introduction of new technologies, but he said more jobs could be created if demand for UK steel was increased.

 

The government's plan will address issues that have been "holding the industry back for too long", the Department for Business and Trade (DBT) said, including:

 

Investing in electric arc furnaces, which are less energy-intensive than blast furnaces and take out the need for high carbon-emitting coke

The consultation will also examine electricity costs for steel companies "to make the UK competitive globally", but the government has not yet made a firm commitment to reduce energy bills.

 

 

 

Griffiths said he looked forward to seeing a detailed plan, but added "a clear part must be steps to reduce the cost of energy which is placing an intolerable strain on UK steel".

 

Help for the sector will be available through the National Wealth Fund, which partners the government with the private sector and local authorities to finance infrastructure and other projects.

 

The government says this financial assistance could benefit Scotland, as well as areas of England such as Scunthorpe, Lincolnshire, Rotherham and Redcar which have "a strong history of steel production".

 

But the DBT said it was "wasting no time" supporting UK steel, pointing to the government's backing an expansion of Heathrow Airport, which it said would require 400,000 tonnes of steel.

 

The GMB union said the government's plan to support the "beleaguered" steel industry provided "desperately needed" funding after "years of dithering".

 

"As the world becomes more volatile, primary domestic steel making capacity is vital for both our economy and domestic security," the union's national secretary Andy Prendergast added.

 

Gareth Stace, director-general of UK Steel, said the government's commitment to the industry was "both vital and welcome".

 

Information gathered in the consultation will be used to help form a "steel strategy", to be launched in the spring.

 

Stace added a robust strategy "has the power to reverse the sector's decline, particularly as we face increasing competition from imports benefiting from more favourable business conditions".

 

The Liberal Democrats have said the government urgently needs to prepare for retaliatory tariff. Deputy leader Daisy Cooper said the UK steel industry was being left "dangerously exposed" to the "devastating damage" Trump's tariffs could inflict.-BBC

 

 

 

 

Anglo Platinum pays $856 million top up cash dividend before spinoff

(Reuters) – Anglo American Platinum will pay an additional $856 million cash dividend ahead of its planned spinoff into a standalone unit, it said on Monday.

 

The payout is despite annual profit slumping 40% to about 8.4 billion rand ($456.7 million) as lower platinum-group metal (PGM) prices continue to squeeze earnings.

 

Johannesburg-based Amplats said the 15.7 billion rand cash payout is in addition to a final dividend of 3 rand per share, or about 800 million rand, ahead of its plan to demerge from parent company Anglo American.

 

Amplats will pay the additional dividend from its net cash reserves of about 17.6 billion rand, CEO Craig Miller said on a call with journalists.

 

CFO Sayurie Naidoo added that the company can afford the extra payout without compromising its liquidity position.

 

“All our assets are cash generative and therefore we expect by the end of the year we will still be in a cash neutral position,” she said.

 

The miner’s shares rose as much as 3.8% in early morning trading.

 

Advertisement

“We have modelled this on various price scenarios and we still believe we will be able to execute on our strategy.” Naidoo said.

 

Amplats would continue to benefit from demand for PGMs mostly from automakers, as the rollout of battery electric vehicles, which do not use the metals, slows down, Miller said. South African PGMs have also scaled back investing in new mines, which could result in future supply tightening, Miller said.

 

“There will be continued demand for our metals and through the assets we have we will be able to supply into that,” Miller said.

 

The platinum miner is due to be spun off from the London-listed group by June, part of a restructuring strategy implemented by Anglo American after fighting off a $49 billion takeover bid from bigger rival BHP last year.

 

Anglo has also sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit.

 

Anglo will maintain a 19.9% stake in the demerged unit and gradually manage its exit over time, but will have no presence on the Amplats board, it said.

 

Advertisement

Retaining the stake could also help manage “flowback issues”, RBC Capital market analysts said.

 

“This should help with the possible flowback issues on the stock, particularly from passive index holders of Anglo American that would mechanically be selling the shares post demerger,” the analysts said.

 

($1 = 18.3938 rand)

 

 

 

 

China’s Xi speaks to entrepreneurs in a rare meeting, signaling support for private sector

Chinese President Xi Jinping delivered a speech at a symposium with prominent entrepreneurs on Monday, according to state media, signaling support for the private sector at a time when the country’s economy has been facing several headwinds.

 

Xi’s presence at the symposium sends a “very clear signal of top-level support” to the private sector entrepreneurs, Peiqian Liu, Asia economist at Fidelity International told CNBC, “this will likely reignite the animal spirit and optimism about renewed growth momentum in China.”

 

“It could potentially be even more powerful than fiscal stimulus, should policymakers show more decisive support towards the development of tech sector in China,” Liu added.

 

Beijing has sought to shore up its economy dragged down by lackluster domestic consumption, a prolonged real estate slump and external headwinds such as tariffs on its exports.

 

The meeting could mark “a symbolic turning point for Chinese tech sector after years of heightened scrutiny,” said Lynn Song, chief economist at LNG, emphasizing the timing of this meeting underscored Beijing’s urgency to cheer up the private sector amid economic malaise and external tariff risks.

 

It could mean that “the regulatory overhang that we have had for the past two years or so is at an end,” said Andy Maynard, managing director and head of equities at China Renaissance.

 

Alibaba’s founder Jack Ma was among the entrepreneurs present at the meeting, according to a video clip released by Chinese state media.

 

Advertisement

The outspoken businessman has mostly stayed out of the public eye since Chinese authorities scuttled a blockbuster initial public offering of Alibaba Group affiliate Ant Group in November 2020, after his public criticism of the country’s regulatory system enraged Beijing.

 

Ma’s return to the limelight could reinforce the expectation that Beijing is softening its approach on large tech companies, Maynard said.

 

Other entrepreneurs who attended the meeting included Ren Zhengfei, founder and chief executive officer of Huawei Technologies, Lei Jun, founder and CEO of consumer electronics maker Xiaomi Corp and Wang Xing, founder of food delivery giant Meituan.

 

Beijing kicked off a regulatory storm against the country’s large technology companies in late 2020 over concerns that they were growing too large and powerful.

 

While the symposium may not signify “a 180-degree turn” in China’s control over the direction of its economic policy, it does reflect Beijing’s recognition of the significant role that China’s private sector can play in supporting growth and boosting technical capabilities in rivaling the U.S., Alfredo Montufar-Helu, head of China Center at think tank The Conference Board, told CNBC.

 

Mainland China’s CSI 300 index was little changed following the news.

 

Advertisement

The Hang Seng tech index, which had jumped over 5% Friday on media reports of the meeting, widened losses to drop over 2% following the meeting.

 

Chinese startup DeepSeek’s release of a cutting-edge AI model has helped drive a rally in the country’s stock market in the past month, prompting calls for an upward rerating of equities. The low-profile founder of DeepSeek, Liang Wenfeng, was previously reported to have been invited to the meeting.

 

 

 

 

Sibanye dealmaker Froneman to retire as CEO in September

(Reuters) – Sibanye Stillwater founder and dealmaker Neal Froneman will retire as CEO at the end of September to be succeeded by Richard Stewart, current head of the company’s operations in Southern Africa, it said on Thursday.

 

Stewart joined Sibanye in 2014 and has long been touted by investors as a possible successor to Froneman, who turns 66 in September.

 

Froneman has led Sibanye since 2013, when the company was formed through the combination of three old Gold Fields mines. Since then, Sibanye has grown into a diversified miner with gold and platinum group metal (PGM) operations in Southern Africa and the United States.

 

Froneman also drove the acquisition of lithium assets in Finland and a zinc operation in Australia as he sought to position the company to tap into the green energy transition.

 

The deal spree has weighed on Sibanye’s balance sheet and the Johannesburg-based miner has also struggled with falling profits as PGM prices, particularly palladium, retreated from the record highs of March 2022 after Russia’s invasion of Ukraine.

 

($1 = 18.5036 rand)

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth 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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