Major International Business Headlines Brief ::: 30 May 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  30 May 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Govt Clarifies External Borrowing Plan

ü  Africa in Control of Its Digital Future - Mobilising Domestic Resources &
Strategic Partnerships

ü  Nigeria: Govt Signs Deals With 10 Companies to Boost Gas Supply

ü  Nigeria: Tinubu's Reforms Policy Reflect Positive Trajectory for
Nigeria's Economy - Rabiu

ü  Nigeria: Shell to Pay TotalEnergies $510m for Bonga Field Acquisition

ü  Nigeria: Govt, 10 Partners Sign Agreements to Drive Gas Infrastructure
Growth, Boost Supply

ü  Somalia Congratulates Sidi Ould Tah On Election As AfDB President

ü  Nigeria: Govt Tackles Digital Exclusion With 7,000 New Telecom Towers to
Serve 20m Nigerians

ü  Rwanda Could Earn $700m By Closing Financial Gender Gap, Says BNR
Governor

ü  Liberia: Flight Operations Resume At RIA-LAA

ü  Trump tariffs can stay in place for now, appeals court rules

ü  US green energy firms brace for federal funding cuts

 


 <mailto:info at bulls.co.zw> 

 


Nigeria: Govt Clarifies External Borrowing Plan

The Federal Government (FG) has clarified its 2024-2026 External Borrowing
Plan submitted to the National Assembly on Tuesday, saying that it was
essential for the implementation of the 2024-2026 Medium Term Economic
Framework (MTEF).

 

The Federal Ministry of Finance said in a statement yesterday that the
borrowing plan was for the entire nation, meaning that it included both
federal and state governments and does not equate actual borrowing.

 

Several media outlets interpreted the External Borrowing Plan to mean that
the FG was seeking $21. 5 billion external loans.

 

However, the ministry said that the actual External Borrowing in the 2025
Fiscal Year stood at $1.23 billion.

 

The statement issued by the Director of Press and Public Relations, Mr.
Mohammed Manga, stated: "The proposed Borrowing Rolling Plan is an essential
component of the Medium-Term Expenditure Framework (MTEF) in accordance with
both the Fiscal Responsibility Act 2007 and the DMO Act 2003.

 

"The plan outlines the external borrowing framework for both the federal and
sub-national governments over a three-year period, accompanied by five
detailed appendices on the projects, terms and conditions, implementation
period, etc.

 

"By adopting a structured, forward-looking approach, the plan facilitates
comprehensive financial planning and avoids the inefficiencies of ad hoc or
reactive borrowing practices. This strategic method enhances Nigeria's
ability to implement effective fiscal policies and mobilize development
resources.

 

"The borrowing plan does not equate to actual borrowing for the period. The
actual borrowing for each year is contained in the annual budget. In 2025,
the external borrowing component is $1.23 billion, and it has not yet been
drawn. This is planned for H2 2025.

 

"Also, the plan is for both federal and several state governments across
numerous geopolitical zones, including Abia, Bauchi, Borno, Gombe, Kaduna,
Lagos, Niger, Oyo, Sokoto, and Yobe States.

 

"Importantly, it should be noted that the Borrowing Rolling Plan does not
equate to an automatic increase in the nation's debt burden. The nature of
the rolling plan means that borrowings are split over the period of the
projects. "For example, a large proportion of projects in the 2024 - 2026
rolling plan have multi-year draw downs of between 5 - 7 years, which are
project-tied loans.

 

"These projects cut across critical sectors of the economy, including power
grids and transmission lines, irrigation for improving food security, fibre
optics network across the country, fighter jets for security, and rail and
road infrastructure.

 

"The majority of the proposed borrowing will be sourced from Nigeria's
development partners, including the World Bank, African Development Bank,
French Development Agency, European Investment Bank, JICA, China EximBank,
and the Islamic Development Bank.

 

"These institutions offer concessional financing with favourable terms and
long repayment periods, thereby supporting Nigeria's development objectives
sustainably.

 

"The government seeks to reiterate that the debt service to revenue ratio
has started decreasing from its peak of over 90% in 2023. The government has
ended the distortionary and inflationary ways and means.

 

"There are significant revenue expectations from the Nigerian National
Petroleum Corporation (NNPC) and technology-enabled monitoring and
collection of surpluses from Government Owned Enterprises and
revenue-generating ministries, departments, and agencies, including legacy
outstanding dues.

 

"Having achieved a fair degree of macroeconomic stabilization, the
overarching goal of the Federal Government is to pivot the economy onto a
path of rapid, sustained, and inclusive economic growth. Achieving this
vision requires substantial investment in critical sectors such as
transportation, energy, infrastructure, and agriculture.

 

"These investments will lay the groundwork for long-term economic
diversification and encourage private sector participation. Our debt
strategy is therefore guided not solely by the size of our obligations but
by the utility, sustainability, and economic returns of the borrowing.

 

"Ensuring that all borrowed funds are efficiently utilized and directed
toward growth-enhancing projects remains a top priority.

 

"In conclusion, the government remains committed to keeping borrowing within
manageable and sustainable limits in accordance with the DMO Debt
Sustainability Framework."

 

Read the original article on Vanguard.

 

 

 

Africa in Control of Its Digital Future - Mobilising Domestic Resources &
Strategic Partnerships

As political, financial and social leaders met on 27 May 2025 in Abidjan,
Republic of Côte d'Ivoire, for the Annual Meetings of the African
Development Bank (AfDB), the continent stands at a crucial turning point.
Digitalisation can be the engine of inclusive and resilient development, but
only if approached with local leadership and strategic vision.

 

The questions asked at this year's meeting: how to mobilise African capital,
how to foster transformative partnerships, and how to accelerate the shift
to greener, more inclusive economies- are not rhetorical. They are urgent.

 

Africa is not short on potential. On the contrary, it is home to 18% of the
world's population, yet holds less than 1% of global data centre capacity.
It is a hyper-connected continent -over 600 million Africans use mobile
phones today- but smartphone penetration and effective connectivity remain
low.

 

Technology, alongside young people and women, stands out as one of the three
defining forces that can enable Africa not only to transform itself but to
win the 21st century. This potential is already materialising: since the
early 2000s, following deep telecommunications sector reforms carried out
across much of the continent, African youth have deployed technology as a
powerful enabler of exponential progress.

 

Today, some of the continent's largest and fastest-growing companies are in
the tech sector, including several unicorns -firms valued at over one
billion dollars. Mobile money innovations like M-PESA have become globally
replicable models. In contrast to Africa's historical exclusion from the
Agricultural and Industrial Revolutions, the digital revolution marks a
pivotal moment: Africa is no longer catching up--it is helping lead a new
economic era on its own terms.

 

The key is recognising that Africa's digital development cannot rely solely
on external flows. As the African Development Bank has pointed out,
two-thirds of development finance in Africa already comes from domestic
sources, such as tax revenue and household savings. In 2020, African
sovereign wealth funds managed over USD 24 billion, and pension funds held
assets worth USD 676 billion in 2017. On top of that, the African diaspora
sends nearly USD 100 billion in remittances every year.

 

Mobilising these resources requires more than political will. It demands
strong institutions, effective regulatory frameworks, and public-private
partnerships capable of scaling digital transformation. Key initiatives led
by the private sector are already underway, but more is needed: a shared
vision, bold political ambition, and a digitally empowered citizenry. This
is where governance and institutional leadership come into play.

 

In this spirit, Club de Madrid -the world's largest forum of democratic
former presidents and prime ministers- recently underlined at its Annual
Policy Dialogue on Financing for Development held in Nairobi in April, that
digital transformation must serve inclusion and institutional strengthening.

 

It emphasised the importance of investing in public digital infrastructure
to ensure equitable access for women, youth, and marginalised communities,
as well as establishing regulatory frameworks that protect personal data,
encourage fair competition, and uphold universal digital access as a public
good.

 

Drawing on their leadership and governance experience, Club de Madrid's
Members work to strengthen institutional trust and digital governance
frameworks that ensure transformation is genuinely inclusive. Digitalising
without governance is a risk, but doing so with transparency and digital
rights is a historic opportunity for Africa.

 

This is not only a matter of efficiency. It is a question of how
digitalisation can reinforce the social contract by building trust, reducing
exclusion, and delivering on the promise of democratic governance. Properly
directed, digitalisation can strengthen public trust, expand access to
essential services, and create millions of jobs in emerging sectors.

 

Artificial intelligence, for example, is already being used by African
governments to detect fraud, improve civil registries and plan
infrastructure more intelligently. Ghana and Rwanda, for instance, are
advancing national AI policies rooted in ethics and tailored to African
contexts.

 

Still, the road ahead will not be easy.

 

According to the African Economic Outlook 2024, the continent faces an
annual structural transformation financing gap of over USD 400 billion.
Global financial reforms, while welcome, will not suffice. That is why the
message from Abidjan must be clear: Africa must lead its digital future,
democratically, inclusively, and with purpose, by mobilising its human,
financial and political capital.

 

Investing in digital capabilities is not optional. In the 21st century, it
is a fundamental pillar of effective democracy, responsive institutions, and
resilient economies capable of creating real opportunities and delivering
tangible benefits to citizens. In this endeavour, every African country has
a role to play, as does every partner genuinely committed to just and
sustainable development.

 

Africa's digital future is not yet written: it will be shaped by bold
decisions taken today, and by strategic partnerships that empower, respect,
and are accountable to African people and leadership.

 

Let the message from Abidjan be clear: Africa must lead its digital future,
not just to compete globally, but to govern inclusively, protect rights, and
deliver prosperity with dignity.

 

Mehdi Jomaa is former Prime Minister of Tunisia (2014-2015) and Member of
Club de Madrid, and Obiageli "Oby" Ezekwesili is former Minister of
Education of Nigeria, former Vice President of the World Bank, and Advisor
of Club de Madrid

 

IPS UN Bureau

 

Follow @IPSNewsUNBureau

 

Read the original article on IPS.

 

 

 

 

Nigeria: Govt Signs Deals With 10 Companies to Boost Gas Supply

The Federal Government on Thursday signed agreements with ten companies for
the construction of gas processing plants and other gas supply
infrastructures.

 

The joint venture investment agreements were signed in Abuja between the
Midstream and Downstream Infrastructure Fund (MDIF) and the 10 gas
infrastructure promoters.

 

The agreements include the Joint Venture and Operating Agreement, the Joint
Venture Equity Agreement, and the Joint Venture Accounts Agreement.

 

Some of the companies involved in the deals are Ant Energy Limited, Sub Sea
9 Gas, Waterdance International Concepts and LNG Arete.

 

Speaking at the event, the Minister of State Petroleum Resources (Gas),
Ekperikpe Ekpo said the deals were part of the government's efforts to
unlock the full potential of the gas sector.

 

Ekpo stated that the agreements reflected not only the alignment of national
priorities with practical action but also the profound dedication to
fostering growth, enhancing energy security, and building a resilient
economy for generations to come.

 

He disclosed that in the "first year of this administration, the MDGIF
supported six companies within the midstream and downstream space, promoting
innovation and efficiency in the processing, distribution, and utilization
of natural gas".

 

"This Fund, and the partnerships it fosters, will pave the way for
integrated gas infrastructure, bridging gaps that have long hindered
progress. These advancements will not only connect regions but also create a
ripple effect of opportunities across industries. From agriculture to
manufacturing, and even digital innovation, the impact of a robust gas
sector reverberates far beyond energy," he stated.

 

Breaking down the projects covered by the agreements, Executive Director,
MDIF, Mr. Oluwole Adama, listed six gas processing plants to produce
marketable natural gas in liquefied or other forms to increase in-country
supply capacity; three compressed natural gas refueling infrastructures to
deepen domestic utilization of natural gas for mobility and other industrial
uses, and one bulk liquefied petroleum gas storage infrastructure to
minimize supply chain constraints.

 

In a related development, the Federal Government, yesterday, launched
project CNG sprout that would see the setting up of CNG conversion and
refueling infrastructures in 20 universities across the country.

 

Launching the project in Abuja, Minister of State, Petroleum Resources
(Gas), Ekperikpe Ekpo, said it was part of efforts by the government to
provide cheaper mode of transportation for students and staff of the
universities.

 

The project which is also funded by MDIF will provide CNG powered buses and
tricycles for transporting the students.

 

"The MDGIF has remained a steadfast partner in the actualization of
Nigeria's Decade of Gas vision, providing catalytic funding and support to
infrastructure projects that directly benefit the Nigerian people. I applaud
the MDGIF for their strategic role in this initiative and for helping to
deliver impact where it matters most", he stated.

 

Read the original article on Vanguard.

 

 

 

Nigeria: Tinubu's Reforms Policy Reflect Positive Trajectory for Nigeria's
Economy - Rabiu

The founder and chairman of BUA Group. Abdul Samad Rabiu has stated that
President Bola Tinubu's reforms policy has reflected a positive trajectory
for Nigeria's economy and business sector, fostering an environment better
suited for growth, stability, and equitable opportunity.

 

He said that "as Nigeria observes the second anniversary of Tinubu's
administration, it is essential to reflect not just on political
developments, but through the lens of business, industry, and economic
growth.

 

Rabiu noted that the removal of the fuel subsidy stands out as a significant
and transformative decision by this administration, saying that "previously,
Nigeria was selling PMS at remarkably low prices around N200 or N250 per
litre, making it one of the cheapest in the world. During my recent trip to
Saudi Arabia for the lesser Hajj, I noted that the price of fuel there was
nearly N1,500 per litre."

 

According to him, the subsidy was simply unsustainable. It not only
benefited Nigerians but also neighboring countries, creating an imbalance.
Since the subsidy removal, we have observed our fuel consumption decline by
approximately 40 to 50 percent not due to reduced usage by Nigerians, but
because our neighbors stopped relying on our subsidized fuel.

 

"Even at N800 or N900 per litre, fuel remains cheaper here, yet the
logistics have shifted, affecting access. While some neighboring countries
continue to source from us, many others have moved away from this practice.

 

"The removal of the subsidy was crucial not just for economic stability but
also to ensure that the benefits of fuel imports were exclusively for
Nigerians. Additionally, the savings generated are being redirected towards
infrastructure development, enhanced support for states, and other key
priorities, resulting in increased financial allocations for all states."

 

He also noted that the unification of the foreign exchange market has
emerged as another pivotal reform.

 

"In the past, many businesses, including ours, constantly navigated the
challenges of securing foreign exchange, often relying solely on the Central
Bank of Nigeria (CBN) for allocations, which proved to be a cumbersome
process. The disparity between official rates and parallel market rates
created an environment of inefficiency.

 

"Today, that landscape has changed significantly. We no longer need to spend
extensive time in Abuja seeking allocations, and thanks to the new CBN
Governor, the system has become more accessible and streamlined."

 

Rabiu stated that "this change has allowed us to concentrate our efforts on
expanding our businesses rather than on bureaucratic hurdles. President
Tinubu's decisive action in this area has significantly enhanced the
operational environment for businesses."

 

He pointed out that "under this administration, we are witnessing a
resurgence of fairness and stability in business operations. Political
interventions and arbitrary disruptions are far less prevalent. For
instance, when BUA Foods launched a new venture in Port Harcourt a few years
ago, our progress was suddenly halted due to an unexpected concession
revocation. It turned out the decision stemmed from competing interests
rather than any legitimate concern.

 

"Today, such arbitrary actions would be unlikely to occur under President
Tinubu's leadership. The commitment to establishing a fair business
environment is clearly visible, allowing companies like ours to operate with
greater confidence and assurance."

 

He said, these reforms reflect a positive trajectory for Nigeria's economy
and business sector, fostering an environment better suited for growth,
stability, and equitable opportunity.

 

Read the original article on Leadership.

 

 

 

Nigeria: Shell to Pay TotalEnergies $510m for Bonga Field Acquisition

French oil major TotalEnergies has announced diversification of key stake in
a prolific oil producing asset to Shell.

 

The company said on Thursday it agreed to sell its 12.5 per cent stake in
the Bonga oilfield offshore Nigeria to Shell the field's operator, for $510
million.

 

The deal will bring Shell's stake in Bonga to 67.5 per cent and shows its
continued interest in producing oil offshore Nigeria after selling its
spill-plagued Nigerian onshore assets to Renaissance, a consortium of four
local companies and an international energy group.

 

Last year, the owners of Bonga decided on an extension of the field to add
110,000 barrels of oil equivalent per day with the first oil expected to
flow by the end of the decade. Bonga's floating production vessel has a
capacity of 225,000 bpd.

 

"This acquisition brings another significant investment in Nigeria
deep-water that contributes to sustained liquids production and growth in
our Upstream portfolio," said Shell's upstream Chief Peter Costello.

 

Exxon subsidiary Esso Exploration and Production Nigeria holds 20 per cent
and Oando's Agip 12.5 per cent of Bonga.

 

The deal, subject to approvals, is expected to close by the end of the year.

 

Read the original article on Leadership.

 

 

 

 

Nigeria: Govt, 10 Partners Sign Agreements to Drive Gas Infrastructure
Growth, Boost Supply

The federal government has signed agreements with ten gas infrastructure
companies for the construction of gas processing plants and other
infrastructures to boost gas supply across the country.

 

The agreements signed under the Midstream and Downstream Gas Infrastructure
Fund (MDGIF) is for the establishment of six gas processing plants to
produce marketable natural gas in liquefied or other forms to increase
in-country supply capacity; three compressed natural gas refueling
infrastructures to deepen domestic utilisation of natural gas for mobility
and other industrial uses, and one bulk liquefied petroleum gas storage
infrastructure to minimise supply chain constraints.

 

The agreements include the Joint Venture and Operating Agreement, the Joint
Venture Equity Agreement, and the Joint Venture Accounts Agreement.

 

Some of the companies involved in the deals are Ant Energy Limited, Sub Sea
9 gas, Waterdance International Concepts and LNG Arete.

 

State for Petroleum Resources (Gas) and chairman of the MDGIF, Rt. Hon.
Ekperikpe Ekpo, in his welcome remarks, at the signing ceremony on Thursday
highlighted the strategic importance of the partnership in unlocking
Nigeria's vast natural gas potential. He emphasised that the Fund, under his
leadership, has already empowered six companies in the midstream and
downstream gas sectors during the first year of the current administration,
and now ten additional companies have joined the initiative. These projects
span Nigeria's six geopolitical zones, ensuring equitable development and
access to gas resources nationwide.

 

"The MDGIF is not just a financial vehicle; it is a catalyst for sustainable
economic growth, energy security, and industrial development," said Ekpo.

 

He urged all partners to prioritise focus, efficiency, and transparency,
stressing that the success of the Fund will be measured by tangible outcomes
such as pipelines laid, facilities commissioned, jobs created, and energy
supplied to millions.

 

Ekpo stated that the agreements reflected not only the alignment of national
priorities with practical action but also the profound dedication to
fostering growth, enhancing energy security, and building a resilient
economy for generations to come.

 

He disclosed that in the "first year of this administration, the MDGIF
supported six companies within the midstream and downstream space, promoting
innovation and efficiency in the processing, distribution, and utilisation
of natural gas".

 

According to him, "This Fund, and the partnerships it fosters, will pave the
way for integrated gas infrastructure, bridging gaps that have long hindered
progress. These advancements will not only connect regions but also create a
ripple effect of opportunities across industries. From agriculture to
manufacturing, and even digital innovation, the impact of a robust gas
sector reverberates far beyond energy".

 

In his breakdown of the projects covered by the agreements, the Executive
Director, MDGIF, Oluwole Adama listed six gas processing plants to produce
marketable natural gas in liquefied or other forms to increase in-country
supply capacity; three compressed natural gas refueling infrastructures to
deepen domestic utilization of natural gas for mobility and other industrial
uses, and one bulk liquefied petroleum gas storage infrastructure to
minimize supply chain constraints.

 

Read the original article on Leadership.

 

 

 

Somalia Congratulates Sidi Ould Tah On Election As AfDB President

Mogadishu, May 30, 2025 — The Federal Republic of Somalia on Friday extended
its congratulations to Dr. Sidi Ould Tah following his election as the ninth
President of the African Development Bank (AfDB) Group, hailing the
appointment as a testament to his dedication to Africa's economic and social
advancement.

 

In a statement, the Somali government said Dr. Tah's leadership comes at a
critical time for the continent and expressed confidence in his ability to
steer the institution toward innovation, resilience, and sustainable
development.

 

"Somalia recognizes the pivotal role the Bank will play under Dr. Tah's
presidency in advancing transformative initiatives aligned with Agenda
2063," the statement said, referring to the African Union's long-term
blueprint for inclusive growth and sustainable development.

 

Mogadishu also expressed hope for deepened collaboration with the AfDB in
key areas such as the African Continental Free Trade Area (AfCFTA),
infrastructure development, and climate change adaptation--pillars seen as
vital to achieving Africa's shared vision of prosperity and integration.

 

Dr. Tah, a Mauritanian economist, succeeds Akinwumi Adesina of Nigeria,
whose tenure ends this year after a decade at the helm of the Bank.

 

Read the original article on Shabelle.

 

 

 

 

Nigeria: Govt Tackles Digital Exclusion With 7,000 New Telecom Towers to
Serve 20m Nigerians

In order to bridge Nigeria's digital divide, the Federal Government has
announced the deployment of 7,000 new telecommunications towers across
underserved communities, targeting more than 20 million Nigerians who
currently lack access to any form of telecommunication services.

 

The announcement was made by the Minister of Communications, Innovation and
Digital Economy, Dr. Bosun Tijani, during a joint ministerial appearance on
Channels TV alongside the Minister of State for Industry, Senator John Enoh,
on Thursday.

 

Dr. Tijani said: "This initiative marks a critical move toward nationwide
digital inclusion. We launched the first of these towers just yesterday in
Kura, a village near Abuja with a population of about 12,000.

 

"Until now, the community had no communication services. The newly installed
tower now supports voice calls and internet connectivity to both the local
health center and school.

 

"This tower deployment complements broader efforts by the Tinubu
administration to close Nigeria's connectivity gap.

 

"A national broadband committee has established that the country requires
125,000 kilometers of fiber optic cable to ensure universal broadband
access. Currently, Nigeria has just 35,000-40,000 kilometers installed.

 

"This infrastructure gap explains why Nigerians often experience poor
internet quality, especially during broadband-dependent services like
WhatsApp calls," the minister noted.

 

According to him, "To address this, the government has initiated a
90,000-kilometer fiber optic expansion project, expected to cost $2 billion,
with support from the World Bank.

 

"The project is set to begin before the end of 2025, and is expected to be
significantly completed within the first term of the current
administration."

 

Dr. Tijani also spotlighted the administration's flagship digital
empowerment program, the Three Million Technical Talent, 3MTT, initiative.

 

He said: "Nearly 130,000 young Nigerians have already received technical and
digital skills training under the program, aimed at creating one million
tech jobs.

 

"3MTT is not just a training scheme, it is a pipeline for jobs, startups,
and long-term innovation. We're no longer just talking about Nigeria's
potential, we're building performance.

 

"As part of its holistic digital transformation agenda, the ministry has
also: Funded over 50 AI-focused startups in the past year.

 

"Deployed broadband to university hostels, now live at the University of
Abuja and University of Lagos, with seven more campuses set to follow by
June.

 

"Reconstructed the Kano Innovation Hub, destroyed during riots, which will
reopen next week.

 

"Rolled out a nationwide network of innovation hubs in collaboration with
the National Information Technology Development Agency, NITDA.

 

Dr. Tijani encouraged Nigerian youth to take initiative, make use of
available tools, and stay informed about government programs.

 

He said: "I'm the first minister in Nigeria's history to publish a weekly
activity report alongside white papers on major initiatives.

 

"If you don't know, ask your AI tools. Search. Explore. The tools are in
your hands, use them.

 

He charged Nigerian youths: "We must stop waiting for someone to hand us an
opportunity. In this digital age, opportunity is searchable. Our job as a
ministry is to clear the path. Your job is to take the first step."

 

Read the original article on Vanguard.

 

 

 

Rwanda Could Earn $700m By Closing Financial Gender Gap, Says BNR Governor

While data indicates that there has been significant achievement in
financial inclusion in Rwanda, challenges remain for women entrepreneurs to
access finance.

 

On the sideline of the Annual Summit of Financial Alliance for Women, The
New Times' Alice Kagina had an exclusive interview with Soraya
Hakuziyaremye, the Governor of the National Bank of Rwanda (BNR), to discuss
what Rwanda is doing to bridge the gender finance gap and how it will
leverage the Women Entrepreneurs (WE) Finance Code to promote women-tailored
financial solutions.

 

Below are excerpts:

 

Can you give us an overview of where Rwanda stands when it comes to the ease
of access to finance for women entrepreneurs?

 

Rwanda has made a lot of progress over the last 15 years.

 

In 2008, only 21 per cent of Rwandans had access to a formal bank or
microfinance account and today, we are at 92 per cent of Rwandan adults.
Obviously, this has been driven mainly by mobile money services, but also
the expansion of our banking and microfinance sectors.

 

However, having access to a bank account or a mobile money wallet is not
enough for financial resilience of households or even businesses.

 

We are trying to address one specific challenge. How come women
entrepreneurs do not get access to formal credit at the same rate as men? We
also know that micro and small businesses generally have challenges
accessing credit but when it comes to women-owned or women-led businesses,
that challenge is more acute in Rwanda.

 

Of all loans that are dispersed by our banking or microfinance sector, only
16 per cent go to micro, small, and medium-sized enterprises. Yet, these
enterprises represent 99 per cent of all enterprises.

 

When it comes to women, only 25 per cent of those 16 per cent go to them.
So, we are trying to find ways to reduce that gap.

 

When we look at the ratio globally, it is estimated that if we were to close
the gender gap in financing of women entrepreneurs, it would add up to $6
trillion to the global economy.

 

That's around 5.4 per cent if I take the global GDP in 2024. Applying the
same ratio to Rwanda's GDP, we could earn up to $700 million by just closing
the gender gap in financing of women entrepreneurs.

 

So, it's important to celebrate Rwanda's milestone to almost reach universal
access to finance, but it has to go beyond just payments or transactional
accounts. It has to be access to credit, access to insurance, services, and
then investments.

 

How do you envision WE Finance Code driving financial inclusion for women,
particularly for unbanked women and women-led MSMEs?

 

There is a commitment now by our 11 banks, the National Bank of Rwanda, and
the Ministry of Trade and Industry to collaborate to address the challenges
and obstacles that women entrepreneurs face in accessing formal financial
services, but also accessing credit.

 

This is a commitment to use data to be able to have the right solutions for
women entrepreneurs get access to credit, but it also forces banks to create
financial products that are tailored to the needs of women and we hold
ourselves accountable because we have to report at global level on the
growth of credit, which is the ultimate goal to those women entrepreneurs.

 

However, this finance code goes beyond just access to formal credit to
looking at what those women need in terms of business and financial
education, networks to get access to finance, and then learning from their
peers in the 28 countries that have already signed up to the code.

 

As a regulator, how do you ensure that regulatory frameworks at both
national level and within financial institutions do not stifle the business
environment, especially for women-led SMEs and eventually graduate to large
businesses.

 

The National Bank of Rwanda has always been particularly attentive to making
sure that the regulatory environment that we set is inclusive and there has
been efforts to put in place and implement gender-inclusive finance
initiatives at the bank level, including one financial literacy programme
targeting women in rural areas.

 

We have now trained 25,000 women in four districts - Nyaruguru, Nyamasheke,
Rulindo and Ngoma - in the use of mobile money services and we also
collaborate with the industry on other awareness campaigns of financial
literacy.

 

Additionally, we are tracking gender-desegregated data and making sure that
we know whether credit is going to men and women, from each financial
institution, using what we call SuperTech (Supervision Technology) tools.

 

Our electronic data warehouse is able to capture data from the different
banks and microfinance institutions that show us the progress that we are
making in closing the gender gap in finance.

 

In March, we launched a financial inclusion dashboard that is accessible to
the public and gives weekly data on how credit is being dispersed in our
country. It puts pressure on the banks because we can track which one is
financing women and which one is not.

 

We are really happy that they have all committed to increase access to
finance for women entrepreneurs and we are going to hold them accountable by
showing data, but also holding ourselves accountable as central bank to
other central banks globally, and within the ecosystem of signatories of the
We Finance Code.

 

What are some of the key things you hope to see taking shape, drawing from
this summit?

 

It's true, signing a commitment is one thing, but the results are what
really count.

 

I mentioned this figure of how much increasing finance to women
entrepreneurs has the potential to increase our GDP. So, we will be sure
that we see and can justify that we have contributed to increasing our GDP
by $700 million just by increasing finance or facilitating loans to women
entrepreneurs.

 

Additionally, the ultimate goal would be that in 10 years, we don't have to
have an annual summit on increasing finance to women because they will all
have access to and use financial services at the same rate as men. We will
probably have summits discussing all the challenges, but definitely not the
challenge of women not accessing finance.

 

Read the original article on New Times.

 

 

 

 

Liberia: Flight Operations Resume At RIA-LAA

Monrovia-The Liberia Airport Authority (LAA) says normal flight operations
have resumed hours after all flights were cancelled due to a runway incident
early Thursday afternoon.

 

Travellers were left stranded on Thursday, May 29, after a private jet bring
back tPresident Boakai from the 50th Anniversary Celebration of ECOWAS
experienced a tire burst upon landing resulting in the aircraft becoming
temporarily immobile on the runway.

 

Incoming flights and passengers were said to have been redirected.

 

However, officials at the Liberia Airport Authority say the aircraft has
been safely removed from the active portion of the runway at the Roberts
International Airport (RIA), thanks to LAA's emergency response team, in
collaboration with technical aviation personnel who swiftly deployed all
necessary resources to manage the situation.

 

Meanwhile, the LAA dismissed public speculation, suggesting that the
incident was caused by poor runway conditions.

 

"The runway infrastructure remains fully compliant with international
aviation safety standards.

 

The incident was solely due to a mechanical issue involving the aircraft's
tire and not the condition of the runway." LAA officials added.

 

"Importantly, His Excellency President Joseph Nyuma Boakai, Sr., and all
other individuals on board were safely evacuated without injury, in full
alignment with the airport's emergency response procedures.

 

The LAA remains committed to ensuring the highest standards of safety,
efficiency, and transparency in all airport operations.

 

We thank the public for their patience and understanding and will continue
to provide updates as necessary." The statement concluded.

 

Read the original article on New Dawn.

 

 

 

Trump tariffs can stay in place for now, appeals court rules

US President Donald Trump can keep collecting import taxes for now, an
appeals court has said, a day after a trade ruling found the bulk of his
global tariffs to be illegal.

 

A federal appeals court granted a bid from the White House to temporarily
suspend the lower court's order, which ruled that Trump had overstepped his
power by imposing the duties.

 

Wednesday's judgement from the US Court of International Trade drew the ire
of Trump officials, who called it an example of judicial overreach.

 

Small businesses and a group of states had challenged the measures, which
are at the heart of Trump's agenda and have shaken up the world economic
order.

 

 

In its appeal, the Trump administration said the decision issued by the
trade court a day earlier had improperly second-guessed the president and
threatened to unravel months of hard-fought trade negotiations.

 

"The political branches, not courts, make foreign policy and chart economic
policy," it said in the filing.

 

Shortly before Thursday's tariff reprieve from the appeals court, White
House spokesperson Karoline Leavitt told a press briefing: "America cannot
function if President Trump, or any other president, for that matter, has
their sensitive diplomatic or trade negotiations railroaded by activist
judges."

 

Trump blasted the lower court ruling on Thursday in a social media post,
writing: "Hopefully, the Supreme Court will reverse this horrible, Country
threatening decision, QUICKLY and DECISIVELY."

 

Wednesday's decision by the little-known trade court in New York would void
tariffs imposed by Trump in February on goods from China, Mexico and Canada,
which he justified as a move intended to address a fentanyl smuggling.

 

The lower court's decision would also dismiss a blanket 10% import tax that
Trump unveiled last month on goods from countries around the world, together
with higher so-called reciprocal tariffs on trade partners, including the EU
and China.

 

The 1977 law Trump invoked to impose many of the tariffs, the International
Emergency Economic Powers Act, did not allow for such sweeping levies
without input from Congress, the lower court said.

 

But its ruling did not affect Trump's tariffs on cars, steel and aluminium,
which were implemented under another law.

 

The White House has suspended or revised many of its duties while trade
negotiations grind on.

 

But the appeals court decision allow the tariffs to be used for now while
the case is litigated. The next hearing is on 5 June.

 

On Thursday, another federal court overseeing a separate tariffs case
reached a similar conclusion to the trade court.

 

Judge Rudolph Contreras found the duties went beyond the president's
authority, but his ruling only applied to a toy company in the case.

 

Trump trade adviser Peter Navarro told reporters on Thursday: "You can
assume that even if we lose [in court], we will do it [tariffs] another
way."

 

No court has struck down tariffs on cars, steel and aluminium that Trump
imposed citing national-security concerns under Section 232 of the Trade
Expansion Act of 1962.

 

He could expand import taxes under that law to other sectors such as
semiconductors and lumber.

 

The president could also invoke Section 301 of the Trade Act of 1974, which
he invoked for his first-term tariffs on China.

 

A separate 1930 trade law, Section 338 of the Trade Act, which has not been
used for decades, allows the president to impose tariffs of up to 50% on
imports from countries that "discriminate" against the US.

 

But the White House seems more focused for now on challenging the court
rulings. The matter is widely expected to end up at the Supreme Court.-BBC

 

 

 

 

US green energy firms brace for federal funding cuts

US green fuel company HIF Global has a big vision for Texas's Matagorda
County: a $7bn (£5.2bn) commercial scale e-methanol factory to supply the
world market.

 

The plant, which it claims would be the largest to date anywhere, would make
e-methanol from captured carbon dioxide and green hydrogen produced on site
using renewable energy.

 

Its construction would create thousands of jobs and the product would power
ships and planes in a far cleaner way.

 

But the company has yet to make its final investment decision. It is waiting
to see what the Republican-led Congress does to clean energy tax credits, in
particular the one for clean hydrogen production.

 

The fate of the subsidies is part of a sweeping budget bill currently under
consideration by the Senate.

 

A version of the legislation passed by the lower house cuts the hydrogen tax
credit, amongst others, and scales back more.

 

The clean hydrogen tax credit would help reduce the cost of the American
technology going into the facility, and aide in competing with Chinese
e-methanol producers, says Lee Beck, HIF Global's senior vice president for
global policy and commercial strategy.

 

"The goal is not to be dependent on tax credits over the long run, but to
get the project started."

 

Ms Beck can't say yet what the outcome for the Matagorda facility will be if
the tax credit is ultimately killed, except that it will make things hard –
and the US isn't the only location the company operates in.

 

 

HIF A sole wind turbine stands in a desert-like area of Punta Arenas,
Chile.HIF

HIF Global has a demonstration e-fuel producing facility in Punta Arenas,
Chile

The Trump administration has been particularly hostile to green energy.

 

Amongst the President's actions since taking office in January include
initiating the US's withdrawal from the Paris climate agreement and
temporarily suspending renewable energy projects on federal lands (he has a
particular disdain for wind power).

 

Trump has also directed agencies to pause Green New Deal funds, which he
regularly calls "Green New Scam" funds: grants and loans being made under
the Infrastructure Investment and Jobs Act (IIJA) and the Inflation
Reduction Act (IRA), enacted under Biden's presidency in 2021 and 2022
respectively.

 

Those grants and loans, together with the clean energy tax credits that are
also part of the IRA, have been funnelling billions of new federal and
private dollars into developing clean energy.

 

"It is tumultuous time," says Adie Tomer, of the Brookings Institution, a
think tank. "We are doing the exact opposite of our developed world peers."

 

Court battles are ongoing over the President's order to pause green funding,
which might ultimately end up in the Supreme Court. In the meantime,
agencies are conducting their own reviews and making their own decisions.

 

 

Getty Images Capitol building Washington DC with a US flag in the
foregroundGetty Images

Green energy firms are watching developments on the budget bill

Jessie Stolark, executive director of the Carbon Capture Coalition, which
represents companies involved in carbon capture and storage, laments the
lack of clarity from the administration.

 

Members, she explains, have won project funding under the IIJA – including,
for example, to build direct air capture facilities. But while projects
generally have been able to access funds already awarded to earlier phases,
it is unclear if they will be able to progress to additional phases where
additional funds are supposed to be made available.

 

"It is causing uncertainty, which is really bad for project deployment,"
says Ms Stolark. "If you endanger the success of these first-of-a-kind
projects it just takes the wind out of the sails of the whole [carbon
management] industry long term."

 

 

Meanwhile, the fate of the IRA, which the Congress has the power to amend or
repeal along with the IIJA, is being decided, in part, by the budget bill,
which aims to permanently extend President Trump's first term tax cuts by
making savings elsewhere.

 

What exactly will remain of the Federal green energy agenda when both the
House and Senate agree a compromise version remains to be seen.

 

It seems likely the IRA's tax credits, which are generally scheduled to
expire at the end of 2032, though some extend beyond that date, will take a
heavy hit, even if the IRA dodges the bullet of outright repeal.

 

Also marked for termination include the tax credits for consumers buying EVs
and making their homes more efficient.

 

Many others, such as those for producing clean electricity and manufacturing
clean energy components like wind turbine parts, solar panels and batteries,
would be phased out earlier or made harder and less worthwhile to secure.

 

That many of the projects set to benefit from the tax credits are in
Republican areas seems to have had little sway in the House, notes Ashur
Nissan of policy advice firm Kaya Partners.

 

But critics say that the Biden green energy initiatives are too expensive.

 

The IRA's energy tax credits are "multiple times" larger than initial
estimates, and expose American taxpayers to "potentially unlimited
liability" noted a recent report from the libertarian Cato Institute
advocating their full repeal.

 

Meanwhile, actual clean energy investment in the US including from both
government and private sources (the far larger share) dropped 3.8% in the
first quarter of 2025 to $67.3bn, a second quarterly decline, according to
new figures released by the Clean Investment Monitor.

 

"Momentum is sagging a bit which is a little concerning," says Hannah Hess
of the Rhodium Group research firm, which partners with the Massachusetts
Institute of Technology to produce it. She attributes the trend to a mix of
high inflation, high interest rates, global supply chain issues and
uncertainty in the policy environment created by the new administration.

 

There was also, she observes, a record number of clean energy manufacturing
projects cancelled in the first quarter of 2025 – six projects mostly in
batteries and representing $6.9bn in investment– though it is difficult to
say to what extent the new administration was a driver.

 

More worrying to Ms Hess is the decline since the last quarter in
announcements for some types of new projects, which she believes can be
"more strongly" attributed to the policy situation, with companies lacking
confidence there will be demand for the clean products their projects would
produce.

 

 

Heirloom A worker in a hi-vis jacket looks at machinery at a CO2 capturing
plant.Heirloom

Firms that capture CO2 from the air have won government funding

Tariffs, which will increase factory construction costs if components need
to be imported, are an extra factor that may negatively influence project
decisions going forward, notes Anthony DeOrsey of the Cleantech Group
research and consulting firm.

 

Investment aside, companies are also making shifts in how they market their
products.

 

The homepage of LanzaJet – which produces Sustainable Aviation Fuel (SAF)
from ethanol – used to emphasise how scaling SAF could "meet the urgent
moment of climate change". It now focusses on its potential to "harness the
energy of locally produced feedstocks".

 

SAF has never been about just one thing, notes CEO Jimmy Samartzis.
Tailoring messaging to be "relevant to the stakeholders we are engaging
with" makes sense.

 

The company is current waiting on a $3m grant it was awarded by the Federal
Aviation Authority last August as part of a nearly $300m program designed to
help aviation transition to SAF and which was funded under the IRA.

 

"It is approved funding, but it is stuck at this point," says Mr
Samartzis.-BBC

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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.

 


 

 


 (c) 2025 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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