Major International Business Headlines Brief::: 11 April 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 11 April 2023 

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


 

ü  Nigeria: UK Places Nigeria On Red List Over Review Health Workers'
Recruitment

ü  Liberia: Toward Liberia's Ratification of AfCFTA

ü  Nigeria: Concerns As More Medical Practitioners Leave Nigeria

ü  Kenya: Expect Further Delays in Salaries, Treasury Cabinet Secretary
Ndung'u Warns Civil Servants

ü  Nigeria: With 89 Expected Assets, Nigeria to Top Africa's Upcoming Oil,
Gas Projects By 2027

ü  Nigeria's Oil Production Drops 2 Percent to 1.517million Bpd

ü  Nigeria: Govt to Support Imo State University of Agriculture With Grants,
Farm Equipment

ü  Nigeria: Labour Blames Shoddy Privatisation for Abuja DISCO, Others'
Takeover

ü  Egypt: Climate Investment Unit Launched At Environment Ministry -
Minister to Senate

ü  Kenya: Economist David Ndii Hints at a Possible Handshake

ü  Nigeria: Partners in $25bn Nigeria-Morocco Gas Pipeline Agree On PSC Plan

ü  Liberia: Bea Mountain Disburses U.S.$50,000 As Micro Loan to Citizens of
Kinjor

ü  Nigeria: Net Zero Energy Building Construction in Nigeria Using 3DCP
Technology

ü  Tanzania: Government Funds Pay-Out Increases

ü  Egypt: PM Follows Up On Availability of Animal Feed in Local Market

ü  Elon Musk: Tesla to build new battery factory in Shanghai

 


 <https://www.cloverleaf.co.zw/> 

 


 

Nigeria: UK Places Nigeria On Red List Over Review Health Workers'
Recruitment

The United Kingdom has put Nigeria on the red list of countries that should
not be actively considered for recruitment by health and social care
employers.

 

This review came after the World Health Organisation (WHO) listed 55
countries, including Nigeria facing the most pressing health workforce
challenges related to Universal Health Coverage.

 

In a report by UK Home Office, the UK Government disclosed that Nigeria and
other countries on the red list should not be actively targeted for
recruitment by health and social care employers except if there was a
government-to-government arrangement.

 

It was contained from the website of the UK government titled, 'Code of
Practice for the international recruitment of Health and social care
personnel in England.'

 

The information said country identification follows the methodology
contained in the 10-year review of the relevance and effectiveness of the
WHO global code of practice on the International Recruitment of Health
Personnel.

 

It read, "Consistent with the WHO Global Code of Practice principles and
articles, and as explicitly called for by the WHO Global Code of Practice
10-year review, the listed countries should be prioritised for health
personnel development and health system-related support, provided with
safeguards that discourage active international recruitment of health
personnel.

 

"Countries on the list should not be actively targeted for recruitment by
health and social care employers, recruitment organisations, agencies,
collaborations, or contracting bodies unless there is a
government-to-government agreement in place to allow managed recruitment
undertaken strictly in compliance with the terms of that agreement.

 

"Countries on the WHO Health Workforce Support and Safeguards list are
graded red in the code. If a government-to-government agreement is put in
place between a partner country, which restricts recruiting organisations to
the terms of the agreement, the country is added to the amber list."

 

It specified if a country was not on the red or amber list, then it is
green.

 

The amber countries where international recruitment is only allowed in
compliance with the terms of the government-to-government agreement are
Kenya and Nepal.

 

It added that active recruitment is permitted from green-graded countries
where there is a government-to-government agreement with the UK in place for
international health and care workforce recruitment.

 

"Green-graded countries without a government-to-government agreement with
the UK are not published in the code of practice for England.

 

"The government-to-government agreement may set parameters, implemented by
the country of origin, for how UK employers, contracting bodies, recruitment
organisations, agencies, and collaborations recruit. These organisations are
encouraged to recruit on the terms of the government-to-government
agreement.

 

"The green country list will be updated as new government-to-government
agreements are signed with the UK. It is recommended employers, contracting
bodies, recruitment organisations, agencies, and collaborations regularly
check the list for updates prior to embarking on any recruitment campaign.

 

"Green-graded countries with a government-to-government agreement for
managing international health and care workforce recruitment are India,
Malaysia, Philippines, and Sri Lanka," it added.

 

-Vanguard.

 

 

Liberia: Toward Liberia's Ratification of AfCFTA

46 out of the 54 countries that signed up to the AfCFTA have ratified,
Liberia not included.

 

Stakeholders from the private and public sectors have exchanged ideas or
brainstormed on how Liberia can ratify the Africa Continental Free Trade
Area (AFCTA) agreement to enhance better trade for the agribusiness sector
of the country.

 

AfCFTA is an agreement among 54 African countries for the creation of a
single continental market for goods and services in addition to the free
movement of persons, labour and investment geared towards a customs union.

 

Its purpose is to expand intra-African trade through harmonised and
well-coordinated trade facilitation regimes. It further aims to harmonise
trade instruments across the Regional Economic Communities (RECs).

 

Presenting the research findings at the event, Maame Kyerewaa Brobbey,
project lead and Cerath Development Organization's Senior Development
Specialist, said that 46 out of the 54 countries that signed up to the
AfCFTA have ratified.

 

 

But Brobbey said Liberia is one of few countries that have not ratified the
agreement. The research findings were released during the Talking
Agribusiness in Liberia second communication event held last week in
Monrovia.

 

The event, which was implemented by the Cerath Development Organization,
funded by the EU, brought together farmers, the private sector members,
donor partners and officials of the Liberian government.

 

It was aimed at providing a platform for learning, exchange of ideas, and
facilitating discussions on Liberia's AfCFTA ratification process and the
involvement of private agribusiness sector actors in AfCFTA in Liberia.

 

According to the Cerath development specialist, the research findings
revealed further that while Liberia has a technical working group for the
ratification and implementation of the agreement headed by the Ministry of
Commerce and Industry, there has not been any specified engagement with
Liberia's private agribusiness sector in the formal processes and activities
related to AfCFTA.

 

 

She however mentioned that the government actors have engaged different apex
business entities on the AfCTA to differing degrees.

 

"The research notes that the favourable steps toward the implementation of
the agreement will include finalising the national ratification and
implementation strategy and carry out extensive stakeholder engagement," she
stated.

 

The research findings indicate that Liberia needs to strengthen
institutional structures and ensure national coordination of the agreement.
It also noted that Liberia needs to beef-up awareness efforts of the
provisions in the agreement to the private sector and determine how the
sector benefits from the agreement.

 

 

Welcoming the stakeholders at the event, CERATH Development Organization's
Country Director, Leroy Kanmoh, said the event seeks to disseminate
information gathered on Liberia's progress towards the ratification of the
African Continental Free Trade Area agreement.

 

Kanmoh noted that AfCFTA presents significant opportunities for Liberia and
that the country's ability to industrialise and stimulate an export-driven
economy in the light of the AfCFTA is critical.

 

James Dobor Na Kulah Sao, Sr., Assistant Minister for Economic Management at
the Ministry of Finance and Development Planning (MFDP), said Liberia has
signed up to the ECOWAS protocols on trade.

 

He noted that AfCFTA will be an expansion of trade at the continental level.

 

Sao expressed the commitment of the MFDP to support efforts leading not only
to the passage of the agreement but the full implementation.

 

"In order for agribusinesses to be prepared, they need to take advantage of
the Ministry of Agriculture's projects that support agribusiness expansion
and development," he said.

 

Also speaking, the head of cooperation of the European Union Delegation to
Liberia, Jeroen Witkamp said the European Union is looking at the Africa
Continental Free Trade Area Agreement with a lot of keen interest.

 

Witkamp said the EU looks forward to a time when the free movement of
persons and services will be fully implemented in AfCFTA countries, noting
that the EU is happy to share its experience.

 

He stated further that trade and the creation of sustainable jobs are the
best engines for economic development in any nation, noting that the EU
through the Cassava Transformation Project (CASTRAP) is supporting
agribusinesses and the National Standards Laboratory, as its way of getting
the sector ready for the AfCFTA implementation once passed into law.

 

For his part, Peter Somah, Assistant Minister for Commerce and Industry
indicated that he fully supports efforts that seek to improve the
agribusiness sector of Liberia.

 

Somah said the Ministry of Commerce and Industry is working on supporting
the National Legislature with the needed expert knowledge for the passage of
the agreement.

 

The Commerce and Industry Assistant Minister noted that the ministry,
through the Liberia Investment, Finance and Trade (LIFT) project funded by
the World Bank and implemented by the ministry, will improve Liberia's
investment climate and trade for both agribusinesses and other sectors.

 

Somah noted that AfCFTA will help provide a market for Liberia-made products
and bring about competition.

 

-Observer.

 

 

 

 

Nigeria: Concerns As More Medical Practitioners Leave Nigeria

While Nigeria's population is expanding geometrically, the health care
workforce is shrinking drastically, as doctors to patient ratio in the
country drops to 1:10,000 as against the World Health Organisation's
recommendation of 1:1,000.

 

The mass exodus of skilled medical practitioners from Nigeria is deepening
the existing health care crisis, with very few medical personnel available
to treat the population.

 

Available statistics show that Nigeria lost over 9,000 medical doctors to
the United Kingdom, Canada, and the United States of America between 2016
and 2018. Also, a total of 727 medical doctors trained in Nigeria, relocated
to the United Kingdom alone in six months, between December 2021 and May
2022.

 

The data from the Register of the Nursing and Midwifery Council (NMC) of the
UK, shows that the number of Nigeria-trained nurses increased by 68.4
percent from 2,790 in March 2017 to 7,256 in March 2022."

 

 

Buttressing this, the Medical and Dental Consultants' Association of Nigeria
(MDCAN), recently said that Nigeria only retains 30 per cent of the 4,000
doctors produced annually in the country.

 

According to the president of MDCAN, Dr Victor Makanjuola, "We probably
retain just about 30 percent of those retrained on an annual basis, and we
are retaining about 30 per cent of about 4,000 produced annually."

 

Makanjuola noted that Nigeria was already in crisis and it will go into
deeper crisis unless there is a mechanism put in place.

 

He said "If we retain 30 per cent of 12,000, it's better than 30 per cent of
4,000. And if we train about 12,000, 30 per cent of that is far better than
the current state of about 4,000. And with that we think we can still
support the system, not optimally but at least keep the system going."

 

Meanwhile, a Bill to halt emigration of medical and dental practitioners
until after five years, has passed second reading stage in the House of
Representatives.

 

The Bill sponsored by Ganiyu Abiodun Johnson is titled, "A Bill for an Act
to amend the Medical and Dental Practitioners Act, Cap M379, Laws of the
Federation of Nigeria, 2004 to mandate any Nigerian-trained medical and
dental practitioner to practice in Nigeria for a minimum of five years
before being granted a full license by the Council in order to make quality
health services available to Nigeria; and for related matters (HB.2130).

 

However, Makanjuola said "It is a globally competitive market for healthcare
workers not just for doctors, nurses as well, radiographers and the rest.
The world is competing for the few available.

 

"No one would, based on patriotism alone, leave a situation where they will
be paid ten times more what you are currently being paid and provided, with
several other positive living conditions and decide to stay in a place where
you are paid ten times less, sometimes fifty times less. That's the
challenge that we are having, that's why we are encouraging the government
to do it's part, while we do our part on increasing the numbers that are
produced."

 

-Leadership.

 

 

 

Kenya: Expect Further Delays in Salaries, Treasury Cabinet Secretary Ndung'u
Warns Civil Servants

Nairobi — National Treasury Cabinet Secretary Njuguna Ndung'u has warned of
a looming delay in processing of salaries for civil servants.

 

Ndung'u claimed that the national government is experiencing financial
difficulties as a result of underwhelming revenue growth and constrained
access to capital because of dwindling borrowing capacity.

 

"The national government is forced to choose between two extremes: high debt
financing levels and financial limits brought on by limited access to credit
in both the domestic and global financial markets," he said.

 

The CS further disclosed that the exchequer is in a financial mix and
government employees from ministries and state agencies will have to wait
for their April salaries with a majority of them going for their Easter
holidays without pay.

 

 

His sentiments come only a day after deputy president Rigathi Gachagua made
it known that the government is facing challenges paying salaries owing to
fast-maturing debt obligations, attributing the delay in civil servants'
salaries to maturity of debts whose payment the government prioritized.

 

Civil servants monthly pay accumulates to Sh50 billion and Sh8 billion for
payments of pensions. As of March 2023, the National treasury had
accumulated debt repayments of Sh150 billion.

 

National Treasury Principal Secretary Chris Kiptoo who appeared before the
Senate County Public Investment and Special Funds Committee towards the end
of March 2023, disclosed that the government is experiencing a financial
pinch after Kenya Revenue Authority (KRA) failed to achieve its revenue
target of Sh67 billion.

 

The state had amassed Sh1.83 trillion in terms of collections from deposits
for income taxes, customs charges, governmental service fees, fines and loan
repayments.

 

Out of this, Sh727 billion which represents 40 per cent of the collections,
went toward ongoing expenses while Sh694 billion or 38 per cent went into
public debt.

 

The cash crunch comes after the government, through the cabinet, replaced
the nominal debt ceiling of Sh10 trillion with a debt anchor set at 55 per
cent of Gross Domestic Product (GDP) after the country breached its public
debt ceiling by hitting Sh9.145 trillion ($73 billion) in December 2022.

 

-Capital FM.

 

 

 

Nigeria: With 89 Expected Assets, Nigeria to Top Africa's Upcoming Oil, Gas
Projects By 2027

With 89 assets under construction, spanning the upstream, midstream and
downstream of the oil and gas sector in Africa, Nigeria will between 2023
and 2027 top the continent's upcoming projects in the sector.

 

Information from GlobalData, indicated that Africa will witness 492 oil and
gas projects in all, commencing operations during the period, with the
country dominating the upcoming projects' landscape.

 

To push Nigeria's share of the projects will be the Dangote refinery in
Lagos and Oil Mining Lease (OML) 13 in Akwa Ibom which are expected to begin
operations this year.

 

"Among the upcoming field projects in Nigeria, OML 13 is a key field project
during the 2023-2027 period, with a total production capacity of 184,333
barrels of oil equivalent per day (boed) and a project cost of $3.2 billion.
Among refineries, the Lagos I refinery is a key project with a cost of $16.1
billion and a capacity of 650 million barrels per day (mbd)," it stressed.

 

 

THISDAY learnt that the Nigerian National Petroleum Company Limited (NNPC)
through its upstream subsidiary and Natural Oilfield Services Limited
(NOSL), an indigenous operator, are jointly handling exploration work on OML
13.

 

It's a large block in Akwa Ibom State, Nigeria's oil rich Niger Delta and is
reported to hold in place volumes of over 900 million barrels of oil and 5
trillion cubic (tcf) of gas.

 

Nigeria has also recently concluded the bidding and award process for about
57 marginal fields which, other things being equal, would likely begin to
produce first oil from the end of 2023.

 

In addition, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
has begun the process of concluding a mini-bid round for seven deep offshore
open blocks which will likely boost Nigeria's oil and gas reserves.

 

The seven deep offshore blocks covering an area of approximately 6,700 km2
in water depths of 1,150m to 3,100m, are intended to be the first in a
series of bid rounds aimed at further development of Nigeria's prospective
petroleum basins.

 

 

The GlobalData report stated that of the projects expected in Africa,
upstream would total 139, midstream should be the highest with 162, refinery
should total 77 while petrochemicals would be 144.

 

In the midstream sector, it stated that the trunk/transmission pipelines
segment alone constitutes 34 per cent of all projects, followed by oil
storage and gas processing with 28 per cent and 22 per cent respectively.

 

Refinery and petrochemical projects, it said, constitute 39 per cent of all
upcoming oil and gas projects in Africa between 2023 and 2027.

 

GlobalData added that new build projects dominate the upcoming projects'
landscape in Africa, constituting 82 per cent of the total across the value
chain.

 

 

The share of new build projects, it stressed, is especially high in the
midstream sector, with 38 per cent of the total new build projects while
expansion projects lead in the upstream (fields) sector.

 

It pointed out that around 40 per cent of projects in Africa are in the
construction and commissioning stages, and are more likely to commence
operations during the outlook period.

 

Besides, the report noted that another 40 per cent of projects are in the
planning stages, while the rest have either been approved or are awaiting
approval.

 

"In the Nigerian oil and gas sector, fields and refineries are set to lead
upcoming project starts, accounting for about 57 per cent of the total
project starts between 2023 and 2027," added GlobalData, a leading data and
analytics company.

 

In the report tagged: "Africa Oil and Gas Projects Analytics and Forecast by
Project Type, Sector, Countries, Development Stage, Capacity and Cost,
2023-2027," the firm revealed that 34 fields and 32 refinery projects are
expected to start operations in Nigeria during the period under
consideration.

 

Furthermore, the midstream sector is expected to witness substantial project
starts, with the oil storage and gas processing segments leading with 12 and
11 projects, respectively in the country.

 

Oil and Gas Analyst at GlobalData, Himani Pandey, commenting on the report,
noted that Nigeria remains critical to oil and gas exploration on the
continent.

 

"Being one of the leading exporters of crude oil in the world, Nigeria
continues to focus on the development of fields to sustain future oil and
gas production.

 

"There is also a focus on the development of refineries and oil storage
projects in Nigeria in order to reduce imports of refined products and boost
exports," he said.

 

-This Day.

 

 

 

Nigeria's Oil Production Drops 2 Percent to 1.517million Bpd

Nigeria's oil production dropped month-on-month, MoM, by 2 per cent to 1.517
million barrels per day, bpd in March 2023, from 1.547 million bpd recorded
in the preceding month of February 2023.

 

The nation's output had risen by 3.5 percent in February 2023 to 1.54
million bpd, from 1.494 million barrels per day recorded in January, due to
an improved battle against oil theft and other factors.

 

This raised hope for the continued rise in oil output that was expected to
be supported by rising prices in the global market.

 

But in its latest report - Crude oil and Condensate Production 2023 -
obtained by Vanguard, weekend, the Nigerian Upstream Petroleum Regulatory
Commission, NUPRC, stated that the output started to drop for the first time
in 2023.

 

 

The commission did not provide reasons for the development, but noted that
the output included 300,000 bpd - 400,000 bpd condensate which Nigeria had
the capacity to produce.

 

Nigeria not meeting budget 2023 target

 

This means that Nigeria was not able to meet its 1.69 million bpd target for
the 2023 budget which was also benchmarked at $75 per barrel.

 

Checks by Vanguard, weekend, indicated that the great setback on the 2023
budget, due to the low output might be reduced as the nation's Bonny Light
hits $85.03 per barrel, yesterday, from $84 per barrel recorded the previous
day, indicating $10.03 per barrel in excess of the $75 per barrel budget
reference price.

 

Factors fueling high oil prices

 

In an interview with Vanguard, the Chief Executive Officer, Centre for the
Promotion of Private Enterprise, Dr. Muda Yusuf, attributed the rising oil
prices to the opening of the Chinese economy after the coronavirus pandemic.

 

 

He said China started to consume less oil during the era of the pandemic
that witnessed the shutdown of many industries powered by fossil fuel.

 

He said: "First, one major factor affecting the high crude prices is China.
For some time, China was struggling with the lingering effect of COVID'19.

 

"But right now, the nation is fully open, and generally, the Chinese economy
has a lot of influence on the market, because of the size of the economy and
the relationship between their economic activities and the demand for
energy. The opening of China is a major factor that drives the market.

 

"Second, we also have other issues, especially Ukraine and Russia conflict
which have not abated, but rather getting worse.

 

 

"With all the sanctions imposed, they have an effect on Russia's crude
supply which is been cut down. The war is getting more intense and the
sanctions are not to be lifted any time soon. The low supply is also an
issue that has led to the high crude prices."

 

Sustainability of oil prices, budget

 

On sustainability, Yusuf said: "The prices are sustainable. Projections for
the remaining part of 2023 have it that prices would hover around $70 and
$80 per barrel. The two factors are likely to sustain the price trajectory.

 

"It will impact positively on the budget. Despite production issues, Nigeria
stands to generate more revenue for the execution of the budget. In fact, we
might record excess revenue and build our reserves if we are able to
increase production. If we improve on our output, we will be a beneficiary
of the higher oil price."

 

Executive Director of Emmanuel Egbogal Foundation, Professor Wumi Iledare,
said oil prices would remain high in the remaining part of 2023.

 

He said: "Despite the issues and problems staring the market in the face,
this is just a blip; the trend in crude oil prices is upward bound."

 

OPEC still monitoring market

 

Checks by Vanguard further indicated that OPEC and its allies, popularly
known as OPEC+, were still monitoring the oil market and targeted making new
interventions.

 

Recent intervention

 

Last week, OPEC+ reviewed the crude oil production data for the months of
January and February 2023 and noted the overall conformity for participating
OPEC and non-OPEC countries of the Declaration of Cooperation, DoC.

 

A statement obtained by Vanguard weekend said: "The committee reviewed the
crude oil production data for the months of January and February 2023 and
noted the overall conformity for participating OPEC and non-OPEC countries
of the Declaration of Cooperation, DoC.

 

"The Members of the JMMC reaffirmed their commitment to the DoC which
extends to the end of 2023 as decided at the 33rd OPEC and non-OPEC
Ministerial Meeting, ONOMM, on October 5, 2022, and urged all participating
countries to achieve full conformity and adhere to the compensation
mechanism.

 

"The meeting noted the following voluntary production adjustment announced
on April 2, 2023, by Saudi Arabia (500 thousand b/d); Iraq (211 thousand
b/d); United Arab Emirates (144 thousand b/d); Kuwait (128 thousand b/d);
Kazakhstan (78 thousand b/d); Algeria (48 thousand b/d); Oman (40 thousand
b/d); and Gabon (8 thousand b/d) starting May until the end of 2023.

 

"These will be in addition to the production adjustments decided at the 33rd
OPEC and non-OPEC Ministerial Meeting.

 

"The above will be in addition to the announced voluntary adjustment by the
Russian federation of 500 thousand barrels per day until the end of 2023,
which will be from the average production levels as assessed by the
secondary sources for the month of February 2023.

 

"Accordingly, this will bring the total additional voluntary production
adjustments by the above-mentioned countries to 1.66 million b/d. The
Meeting noted that this is a precautionary measure aimed at supporting the
stability of the oil market."

 

-Vanguard.

 

 

Nigeria: Govt to Support Imo State University of Agriculture With Grants,
Farm Equipment

The Minister, Federal Ministry of Agriculture and Rural Development, Dr.
Mohammad Mahmood Abubakar, has pledged to support the Imo State University
of Agriculture and Environmental Sciences, Umuagwo, with farm equipment,
accessories and grants to enhance economic growth.

 

The Minister made the pledge during a courtesy visit by the Acting. Vice
Chancellor of the University, Professor Christopher Eze and his team to his
office in Abuja

 

Abubakar said agriculture is of great importance and cannot be separated
from environmental sciences, pointing out that agriculture is no longer
about food only but regarded as a business and indeed the bases of all other
businesses.

 

He however, stated that most of the foreign exchange earnings,
infrastructures before now had been raised courtesy of the agricultural
sector of the economy.

 

He therefore assured that the Ministry would work with the University to
boost the socio economic development of the country, promising to visit the
University before the end of his tenure.

 

In his remarks, the Acting Vice Chancellor, Imo State University of
Agriculture and Environmental Services, Prof. Christopher Eze, commended the
Minister and management staff for their laudable programmes and
achievements.

 

He pointed out that the dwindling State Government resources and inadequate
facilities had caused the University to operate with serious challenges and
this explained their quest for assistance.

 

-This Day.

 

 

 

Nigeria: Labour Blames Shoddy Privatisation for Abuja DISCO, Others'
Takeover

The National Union of Electricity Employees (NUEE) has attributed the recent
takeover of Abuja DisCo, among other electricity Distribution Companies
(DisCo), to shoddy privatisation exercises of all privatised companies,
especially Power Holding Company of Nigeria (PHCN) eight years after the
exercise.

 

The national president of NUEE, Comrade Martin Uzoegwu, attributed the
takeover of Abuja Disco by United Bank for Africa [UBA] to inability of the
distribution company to access intervention funds and called on the federal
government to wade in as it has 40 per cent shares in the electricity
sector.

 

 

He tied the incapacity of Abuja DisCo and others on dearth of technical
expertise to bring the needed turnaround revival of electricity sector.

 

The NUEE helmsman, who made this known to LEADERSHIP, called on federal
government to wade in as it has 40 per cent shares in the electricity
sector, by cancelling the power sector privatisation.

 

According to Uzoegwu, Nigeria was, and is, not yet ripe for privatisation,
especially the electricity sector.

 

"Electricity industry was sold to those who had no new thing to offer; they
did not bring in any foreign money or technicality to what they met on
ground.

 

"This happening is a reflection of what we said then. By UBA taking over
Abuja DisCo, union has been justified on why we resisted it at the time.
Before the privatisation, we called on the federal government to throw the
door open for private hands to set up their electricity generation alongside
the existing one.

 

"But rather, the federal government sold off the company to those who had
nothing to offer; they did not have fund to inject as investors, rather they
went to take loans from local banks, now they are finding it hard to pay
back such loan.

 

"Eight years later, the infrastructure deficit is still there; the investors
were not known by Nigerians, did not have technical expertise; network
infrastructure has not improved since then; they are still on 4000 megawatt
generation they met on ground. They forced their way despite our union's
warning. What we want now is for the federal government to cancel the
privatisation as the investors could not bring any improvement after eight
years," he said.

 

Reacting to the question of job security for those at Abuja DisCo, Uzoegwu
said: "As it is now, we hope workers' jobs will not be affected as banks who
had no experience in electricity have taken over. Since the bank may not
have the technicality, Abuja and other Discos that used companies as
collateral for loans may run out of business."

 

LEADERSHIP recalls that UBA management took over Abuja DisCo following its
inability to pay the $122m loan it took from UBA.

 

-Leadership.

 

 

Egypt: Climate Investment Unit Launched At Environment Ministry - Minister
to Senate

An environment and climate investment unit was launched with the aim of
promoting investment in the environment sphere, said Environment Minister
Yasmine Fouad.

 

The unit also aims to promote investment in waste recycling and environment
tourism, the minister said during her speech at the Senate's plenary session
on Sunday 9/4/2023.

 

She added that that unit will also be following up on factories, which are
consistent with environmental stipulations.

 

This came after several MPs requested that the government clarify its policy
regarding promoting the circular economy in a way that achieves maximum
benefit from all natural resources, and reduces waste.

 

The minister, meanwhile, gave an overview of a project worth dlrs 125
million to convert waste into eco-friendly fuels.

 

The State has the suitable infrastructure and an attractive climate for
investments in the waste recycling sector, affirmed the minister.

 

MENA

 

-Egypt Online.

 

 

 

 

Kenya: Economist David Ndii Hints at a Possible Handshake

Nairobi — President William Ruto's Council of Economic Advisors (CEA)
chairperson, David Ndii, now says if things go bad, the government may be
compelled to go for a handshake in the interest of the economic stability of
the nation.

 

Taking on critics on Twitter, Ndii cited survival as one of the things that
could see a second handshake at play in the future between president William
Ruto and Azimio leader Raila Odinga.

 

"I have news for you. The first obligation of a government is survival and
political stability. The more the dynasties foment destabilization the more
we will have to spend on political capital. If push comes to shove,
handshake is always an option," he tweeted.

 

 

Ndii further defended the appointment of chief administrative secretaries,
stating that it was in the interest of national integration.

 

Ndii's statement comes against the backdrop of the government forming a team
to represent it in the proposed bipartisan talks by President William Ruto.

 

Azimio la Umoja, one Kenya coalition, had Wednesday picked a team of
hardliner legislators to represent the coalition's interests in parliament.

 

The statement by Ndii, who is considered a close ally to President William
Ruto, could perhaps give a hint as to the extent to which the head of state
could go in ensuring that the country is catapulted back to political
stability.

 

Should this be the case, the political dynamics could steadily shift, with a
section of Kenya Kwanza legislatures led by a Kikuyu Town member of
parliament constantly repeating that there will be no handshake, a complete
departure from the script economist David Ndii is reading from.

 

-Capital FM.

 

 

Nigeria: Partners in $25bn Nigeria-Morocco Gas Pipeline Agree On PSC Plan

The Nigeria's National Petroleum Company Limited (NNPCL) is planing to
invest about $12.5 billion to secure a 50 per cent equity stake in the $25
billion Nigeria-Morocco Gas Pipeline project.

 

The investment plan is being made possible after parties in the project have
resolved a lingering Production Sharing Contract(PSC).

 

"The pipeline project, which will connect Nigeria to Morocco, is already at
FEED Phase II, undergoing Environmental Impact Assessment and Right of Way
Surveys," said NNPCL Group chief executive officer(CEO), Mallam Mele Kyari.

 

The CEO highlighted that more investment is expected as a result of the
recently resolved production sharing contract disputes with partners.

 

According to the Nigeria's minister of State for Petroleum Resources,
Timipre Sylva, the start date for the construction of the gas pipeline has
not yet been set as some administrative issues need to be resolved.

 

 

Morocco will host 1,672 kilometers of the pipeline, which is expected to
benefit over 400 million people in West Africa.

 

King Mohammed VI has emphasised the project's significance, describing it as
a strategic turning point that will significantly advance the continent's
development.

 

"I want this to be a strategic project that benefits all of West Africa - a
region which is home to more than 440 million people. This is a project for
peace, for African economic integration, and for co-development: a project
for the present and for future generations," the King said during his
speech, commemorating the 47th anniversary of the Green March in 2022.

 

The project was first proposed by King Mohammed VI and Nigerian president,
Muhammadu Buhari in 2016, but it has gained substantial traction lately due
to rising energy prices and decreasing European gas supplies amid the war in
Ukraine.

 

The pipeline is expected to help Morocco overcome its persistent energy
crisis, with the North African country currently importing 90 per cent of
its energy needs.

 

The 5,600-kilometer-long pipeline project will span across 13 countries
along the Atlantic coast.

 

The project gained unwavering support from many countries, including
Nigeria, Gambia, Guinea Bissau, Guinea, Sierra Leone, and Ghana.

 

The countries signed a Memorandum of Understanding (MoU) with Morocco's
National office of Hydrocarbons and Mines (ONHYM) in December 2022,
reflecting their determination to support the Morocco-Nigeria gas pipeline
project, which aims to improve energy infrastructure in the region

 

-Leadership.

 

 

 

Liberia: Bea Mountain Disburses U.S.$50,000 As Micro Loan to Citizens of
Kinjor

The management of Bea Mountain Mining Corporation (BMMC) Friday, April 7,
2023, disbursed a cash amount of US$50,000 (Fifty thousand United States
dollars) to citizens of Kinjor in Grand Cape Mount County.

 

The amount is part of a microloan and saving scheme provided by BMMC and is
intended to help empower citizens of the area and take them out of poverty.

 

According to the media team of the company, the money is part of the
company's commitment to the Resettlement Action Plan (RAP) agreement entered
into with old Kinjor and Larjor.

 

The money will help citizens of the communities to be empowered and reduce
poverty. Speaking at the ceremony in Kinjor, Grand Cape Mount County, The
Minister of Internal Affairs, Varney Sirleaf commended the Management of the
company for honoring the agreement it signed with the communities.

 

 

Minister Sirleaf also lauded the citizens for maintaining peace and coming
on the table with the company in moving their communities in the right
direction.

 

The Internal Affairs Ministry boss said "I want to say to you citizens of
the communities, thank you and it is because of the importance attached to
this meeting that I am here. This is what we have been advocating for and we
will work with the company to achieve it. We can't achieve this in the midst
of confusion. We cannot achieve this in so many agitations. The time for
agitations are over and you have your place on the table and Clan
Development Fund are now available."

 

"I want to say to you the people enjoying in Kinjor, we must continue
keeping the peace. Yesterday I spoke with the President that I was going to
come here and speak to the citizens, and I told him about the microloan and
saving scheme for our citizens that will empower them and reduce poverty.
The President asked me to tell you thank you for keeping the peace in
Kinjor. I have been in Kinjor many times from the old company to this New
Liberty and I came here many times when there were issues," he said.

 

 

However, Minister Sirleaf was quick to remind the beneficiaries that the
money is a revolving fund that must benefit other members of the
communities. He called on them to wisely use the money so it can multiply
for other members of their communities to benefit as well.

 

"This is a revolving fund which the beneficiaries will benefit for other
people to benefit too. We need to train our people. This will help this
money to grow to reduce poverty from our communities. The entire money is in
three phases. Today is US$50,000 according to the MOU," he warned.

 

 

Also speaking, the Advisor of the BMMC Community Relations Department, Madam
Aminata Kamara commended BMMC Management for keeping to their commitment to
improving standards and for helping to alleviate poverty in their operation
areas and the nation of Liberia. She thanked the Liberian Government and
citizens of the communities for their unflinching partnership in working
with the company for the betterment of all.

 

Madam Kamara assured the communities and the government of Liberia that the
company will ensure everything in the agreement is adhered to.

 

"Thanks for the partnership. We will ensure that those things in the
Resettlement Action Agreement (RAP) are implemented. I can assure you that
BMMC will not fail on what we agreed on in the Resettlement Action Plan. We
are giving US$50,000 today and this is in addition to the US$50,000 given
earlier. By the grace of God, the other US$50,000 will come soon. Thank you
for everything and thanks for your patient and we pray and hope that this
money will be multiplied," she added.

 

At the same time, the beneficiaries who couldn't hold back their joy
overwhelmingly lauded the company and promised that the money will be
multiplied for other members of their communities to benefit. They also
recounted how the financial intervention by the company had been a great
help to them.

 

One of the beneficiaries, Boakai J. Swaray said "I Want to thank Bea
Mountain for honoring the Resettlement Action Plan. I want to also thank the
Liberian Government through the Ministry of Internal Affairs for standing
with us. We will ensure the multiplication of this money, we started with
US$3,000 to now US$10,000. Go to Tajah and you will see what we have done.
We will continue all our grievances through the right channels."

 

Madam Oretha Kai Tubman said "I am a business person, but some time I fall.
But since this microloan started, I tell God thank you. I have my small bar
and I added it with guest house. I thank the company for this program. "

 

Also commending the company was Madam Cynthia Kai who said "I want to say
thank to Bea Mountain and others. I am a testimony for this microloan. My
former husband left me with six children. But through this money, I have
been supporting my family happily."

 

Mr. Francis Pailey, a beneficiary also said "From this money I have a block
factory. I am very happy today. People are now buying bricks from me. I have
three children and two have graduated from high school and now in
universities right now. I want to say thank you to Bea Mountain."

 

-New Dawn.

 

 

Nigeria: Net Zero Energy Building Construction in Nigeria Using 3DCP
Technology

As the world continues to grapple with the challenge of climate change, the
concept of net zero energy buildings has gained traction worldwide,
including in Nigeria. As a country committed to reducing its carbon
footprint and promoting sustainability, Nigeria has the potential to become
a global leader in net zero energy building construction, thanks in part to
the emergence of 3D concrete printing technology.

 

Net zero energy buildings are designed to generate as much energy as they
consume, resulting in a net zero energy footprint. Achieving this requires a
combination of renewable energy sources and energy-efficient design
features. 3D concrete printing technology has emerged as a game-changer in
the construction of such buildings due to its several advantages.

 

 

One advantage of 3D concrete printing technology is that it allows for the
creation of complex and intricate designs that are difficult to achieve
using traditional construction methods. This is particularly important in
net zero energy buildings, where energy efficiency is dependent on design.
The technology enables architects to create intricate geometries and shapes
that facilitate the construction of more efficient building envelopes.

 

Furthermore, 3D concrete printing technology allows for the use of
sustainable materials that are locally sourced, have a lower carbon
footprint than traditional building materials, and are crucial to achieving
sustainability goals in Nigeria.

 

Another advantage of 3D concrete printing technology is that it reduces
construction waste. The technology allows for precise measurements and
minimal material waste, resulting in a cleaner and more sustainable
construction process.

 

The potential of 3D concrete printing technology for net zero energy
building construction in Nigeria is immense. This technology has the
potential to transform the way buildings are constructed in the country,
making them more energy-efficient and sustainable. It also offers the
potential for cost savings, as construction times can be reduced, and waste
minimized.

 

However, there are challenges that need to be addressed before the
technology can be widely adopted. One of the key challenges is the high cost
of 3D printing technology, which may hinder accessibility for a wider range
of builders and construction companies.

 

Moreover, education and training programs are needed to equip architects,
engineers, and construction professionals with the necessary skills and
knowledge to design and construct net zero energy buildings using 3D
printing technology.

 

In conclusion, the future of net zero energy building construction in
Nigeria using 3D concrete printing technology is bright. With adequate
investment and support, this technology could become the key to building a
more sustainable and energy-efficient future for Nigeria, while also
contributing to global efforts to combat climate change.

 

Nnaemeka Richard Dureke is a member of the Green building council of
Nigerian.

 

-Vanguard.

 

 

Tanzania: Government Funds Pay-Out Increases

THE disbursement of government's funds from the national budget to recurrent
and development spending has increased from 9 per cent in 2020/21 to 25 per
cent in 2021/22 fiscal year, according to the 2021/22 report of the
Controller and Auditor General (CAG).

 

The CAG report released this week here in Dodoma shows that the disbursement
of funds for recurrent ex- penditure to the ministries, departments and
agencies was 17.754tri/- in 2021/22 equivalent to 98 per cent against the
approved estimates of 18.090tri/-.

 

But, in 2020/21 the government released 16.3tri/-, which is an increase in
exchequer issue by only nine per cent com- pared to the previous year of
2019/20.

 

On development spending, the government released 11.6tri/- equivalent to
99.5 per cent against the approved estimates of 11.653tri/-.

 

Compared with the release for 2020/21 of 9.267tri/- there was an increase by
2.3tri/- equivalent to 25 per cent.

 

 

However, CAG Charles Kichere noted that 213bn/- of the released funds were
not spent and surrendered to Pay Master General (PMG).

 

"I am of the view that unutilised exchequer release implies a slow pace in
imple- menting planned activities or inability of the management to utilise
the released funds timely," Mr Kichere argued.

 

Speaking about revenue collection performance, he said over the past three
years, including 2019/20, 2020/21, and 2021/22, there has been a growth in
collection perfor- mance.

 

Unlike the previous two financial years with collections below approved
estimates, the 2021/22 collections exceeded the budget by 0.8 per cent.

 

Domestic collections from taxes, non-taxes, and LGA's own sources totalled
24.546tri/-, while grants and borrowings accounted for 13.8tri/- (1.3tri/-
from grants and 12.5tri/- from borrowing).

 

The CAG went ahead to shed light on the public debt, saying as of 30 June
2022, the public debt stood at 71.3tri/-(which comprises Domestic and
External Debt Stock of 24tri/- and 47.2tri/ respectively) against 64.5tri/-
re- ported in 2020/21.

 

The increase was attributed to loss from the exchange rate and net
disbursements (new loans net of principal repayments).

 

"The public debt is sustainable. The ratio of the present value of public
debt (external and domestic debt) to GDP remained below the threshold," he
stated.

 

However, the risk of external debt distress has remained moderate as it was
in the previous year.

 

This was attributed to the impact of the Covid-19 pandemic, less export and
drop of global economy.

 

"Furthermore, I noted common challenges facing implementation of projects
funded by public debt, these include delays for approval of funds through
defunding system at all levels, untimely fulfilment of loan conditions for
effectiveness and signing loan agreements, delays in procurement planning,
execution, and reporting," he added.

 

The CAG also mentioned that during the audit, he found various
irregularities in expenditure management made by several entities.

 

"I noted mismanagement of funds released by the Ministry of Lands, Housing
and Human Settlements Development to councils, amounting to 26.03bn/- for
surveying, planning and titling of land," he said.

 

For instance, Shinyanga Municipal Council, Shinyanga District Councils and
Dodoma City Council utilised 2.35bn/- in activities not related to the
surveying, planning and titling of land.

 

On the other hand, Musoma DC, Shinyanga MC, Tabora MC and Mtwara MC,
generated a total revenue of 2.02bn/- and utilised 1.37bn/- for other
activities while the same were supposed to be refunded to the Ministry of
Lands, Housing and Human Settlement Development.

 

-Daily News.

 

 

 

Egypt: PM Follows Up On Availability of Animal Feed in Local Market

Prime Minister Mostafa Madbouli and Minister of Agriculture and Land
Reclamation El Sayed el Quseir followed up on the availability of animal
feed, maize and soybean in the local market.

 

During a meeting, held on Sunday 9/4/2023 in the presence of Governor of the
Central Bank of Egypt (CBE) Hassan Abdullah, Quseir briefed the premier on a
report about the animal feed quantities needed over the period ahead.

 

The minister asserted that local markets must have adequate supply of animal
feed to fulfill the needs poultry farms, help drive feed prices down,
promote local production of poultry and egg, and avoid price hikes.

 

At the conclusion of the meeting, it has been agreed that the banking sector
should embark on a set of urgent measures to secure the hard currency needed
for boosting animal feed supply in local markets, while speeding up customs
clearance procedures for inbound maize, soybean and animal feed shipments.

 

MENA

 

-Egypt Online.

 

Elon Musk: Tesla to build new battery factory in Shanghai

Elon Musk's electric car company Tesla says it is expanding in China as it
builds a new factory to make its large-scale batteries.

 

The plant in Shanghai will be able to produce 10,000 of its "Megapack"
energy storage units a year, the firm says.

 

A Megapack is a very large battery that can be used to help stabilise energy
grids and prevent power outages.

 

Tesla already has Megapack plant in California, which also produces 10,000
of the units each year.

 

Mr Musk said on Twitter that the new Chinese plant will be in addition to
Tesla's US factory.-bbc

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
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+263 77 344 1674

 


 

 

 

 

 

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