Major International Business Headlines Brief::: 20 December 2023

Wed Dec 20 07:41:49 CAT 2023

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Major International Business Headlines Brief:::  20 December 2023 

ü  Nigeria: TotalEnergies to Invest $6 Billion in Nigeria in Coming Years

ü  Seychelles: Insurers Association of Seychelles Confirms That CCCI Blast Is Covered By Insurance Policies

ü  Liberia: 'Belated and Untimely Executive Order'

ü  Nigeria: Firstbank Warns SMEs Against Loan Sharks

ü  Nigeria: MTN Nigeria Raises N72.1 Billion Via CP

ü  Nigeria: Varsity Workers Differ On Centralised Payment System

ü  Kenya: Ruto to Slash Public Sector Wage Bill By 35% in 5 Years

ü  Tanzania: TPA Takes Services Closer to Malawi Customers

ü  Nigeria: FG to Automate Export Permit Processes

ü  Nigeria: Shettima Woos Investors, Says Tinubu Administration Focused On Growing Energy Sector

ü  Rwanda: Inside BioNTech's First Vaccine Manufacturing Plant in Africa

ü  Kenyan Exporters Secure Permanent Duty Free Access to European Union Market

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Nigeria: TotalEnergies to Invest $6 Billion in Nigeria in Coming Years

Nigeria contributes 8 to 10 per cent of TotalEnergies' global output and is home to more than 18 per cent of its overall investments.

TotalEnergies said it would invest as much as $6 billion in Africa's biggest oil producer in the years ahead.

The energy firm said it will target deep-water projects and gas production at a time when international oil companies (IOCs) are shifting attention away from onshore to offshore operations in Nigeria.

CEO Patrick Pouyanne told President Bola Tinubu during a meeting in Abuja on Monday that the French company is in support of the current administration's policies and push to resolve insecurity issues in the industry.

"Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas," Mr Pouyanne was quoted as saying in a statement issued by Ajuri Ngelale, special adviser to the president on media & publicity.

Nigeria contributes 8 to 10 per cent of TotalEnergies' global output and is home to more than 18 per cent of its overall investments but has been finding it difficult to get the oil major to retain its interest in offshore assets, which have been pretty problematic for IOCs because of their vulnerability to insecurity and vandalism.Mele Kyari, the group managing director of NNPC Limited, told senators in November that over 5000 kilometres of pipeline in the country are not working, with the pipeline from Warri to Benin inactive for the past 22 years.

Last April, TotalEnergies announced plans to offload its 10 per cent minority stake in a joint venture holding 20 onshore and shallow water permits in the country.

Norwegian state-owned international energy company Equinor last month sold its interest in Chevron-operated Agbami field, one of Nigeria's largest deep-water oilfields to local rival Chappal Energies, continuing the exodus or planned exit of IOCs like ExxonMobil and Shell.

TotalEnergies said it has struck a deal with NNPCL to execute methane detection and measurement campaigns, employing its sophisticated drone-based AUSEA technology on oil & gas assets in the country.

"We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy. We are ready to make a difference as a government," the statement quoted Mr Tinubu as saying.

"The good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition."

Nigeria is on a drive to ramp up oil output, which hit a multi-decade low of below 1 million barrels last year, hobbled by oil theft, vandalism and decrepit infrastructures.

Output for November fell slightly to 1.37 million barrels per day, compared to 1.38 million bpd one month prior, both far behind the Organisation of Petroleum Exporting Countries' production quota of 1.74 million bpd.

NNPC has said it is looking to produce at the rate of 2 million bpd in 2024.

    Premium Times.

Seychelles: Insurers Association of Seychelles Confirms That CCCI Blast Is Covered By Insurance Policies

Claims relating to the massive explosion at Civil Construction Company Limited (CCCL) at the Providence Industrial Estate, which caused enormous damages to businesses in the area and residential houses nearby on December 7 are still being processed by the respective insurers.

In the aftermath of the explosion, one of the main concerns raised was whether this incident would be covered by insurance at all.

SNA spoke to the chairman of the Insurers Association of Seychelles, Percy Quatre, on whether such an incident is included in the different policies offered by insurers here in Seychelles.

"Yes, explosion is normally covered under the Fire and Perils, Home Insurance or Assets All Risks and each respective insurer may have minor variation in its definition, subject to respective policy exclusions. Motor comprehensive would also cover explosion, again subject to each insurer's definition, but not Motor third party policy," Quatre said.

He added that currently, all the insurers involved are in contact with the people who have submitted a claim relating to the incident.

"All clients are being advised on what to do and how to handle the claim process," said Quatre.

The chairperson said that at this stage, "the respective insurers are currently still gathering information. We are recording all incoming claim requests and visiting sites, to take photos and assess damages."

He confirmed that insurance companies involved are facing certain challenges while investigating the different claims they have received. One is getting access to the CCCL site and getting the services of other professionals to quantify the damages.

Quatre said that the claims are still being processed and that in some cases the claimants have yet to submit all documents required. No claims have been awarded yet.

The President of Seychelles, Wavel Ramkalawan, in a press conference a week after the two disasters said, "430 houses have been visited and there are possibly more. The number of residents we estimate has been affected is around 1,400 and 43 houses are severely damaged, 118 less severe, and 269 needed minor repair."

Ramkalawan said that when questioned most of the owners said they did not have insurance.

For the homes that were badly affected, he said that the government gave its engagement that it will repair the houses so that the victims can go back to their homes.

For those houses that will need to be demolished, the government has put aside SCR1 million ($75,000) per house for people to rebuild their houses.

    Seychelles News Agency.

Liberia: 'Belated and Untimely Executive Order'

Monrovia — Economy Freedom Fighters of Liberia (EFFL), Political Leader, Emmanuel Gonquoi has dashingly reacted to President George Manneh Weah's Moratorium on the exportation of Unprocessed Natural Rubber out of the country, noting that it is intended to weaken the economy, as a new government succeeds him.

His assertion followed Weah's sanction imposed on unprocessed natural rubber from the country's rubber industry, thereby issuing Executive Order #124, in. which President Weah contended that his decision to subject investors in the Rubber industry to process rubber in the country was urgent and meant to scale the decline in the industry.

Weah said appropriate policies and frameworks can be put into place to improve the situation in the longer term to ensure development as well as increased production, increased job opportunities, and increased revenue to the government of Liberia.

The president said his decision is in line with the constitutional provision that requires the state to take necessary steps, including legislation and executive orders, to eliminate the mishandling of government resources as well as other corrupt practices.

The Liberian leader further acknowledged how the Country's rubber industry has been part of the national economic heritage for over Ninety-five years, providing the highest single source of annual revenue for the government.

The order stipulates that the rubber industry, which is providing employment opportunities nationwide more than other single employment sectors, has been greatly, affected by abuse, misuse, abandonment, and theft.

President Weah noted that the Liberian rubber industry has been and continues to be depleted by illicit tapping, which according to him is observed to be increasing in addition to having massive economic consequences on employment and government revenue, with theft situations having major security implications throughout the country.

However, EFFL Gonquoi, a critic of the Weah-led government, slammed the President's justification, saying it is "belated" and intended to strangulate local farmers in the rubber industry amidst the nation's struggling economy.

He averred that Executive Order #124, would undermine economic growth and investment across the country, especially at a time when the nation is going through a period of transition.

The Commander-In-Chief of the Economy Freedom Fighter further noted that the economy of the Country can only grow when local Liberian farmers are empowered and prioritized in the nation's competitive market.

He explained that President Weah's decision was meant to force local farmers out of the competitive rubber industry, thus empowering foreign investors who have deep financial pockets.

Gonquoi argued that President Weah EO#124 intended to strangulate and marginalize local farmers who are using rubber to send their children to both High Schools and universities and give more preaching to investors who are involved in the country's rubber industry especially Indian men who currently have rubber processing plant in the country.

"the president's decision to ban the unprocessed rubber out the country is not timely is undermined the country's economic growth and it is also intended to strangulate our people in the rubber industry."

"We are been informed that the president and his officials have received five hundred thousand United States dollars to place a ban on the exportation of unprocessed rubber out of the country," Gonquoi added.

According to Gonquoi before the President's recent decision, the price of rubber in the world market was getting on the card which led to some of the largest rubber producers in the country like Firestone maintaining production across in country.

He said: "Recently, there was a huge quantity of Rubber that was Park in warehouses across towns and villages in the country which shipping company or vessel was unable to ship all of the rubbers, but since everyone started shipping the unprocessed rubber out of the country, the price of rubber has increased thus making all local farmers compete with both the Firestone and Sethi Rubber plant."

    FrontPageAfrica.

Nigeria: Firstbank Warns SMEs Against Loan Sharks

First Bank of Nigeria has urged small and micro business holders against sourcing funding from loan sharks and overstretching themselves financially to avoid stress and financial instability.

This was stated by the group head, Retail Business, Community Banking and Money Transfer at First Bank, Dr Abiodun Famuyiwa during the December FirstBank SMEConnect Webinar on "Pioneering SME Success: Growth Profit and Sustainability Goals".

Famuyiwa noted that many small and micro business had been thrown into turmoil due to the pressures and crude ways of loan sharks. Urging them to approach their banks for loans targeted at helping micro and small business thrive, he said: "in sourcing for finance, try to avoid putting yourself into unnecessary financial pressure.

"A lot of times whilst trying to raise capital to solve the problem of finance, what most SMEs do is that they get desperate when they cannot raise funds, or they cannot get family members to give them, the next thing they do is to go to these loan sharks. A lot of damage has been caused by these loan sharks because they give people interest rate that is off the roof

"By the time you are struggling to pay the interest, the capital is still waiting for you. And most businesses, the profit is so marginal that they will not be able to cope. Please avoid expensive source of funds like these loan sharks as they can be very damaging to businesses.

"Records show that we have lost some great SMEs because they had to pack up due to too much pressure and some committed suicide. You want to go to bank to get single digit loans but you have to run the business the right way.

"Ensure your business is registered, have financial record, adequate sales to turn over.

SMEs should be discipled enough to ensure that all the money that is made is through the bank so that the bank can see turnover and cash flow. Ensure you have Tax identification Number because if you don't have it, it would be very difficult for you do business with banks."

Stating that FirstBank is committed to helping small and micro business to thrive, he said "in FirstBank, we are very passionate about our customer, particularly the SME and that's why the bank has set up an SME unit that is focused on SMEs alone.

"In FirstBank, we have products that you can just open an account and without paying any AMC you can be running your business, whether it is a nano micro, small, medium enterprise. Our products for small businesses include the First SME basic, First SME classic where you can pay money to that account and the bank will not charge you any AMC, this is one of the strong value proposition that FirstBank has put forward to support every business.

"We also have a bouquet of products because FirstBank is a financial supermarket, such that whatever the nature of your business, we have a product that will support you."

    Leadership.

Nigeria: MTN Nigeria Raises N72.1 Billion Via CP

MTN Nigeria Communications (MTNN), said it has raised N72.1 billion through its 266-day commercial paper (CP).

The company, in a notice on the Nigerian Exchange said: "MTN Nigeria Communications hereby notifies the investing public of the successful completion of its series 10 Commercial Paper issuance under its upsized N250 billion Commercial Paper Issuance Programme."

It added that, "MTN Nigeria sought to raise N72.1 billion and the offer recorded 149 per cent subscription with N72.1 billion issued.

"The 266-day commercial paper was issued on November 29, 2023 at a yield of 16 per cent. The CP Issuance aligns with MTN Nigeria's strategy to continue diversifying its Funding sources and reducing its average cost of debt. The proceeds will be applied towards short-term working capital requirements."

Chief executive officer of MTN Nigeria, Karl Toriola, said: "we are pleased with the support received from the investor community, having recorded a 149 per cent subscription from a broad range of investors. This reflects MTN Nigeria's robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates."

Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited, Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital & Investments Limited, Rand Merchant Bank Nigeria Limited and Vetiva Capital Management Limited playing the role of Joint Dealers on the transaction.

    Leadership.

Nigeria: Varsity Workers Differ On Centralised Payment System

The Senior Staff Association of Nigerian Universities (SSANU) has appealed to the government to consider the use of an improved version of University Peculiar Personnel and Payroll System (U3PS) as a payment solution for both SSANU and Non-Academic Staff Union of Educational and Associated Institutions (NASU).

The call came days after the federal government exited tertiary institutions from the Integrated Personnel and Payroll Information System (IPPIS).

Meanwhile, the National Association of Academic Technologists (NAAT) has expressed mixed feelings over the exit of federal tertiary institutions from IPPIS.

In a statement signed by its president, Comrade Ibeji Nwokoma, NAAT said that while it appreciates the fact that the exit will restore university autonomy, it also has reservations about the payment uniformity of salaries and allowances across federal tertiary institutions, which was achieved under IPPIS despite its shortcomings.

According to a communique issued at the end of its 46th National Executive Council (NEC) meeting, signed by the national president, Comrade Mohammed Ibrahim, SSANU appreciated the federal government's decision to exempt all tertiary institutions from IPPIS but called for consultation between the management of universities and labour unions on a workable, reliable, seamless, and acceptable approach to transitioning to the new regime.

SSANU also demanded the payment of four months' withheld salaries of its members which were due to the last industrial action embarked by the union.

The union also urged the federal government to pay the arrears of the N35,000 wage award approved in September 2023, but only paid for one month.

The NEC in session further appealed to the government to release the N50 billion funds in the 2023 budgeted for payment of their allowances without further delay.

The union commended the government for the implementation of the clinical hazard allowance to health workers in the universities, but noted that the payment was haphazardly done and called on the government to integrate all deserving branches in the payment of the allowance.

SSANU observed that some of its members were yet to be paid the arrears of the national minimum wage, which was approved in 2018, despite the efforts of the union. The union called on the government to release funds for the payment of those omitted in the following universities: Federal University Otuoke, Michael Okpara University of Agriculture, Umudike, Federal University, DutsinMa, and Abubakar Tafawa Balewa University, Bauchi.

NAAT urged the government to prioritise all aspects of funding of tertiary education for a sustainable and overall national growth and development. It also urged the management of tertiary institutions to seize this opportunity to restore public confidence in their ability to manage resources prudently for efficient service delivery.

NAAT expressed hope that the government will not use this exit to shy away from its responsibility of proper funding of education at all levels as enshrined in the 1999 Constitution.

    Leadership.

Kenya: Ruto to Slash Public Sector Wage Bill By 35% in 5 Years

Nairobi — The National Government will cut the public sector wage bill by 35 per cent by the year 2028 in line with the Public Finance Management (PFM) Act 2012.

President William Ruto's administration revealed the ambitious target even as it asked county government to align.

The undertaking, contained in a joint communique signed by Deputy President Rigathi Gachagua and Council of Governors Chairperson Anne Waiguru, was made on Monday at the conclusion of the 10th Ordinary Session of the National and County Governments Coordinating Summit held at State House, Nairobi.

To further the realization of the ambitious target, the national government offered to convene a Wage Bill Conference to rally efforts towards reduction of wage bill expenditure.

"That Salaries and Renumeration Committee (SRC) jointly with Intergovernmental Relations Technical Committee (IGRTC) and Council of Governors (COG) shall convene the Wage bill conference," read the communique.

The PFM Act seeks to guarantee that public finances are handled at both the national and county government in conformity with the values outlined in the Constitution to enable the effective and efficient use of scarce resources.

The Act guarantees that public officials tasked with overseeing money will be accountable to the public through County Assemblies and Parliament how the funds are managed.

Other resolutions made at the Intergovernmental Summit include the extension of Managed Equipment Service (MES) contracts to March 2024.

The Summit tasked a joint technical committee of the MoH and CoG to develop a transition to county-owned medical equipment.

The national government offered up to 30 per cent of funding for counties acquiring own health equipment on condition that they meet transparency requirements.

President Ruto's administration also extended support for Community Health Promoters from three to five years committing an additional 7,809 CHP kits through MoH.

    Capital FM.

Tanzania: TPA Takes Services Closer to Malawi Customers

The Tanzania Ports Authority (TPA) has launched its country office in Lilongwe, bolstering hopes for smooth cargo handling and reduced trade costs between the two countries.

The office will play a crucial role in marketing Tanzanian ports by providing reliable information on the facilities and services offered at ports in Dar es Salaam, Kyela and Mbamba Bay.

During the launch event in Lilongwe, Malawi, yesterday, Transport Minister Prof Makame Mbarawa said the launch of the office in Malawi symbolises the strong mutual relationship between the two countries and dual role of facilitating trade flow between the countries.

Prof Mbarawa said that one of the most remarkable features of the port industry in Tanzania is that it is the major source of government revenues, whereby taxes on imports and exports handled through the major ports.

The Minister noted that development of port sector in Tanzania has influenced the existence, access and quality of other modes of transportation, notably roads and railways, adding that modes of transport are the prerequisite links between transportation corridors and ports or gateways of maritime transportation.

"The government of Tanzania believes that port infrastructure, productivity and efficiencies are key pillars of ensuring businesses within and between our countries and the real meaning of trade facilitation which is translated into greater growth synergies that transform peoples' lives," Prof Mbarawa said.

Mr Plasduce Mbossa, the Director General of TPA, stated that the office will also recommend credible clearing and forwarding agents.

He added that the office will serve as a link to other port stakeholders, ensuring seamless cargo flow to Malawi customers.

Mr Mbossa explained that the office will provide essential information regarding cargo imported to Malawi through Dar es Salaam, Mbamba Bay, and Kyela ports, including vessel arrival dates.

Furthermore, the office will offer real-time solutions to any challenges that may arise during the cargo clearance process, eliminating the need for customers to physically travel to Dar es Salaam or any of the mentioned ports and minimising overall trade costs.

"The office will also assist in verifying port charges before finalising payment, provide step-by-step import and export processes for logistical arrangements and planning, follow up on customer claims for damages and ensure prompt compensation," he said.

Similarly, the TPA Director General stated that the office will assist clients with follow-ups on requests and provide timely feedback. It will also provide adequate information on vehicles that are due to be auctioned for overstaying, reminding customers to fast-track payment of port charges to prevent auctioning.

In 2022, over 44,200 vehicles destined for Malawi passed through the Dar es Salaam Port, facilitated by the dedicated RoRo Terminal.

The terminal covers an area of 73,000 square meters and can accommodate at least 6,000 vehicles at any given time, totaling 200,000 units per annum. The terminal operates at a high level of efficiency, offloading 100 vehicles per hour.

Regarding fuel imports, Mr Mbossa noted that the Port of Dar es Salaam accounted for 68 per cent of all fuel imports to Malawi last year. In terms of containerised cargo, a total of 9,272 TEUs passed through the port.

"Overall, TPA holds a market share of 15 per cent for general cargo, 68 per cent for liquid cargo, and 79 per cent for wheeled cargo," he added.

The Malawian Minister for Transport and Public Works, Mr Jacob Hara, emphasised the importance of the Port of Dar es Salaam for facilitating the movement of both wet and dry cargo in Malawi.

He stated that the new office will reduce delays experienced by users of the Dar es Salaam Corridor and urged the private sector to take full advantage of the office to increase the use of the port.

Minister Hara also expressed his approval of the TPA Malawi Country Office, stating that it will make the Port of Dar es Salaam the gateway for Malawi's exports and imports. He encouraged Malawians to transact with the port without the need to travel.

"The recent events affecting the global economy have highlighted the importance of regional integration efforts and trade facilitation. We need to strengthen regional trade while also reducing the cost of doing business with those outside the region," the Malawian Minister concluded.

    Daily News.

Nigeria: FG to Automate Export Permit Processes

The Minister of Industry, Trade and Investment, Dr Doris Anite said the federal government will automate the process of issuing export permits in Nigeria, particularly in the oil and gas sector.

The minister who spoke to journalists in Abuja at the Oil and Gas stakeholders meeting noted that the meeting became imperative to foster growth in the sector.

"We are all here to discuss issues around export, how to improve, and how to ensure that export proceeds come back timely and efficiently.

"It was a very fruitful discussion, we resolved a lot of issues and obstructions to service delivery in the sector. At the end of the day, we agreed to automate the sector regarding export permits.

"We have also agreed to have a single platform across all the ministries to improve the process. We also discussed the need to have a backward integrated programme to support the industrialisation in the sector, especially in the area of petrochemical development and refinement".

Also speaking at the Stakeholders meeting, the representative of the Central Bank of Nigeria, the Director of Trade and Exchange, Dr. Hassan Mahmud said aside from monitoring and evaluation done by the government, there is a need for synergy with the private sector.

On his part, the Chairman of Operations and Terminal Sub Committee of the Oil Producers Trade Section (OPTS), Wasiu Olayiwola said they will collaborate with the federal government in resolving challenges in the industry.

    Daily Trust.

Nigeria: Shettima Woos Investors, Says Tinubu Administration Focused On Growing Energy Sector

Vice President Kashim Shettima has urged investors, both domestic and international, to avail themselves of the new opportunities created by power deficit and federal government's bid to drive additional investments in Nigeria's energy sector.

He also pledged the commitment of the Tinubu administration in addressing the country's energy deficiency just as it remains focused on enhancing ease of doing business.

According to a statement by his spokesman, Stanley Nwocha, the Vice President stated this on Monday during the financial bid opening for the privatisation of the five National Integrated Power Project (NIPP) Plants on Monday in Abuja.

He said the occasion "serves as a robust assurance to bidders and the start of an investment with promising returns."

Represented by the deputy chief of staff to the president (Office of the Vice President), Sen. Ibrahim Hassan Hadejia, the VP said, "Nigeria's power deficit extends an open invitation to domestic and international partners. We are here to urge collaborative efforts to craft enduring solutions.

"The government remains resolute in addressing the energy deficiency and is focused on enhancing the ease of doing business."

Sen. Shettima however urged prospective investors in the plants to "bear the weight of trust in utilizing these resources for the greater good of the nation," even as he implored them to "adhere to the highest standards of best practices if we must pursue a shared objective."

The vice president further assured that the "National Council on Privatisation and the Bureau of Public Enterprises are prepared to ensure that what we do has an effect on President Tinubu's comprehensive eight-point plan, and a meticulous and transparent privatisation scheme within the power sector inspires confidence in our operations.

"As regulators, our commitment remains steadfast--we must persist as facilitators of these reforms. There are no shortcuts on the path to realizing the dream we've promised our beloved nation," the VP added.

Sen. Shettima noted that the success of the 'pivotal moment' underscores government's commitment, "not just as a friend to our enterprises and investors but as a facilitator of growth and development.

"We are here to fulfil our pledge to the nation and reassure them of our resolve to support initiatives that foster economic vibrancy and sustainability," he further noted.

    Leadership.

Rwanda: Inside BioNTech's First Vaccine Manufacturing Plant in Africa

BioNTech, a German biotechnology company, on Monday, December 18, launched a new modular vaccine plant in Rwanda for the manufacturing of mRNA vaccines.

The development is a major boost for Rwanda and Africa in the fight against Covid-19 and future pandemics, and reflects a growing recognition of the need for vaccine equity.

The modular factory set up in partnership with the Rwandan government is the first of its kind on the continent. Before the launch, The New Times had a tour of the plant which is located at Kigali Special Economic Zone, in Masoro, Kicukiro District.

The facility consists of a main building, which includes a hall dedicated to BioNTainers (facilities designed for manufacturing various mRNA-based vaccines), serving as the focal point of the structure. It also houses a warehouse, a wastewater treatment room, a water treatment room, IT rooms, quality control labs, and offices.

RESOURCE: Inside BioNTech Rwanda

Supporting structures include a canteen building for staff welfare, a technical building for electricity, a security guard house, a small powerhouse for Rwanda Energy Group (REG) to supply electricity, and a hydraulic building resembling an underwater structure, containing a water tank to meet the facility's water needs.

According to Ange Iradukunda, the Project Manager for construction at BioNTech Rwanda, approximately 250,000 cubic yards of soil were removed to level the ground.

"We are still under construction and planning to finish the setup and the technical installation of the BioNTainers by the end of 2024," stated Iradukunda, who joined BioNTech in October 2022.

Gisele Uwase, the Human Resources Manager at BioNTech Rwanda, joined the company in September 2022, serving as one of the pioneers in Rwanda. Her responsibilities include recruiting future pioneers, as well as training and enhancing capabilities within the team.

New Times

The facility consists of a main building, which includes a hall dedicated to BioNTainers (facilities designed for manufacturing various mRNA-based vaccines), serving as the focal point of the structure.

The facility "currently" employs 20 individuals with diverse knowledge and expertise, working across various departments such as manufacturing, engineering, science and technology, supply chain, and procurement. In addition to Rwandan staff, colleagues from countries such as Zimbabwe, Nigeria, and Kenya contribute to the team.

Uwase said the plan is for BioNTech to have around 100 employees by the time operations commence in Rwanda.

Building the capabilities of the team is important for the success of the project as BioNTech is pioneering mRNA vaccine manufacturing in Africa, said Uwase.

"Currently, 19 of our colleagues completed what we call fundamental knowledge of mRNA vaccine production, which is actually built in four modules: vaccine production, chemistry, microbiology, and mRNA vaccine production. With this knowledge, our teams will be equipped with the relevant capabilities for them to be able to perform," she explained.

New Times

It also houses a warehouse, a wastewater treatment room, a water treatment room, IT rooms, quality control labs, and offices.

Uwase said the BioNTech Rwanda staff dedicates time in Germany with their colleagues in the same work stream to ensure they are well-equipped with essential knowledge, understand the process, and have the opportunity to observe the prototypes.

Describing the project as a pivotal moment for Rwanda and its participants, Uwase underscored the importance of BioNTech's selection and highlighted the chance for Rwandans to contribute to the milestone.

"As a Rwandan, working for BioNTech is really a source of pride for me. It's a project that really makes me happy to be part of," said Uwase.

"As we saw during Covid-19, the vaccines took a long period of time to get to Africa. BioNTech being here and able to produce the vaccines that are required in Africa, produced in Africa by Africans and for Africa, is really a project that everybody will be happy to be part of."

New Times.

Kenyan Exporters Secure Permanent Duty Free Access to European Union Market

Nairobi — Kenyan exporters Monday secured a permanent duty-free access to the 27 country, €14 trillion European Union market when Trade Cabinet Secretary Rebecca Miano signed the Kenya-EU Economic Partnership Agreement alongside European Union Ambassador Henriette Geiger, at State House, Nairobi.

The event that concluded several years of negotiations to permanently secure Kenya's largest export market was witnessed by President William Ruto and the President of the European Commission Ursula von der Leyen.

This agreement opens up additional avenues for exporters of Kenyan flowers, vegetables, avocadoes, coffee and other products to secure long-term buyer partnerships in the EU as well as stronger incentives to invest more in productionand value addition.

Further, the agreement signals Kenya's readiness to diversify her export mix into Europe, with value-added manufactured products such as industrial shoes, articles of leather and fully packaged and branded bouquets of flowers increasingly finding their way onto supermarket shelves across Europe.

"Today's agreement heralds a new era where Kenyan goods gain immediate and permanent duty and quota-free access to the European market. Over time, European goods will also gain preferential access to the Kenyan market.We celebrate this relationship and look forward to its contribution to increased investment and industrial innovation," Miano stated.

Meanwhile, President Ruto observed that the agreement opens a great opportunity for the export of farm produce and specifically recognizes the value addition aspect hence helping us create more jobs locally and grow our revenues.

The European Commission President von der Leyen stated that the agreement will help Kenya access good equipment and

machinery from Europe that will help in achieving and maintain high quality products.

"It's also our hope that other East African countries can join into this agreement in the near future."

This economic partnership covers cooperation on several issues including trade in goods, fisheries, agriculture, economic and development cooperation among other trade topics.

It also contains ambitious commitments towards environmental protection and sustainable trade, topics that President Ruto has championed in the context of climate

change and Kenya's transition to a green economy.

Kenya's Chief Trade Negotiator during the negotiation process was Trade Principal Secretary, Alfred K'Ombudo.

Following its signature, the agreement now proceeds to Kenya's National Assembly and the European Parliament for ratification, after which implementation begins.

    Capital FM.

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INVESTORS DIARY 2023

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.

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