Major International Business Headlines Brief::: 29 December 2023

Fri Dec 29 07:39:48 CAT 2023

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Major International Business Headlines Brief:::  29 December 2023 

ü  Central Africa Blames Fuel Shortage On Supply Disruptions, Smuggling

ü  Nigerian Firm Plans First-Ever Gas Supply Deal to South Africa

ü  Uganda Investment Authority Reveals Plans for Kisoro Industrial Park

ü  Mozambique: A Million Passengers in Mozambican Airports in 2023

ü  Tanzania: Over 10 Rea Projects Underway to Electrify Whole Country

ü  Tanzania: IMF - Bot Should Allow More Flexible Exchange Rate

ü  Uganda Extends Nigeria's Oranto Petroleum Oil Exploration Tenure

ü  Nigeria's Terms of Trade Records 4th Consecutive Quarterly Decline

ü  Nigeria: Electric Taxis Excite Maiduguri Residents, Call for Female
Drivers

ü  Angola Airlines Increases Daily Flights to Nigeria

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

Central Africa Blames Fuel Shortage On Supply Disruptions, Smuggling

Yaounde, Cameroon — Central Africa has, for months, been plagued with acute
fuel shortages that have stifled regional economic growth, disrupted local
businesses, and contributed to rising food prices and social unrest. The
shortages are partly blamed on increased demand coupled with disruptions in
supply, and on illegal trade in conflict zones.

Officials in several central African states say vehicle owners, truck
drivers and motorcyclists in major cities wait for several hours, sometimes
days, to fill their tanks as pumps have been regularly running dry since
fuel shortages started several months ago.

Cameroonian officials partly blame ongoing disruptions to stormy weather off
the Atlantic coast, stranding cargo ships at the regional hub port of Lome,
Togo.

The landlocked Central African Republic, which receives fuel supplies
through Cameroon's Douala seaport, also reports disruptions. Aid agencies in
the country, which has been hit by sectarian violence, say if nothing is
done to stop the fuel crisis, delivery of needed humanitarian aid will be
affected.

A severe fuel crisis is also stirring social unrest in Chad. Officials there
report protests in the capital, N'djamena, and in towns including Bongor,
Moundou, Faya-Largeau and Abeche, where the military this week said it
dispersed protesters with tear gas.

Chad's military government said this week that its troops seized hundreds of
containers of fuel illegally transported to the border with Sudan. Chad says
contraband fuel trade increased on its border with Sudan since ferocious
fighting broke out in Sudan's civil war in April.

Amina Ehemir Torna, director General of Chad's Downstream Sector
Regularization Authority, which is responsible for the regulation, control
and monitoring of standards of petroleum operations there, said merchants
should immediately stop illegal exports to neighboring countries that are
also facing severe fuel shortages. Torna said gasoline and diesel fuel are
highly combustible and should not be stored in jerry cans and buckets at
home with the hope of selling to illegal vendors at exorbitant rates should
the ongoing fuel shortage persist.

Sudan's fighting shut down businesses and forced civilians and fuel
merchants to flee the northeastern African state. Chadian officials say
Sudanese civilians who brave the fighting, as well as troops of Sudan's
national army and a rival national paramilitary force, rush to Chad's porous
1,400-kilometer border for fuel regularly.

Salisu Yunissa, president of Chad's Consumers Union in Adré, a town in
Ouaddai province that is home to about 210,000 Sudanese refugees, said the
shortage has plunged host communities and refugees into deeper poverty and
is causing unprecedented increases in the prices of rice, onions, corn,
millet and sorghum. He said a 30-kilogram bag of onions that sold at $40 had
tripled in price to about $120 within the past two months.

Yunissa said the price hikes, environmental disasters, and armed conflicts
make living very difficult for a majority of civilians who are not sure of a
meal each day.

There is some hope the situation will change soon in the region. Chad,
Cameroon and the CAR this month regulated fuel sales to 20 liters per
motorist with the aim of stabilizing supply and demand. Chad says its
shortage will improve when a refinery in N'Djamena that closed in April for
maintenance reopens, although it did not say when that would happen.

Cameroon says besides the liberalization of petroleum products imports, it
is importing what it calls enough quantities to meet the country's
increasing demand for fuel.-VOA.

Nigerian Firm Plans First-Ever Gas Supply Deal to South Africa

"We'd probably very early in the year close out another segment of the
market, an off-take for South Africa," David Ige, the CEO of the Lagos-based
energy firm, said.

Nigeria will kick off the delivery of gas to South Africa for the first in
the history of trade relations between the two nations if talks between
Riverside LNG and counterparts in Africa's most industrialised nation
succeed.

"We'd probably very early in the year close out another segment of the
market, an off-take for South Africa," Bloomberg quoted David Ige, the CEO
of the Lagos-based energy firm, as saying in an interview.

"There's a massively evolving gas market in the region, anything around
3,000 nautical miles of Nigeria. So that covers southern Africa, western
Africa, all to northwest Europe and to the Caribbean and South America
broadly."

In November, Riverside LNG signed a pact with Johannes Scheutze Energy
Import AG in Germany regarding renewable energy and a gas export deal worth
$500 million.

Nigeria is in a drive to rev up foreign interest in its oil and gas
industry, constrained for years by multiple issues from crude theft and
pipeline vandalism to ageing infrastructure and structural bottlenecks, all
of which account for why international oil companies exit in droves.

New measures and incentives to court investors and reduce barriers to entry
to improve the cost of doing business are among the government's top agenda
to drive production and boost revenue.

That involves a recent inclusion of signature bonuses, the fees it takes
from new investors after signing contracts, in the lump sum that oil & gas
companies pay on production.

South Africa needs to build a plant first to enable it to take liquefied
natural gas from Riverside LNG, implying that supply will only begin in
2027. That means there's "enough time for import terminal infrastructure,"
the Riverside LNG CEO said.

The initiative could help South Africa in tackling a sticky electricity
problem.

The country is in the middle of a profound power crisis as Eskom, the
state-owned electric utility, reels from the strain of old infrastructure,
forcing the company to resort to load-shedding that often triggers blackouts
across the country in a big blow to economic activities.

An estimate shows that corrupt practices at Eskom cost South Africa $55
million every month.

Decade of gas

Nigeria wants gas to play a much bigger role than before in its energy mix
and exports as it progresses through its energy transition, having declared
the ten years to 2030 as "the decade of gas."

At 209.5 trillion cubic feet (tcf), Nigeria holds the largest proven natural
gas reserves on the continent, accounting for one-third of Africa's total of
620 tcf, according to industry watchdog Nigerian Upstream Petroleum
Regulatory Commission.

This month, NNPC Limited, UTM Offshore and Delta State inked a deal to
develop the first floating LNG project in the country at an investment cost
of $5 billion, with the vessel planned to handle 1.8 billion metric tons per
year for the international market. Wison Heavy Industry, based in China,
will build the facility.

NNPC Prime LNG Limited, a unit of the state-owned energy company, has also
struck a supply installation and commissioning deal with SDP Services
Limited at COP 28 in Dubai for an LNG project targeting production of 421
tonnes per day towards boosting domestic consumption.

But the government has had to grapple with various drawbacks in gas
production, some of them capable of triggering environmental hazards

"What is causing this gap (is) majorly theft on our pipelines. Some people
get it, thinking it's an oil line or a condensate line, unknown to them that
it is a gas line," Nigeria LNG's general manager, production, Nnamdi Anowi,
said in October, referring to vandals mistaking gas pipelines for those
carrying crude and condensate.

"When they puncture it, we have to deal with this kind of issue. And this is
a big risk," the official said.

Nigerian LNG is a joint venture including Nigeria, Shell, TotalEnergies, Eni
and Electricite Holdings.

The company, which has reached 50 per cent completion in its Train 7
Project, counts limited gas supply from upstream companies as its biggest
headache, its trains 1 to 7 only operating at half capacity.

The Train 7 Project, at delivery, will ramp up production capacity from 22
million metric tonnes per annum (mtpa) to 30 million mtpa and place Nigeria
among the top gas-producing countries.

There are also concerns around the volume and impact of flared gas by
companies on host communities, which has cost the country dear over the
years.

In the 10 years to 2022, Nigeria flared 80 billion standard cubic metres of
gas, equivalent to N9 trillion in lost revenues, causing health and
environmental hazards to host communities.

The government has set up the Nigerian Gas Flare Commercialisation Programme
to address the issues, raking in just N346 billion in penalties in the past
five years.

-Premium Times.

Uganda Investment Authority Reveals Plans for Kisoro Industrial Park

Kampala, Uganda — The Director General of the Uganda Investment Authority
(UIA), Robert Mukiza, has affirmed that the progress of establishing the
Industrial Park in Kisoro district remains on track. The Kisoro district
authorities allocated 620 acres of Kibaya land in Bunagana and Rukundo Town
councils to UIA for the development of the industrial park on August 18th,
2021.

During the 2023 Isangane Festival, an annual celebration of Bafumbira
culture and heritage in the Kisoro Mayor's gardens where Mukiza was the
chief guest, Mukiza expressed gratitude to the district authorities for
providing the land.

He assured the community that UIA has obtained a land title, initiated a
feasibility study, and marked the borders of the land. The next step
involves discussions on financing the construction of the park. Mukiza
emphasized his commitment to realizing the industrial park dream for Kisoro
in fulfillment of H.E president Museveni's support to economic development
of the region.

The Isangane Festival, organized by the Ubuntu Bafumbira United Association
(UBUA), aims to support Maternal Health Care in the hard-to-reach Health
Centre III in Kisoro district. Mukiza commended the Ubuntu leadership for
connecting Bafumbira worldwide and contributing to their sense of identity
and connection to their homeland. He stressed the importance of unity for
development.

Regarding the national industrial agenda, President Yoweri Museveni approved
the establishment of 25 industrial parks across all sub-regions in the
country in May 2021. These parks are part of the government's strategy to
promote industrialization.

At least 15 industrial parks have been established in the last six years,
including ones in Mbale, Kapeeka, Buikwe, Njeru, Namanve, Jinja, Soroti,
Kampala Industrial and Business Park, Luzira Industrial and Business Park,
and Bweyogerere Industrial Estate.

The government allocated 130 Billion Shillings in October 2019 to facilitate
the establishment of 20 zonal industrial parks nationwide.

-Independent (Kampala).

Mozambique: A Million Passengers in Mozambican Airports in 2023

Maputo — Mozambique's publicly owned airports company, ADM, has received
more than a million passengers this year, thus recovering from the effects
of the Covid-19 pandemic somewhat earlier than expected.

According to Jose Candrinho, the director of operations of ADM, cited in
Thursday's issue of the independent newssheet 'Mediafax', the landmark of a
million passengers was reached on 18 December.

This was the first time since 2019 that the airports had carried a million
passengers. The flow of passengers through Mozambican airports had suffered
a sharp decline as from 2020, due to the restrictive measures imposed by the
government in response to the pandemic.

The plans of ADM indicated that the number of passengers using the country's
airports would not reach a million a year until 2024 or 2025. But Candrinho
announced that on 18 December "we reached the landmark of the millionth
passenger, which is of great importance for us, since the last time we
reached this number was before Covid-19'.

He added that in 2023 ADM made major investments which improved facilities
for passengers, notably at the embarkation gates. This was possible because
of the increase in flights. Mozambique Airlines (LAM), for example, has
resumed flights between Maputo and Lisbon, as well as direct flights between
Johannesburg and various Mozambican cities. In October, the South African
company Flysafair began scheduled flights to Maputo.

In 2022, said Candrinho, only 850,000 passengers passed through Mozambican
airports.

Pf/ (247)

1131223E TANZANIAN DIES IN ILLEGAL MINE COLLAPSE

Maputo, 28 Dec (AIM) - An illegal miner of Tanzanian nationality died on
Sunday when a mine shaft collapsed in part of the concession granted to the
company Montepuez Ruby Mining (MRM), in the northern Mozambican province of
Cabo Delgado.

According to a statement from MRM, the Tanzanian has been identified as 31
year old Maulide Maunau, who had been living in Nanhupo A, one of the
villages that illegal miners use for temporary shelter.

"At 20.00 on 24 December, a security official identified a group of 25
illegal miners inside the MRM concession', said the statement. The MRM
control centre was immediately informed, and sent a patrol to the area.

But when the patrol arrived, it found that the shaft dug by the illegal
miners had collapsed due to the instability of the soil, resulting in the
death of one of the miners.

MRM say that the district, provincial and national authorities were informed
of the incident. On Monday, although it was Christmas Day and a public
holiday, "a team from Sernic (National Criminal Investigation Service) went
to the site of the incident, removed the body and delivered it to the
family'.

This was the third serious incident this month involving illegal miners. The
previous incidents resulted in injuries to eight security guards and three
miners.

The MRM statement added that the company "has noted an increase in illegal
mining during the rainy season, due to the humidity which makes the soil
lighter and easier to dig, as well as the existence of pools of water, which
facilitate washing the minerals'.

But MRM warns that increased humidity increases the risk of mudslides and
the collapse of shafts. "It is under these conditions that most deaths of
illegal miners occur', it added.

MRM said it is in permanent contact with nearby communities, to make them
aware of the dangers of illegal mining.

The national and provincial authorities have been informed in the hope that
they will take action "against those who finance, facilitate and encourage
the illegal trade in Mozambican rubies, which damages Mozambique and its
people due to the loss of life and the loss of fiscal revenue from the
country's mineral resources'.

Pf/ (370)

1141223E DERAILMENT HALTS COAL TRAINS TO NACALA

Maputo, 28 Dec (AIM) - The circulation of trains from Moatize, in the
central Mozambican province of Tete, to Cuamba in Niassa has been
interrupted since Monday because of a derailment in which two locomotives
and 36 wagons loaded with coal came off the tracks.

This is part of the rail line from Moatize across southern Malawi to the
northern line and the mineral port of Nacala-a-Velha.

According to a press release from Nacala Logistics, the company that
operates the Nacala Corridor, the derailment occurred about 590 kilometres
from Moatize in Tobue locality, in the Nacala district of Mecanhelas.

"So far, Nacala Logistics has not recorded any injuries or any damage to the
surrounding communities', said the release.

The company added that the temporary interruption of traffic along this
stretch of line will allow the restoration of conditions to resume the safe
circulation of trains.

Nacala Logistics said an investigation is under way to ascertain the causes
of the accident.

"Since the accident occurred, Nacala Logistics has mobilized several
logistical and operational teams to ensure that traffic can move along the
line again as quickly as possible', said the release. But it gave no
forecast for how long the repairs will take.

Tanzania: Over 10 Rea Projects Underway to Electrify Whole Country

TANZANIA: A TOTAL of 12 projects are being implemented by the Rural Energy
Agency (REA) to accomplish the rural electrification process in all rural
areas of Tanzania mainland.

The agency is determined to ensure that all rural areas in Mainland have
access to electricity infrastructure by June 2024.

The Authority's Director of Rural Electrification, Eng Jones Olotu, assured
that REA will meet the target ahead of time, saying that by June next year,
all villages in the country will be fully connected to electricity
infrastructure.

Eng Olotu was recently speaking on behalf of REA Director General, Engineer
Hassan Said.

He added that the ruling Chama Cha Mapinduzi election manifesto 2020-2025
directed the government to ensure that by 2025 all villages in Tanzania are
connected with electricity infrastructure.

He said the authority was ready to execute the directives before the time by
June 2024.

"Among the ongoing projects that will enable us to complete connecting
electricity in remaining villages are under REA phase III Round II and Rural
Electrification Densification Project Round B which intended to increase the
scope of connecting 1,686 hamlets in regions of Arusha, Geita, Kagera,
Katavi, Kigoma, Lindi, Morogoro, Njombe and Songwe," Eng Olotu said.

Adding: "The other projects are the Rural Electrification Densification
Project Round C which envisioned to connect 1,880 hamlets, peri urban round
II and peri urban round III."

He further mentioned the project to connect electricity to 66 health centres
and water pumps to prevent infectious disease and Covid-19, project to
connect electricity to small-scale mining areas, industry and agriculture,
the project to connect electricity to 729 schools and 292 primary courts in
rural areas which are key drivers to attain the agency's goal.

"Other projects are the project to connect electricity in remote islands and
off-grid areas, project to facilitate construction of small stations to
distribute petroleum products in rural areas through credit line facility
and construction of a 220/33 kV Substation in Ifakara," he said.

In line with this, Eng Olotu said all successes attained by the authority in
rural electrification were attributed to the government, particularly
financial support from the government under President Samia Suluhu Hassan.

"REA has attained its goals due to the authority's commitment, along with
the financial support we get from the government," Eng Olotu underlined.

Rural electrification was also among priorities in the 2022/23 government
budget in implementation of the Third National Five-Year Development Plan
(FYDP III) for 2021/22 - 2025/26, and the national development vision for
2025.

One of the key interventions in efforts to optimise the energy sector as
indicated in FYDP III is to strengthen the availability and reliability of
electrical power by increasing generation capacity, transmission and
distribution networks.

FYDP III also intends to promote and develop renewable energy technologies
and projects (Biogas, Geothermal, LPG, Solar and Wind.

-Daily News.

Uganda Extends Nigeria's Oranto Petroleum Oil Exploration Tenure

Uganda has extended an oil exploration licence to Nigeria's Oranto Petroleum
Ltd. by two years after the company asked for compensation for time lost
during the COVID-19 pandemic.

The permit had been due to expire December 29, and was initially granted to
scour the Ngassa Shallow and Deep areas in the western Hoima and Kikuube
districts in 2017, Solomon Muyita, the Energy Ministry spokesman, said in an
email statement.

Extension of the permit is in line with the country's drive to boost
recoverable oil from current levels of 1.4 Bbbl, according to the statement.

A production sharing agreement, royalties, cost of recovery, and profit
sharing are part of the terms included in the extension, the ministry said.

French oil giant TotalEnergies SE is leading the development of Uganda's oil
fields, alongside China's Cnooc Ltd. and Uganda National Oil Co.

The East African country is aiming to start production to start in 2025.

-Leadership.

Nigeria's Terms of Trade Records 4th Consecutive Quarterly Decline

The Nigeria's Terms of Trade (ToT), for all commodities, recorded a light
decline of 0.03 percentage points in the third quarter of 2023, Q3'23. TOT
measures a the value of the country's trade with other countries where a
decline indicates higher value of imports against exports.

The Q3'23 performance indicates a lower rate of decline with the implication
that the fourth quarter, Q4'23, may likely show the indices in positive
territory.

Findings from the National Bureau of Statistics, NBS, data on Commodity
Prices Indices and Terms of Trade showed that the ToT has been on a negative
trend since Q3'22 of last year when it recorded a fall of 0.50 percentage
points from an increase of 0.11 percentage points in Q2'22.

In its Q3 '23 Commodity Prices Indices and ToT report released yesterday,
NBS said that the decline in Q3'23 was as a result of a 0.04 percentage
points decline in ToT in September.

The bureau also said that the All Commodity Group Import Index increased by
0.21 per cent in Q3'23 and its Export Index increased by 0.18 per cent.

"The All-Commodity Terms of Trade for July, August, and September 2023 stood
at 102.46 per cent, 102.47 per cent, and 102.43 per cent, respectively.

"The All-Commodity Group Terms of Trade increased by 0.01 per cent points in
August and decreased by 0.04 per cent points in September resulting in a
decrease of 0.03 per cent points between July and September 2023.

"The All Commodity Group Import Index increased by 0.21 per cent between
July and September 2023.

"This can be attributed to the increases in the change in the prices of
products of Textiles and textile articles" by +0.37 per cent, "Mineral
products" by 0.36 per cent points and "Wood and articles of wood, wood
charcoal and articles" by 0.29 per cent points.

"The All-Commodity Group Export Index increased by 0.18 per cent between
July and September 2023.

"This is due to changes in the prices of Boilers, machinery, and appliances;
parts thereof (0.36), Vehicles, aircraft, and parts thereof; vessels etc
(0.34), Mineral Products (+0.31) and Plastic, rubber, and articles thereof
(0.22)."

-Vanguard.

Nigeria: Electric Taxis Excite Maiduguri Residents, Call for Female Drivers

The deployment of electric taxis in Maiduguri has continued to excite
commuters who commended the initiative and called for the employment of
women to drive some of the vehicles.

The News Agency of Nigeria (NAN) recalled that 50 electric cars and 57 mass
transit buses were recently procured and deployed to ease transportation
costs by the Borno Government.

The vehicles were inaugurated by President Bola Tinubu on Dec. 11, in
Maiduguri.

Drivers of the electric taxis charge N100 per passenger, and run on streets
where government-subsidized buses charge N50 per person.

Some commuters said it was an exciting experience using the electric
vehicles, adding that it had added value to the city's transportation
system.

A resident, Amina Audu, expressed satisfaction with the services offered by
the electric vehicles, urged the government to deploy more and employ female
drivers for some of the cabs.

"Many of us (women) are excited with the taxis to the extent of taking
selfies while taking a ride, we wish for more of them and the need to have
female drivers for some of the beautiful cars," she said.

A passenger, Ibrahim Khalifa said using the electric vehicles was very
convenient and cheaper.

"They carry four passengers; one in front and three at the back and the fare
is N100 per passenger. Some people in a hurry will just pay N400 or N500 for
the taxi to carry one or two of them to their destinations," he added.

Khalifa advised the agency managing the electric vehicles, Borno Express
Corporation, to ensure proper maintenance of the vehicles.

Ibrahim Grema, a driver of one of the electric cars, said it needed about
one and half hour for the car's battery to get fully charged, after which
one can use the vehicle for 12 hours.

"We work from six to six, and so far so good since we started in terms of
patronage and car performance; at times I close work with 40 per cent charge
remaining," Grema said.

Also, two other drivers, Umar Mohammad and Mohammed Kachalla, called on the
Borno express corporation to install more charging points for the vehicles,
as there are only two presently.

-Vanguard.

Angola Airlines Increases Daily Flights to Nigeria

Luanda — Angola airlines TAAG has said it will increase Luanda-Lagos
(Nigeria) daily flights from January 8, 2024, a statement from the company
said, ANGOP has learnt.

Currently, the Luanda - Lagos route has five flights a week, operated on
Tuesdays, Wednesdays, Thursdays, Saturdays and Sundays, by a Boeing 737-700
aircraft with capacity for 120 passengers, 102 in economy class and 12 in
business class.

The company said it aims to provide greater availability and mobility
options for its passengers and customers, underscoring that Nigeria is one
of Africa's largest economies and that Lagos is one of TAAG's main regional
destinations, with growing indicators of market demand, especially from
corporate passengers, the statement said.

It adds that the measure will boost trade and mobility between Angola and
Nigeria, as well as positioning Luanda as a hub for other destinations
operated by TAAG.

TAAG has been increasing connectivity on regional routes, having recently
increased flight frequencies to the island of São Tomé (São Tomé and
Príncipe), Windhoek (Namibia), Ponta Negra (Republic of Congo) and Maputo
(Mozambique), the statement said.

TAAG continues to offer increasing connectivity and customer convenience
services, positioning Angola as a preferred destination or hub for regional
and intercontinental connections.

Founded in 1938, the Luanda-based company has been connecting Angolans
through domestic and international connections. It leads the aviation market
in Angola currently flying for 12 domestic and 13 international destinations
with passengers and cargo. EH/AC/TED/AMP

-ANGOP.

Invest Wisely!

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INVESTORS DIARY 2023

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