Major International Business Headlines Brief::: 24 July 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 24 July 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Petrol Hike - Stakeholders Seek Govt's Intervention to Prevent
Imminent Scarcity

ü  Nigeria: Nass Spends N53.7bn On Cars for Lawmakers in 12 Years

ü  Liberia: Businessman Accuses Customs of Favoring Foreigners

ü  Nigeria: Special Report - Rising Food Prices Mount Pressure On Nigerians
Amidst Poor Purchasing Power

ü  Sudan: Banking System 'Teeters On Collapse' Amid Ongoing War and Looting

ü  Cameroon: Desperate Hunt for Fuel Threatens a Once Thriving Forest
Reserve in Cameroon

ü  South Africa: Eskom Works On Tripping Units to Avoid Higher Stages of
Load Shedding

ü  Sudan: Second Phase of Gold Exports Produced in Red Sea State Amounted to
226 Kgms, Launched

ü  Tanzania: Why Farmers Are Urged to Cultivate Vanilla

ü  Uganda Invites South Africans to Explore Investment Opportunities

ü  Rwanda: MPs Propose 'Adequate' Vat Reward to Consumers as Law is Passed

ü  Rwanda: Airtel Rwanda Launches Its Own 4G LTE Network

ü  Treasury to meet bank bosses over Farage row

ü  Unilever will let Russia employees be conscripted

ü  Elon Musk: Twitter unveils X logo to replace Larry the bird

ü   

 


 

 


THE 

 <https://www.cloverleaf.co.zw/> Congo-Nigeria: Petrol Hike - Stakeholders
Seek Govt's Intervention to Prevent Imminent Scarcity

Nigerians are yet to see an end to sufferings brought about by periodic
increase in pump price of Premium Motor Spirit (PMS) also called Petrol.

 

Already, transport fare is taking an upward trajectory as operators in the
industry are adjusting their fares to suit current price of product.

 

Report shows that pump price of petrol sells between N570, N650 and N700 per
litre in different parts of the country.

 

This scary situation is further being threatened by warnings from key
players in the downstream sub sector of the industry who feel overburdened
by arbitrary charges by Petroleum Tanker Drivers (PTD).

 

 

They have alleged that the PTD is jeopardising efforts to sustain
distribution of products.

 

The Association of Distributors and Transporters of Petroleum Products
(ADITOP), is the latest to kick against the alleged increase in truck
loading fees for petrol by PTD.

 

National President of the association, Alhaji Lawal Dan-Zaki, in a statement
in Abuja cited an "arbitrary increase" of loading fees. ADITOP said one of
the major concerns of the association was the alleged abuse, impunity and
arbitrary increase of levies imposed by the PTD.

 

Addressing the issue, they said, "At present, the PTD collects N60,000 per
truck for loading and is planning a further increase.

 

"We, in the ADITOP vehemently oppose this. This exorbitant increase places
an undue burden on the already struggling general public, and serves no
productive purpose at this critical juncture in the downstream sector," the
statement read in part.

 

 

Dan-Zaki said it was the considered view of ADITOP that no association in
the oil and gas industry should be permitted to collect unreasonable levies
per truck of PMS.

 

"By doing so, the association aims to restore a fair and just system that
promotes cooperation and sustainability across the industry.

 

"Due to these unpatriotic and illegal collections, the members of ADITOP
wish to inform the general public and all stakeholders in the downstream
sector of Nigeria's oil and gas industry that the association will soon
commence nationwide operations.

 

"This will include but not be limited to nationwide road service and safety
measures for members in addition to the collection of levies."

 

The Association urged the federal government to intervene promptly and halt
the petroleum tanker drivers from terrorising other stakeholders in the oil
industry.

 

Also, the Independent Petroleum Marketers Association of Nigeria, IPMAN,
confirmed the situation to me, describing the actions of haulage operators
across the country as an 'Act Of Sabotage '.

 

According to IPMAN, tanker drivers are imposing illegal charges on marketers
ranging from between N50,000 to N100,000 per 33,000 litres petrol tanker
capacity.

 

The charges it said, are not only illegal but arbitrary and is adding to
operational cost borne by members.

 

The National President of IPMAN, Elder Chinedu Okoronkwo, while in a chat
with me, warned that if federal government fails to prevail on the Petroleum
Tanker Drivers (PTD), to stop the imposition of illegal levies on her
members, it may lead to hike in pump price of petrol.

 

Read the original article on Leadership

 

 

 

 

Nigeria: Nass Spends N53.7bn On Cars for Lawmakers in 12 Years

The increasing public spending on the acquisition of exotic cars for federal
lawmakers has raised some concern after it emerged that the National
Assembly has spent a whopping sum of N53.7 billion on cars for elected
lawmakers in the last 12 years.

 

LEADERSHIP reports that from 2011 to 2023, a total sum of N53.7 billion
would have been spent on purchase of vehicles for federal lawmakers alone.

 

This came as some of Nigeria's major civil society organisations (CSOs) have
kicked against such spending, arguing that it is not "justifiable and
sustainable."

 

 

It was gathered that the lawmakers, both senators and members of the House
of Representatives, get exotic cars every four years, running into billions
of car in cost.

 

>From the 7th Assembly starting from 2011 to the 10th Assembly starting in
2023, the sum of N53.7 billion would be spent on cars.

 

It was learnt that in the 7th Assembly (2011 -2015), a total of N3.5 billion
was spent on cars for only serving lawmakers. The figure rose to N4.7
billion in the 8th Assembly (2015 -2019).

 

During the 9th Assembly (2019 - 2023), the amount spent for lawmakers'
exotic cars was N5.5 billion, about N800 million increment from the
preceding year.

 

The figure would record a gargantuan jump in the 10th Assembly (June 2023 -
June 2027) with a whopping N40 billion proposed for the purchase of vehicles
for the lawmakers.

 

Even though the N5.5 billion spent for the purchase of cars for the members
of the 9th Assembly was justified by the then Senate Leader, Senator Yahaya
Abdullahi, there were several criticisms.

 

 

Abdullahi insisted that the N5.5 billion voted for the official vehicles for
members was part of the N125 billion National Assembly budget passed for the
year.

 

He said, "The N5.5 billion is from the National Assembly fund and not money
being sought from any other source. Besides, the scheme, as it has always
been with previous assemblies, is a monetised one, requiring each of the
lawmakers to pay back the cost of whatever vehicle is given to them."

 

As the 10th Assembly proposes N40 billion for the purchase of cars, a matter
still in contention, civil society organisations have kicked against it,
insisting that such spending is not sustainable.

 

A civil society organisation, the Socio-Economic Rights and Accountability
Project (SERAP), has urged the National Assembly to drop what it termed a
scandalous plan to spend N40 billion on 465 exotic and bulletproof cars for
members.

 

 

Transparency International (TI), the Civil Society Legislative Advocacy
Centre (CISLAC), and the Transition Monitoring Group (TMG) have also said
that Nigeria cannot continue such justifiable and unsustainable spending.

 

Speaking through their leader, Awwal Musa Rafsanjani, the CSOs said Nigeria
cannot continue that way and called for a national dialogue that will allow
Nigerians decide how their democracy should be run.

 

"We can't continue this way. We can't support that kind of sending on
vehicles. That is not what democracy is all about. Democracy is about proper
utilisation of public funds. Democracy is about ensuring fairness, equity
and justice. These spending on cars is not sustainable and not justifiable.

 

"Every year, you go to the budget, you see the same items like laptops and
cars. We can't continue like that. There is diversion and stealing of public
funds in the name of buying cars. Democracy in Nigeria is about looting.
Some of us did not fight for democracy for people to come and loot."

 

He added that his organisation was not in support of the looting of public
funds and rigging of elections.

 

He went on: "The National Assembly should know that Nigerians are watching
them because, with the underdevelopment, poor infrastructure, we can't
continue to spend this kind of money on cars.

 

"There must be a national dialogue and consensus on the kind of democracy we
should operate. If we don't do that, the politicians will continue to loot
to the detriment of the masses," Rafsanjani said.

 

-Leadership.

 

 

 

Liberia: Businessman Accuses Customs of Favoring Foreigners

A Liberian businessman identified as Rochina Harvey has accused a top
Customs Officer of allegedly discriminating against Liberian-owned
businesses in favor of Indian and Lebanese-owned businesses.

 

The Chief Executive Officer of the Innovational International Group of
Companies Liberia, LTD, told a press conference over the weekend that due to
the alleged discrimination, he has transferred to Ghana, Nigeria and Togo, a
company that should have employed hundreds of Liberians.

 

He alleged that he has lost over 500,000 United States Dollars over the last
two years due to alleged bureaucratic and discriminatory measures in
Liberia.

 

 

According to him, his company has been facing this challenge with the
Customs Department of the Liberia Revenue Authority (LRA) over the last four
to five years.

 

He said he has been importing some drinks juices and other items in the
country.

 

Meanwhile, Mr. Harvey threatened to mobilize Liberians against Mr. Saah
Saamoi, a commander of LRA's Customs Security Forces and the foreign-owned
businesses for discriminating against Liberian businesses.

 

"Few years ago," he went on, " I brought three containers of juice into the
country; when they noticed that the juice I [had] imported [would have
competed] with those that are produced in Liberia, Mr. Saahmoi brought [a]
whole lot of delay tactics, causing the expiration and damage of the juice,"
he alleged further.

 

He maintained that Mr. Saahmoi is harming Liberian-owned businesses in favor
of the ones owned by Lebanese and Indians.

 

Mr. Saah Saahmoi's phone rang endlessly without any response when called to
address the allegations.

 

He did not also reply to text messages sent him up to the publication of
this story.

 

LRA Director of Communication Kaiyeneh Sengbe said Mr. Saahmoi was not in
the position to respond now and promised to get to the media.

 

-New Dawn.

 

 

 

Nigeria: Special Report - Rising Food Prices Mount Pressure On Nigerians
Amidst Poor Purchasing Power

The food items monitored include yam, rice, beans, vegetable oil, palm oil,
tomatoes, pepper, maize, onion, and millet.

 

Nigeria recorded an average of about 28.2 per cent increase in the prices of
major food items consumed in many households in the country in the last
year, a PREMIUM TIMES' market survey has shown.

 

A market check conducted on food prices by this newspaper across nine states
in the country shows that the prices of food items have been on a steady
rise in the last 12 months.

 

The food items monitored include yam, rice, beans, vegetable oil, palm oil,
tomatoes, pepper, maize, onion, and millet.

 

Others are noodles, spaghetti, sugar, wheat flour, meat, garri, wheat, and
guinea corn.

 

Sky-high Inflation

 

Nigeria's inflation has remained at double digits since 2016, with a
significant impact on household spending, even as governments across states
struggle with backlogs of salaries and pensions.

 

 

The nation's annual inflation rate rose to 22.79 per cent in June from 22.41
per cent in the previous month, according to the National Bureau of
Statistics (NBS).

 

The statistics office said the June 2023 inflation rate showed an increase
of 0.38 per cent points when compared to May 2023 headline inflation rate.

 

The NBS said on year-on-year basis, the headline inflation rate was 4.19 per
cent points higher than in June 2022, which was 18.60 per cent.

 

The NBS noted that food inflation rate quickened to 25.25 per cent in June
from 24.82 per cent in May.

 

It said the rise in food inflation on a year-on-year basis was caused by
increases in prices of oil and fat, bread and cereals, fish, potatoes, yam
and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.

 

 

Similarly, in its latest jollof index report, SB Morgen, a geopolitical
intelligence platform, disclosed that the cost of preparing a pot of jollof
rice, a popular delicacy among Nigerians, rose from N9,917 to N10,882 from
September 2022 to March 2023; representing a 9.73 per cent increase.

 

SB Morgen's report said Nigeria is facing a persistent food crisis that is
continually aggravated by insecurity, poor policies, adverse weather
conditions, and international events such as the ongoing Russia-Ukraine war.

 

It said the food crisis stems from various factors, including instability in
food-producing regions, inadequate storage infrastructure, and a lack of
agricultural commercialisation.

 

Policy Effects

 

As the increase in the prices of food and other essential items continues to
bite harder, the removal of petrol subsidy and other policy interventions
from the Nigerian government have worsened the situation.

 

 

President Bola Tinubu had, in his inaugural address on 29 May, announced the
removal of petrol subsidy. Following the announcement, the Nigerian National
Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell
fuel between N480 and N570 per litre, an almost 200 per cent increase from
the initial price below N200.

 

The hike immediately triggered an increase in transportation fares and
prices of goods and services, including foodstuff, by various percentages.

 

Inflation has remained high in Africa's largest economy, prompting the apex
bank to hike interest rates to their highest levels in nearly two decades.

 

In an aggressive push to contain the nation's inflationary pressure, the
Central Bank of Nigeria, in May, raised its benchmark lending rate to 18.5
per cent.

 

On 13th July, Mr Tinubu declared a State of Emergency on food insecurity to
tackle the increase in food prices.

 

He also directed that "all matters pertaining to food & water availability
and affordability, as essential livelihood items, be included within the
purview of the National Security Council."

 

But as the government policies begin to impact socio-economic relaities,
food prices continue to soar high.

 

Market insight

 

Some traders who spoke with PREMIUM TIMES expressed concern over the
steadily high prices of foodstuffs, urging the new administration to act
fast to curb the level of the dilemma of the citizens.

 

PREMIUM TIMES' nationwide survey showed that on the average, the price of
50-kilogramme of sugar that previously sold between N30,000 to N32,000 now
sells between N38,000 and N40,000.

 

A 50-kilogramme bag of foreign rice (long grain) sold between N35,000 and
N37,000 is now sold for N40,000 - N42,000 while a 50kg bag of a short grain
of foreign rice that was sold between N22,000 and N23,000 is now sold for
N34,0000 - N37,000.

 

A 50-kilogramme bag of honey beans (oloyin) rose to N60,000 against the
previous price of N56,000, just as 1.5-kilogram of white beans (popularly
called a mudu) rose from N800 to N1,000.

 

A 50-kilogramme bag of yellow garri sold between N22,000 and N24,000 is now
N27,000 while 50-kilogramme of white garri rose to N20,000 against the
previous price of N18,000.

 

Also, a kilogramme of beef previously sold between N2,600 to N2,800 now
sells between N3,000-N3,200 while a kilogramme of goat meat rose from N3,000
to N3,200.

 

Traders Lament

 

At the Olojudo market, Ido Ekiti in Ekiti State, a foodstuffs seller,
Francisca Okonkwo, lamented the current state of food prices and how the
surge in prices has worsened over the years thereby affecting the purchasing
power of traders and consumers.

 

"When I think of how things, especially food items are going up in this
country, I ask myself a question and the question is 'Is it still possible
for these things to come down again?'

 

 

"Unlike before, our customers now have to reduce their demand due to the
drop in their purchasing power. Things have suddenly gone up and this has
resulted in slight trading activity in the market.

 

"I can tell you that the amount I used to buy 70 bags of rice two years ago,
now, I cannot get that quantity with that amount again and this is affecting
my ability to stock up my shops," she said.

 

Mrs Okonkwo said that a 50kg bag of foreign rice (long grain) sold between
the range of N35,000 - N37,000 last year is now sold for N40,000 or N42,000
per bag.

 

Like rice and beans, 50 kg of wheat flour used in bread making and other
confectionery products sold for N25,000 last year is now sold between
N31,000 and N33,500, she said.

 

Kingsley Chikwado, a trader at the same market, said some items are
increasing while some have remained slightly stable for some time.

 

"A 400g golden penny spaghetti was sold for N6,250 last year and today it is
N6,350. While 500g last year was N6,700 and today is N6,800. These items
rose with N100 different from last year," he said.

 

"A 10kg bag of mama gold semolina now is N6,400 and for a golden penny is
N6,700 but last year both items were sold for the same price at N6,500.

 

Mr Chikwado said he sold 25 litres of vegetable oil for N30,000 last year
but it is now sold for N32,500.

 

A trader at Ifaki Ekiti, Silas Aladimaka, attributed the increase in the
prices of garri to the high cost of production and insecurity across the
country.

 

"Farmers no longer go to the farm again because of insecurity. Last month, I
called my garri supplier to bring garri for me and she said she doesn't have
any. I was so surprised because this is the same woman that has been
supplying me with this garri for the past six years.

 

"When I asked her what happened and she said, herders destroyed her cassava
farm. This is part of the insecurity we are talking about in the country.

 

"A 50kg bag of yellow garri sold at the rate of N22,000 - N24,000 is now
sold at the rate of N27,000. While a 50kg bag of white garri that was sold
for N18,000 is now sold at N20,000," Mr Aladimaka said.

 

Ogun

 

At Alapara Market in Akute, Ogun State, Ibrahim Garba and Muritala Ibrahim
said sales have declined since the removal of the fuel subsidy which
affected foodstuff distribution and logistics.

 

Mr Garba explained that before the policy was effected, a bag of rice sold
for N30,000 but the price has since jumped to N40,000. He said they have had
to also increase the selling prices of measured rice.

 

Muhammed Saliu, a yam seller in Akute, said prices have doubled and the cost
of transportation has increased. According to him, a tuber of yam that sold
for N500 is now N1000.

 

"We buy 100 pieces, but we calculate based on each price and size," he said.

 

"We are selling to eat, we hardly get enough profit. Sometimes N50 on one
yam, some we get N100, N200 gain, while we sell some at the same price we
got it just to move fast."

 

At Agege Garage in Akute, a pepper seller who identified himself simply as
Alhaji Mustapha, said he had to employ strategies to sell in order not to
run at a loss. Mr Mustapha said a bag of pepper which used to cost N30,000
is now N80,000 from Northern Nigeria where they buy from.

 

"If we buy, we must know how to sell to be able to gain our money back. We
buy from the North and the cost of transportation has also doubled, like
from N2,000 now N4,000," he said.

 

Abuja

 

In Abuja, the federal capital territory, residents complained about the high
cost of food items in the open markets, amid increase in transport fares.

 

Doris Nwafor, a mother of three, lamented how difficult it is to stock up
her kitchen with foodstuff, adding that prices of basic food items or
beverages such as spaghetti, milk, milo, bread and eggs have all increased
significantly.

 

"Years back, if I go to the market with N10,000, I get something good with
the money but now with my N10,000, I find it so hard to even buy enough
foodstuff.

 

"My child loves noodles so much, but imagine a carton of a small indomie
that used to be around N1,500 is now N3,000. You can see that it has now
doubled in price."

 

At Lugbe in Abuja, Baba Aisha, a meat seller, said prices of beef have
risen.

 

"Some customers think we deliberately put money on the beef. But it is not
so. The price we used to buy big cows now is not the same as what it used to
be," he said.

 

"As of last year, or even some months back, we sold a kilogram of beef
between N2,600 to N2,800 but now a kilogram of beef sells between N3,000 and
N3,200. A kilogram of goat meat which was sold at the rate of N3,000 last
year now costs N3,200."

 

The continuous increase in the price of food items in the country was also
attributed to a decline in farm labour due to a high level of insecurity,
climate change and seasonal variations.

 

A tomato/pepper trader at the same market, popularly known as Bonanza
Bonanza, said the cost of pepper, onions and tomatoes are often fluctuating
as time and seasonality affect their prices.

 

 

"Before, a small basket of onions was N1,100 and now it is N1,300. While a
small basket of tomatoes is N3,000 from N1,500 -N1,800 sold before," he
said.

 

Kehinde Femi, who sells foodstuffs within Zone 6, Lugbe, said: "It's not
surprising again the way Nigerians suddenly get used to the high cost of
things in the market.

 

"These days, prices of things vary in the market. If you come and buy rice
or beans for a certain amount today, you might not get it at that amount
tomorrow," Mr Femi said.

 

"A bag of white garri now is N21,000 and we have 60 mudu inside the bag (a
mudu is equivalent to about 1kg). Last year, we sold a bag for N15,000."

 

A trader at the Kubwa Village Market, Ebuka Ugo, said 75cl of palm oil that
sold at the rate of N900 last year now sells for N1,000.

 

"A mudu of iron beans (white) was N800 before but now is N1,000." For rice,
Mr Ugo said, a mudu now is N1,200 from N1,000 sold some months back.

 

"A litre of vegetable oil is N1,700 from N1,600 sold last year," he said.

 

Kano

 

At the Dawanau International Grains Market, Kano, PREMIUM TIMES found that
prices of grains increased from what was obtainable before the fuel subsidy
removal.

 

A 100-kilogramme of maize that sold for N28,000 before the subsidy removal
now costs N33,000, just as 100-kilogram of beans that sold for N36,000 now
sold for N42,000.

 

However, the price of a 100-kilogramme bag of groundnut that was sold for
N82,000 fell to N75,000.

 

PREMIUM TIMES' findings also revealed that a bag of sorghum that was sold
for N21,000 was priced at N30,000, while a bag of soya beans that sold for
N30,000, now costs N32,000. However, a 100 kilogramme of rice that was sold
for N76,000 was sold for N70,000 and traders attributed the fall in the
price of rice to the harvest period.

 

A grains dealer in the market, Dan-Asabe Mahmud, told PREMIUM TIMES that the
fuel subsidy removal did not make much impact as expected because grain
dealers in the market are using heavy trucks powered with diesel to convey
their goods.

 

He also attributed the price increase in the market to seasonal concerns,
especially during the rainy season.

 

"Normally in this period, we used to experience a hike in the prices of
grains because farmers are returning to the farm after rainfall and the
market does experience a dearth of goods, which allowed hoarders to sell
their hoarded goods at a price they fixed which is usually higher," he said.

 

The Dawanau market is populated by traders who deal with grains suppliers
from neighbouring states like Kaduna, Katsina, and Jigawa and it last
witnessed an unprecedented hike in the prices of grains when the subsidy on
gas was removed, Mr Dan-Asabe said.

 

"Before the subsidy removal on gas, we were transporting a 100 kg bag of
maize, sorghum, millet, and others at the cost of about N400 per bag but now
is almost N1,000 per bag and we have to consider all other logistic costs
before fixing the price per bag," he added.

 

Anwar Ibrahim, another grain seller at the Tudun Yola area of Gwale Local
Government Area, said the subsidy removal impacted his business following
the hike in transporting goods from the rural area of Tudun Wada Local
Government Area to the town.

 

Mr Ibrahim said the 100 kilogrammes of rice that sold at N66,000 rural in
areas is now N74,000 at his retail outlet in Kano due to the cost of
transportation and other logistics to the town.

 

The cost of transporting 100 kilogrammes of grains from Tudun Wada Local
Government Area to Kano was N900 per bag, but after the subsidy removal, it
shot up to N1,200 per bag, he said.

 

Katsina

 

In Katsina State, PREMIUM TIMES survey showed that prices of grains,
vegetables and other commodities increased following the increase in fuel
price.

 

A grain dealer in the Mai'Adua border market, Sulaiman Tunau, said drivers
now charge N1,200 per bag for transport as against N500 that was the fare
before the fuel subsidy removal.

 

"For example, when you buy grains in bulk from Dandume to Mai'Adua market,
you will pay N1,250 per bag. Think of other things you need to solve, you
will see that we are mostly doing this business to keep ourselves busy," he
said.

 

Mr Tunau frequents most of the popular weekly markets in the state for his
business, including Mai Adua, Dandume, Mashi, Sheme, Danja and Dankama.

 

He said though prices differ based on the location of the market and the
produce, foodstuff prices have all increased.

 

"A 100kg bag of millet sells at N25,000 to N33,000. Local rice was sold at
N44,000 but now sells at N57,000. A 100 kg bag of wheat has also increased
from N31,500 to N38,000," he said.

 

A perishable goods wholesaler on Barhim Estate Road, Abdulkarimu Kabir, said
prices jumped because of logistic concerns. "We have no other option than to
increase it because we buy it from farms. They (farmers) use fuel to power
their generators and we also pay commercial vehicles to bring the produce to
our shops," he said.

 

Anambra

 

At Ochanja Market in Onitsha, Anambra State, Afamefuna Chibueze, who sells
provisions, noted that the price of a carton of 305g size of Indomie noodle,
generally known as Belle-Full, increased to N3,800 from N2,500.

 

The 200g carton of Indomie noodles (Hungry Man) also sells for an average of
N4,000 from N3,000, just as a carton of noodles (70g) rose from N1,800 to
N3,000, he said.

 

 

At Ose Market, Ogadimma Eze, a yam seller, said yam is usually costly during
the mid-year period but there will be price reduction towards November to
December.

 

"100 pieces of yam sold between N30,000 - N40,000 before is now N60,000 and
a tuber of yam now goes as high as N600 - N1,000," she said.

 

Akwa Ibom

 

In Uyo, the price of four litres (paint container) of garri increased to
N1,300 from the N1,000 that was sold last year, and a bottle (75cl) of palm
oil and groundnut oil now sells for between N700 and N1,100 from N600 and
N900, respectively.

 

Also, four litres of beans now sell at N2,700 against last year's price of
N2,300, and the price of rice in the same quantity grows to N2,300 from
N2,000 that was sold last year.

 

Interestingly, the survey showed that the price of one crate of eggs that
was sold at N2,100 - N2,200 last year fell to N2,000, while the price of
four litres of crayfish remains unchanged (N4,000 per container).

 

According to Mfonobong Joseph, a private school teacher, the increase in
food prices is a major problem for her family, considering the small income
she earns monthly.

 

"These days, you cannot predict the amount of money you want to spend in the
market because the price of food items increases every day and it is
affecting me.

 

"I work in a private secondary school and my salary is low. With this
increase every day, we are facing a lot of problems here every month," Mrs
Joseph said.

 

At Eke Imeoha in Onueke, Ebonyi State, the price of a tuber of yam (medium
size) that was sold at N400 rose to N600 while palm oil rose from the rate
of N150 per cup (milk) to N300. A paint (4-litre) of white garri that cost
N800 is now N2,000, while a 22kg bag of local rice that was N12,000 before
rose to N16,000, multiple traders at the market said.

 

Lagos

 

At the Mile 12 International food market in Lagos, Arinzechukwu Odera, a
foodstuff seller, said the prices of food commodities vary depending on the
location.

 

"I know things are going up now, but it still depends on the location you
are in. A 50-kg bag of foreign rice that I sold at the rate of N32,000 to
N33,000 is now N38,000 - N40,000.

 

"For oil, a 4-litre of power oil is now N3,800 from N3,000 it used to be.
While a 25-litre of vegetable oil sold for N30,000 before is now N35,000,"
Mr Odera said.

 

Another resident of Lagos, Ijeoma Onyekachi, said: "We are already used to
this. Do you know that a bunch of plantains that I used to buy for N1,000 is
now N2,500 and a crate of eggs that was sold for N1,700 to N1,800 is now
N2,000?"

 

Farmers Union Speaks

 

The president of the Soybean Commodity Association, Ayodele Uwala, said
insecurity has been a major factor driving the increase in the price of food
commodities in the country.

 

"Because of the effect of insecurity, farmers in the northern part of the
country could not go to their farms again.

 

"You see, with agriculture we can solve most of our problems. We can produce
enough not only in soybean but in other commodities like rice, beans, maize
among others and this will help the economy but the sector now is faced with
insecurity," Mr Uwala said.

 

Also speaking with PREMIUM TIMES, the national president of the All Farmers
Association of Nigeria (AFAN), Ibrahim Kabiru, said there are many reasons
why food prices have remained steadily high for quite a while.

 

"The factors that pose turbulence in food prices have gone and given way to
many other things now. Certain things are happening that are making the
prices remain steady for quite a while," Mr Kabiru said.

 

He added, however, that the flooding that swept through farming communities
in the country last year also caused a shortfall in production and that gave
rise to scarcity and high prices.

 

"Secondly, the exchange rate that was going up before the currency was
redesigned was also responsible for some inflation. Then the currency
redesign itself is also a factor.

 

"As my experience goes, prices in metropolitan Lagos and Abuja are not
comparable to prices in Katsina for instance or Gombe. This is because those
areas are high economic centres and they are not centres for production; so
people bring in food items to sell and these people are generally middlemen
and not farmers and they incur expenditures in transporting them too.

 

"In urban areas, food prices are high because you have to pay for
everything. For example, you have to pay for a place where you showcase your
goods. I have a bakery in my village, the size of a loaf of bread that I
sell for N500 is sold for about N1,000 in Abuja. Can you now see the
difference," he said.

 

He explained that transportation and cost of production are also major
factors affecting the prices of food.

 

"Transport is quite high because of the high price of diesel and the cost of
production also is another factor because fertilizers are higher and other
farm inputs are also costly."

 

He called on the government to address issues of insecurity, which impacts
production in the country, farm inputs and other challenges in order to
address food insecurity and sustainability.

 

-Premium Times.

 

 

 

Sudan: Banking System 'Teeters On Collapse' Amid Ongoing War and Looting

Khartoum — Sudanese economists have issued a stark warning about the
nation's banking system, which they say is facing a "severe decline and may
collapse entirely". The ongoing war between the Sudanese Armed Forces (SAF)
and the paramilitary Rapid Support Forces (RSF) has led to numerous
instances of looting, vandalism, and destruction at Sudan's banks, leaving
the country's financial stability and functionality in peril.

 

The current banking crisis is further exacerbated by the fact that millions
of workers in the public and private sector, have been without their
salaries and wages since the war began in mid-April. Also, Sudan's soaring
prices of goods and services, and manufacturing have become limited and
insufficient. Several institutions and companies have suspended operations
and laid off employees.

 

 

At a recent Cabinet meeting in Port Sudan, the Minister of Finance
acknowledged that the delay in state employees' salaries is due to the
"collapse of the banking network and cash liquidity issues, stemming from
the conditions of war".

 

Economist Dr Issa Adam highlighted the need for alternative banking systems
in different parts of Sudan, to counter the "tight centralisation and
concentration of bank operations in Khartoum", which greatly hinders the
availability and accessibility of funds in other regions.

 

Adding to this, is the "structural and organisational imbalances within some
banks" that have contributed to Sudan's banking system being exposed by way
of ineptitude, according to economic expert Ibrahim Salem.

 

Salem states that certain banks "failed to meet the Bank of Sudan's
requirements even before the war" and were suffering from fundamental
"management and structural problems".

 

Amid failing customer needs and waning confidence caused by looting and
vandalism, economists anticipate that some banks may consider leaving the
business even after the war ends.

 

For many, the banking system's instability commands urgent attention and
possible reinsurance solutions to alleviate the crisis and prevent a total
collapse.

 

-Dabanga.

 

 

 

Cameroon: Desperate Hunt for Fuel Threatens a Once Thriving Forest Reserve
in Cameroon

Yaounde — Zamai Forest Reserve - Hundreds of thousands of people have fled
to north-east Cameroon amid violence by Islamist extremists. As the influx
puts pressure on the region's natural resources, locals say their forest has
suffered. Now displaced people are seeking help to replace trees and find
alternative fuel sources.

 

Adele Zaouda sweats profusely in a desperate effort to dig up the roots of a
tree. The acacia tree itself has already been cut down and used for cooking.

 

With no other trees left standing, Zaouda has resorted to digging up roots.
It has become her one source of fuel.

 

 

"We used to go to the forest to fetch wood. Now there are no more trees in
the forest. We have to dig up the roots," she tells RFI.

 

Strain on resources

 

The forest in question is the Zamai Forest Reserve in Cameroon's Far North
region. The reserve once spanned some seven square kilometres and teemed
with several species of wildlife, including cheetahs, crocodiles, elephants,
giraffes, leopards, lions, monkeys and warthogs, among others

 

Now, they are all gone," says Oumarou Souley, personal secretary for the
Lamido (traditional ruler) of Zamai.

 

"We deplore the fact that the Zamai reserve has disappeared. Refugees came
here in large numbers. They felled every tree, they even dig up the roots.
The reserve, with its rich wildlife, is gone," Souley told RFI.

 

Uprooting trees for fuel is part of a major problem in the Far North region.
Home to about three million people, the fragile landscape has been degraded
by unsustainable farming practices and rising temperatures linked to climate
change.

 

 

The situation got worse when Nigerian refugees, terrorised by Boko Haram
attacks, began arriving in Cameroon in 2013. At the same time, the Islamist
militant group started launching attacks in Cameroon, triggering internal
displacement.

 

Zaouda was one of the over 600 people who fled to Zamai in 2017.

 

"I came here with my husband, co-wives and our children. We thought we would
be here for just a few months, but without security, we can't go back home,"
she told RFI.

 

It's a similar story across the region, where more than 73,000 Nigerian
refugees now call the nearby Minawao Refugee Camp their home, and where more
than 300,000 people are internally displaced, according to the United
Nations.

 

 

The additional population has put a strain on the region's natural
resources.

 

"Cutting down trees is against the law, but we can't do otherwise, because
we don't have any other source of energy," Luka Isaac, the elected
spokesperson for Nigerian refugees at the camp, told RFI.

 

Seeking solutions

 

With the help of non-governmental organisations, some are looking for
solutions. Isaac says some 600 women have been trained to make ecological
briquettes, blocks of burnable waste matter that can be used to start and
fuel fires.

 

"We use domestic waste to make the ecological briquettes," he told RFI.

 

Zaouda, who has undergone the training, explains the process. "We gather
domestic waste and millet husks. We burn them, we pound them into powder and
we mix with water and slippery mud. We then dry the mixture and then we use
that for cooking," she said.

 

But Luka says that the sheer number of refugees at the camp means that the
ecological briquettes alone are far from meeting people's needs.

 

Refugees 'green' their camp

 

When the first refugees arrived at the Minawao camp, located some 70 km from
the Nigerian border, it didn't take long for them to realise that fuel would
be a problem. They swung into action, initiating a project to "green the
camp", according to Isaac.

 

"We have planted trees, but they have not reached the stage where we can
start cutting them. We have planted more than 50,000 trees for the future,"
he told RFI.

 

But the trees are already providing the refugees with environmental and
health benefits. Isaac says: "Even the air we breathe is very clean, and
then we have shelter. In fact we are happy with our environment because if
you go to the neighbouring villages, they don't have trees like the
refugees."

 

Broader problem

 

The refugees' efforts fit into the broader context of the Great Green Wall
of Africa, an African Union-led initiative launched in 2007 to revive the
Sahel region, a sizable area of semi-arid land connecting the desert of
northern Africa to the fertile regions of the south.

 

>From Senegal's Atlantic coast to Djibouti's eastern coast, an 8,000 km-long
line of trees and plants will be grown as part of the project.

 

The goal is to halt desertification in the Sahel.

 

Every year, 12 million hectares of land become less productive due to
desertification, which is mostly caused by climatic changes and human
activity. This has an impact on 1.5 billion people worldwide and results in
an annual loss of an estimated $42 billion in agricultural income.

 

These realities could worsen across the Sahel, with the region's population
projected to jump from 83.7 million in 2019 to 196 million by 2050. The Wall
is meant to create a huge swathe of green across the middle of the African
continent, managed by 12 African nations.

 

Elvis Tangem, the AU official in charge of the Great Green Wall programme,
claims that by making the entire Sahel greener, hostilities that forced
Isaac and thousands of others in Zamai to leave their homes might be
reduced.

 

Souley says the apparent success of the experiment at the Minawao Refugee
Camp should be replicated in Zamai. And that begins with involving locals in
the reforestation effort.

 

"We need the reserve to be reforested, but that isn't happening. There are
NGOs that come here for reforestation, but the communities are never
associated and whatever trees are planted, eventually die," he told RFI.

 

-RFI website.

 

 

 

 

South Africa: Eskom Works On Tripping Units to Avoid Higher Stages of Load
Shedding

Electricity Minister, Dr Kgosientsho Ramokgopa, says there is a need for
Eskom to continuously ensure it improves the reliability of generation units
as government works around the clock to end load shedding.

 

"I think it's particularly unhelpful when Eskom has to go out from time to
time with the announcement of the intensity of load shedding.

 

"I think there was one day where we shifted the intensity of load shedding
about three times in a space of about six hours. I think that undermines the
credibility of our efforts, but also the ability of industries and
households to be able to plan because they would have expected lower stages
of load shedding," he acknowledged on Sunday.

 

 

Ramokgopa made these remarks during a media briefing where he outlined
progress made regarding the implementation of the Energy Action Plan (EAP).

 

The Minister told the media that as extra megawatts are added to the grid,
some of these problematic units will be taken out for service to ensure they
are more reliable.

 

"This will give us an opportunity that when we make a promise of a Stage 'X'
you won't find that much later we have to make amendments to that
announcement, which undermine the statements Eskom releases from time to
time."

 

Tripping units

 

Meanwhile, he said the additional area of focus remains the work on the
Unplanned Capability Loss Factor (UCLF) on units that keep tripping.

 

UCLF is defined as the ratio between the unavailable energy of the units
that are out on unplanned outages over a period compared to the total net
installed capacity of all units over the same period.

 

"It's an area that requires our attention," he said.

 

He noted that Eskom had planned to keep the UCLF at less than 15 000
megawatts (MW).

 

"But you can see that as part of our optimistic scenario when we did the
winter outlook that we're not keeping to that.

 

"We do admit that it's an area that requires attention because of course, it
takes on the available capacity and therefore the correction that you
introduced as a result of the elevated UCLF, which increases the intensity
of load shedding."

 

In addition, he said the team was working around the clock to ensure that
units do not trip.

 

"I did make the point that when the unit trips, it means that they are out
there not providing us megawatts, which intensifies load shedding."

 

 

Ramokgopa said additional interventions are needed to ensure the state-owned
entity can turn that around.

 

"The levels of load shedding are not going down to where we want it to be.
Even with this elevated the peak demand in my view when I was sharing with
the team is that we should not be in way upwards of Stage 3 but it's
something that requires our collective attention.

 

"I do promise that we're going to address this with the urgency that the
state is required."

 

Winter demand

 

While there have been challenges, Ramokgopa said they have been seeing some
improvement since May this year on the generation side, since adding 1 600MW
into the grid.

 

"And of course, on the human side, the expectation has always been that when
you enter the latter part of June and into July, we're going to see the
demand that is spiking. And of course, that is our own projections, you can
see that the demand in July has been greater than any other period during
this winter."

 

He added that Gauteng accounts for more demands for electricity like any
other province and that weather conditions also play a role.

 

"If you look at national peak demand, Gauteng on average accounts for just
shy of 30%, so Gauteng does matter."

 

He announced that Eskom was working closely with the Gauteng provincial
government and municipalities to be able to coordinate and orchestrate
interventions to meet demand.

 

In addition, he said the entity also needs to ramp up planned maintenance.

 

Koeberg

 

The Minister told journalists that the delay in refurbishing Koeberg Nuclear
Power Plant is receiving attention.

 

The plant is expected to be decommissioned in July 2024, however, its
licence has been extended to help relieve rolling power outages.

 

"And I'm just saying something that is beyond worrying and exceptionally
upsetting. That brings other questions, if you can't manage why should you
have the confidence that you can do other more complex things?"

 

Meanwhile, he said Eskom is working on an expansion of the grid, addressing
issues of regulatory approvals, regional interconnectors and financing all
efforts that will help end load shedding.

 

-SAnews.gov.za.

 

 

 

Sudan: Second Phase of Gold Exports Produced in Red Sea State Amounted to
226 Kgms, Launched

Port Sudan — The Red Sea State witnessed the inauguration of the second
phase of gold exports produced in the State of Red Sea, which amounted to
(226) kilograms, by the Alliance Mining Company, in the presence of the
Acting Governor of the Red Sea State, Fathallah Al-Haj. The Undersecretary
of the Ministry of Minerals, the Governor of the Central Bank of Sudan
(CBoS), and the General Manager of the Sudanese Mineral Resources Company.

 

The governor addressed the occasion at the Central Bank of Sudan buildings
in Port Sudan, explaining that the export of this shipment in the
exceptional circumstances that Sudan is going through is consider as a
support to the national economy and an important indicator for the state to
reach advanced stages in the field of gold production in terms of insurance,
protection and production, up to the stage of export. For his part, Dr.
Muhammad Saeed Zain Al-Abidin, the Undersecretary of the Ministry of
Minerals pointed out to the State's keenness and interest in the mining
sector, stressing the Ministry's readiness to provide the necessary
assistance and facilitate investment in this important field, promising the
opening of a gold refinery in Port Sudan in the coming days. Representatives
of the authorities related to the mining sector explained, during the
occasion, that the export of this shipment of gold under the current
circumstances in Sudan is an affirmation of the state's keenness to provide
a safe environment and a suitable climate for investment, noting that the
first stage of exporting gold produced from the Red Sea state amounted to
(68) kilograms from the Aryab Mining Company mine.-SNA.

 

 

 

Tanzania: Why Farmers Are Urged to Cultivate Vanilla

MANY people think it is a joke that one kilogramme of vanilla sells at 1m/-,
an act that shows that farmers of those crops can become richest people in
the country in the future.

 

Vanilla is a very profitable commercial plant, and it is cultivated in
tropical areas where there are many types of the crop, while the main one
among three types is Vanilla fragrant while others are Vanilla tahitenasis
and Vanilla pom pom.

 

This comes after the government of the sixth phase increased the budget to
the Ministry of Agriculture including reducing the price of fertilisers, its
inputs as well as encouraging the private sector to invest and make
agriculture start providing decent jobs for young people and women by
significantly increasing the budget.

 

 

The Ministry of Agriculture starting from the financial year 2022/2023 built
a solid foundation for the implementation of agricultural plans with a view
to Tanzania by the year 2050.

 

Presenting the Budget of the Ministry of Agriculture for the year 2023/24,
the Minister for Agriculture Mr Hussein Bashe said that the Ministry will
continue to design and implement various strategies to ensure the
agricultural sector reaches a growth of 10 per cent by the year 2030 and
build a solid foundation to protect our economy towards the year 2050.

 

Vanilla fragrant is technically called vanilla planifolia which is the one
that is widely grown commercially while until now the leading countries in
the production of vanilla are Madagascar, Indonesia, China and Mexico.

 

 

Until now, only few places have started cultivating this crop in this
country with the help of the Vanilla International Company, at Zanzibar,
Arusha, Dodoma and Mwanza while the fruits from the plant are harvested
seven months from planting to one year while the farmer continues to benefit
from harvesting the same plant for 60 years.

 

Director of Vanilla International Ltd Mr Simon Mnkondya has asked Tanzanians
to increase their efforts to cultivate the crop due to its high price while
it can develop and ripen early.

 

This was stated by the Director when he was talking to farmers in various
parts of the Lake Zone and in the Dodoma region recently during the period
in which he was promoting agriculture.

 

Vanilla International Limited has launched a large Vanilla Farm by using
modern methods in the Lake Zone at Nyamikoma village in Mwamashimba Ward,
Kwimba District of Mwanza region recently.

 

Speaking during the launch in the area, the Founding Director of Vanilla
International Limited Mr Mnkondya said that in the Vanilla farm with a size
of three hectares they expect to get 6000 kilograms of Vanilla every year
worth more than 2.5 million Dollars for the international market equal to
approximately 6 bn/-.

 

 

"Vanilla crops in this farm have flourished with prosperity and quality due
to the availability of air humidity of 85 per cent, which is an enabling
climate, an enabling environment for the cultivation of Vanilla that we have
created by using the irrigation method", explained Mr Mnkondya who is also
the founder of large vanilla plantations (Vanilla Village) located in
Zanzibar, Arusha, Dodoma and Mwanza.

 

He said that the project, which is the largest farm in the Lake Zone, has
been nursery farms, tent farms and has grown vanilla that is taller than all
the vanillas in the world and broke the record of being 10 metres in length.

 

Mr Mkondya said that the vanilla cultivated in the farm is the one which
have produced more produce than all the vanillas in the Lake Zone because it
was ripe within seven months.

 

Cultivation of this crop is environmentally friendly as it can change a part
of the land that was not friendly to agriculture into a highly fertile area
due to the way the crop is taken care during its cultivation.

 

Elaborating further, he said that the Vanilla farm was cultivated in an area
that was semi-desert, whereby through the use of modern water systems of
drip irrigation and gun irrigation, the semi-desert area has been turned
into a green area.

 

"This is due to the fact that we have covered the field using things that
cut the sun's rays by 55 per cent entering the ground and thus creating a
shade for that percentage and make the plant not to be affected by the Sun.

 

He said that although the area was with strong wind due to the cutting of
trees previously they blocked the wind by the use of shade nets which helped
to reduce the dust because there was a lot of dust from the gold mines near
to the area which affected plants for blocking the vents that are used for
airing oxygen.

 

Many citizens from different areas have arrived and pointed out that due to
the size of the price of Vanilla which is the second most expensive crop in
the world reaching 430 dollars per kilogramme equal to 1m/- they were
motivated to start cultivating the crop after visiting Vanilla farm.

 

"Our company has been able to find farmers who are investing in the vanilla
crop and now they are 1350 across the country, while before the campaign,
the investors in the vanilla crop were less than 50, while in Mwanza Region
there was no farmer, at the moment there are more than 12 who have all
learned on our farm in Kwimba District and went to establish farms in their
areas", said Mr Mnkondya.

 

He added that the Vanilla crop is a crop with a higher price than silver and
it competes with gold, thus made the gold miners in the Lake Zone start
focusing on the Vanilla crop, as is the case with Dr Daniel Mrema of
Nyamikoma Mwamashimba Ward in Kwimba District, Mwanza Region who has started
farming.

 

 

The company teaches the citizens of the Lake Zone about Vanilla cultivation
for free of charge and the training is done also free through phone numbers
0769300200 and 0624300200.

 

The use of vanilla includes making medicines, cosmetics and is used to add
flavour to foods like ice cream.

 

The crop has found a local market here in the country where in the islands
of Zanzibar fresh vanilla is sold for an average of 100,000/- to 150,000/-
per kilo while the dried one is sold for 800,000/- to 1,000,000/- per kilo.

 

Mr Mnkondya emphasised three important things to consider when cultivating a
vanilla crop mentioning shade, mulching and trees to hold vanilla.

 

The easiest way is to plant in October during the fall so that it will bloom
by the third month of the following year during the spring.

 

He said that when planting seedlings, they should be 1 to 1.5 meters long,
while the seedlings should be covered with mulch so that they do not rot and
lose the ability to germinate.

 

Mr Mnkondya continued to say that the seedlings when planting should be
between one or one and a half meters, while the required soil condition is a
sufficiently fertile land with rotting material and soil that easily
aerates.

 

He said that the farm should not have a steep slope, a good farm is one that
will be covered with shade in the morning to prevent the loss of moisture in
the ground, to avoid burning the leaves and vanilla themselves in the sun.

 

Mr Mkondya said Vanilla is completely different from other spice plants
where the farmer should choose the seeds from the tree that bore well last
season while one vanilla plant can produce up to three and a half kilos
(3.5kg) in one season.

 

He said that after harvesting, you must dip them in hot water to kill them
so that they don't rot, then store them in boxes for three days so that they
release steam and dry in the morning sun for an average of three hours and
bring them back inside to store in special boxes.

 

Mr Mkondya said you will steam the vanilla and put it back inside for about
a month or more until they dry well and put them in boxes that are wrapped
in plastic to protect the quality and preserve the aroma.

 

Therefore, Tanzanian farmers, in an effort to increase income through
agriculture, let us use these new opportunities that are emerging to
cultivate many types of crops so that we can achieve great success through
the agricultural sector which employs many people.

 

-Daily News.

 

 

 

 

Uganda Invites South Africans to Explore Investment Opportunities

Kampala, Uganda — In a bid to increase trade with South Africa and invites
businessmen with interest in East Africa to consider exploring Uganda's
various business and investment opportunities, Uganda through the Uganda
High Commission in Pretoria is inviting businesses to explore investment in
sectors such as agribusiness, infrastructure, real estate, recoverable oil
and gas, copper, gold, cobalt, limestone, and various other minerals among
others.

 

Other key sectors of the Ugandan economy include the processing of
agricultural products, the manufacturing of light consumer goods and
textiles, and the production of beverages.

 

 

"The Uganda High Commission in Pretoria is delighted to extend an invitation
to South African businesses and entrepreneurs to participate in a trade
mission to Kampala, Uganda. This trade mission, organized in collaboration
with Wesgro and the Agribusiness Development Corporation, presents an
excellent opportunity to explore trade and partnership potentials in
Uganda", said High Commissioner of Uganda to South Africa Paul Amoru.

 

As part of Wesgro's international trade and outward investment mission
program for 2023/24, Uganda seeks to foster bilateral relations and uncover
new avenues for trade and investment between South Africa and Kampala.

 

With a strong focus on the agricultural sector, Amb. Amoru said the mission
will provide networking sessions and business-to-business meetings tailored
to the specific areas of interest of the participating delegates

 

-Independent (Kampala).

 

 

 

Rwanda: MPs Propose 'Adequate' Vat Reward to Consumers as Law is Passed

The Value — added tax reward provided for by a new law should be meaningful
enough to serve its intended result: to encourage consumers to request
electronic receipts for their purchases and boost savings among Rwandan
residents, some lawmakers have said.

 

The law establishing Value Added Tax was passed by the Lower House on July
20. But, it will come into force after its publication in the official
gazette.

 

The law introduced a new article that provides for a VAT reward to a final
consumer who requests an invoice generated by electronic invoicing system -
such as electronic billing machines (EBMs) - for their purchase(s), then,
upon getting it, presents it to the tax administration.

 

 

According to the government, this move is intended to address the current
situation where there is no clear policy for encouraging the final consumer
to request an electronic invoice in order to increase compliance with the
obligation to issue electronic invoices.

 

However, the law did not specify the value (amount) of such an award, but
rather, provided that it will be determined by an Order of the Minister in
charge of taxes. It added that the Order will also determine the conditions
for granting such a reward.

 

MP Theogene Munyangeyo said he commends the government's acceptance to grant
a VAT incentive to consumers, pointing out that this has been a debate for
about six years.

 

He wanted to know whether the ministerial order, which will determine the
value of the reward to consumers, was discussed by the lawmakers who
analysed the bill - under the Committee on National Budget and Patrimony.

 

This practice, he said, would be in line with the parliament's decision to
tell public entities that as they table bills before parliament, they also
have to bring ministerial orders that would contribute to their
implementation, so that MPs know whether what they are providing for matches
the intended outcome.

 

He suggested that as the Government of Rwanda maintains 18 per cent VAT, it
could retain 16 per cent as the same VAT rate charged in Kenya, then use two
per cent as an incentive to consumers for the goods and services they have
purchased and for which they have electronic receipts.

 

"I wanted to know if the amount that would be given to a consumer was
decided, so that we understand whether it can help encourage savings among
Rwandans, including savings culture on purchases," he said.

 

MP Frank Habineza said there have been wishes from some Rwandans and civil
society requesting that the VAT be reduced from the current 18 per cent to
at least 14 per cent.

 

"We realised that 18 per cent VAT rate was high ... it would be better if we
bring it to 14 per cent," he said, pointing out that Kenya charges 16 per
cent.

 

On the question about the amount of reward to consumers, the Chairperson of
the Parliamentary Committee on National Budget and Patrimony, MP Omar
Munyaneza, said the government told lawmakers that the process to determine
it was not yet finalised.

 

Meanwhile, he pointed out that parliament has a responsibility to carry out
oversight to ensure that the Ministerial Order provided for by the law is
set within the due course to support legal enforcement.

 

Responding to the query concerning the need to lower VAT, Munyaneza said
that the government explained it found that the top priority was to exempt
processed maize flour and rice from VAT under the law, as a means of
lowering the cost of these staple food items that are needed by many Rwandan
residents.

 

In the financial year 2021/2022, VAT was the top tax contributor for Rwanda
as it generated over Rwf593 billion, which represents 32 per cent of more
than Rwf1,852 billion total tax revenues that Rwanda Revenue Authority (RRA)
collected in that financial year, according to data from its 2021/2022
annual report.

 

-New Times.

 

 

 

 

Rwanda: Airtel Rwanda Launches Its Own 4G LTE Network

Airtel Rwanda on Saturday, July 22, announced the roll-out of its
much-anticipated 4G LTE internet services for individuals, homes, and
businesses.

 

This comes after Airtel acquired its own 4G license, enabling it to deliver
an enhanced digital experience to its customers on the new Airtel 4G
Network.

 

According to Emmanuel Hamez, Airtel Rwanda's Managing Director, the
telecom's 4G network went live on Friday, July 21.

 

"I am excited to announce that World Class 4G tariff plans will come at the
same price as customers are currently paying for 3G!" he said.

 

 

"This will enable customers to quickly transition to 4G with the simplicity
of the similar plans that they are familiar with. As such, all our popular
'Ubuntu' packs which include free minutes and SMS, along with data, will now
include 4G services. It is simple for the customer to set their handset on
LTE mode," he added.

 

Airtel Rwanda elevated its product offerings by providing 4G speeds at 3G
prices. In addition to increasing access to high-quality broadband, Airtel
anticipates an increase in the adoption rate of 4G devices as all customers
will benefit from faster internet speeds without the barrier of high costs.

 

The telecom's customers can look forward to popular benefits, such as
streaming live, high-definition (HD) content, (including shows like The
Voice Africa on Airtel TV), playing real-time video games, and reduced
buffering when on video calls and virtual video meetings.

 

According to a statement from Airtel, their mission is to provide an
ultra-fast, ultra-reliable network, offering seamless connectivity for homes
and businesses. This further aids the Airtel mission to drive greater
digital inclusivity across more regions of Rwanda.

 

 

"The launch of our very own 4G LTE network is a demonstration of our
commitment to the provision of access to affordable quality connectivity
services to all Rwandans.

 

"I would also like to take this opportunity to thank our key stakeholders
for creating the enabling environment that made it possible for Airtel
Rwanda to offer 4G LTE services to our customers. The company remains
committed to leading innovation in the Rwandan market by providing choice to
Rwandans because of significant investment in network coverage, consistent
network quality, and quality of service in addition to delivery on
market-leading value for money."

 

The announcement falls in line with the publication of the national
broadband policy in October 2022 by the Ministry of ICT and Innovation.

 

The policy has objectives including improving the quality of service,
ensuring last-mile coverage, driving affordability, and promoting
innovations.

 

Airtel is committed to developing more innovative products to align with the
government's goals and satisfy consumer demands.

 

Hamez said: "I sincerely thank the authorities for their tremendous support,
particularly RURA and the Ministry of ICT and Innovation led by Honorable
Minister Ingabire, who have been instrumental in making this possible.

 

"In return, Airtel has committed to the expansion of its network to bridge
the digital divide while playing an important role in the development of
Rwanda."

 

-New Times.

 

 

 

Elon Musk: Twitter unveils X logo to replace Larry the bird

A picture of Twitter's new logo, a white X on a black background, has been
unveiled by Twitter's chief executive, after its owner Elon Musk said he
wanted to get rid of the bird logo.

 

In a tweet on Monday morning, Linda Yaccarino said "X is here! Let's do
this."

 

Mr Musk also changed his profile picture to the new logo and added "X.com"
to his Twitter bio.

 

According to reports, he wants to create a "super app" called "X".

 

On Sunday, the billionaire said he was looking to change Twitter's logo,
tweeting: "And soon we shall bid adieu to the Twitter brand and, gradually,
all the birds."

 

He then said that an interim logo would go live later the same day.

 

This article contains content provided by Twitter. We ask for your
permission before anything is loaded, as they may be using cookies and other
technologies. You may want to read Twitter’s cookie policy, external and
privacy policy, external before accepting. To view this content choose
‘accept and continue’.

 

Accept and continue

The BBC is not responsible for the content of external sites.

End of twitter post by Linda Yaccarino

Mr Musk, who has changed the name of the business to X Corp, said the
replacement "should have been done a long time ago".

 

Mr Musk posted an image of a flickering "X" on Twitter, and later in a
Twitter Spaces audio chat, replied "Yes" when asked if the Twitter logo will
change.

 

Ms Yaccarino wrote on the platform that the rebrand was an exciting new
opportunity.

 

"Twitter made one massive impression and changed the way we communicate,"
she said.

 

"Now, X will go further, transforming the global town square."

 

The bird is called Larry which Twitter's co-founder Biz Stone said, in 2011,
is a tribute to basketball star and Boston Celtics legend Larry Bird.

 

For some people in Asia, super-apps including India's PayTM and Indonesia's
GoJek have been a vital part of everyday lives for the past few years.

 

The apps let users pay for services through a finance system.

 

WeChat is a messaging and social media platform that has evolved into one of
the region's biggest apps in terms of its range of services and number of
users.

 

Last year, it was estimated to have 1.29 billion users in China alone.

 

Twitter's website says its logo, depicting a blue bird, is "our most
recognisable asset". "That's why we're so protective of it," it added.

 

The firm temporarily replaced the logo in April with Dogecoin's Shiba Inu
dog, helping drive a surge in the meme coin's market value.

 

Mr Musk was later accused of insider trading by a group of Dogecoin
investors, who claimed he had profited from driving up Dogecoin's value.

 

The company was criticised by users and marketers when Mr Musk announced
earlier this month that there would be a limit on how many tweets per day
various account holders can read.

 

The daily limits helped in the growth of Meta-owned rival service Threads,
which had more than 100 million sign-ups in five days of launching.

 

Twitter's most recent complication was a lawsuit filed on Tuesday that
claimed the firm owes at least $500m (£388.7m) in severance pay to former
employees.

 

Since Mr Musk bought it, the company has laid off more than half its
workforce.

 

-bbc

 

 

 

 

Unilever will let Russia employees be conscripted

Unilever has said it will let Russian employees be conscripted to be sent to
Ukraine if they are called up.

 

The consumer goods giant, which has about 3,000 employees in Russia, has
policies that cover the well-being and safety of its workers.

 

However, in a letter to campaign group B4Ukraine, it said it would comply
with Russian conscription law.

 

Unilever has been under pressure to pull out of Russia, but says the
situation is "not straightforward".

 

In a letter to B4Ukraine, which campaigns for companies to cease operating
in Russia to hurt its economy, Unilever said it "absolutely condemns the war
in Ukraine as a brutal, senseless act by the Russian state".

 

It also said it had responsibility for its 3,000 workers, adding that it had
"global principles including the safety and well-being of our employees".

 

Nevertheless, the British firm, which makes products including Marmite and
Cornetto ice creams, said it was "aware of the law requiring any company
operating in Russia to permit the conscription of employees should they be
called".

 

"We always comply with all the laws of the countries we operate in," wrote
Reginaldo Ecclissato, Unilever's chief business operations and supply chain
officer.

 

A spokesperson for the firm declined to say whether any Russian employees
had been called up.

 

Any who are will not continue to be paid by the firm, the spokesperson
added.

 

In its letter, it said it had paid 3.8bn roubles (£33m; $36m) in tax to the
Russian state in 2022, which was a similar amount to the previous year.

 

The majority of its business in Russia is personal care and hygiene
products, but it continues to supply ice cream.

 

Russia seizes control of Danone and Carlsberg units

At least 25,000 Russians have been killed in the war, according to research
by the BBC's Russian service and Russian website Mediazona, but other
sources put the figure much higher.

 

In February, UK intelligence services estimated that between 40,000 and
60,000 Russian troops had died.

 

Russian soldiers have also been accused by the UN of war crimes, including
rapes, "widespread" torture and killings.

 

Unilever and other Western firms have been under pressure to pull out of
Russia since its invasion of Ukraine.

 

However, Unilever has said this is "not straightforward". If it abandoned
operations, they would be "appropriated and then operated" by the Russian
state.

 

It has not managed to find a way to sell the business that "avoids the
Russian state potentially gaining further benefit, and which safeguards our
people".

 

It said there were no "desirable" ways forward, but continuing to run the
business with "strict constraints" was the best option at present.

 

However, the Ukraine Solidarity Project, which is part of B4Ukraine, said
Unilever's response was "jaw-dropping".

 

"One day you're manufacturing ice cream, the next you're gearing up for the
front line. You can't say Unilever isn't offering its employees varied work
experience," said campaigner Valeriia Voshchevska.

 

"If this is protecting your workers, I'd hate to see what putting them in
harm's way looks like."-bbc

 

 

 

Treasury to meet bank bosses over Farage row

The Treasury has called a meeting with bank bosses over account closures,
following the row between Nigel Farage and NatWest.

 

Minister Andrew Griffith said there was "significant concern" over claims
accounts are shut due to people's political views.

 

Natwest boss Dame Alison Rose has apologised to Mr Farage, who has called
for her to be questioned by MPs.

 

He says his account at Coutts, owned by NatWest, was shut because of his
views.

 

The government was already looking into concerns that some people had their
accounts closed or suspended due to their publicly-stated views, but the row
involving the former Ukip leader has focused public attention on the
allegations.

 

In a letter to banks seen by the BBC, City Minister Andrew Griffith said the
recent allegations of "client de-banking" had "raised significant concern in
both Houses of Parliament".

 

He said the government will "take the action necessary" to protect lawful
freedom of expression.

 

The BBC understands Mr Griffiths' letter will be sent to 19 banks and
financial services firms on Monday.

 

He said he would call for a discussion with bank bosses "at the earliest
opportunity".

 

The latest government response comes after the Treasury announced plans to
subject UK banks to stricter rules over closing customer accounts.

 

Banks will have to explain why they are closing accounts, and they will have
to give a notice period of 90 days before closing an account, to allow
people more time to appeal against the decision.

 

The new rules are likely to be brought in after the summer, the BBC
understands.

 

When Coutts decided to close Mr Farage's account, he said it did not give
him a reason.

 

Mr Farage subsequently obtained a document looking at his suitability as a
Coutts customer.

 

It said that to have Mr Farage as a customer was not consistent with
Coutts's "position as an inclusive organisation" given his "publicly stated
views".

 

The document flagged concerns that he was "xenophobic and racist", and also
raised concerns about the reputational risk of having Mr Farage as a client.

 

The boss of NatWest Group, Dame Alison Rose, then apologised to Mr Farage
for what she called the "deeply inappropriate" comments.

 

She also said that she was commissioning a full review of Coutts' processes
on bank account closures.-bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


CBZ

AGM

Virtual

July 21 2023 | 4pm

 


POSB

AGM

Chapman Golf Club

July 25 2023 |10am

 


Afdis

AGM

Virtual | St Marnocks, Lomagundi Road, Stapleford

July 26 2023 | 12pm

 


RTG

AGM

Rainbow Towers Hotel

July 27 2023 |12pm

 


ZHL

AGM

206 Samora Machel Avenue

July 28 2023 | 10am

 


Delta

AGM

Virtual | Head Office, Northridge Close, Borrowdale

July 28 2023 | 12:30pm

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 59971 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 150610 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 32464 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65555 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230724/47e62edd/attachment-0001.obj>