Major International Business Headlines Brief::: 06 June 2023
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Major International Business Headlines Brief::: 06 June 2023
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ü Africa: Innovations in Agriculture Can Drive Climate- Change Mitigations
ü South Africa: Power Utility Executive Implicated in Power Station Sabotage - South African News Briefs - June 5, 2023
ü Nigeria: Food Prices, Transport Fares Increase Across Nigeria As Fuel Subsidy Removal Bites Harder
ü Kenya: Finance Bill 2023 is People-Centric, President Ruto Says
ü Africa: Breaking the Plastic Cycle in Agriculture
ü Cairo Named New Venue For 3rd Intra-African Trade Fair - IATF2023 Now Set For 9-15 November 2023
ü Kenya: If You Oppose the Finance Bill Don't Ask for Development - DP Gachagua to MPs
ü Liberia: House to Probe Arcelormittal Liberia
ü Liberia: Government Must Speak On the Diamond Saga
ü Nigeria: Tinubu Has Immediate Solution for Effect of Subsidy Removal - Oshiomhole
ü Nigeria: NNPC to Discontinue Crude Swap, Targets Cash Payments for Petrol Imports
ü Nigeria: CBN and the Urgency of Reform
ü Nigeria Owes $812.2m of $2.27bn Airlines' Blocked Funds - IATA
ü Nigeria: Probe Missing $2.1bn, N3.1trn Subsidy Payments, SERAP Tells Tinubu
<https://www.cloverleaf.co.zw/>
Africa: Innovations in Agriculture Can Drive Climate- Change Mitigations
Nairobi — The agricultural sector is a significant contributor to global greenhouse gas emissions, responsible for an estimated 19-29 percent, according to the World Bank. This figure climbs to 40 percent emissions produced throughout the entire agricultural value chain - encompassing transportation, storage, and processing – are considered.
With the global population expected to double by 2050 - and the resulting increased demand for food - emissions from agriculture are expected to increase. To counter that trend, what action can be taken to stem the harm to the environment?
Agricultural technologies can reduce environmental damage from food production.
The solution lies in embracing agricultural technology – known as Agtech - to revolutionise agricultural practices, boost yields, increase farmer incomes, and promote sustainability. Technologies such as climate-smart agriculture, precision farming and digital tools for value chain optimization, as well as carbon sequestration – which are methods of capturing and storing carbon in soil - all aim at raising the production per square inch of agricultural land, while recovering more from loss and damage.
Agtech offers numerous tools and techniques for sustainable crop and livestock management, including the use of climate-resilient seeds and improved breeding techniques that result in higher yields with reduced land, water, and chemical inputs. By increasing the productivity of land, agtech helps preserve natural ecosystems, reduces deforestation, and prevents the conversion of additional land for agriculture, thus mitigating greenhouse gas emissions.
Soil health technologies are also important for transforming the output of agricultural land for increased food production and soil sequestration. Soil mapping and monitoring enable farmers to apply the appropriate nutrients in the right quantities, leading to enhanced crop productivity and increasing the capacity to sequester carbon from the atmosphere. Additionally, through regenerative agricultural practices like cover cropping, reduced tillage, and agroforestry, agtech actively contributes to carbon sequestration.
Other global climate goals also are linked to climate-smart agriculture. Digital technologies for weather forecasting and data-driven analytics can provide farmers with real-time information on rain patterns, crop diseases, and market conditions. As a result, farmers are equipped to make climate- smart decisions, such as adjusting planting schedules, selecting suitable crop varieties, and adopting climate-resilient farming techniques. The AgriBot co-developed by AGRA and Microsoft is one such approach, designed to optimise resource utilisation and minimise climate-related risks, ultimately helping farmers adapt to changing climatic conditions.
The AgriBot provides valuable agricultural information to farmers through SMS and social media platforms like WhatsApp and Telegram. Deployed in two Kenyan counties since 2020, the Bot today serves 47,470 farmers with vital information on good agronomic practices, pest management, weather prediction, and insurance as well as linkages to county approved agrodealers and certified seed varieties. The same is being scaled to three other counties in Kenya and three countries of Nigeria, Malawi and Uganda through the partnership of AGRA and IFC.
African farmers - and the environment - benefit from leveraging data to make decisions.
Precision farming involves the application of data collected using drones and sensors to drive precision irrigation and nutrient management. This minimises wastage of resources, prevents pollution from excess chemicals, and decreases the overall carbon footprint of agricultural operations.
CropIn’s Smartfarm is a good example of farm monitoring and management solutions that utilise advanced analytics to help farmers geotag their land, digitise their records, and optimise their use of water, fertilisers, and pesticides. The tool also supports the real-time monitoring of crop performance.
So far the initiative has digitalised 10,626 village-based advisors in six countries - Burkina Faso, Mali, Ghana, Nigeria, Mozambique, and Tanzania – where it supports delivery of inputs, services and information to 2.7 million farmers on nearly 600 million hectares of land. Overall, the World Economic Forum estimates that the adoption of precision agriculture on 15-25 percent of farms could boost global yield by 10-15 percent by 2030. It would also lead to a 10 percent reduction in greenhouse gas emissions and a 20 percent decrease in water usage.
The optimisation of agricultural value chains is critical in advancing food and nutrition sufficiency without increasing the amount of land under cultivation. Technologies like blockchain and the Internet of Things (IoT) enable better tracking, traceability, and management of agricultural products throughout the value chain. This reduces post-harvest losses, optimises transportation routes, and ensures timely delivery, thereby lowering energy consumption and emissions.
A good example is the deployment of IBM technology in Rwanda that combines satellite data with machine learning to identify where maize is grown and the forecasted yield. Farmer organisations can also use the technology to identify areas of low yields and provide timely output-enhancing measures such as an adequate supply of fertilisers.
Yet, even with the transformative nature of the technologies, many remain beyond the reach of a vast majority of smallholder farmers in Africa, due to the high costs of acquisition and lack of infrastructure to support such solutions. In the short-term, stakeholders can ensure an equitable and inclusive transition through investments in digital infrastructure and connectivity, driven by a collaborative approach for developing a conducive policy environment, and the advancement of regional integration.
Sustained investments in agricultural research and development remain crucial, as has been shown in developed countries, which increased their adoption of agtech by committing 3.25 percent of their GDP compared to only 0.52 percent in developing countries. The increasing disparity in research and development expenditure exacerbates the gap in productivity, thereby rendering the poorest countries incapable of rapid progress.
South Africa: Power Utility Executive Implicated in Power Station Sabotage - South African News Briefs
Police are seeking to arrest an Eskom power utility executive who holds a top-secret security clearance, suspecting their involvement in orchestrating breakdowns at specific power stations, reports Times Live. According to City Press, the executive allegedly appointed engineers to ensure these breakdowns occurred, enabling both the engineers and the executive to profit from the subsequent repairs. The newspaper had an interview with police minister Bheki Cele, who said leaked WhatsApp messages were part of the investigation. Former Eskom CEO Andre de Ruyter previously mentioned sabotage and coal syndicates as criminal activities contributing to power outages, citing instances of equipment failures and oil leakages. De Ruyter revealed that the motive behind these sabotage incidents was to generate additional work and income for maintenance contractors. A forensic report, reported by the Sunday Times, exposed widespread infrastructure sabotage by unethical contractors and employees.
Bird Flu Outbreak Worsens in the Western Cape
The Western Cape in South Africa is facing a second outbreak of avian influenza, resulting in at least 550 000 chickens being slaughtered and many more eggs being destroyed in attempts to contain the disease, reports Moneyweb. The financial loss for farmers is significant, adding to existing challenges in the poultry industry, which include power cuts and higher costs for feed and inputs. Consumers in the Western Cape may experience higher egg prices, while other parts of the country are expected to be less affected. The industry is concerned about job security and potential losses if the outbreaks continue.
Musa Motha Wows in Britain's Got Talent Finale, Falls Short of Top Three
South African dancer Musa Motha impressed audiences on Britain's Got Talent with a breathtaking performance in the finale, reports Times Live. Despite being the bookies' favorite, he didn't make it to the top three. Motha, an amputee who lost his leg after being diagnosed with cancer, made history when he achieved the show's first-ever group Golden Buzzer. His dance incorporated themes of struggle, support, and victory.
-South African news
Nigeria: Food Prices, Transport Fares Increase Across Nigeria As Fuel Subsidy Removal Bites Harder
Fuel queues returned to Nigerian cities last week Monday as motorists scrambled to get petroleum products hours after President Bola Tinubu announced that the government would put an end to the fuel subsidy regime.
Transport fares and prices of essential goods and services shot up significantly across the country last week as Nigerians grappled with the ripple effect of the government's decision on fuel subsidy removal.
PREMIUM TIMES' correspondents who monitored the situation across the country found that food prices and transport fares for intrastate and interstate commuting increased significantly in most parts of Nigeria.
Fuel queues returned to Nigerian cities last week Monday as motorists scrambled to get petroleum products hours after President Bola Tinubu announced that the government would put an end to the fuel subsidy regime.
In his inaugural address at Eagle Square, Abuja, on Monday, Mr Tinubu declared that there would no longer be a petroleum subsidy regime as it was not sustainable.
"We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
"We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions," Mr Tinubu said.
In its reaction to the new development, the Nigerian National Petroleum Company Limited (NNPCL) on Wednesday approved an upward review in the pump price of petroleum nationwide, shooting the price up to an average of N500 from the erstwhile average of N189. The approval took effect from Wednesday, 31 May, the NNPCL said in a circular.
The pronouncement was trailed by panic buying and gridlock across filling stations in many parts of the country, even as regulatory bodies called for calm amid the chaos. The attendant consequences were reflected in the skyrocketed prices of goods, essential services, and food items.
Our correspondents in many parts of the country found that food prices and transport fares recorded an average of 100 per cent increase across cities and significant towns, raising worries among millions of poor Nigerians.
Lagos
In Lagos, Nigeria's commercial nerve centre, the pump price of petrol shot up significantly, with some filling stations selling as high as N700 per litre.
Rashidi Lawal, a tricycle driver, plies the Iyana-Iba to Mile 2 route. He told PREMIUM TIMES that he now buys fuel of at least N12,000 daily.
"I have bought fuel of N12,000 today. I have made N20,000 after giving Agbero money. I will deliver N10,000," he said.
The driver, popularly called 'Kosoro 1', said that when the announcement was made, transport workers doubled the fare the following day to meet the present reality.
He explained that transport fares along the Mile 2-Iyana Iba route cost N200 before the government announced subsidy removal, but the bus fare now costs N300.
"We are likely to take it back to N400 tomorrow. Before now, N7,000 fuel could take you around for the day, but not anymore," he said.
"Most of us here don't sleep at home; our houses are far. But what can we do? We sometimes sleep inside 'Korope' instead of going home."
Many traders who run their businesses at the Ojo market shared similar stories of hardship and poor sales.
A ginger seller who identified herself simply as Mama Haliya said that she was hopeful that the new administration would do better and put smiles on the face of the masses, but the reverse has been the case. "They said Tinubu has been sworn in, there ought to be a positive difference, but now people (customers) aren't even coming," she quipped.
She lamented that the cost of transportation and logistics has led to an upward review of prices for her goods, triggering poor sales.
Another vegetable seller, Mama Iyabo, said that the latest development isn't favourable to those at the lower rung of the economic ladder. "Agbara to Lusada used to cost N300; it's now N500. It's really affecting. People aren't buying (vegetables) unlike before because (the size) is now smaller."
A student of the Lagos State University (LASU) who identified herself simply as Qudroh and resides outside of the school campus said that in the last week, her daily expenses have increased as she now spends mostly on "transportation and feeding."
Abuja
In the nation's capital city, transport fares shot up by over 100 per cent on many routes as motorists lamented the increase in pump prices.
A PREMIUM TIMES reporter found that transport fare from Wuse Zone 2 to Wuse market that was previously N300 shot up to N600, while the fare for a trip with others in a cab from Aco Estate, Airport Road, to the secretariat that was N250, rose to N500.
"Normally, a cab from the front of my house to the market will only cost me N300. Now you have to beg to get a N600 drop to Wuse market that is here," Dera Ejeh, a resident in Wuse Zone 2, said.
"Now I just respect myself by walking to the junction to take a N150 along cab, sometimes N100 depending on how lucky you are. I can take a drop while coming back from the market."
Meanwhile, e-hailing companies have notified customers within the week, informing them of an increase due to the development. A ride in Bolt or Uber from Wuse Zone 2 to Wuye or Wuse 2 that generally would be N700 and N800 now goes for N1,500 or N1,700.
Alimodu Yusuf, a fruit seller in Apo, told PREMIUM TIMES that he would begin to sell sliced watermelon and pineapples for N300 and above to make up for the increase in logistic costs. "Selling for N200 at this point won't help me, even though we have reduced the size. It will just be as if I came out to serve people. What will I give my wife and children? The transport is expensive," he lamented.
Checks by PREMIUM TIMES at the weekend showed that prices of pepper and other foodstuff are relatively stable, but a kilo of goat meat sold for N3,200 in Wuse market now sells for N3,700.
Ezehi Grace, founder of Sister in Business, a group that buys foodstuffs in bulk, noted that the hike in petrol pump prices affected the general costs of goods. She said: "I share cow meat weekly and sometimes twice a week, depending on how my group demands it. On Tuesday, I went to Mararaba to share a cow. All we paid was N345,000, only for me to call back on Thursday to book for next week, and Mallam told me the size I normally will go for is nothing less than N400,000/N420,000."
Ogun
In Abeokuta, the Ogun State capital, business owners and households expressed concerns about the effect of the policy on the local economy.
At the Oke Ilewo tech hub, Kabir Adelani said sales had been poor throughout the week, and many shop owners "decided not to open today at all."
Mr Adelani, a business owner, said: "Usually, I make close to N300,000 to N400,000 every week, but I made N51,000 throughout this week. This thing is taking a serious toll on Nigerians, and this is just the beginning. Only God knows what things will look like in 10 days."
Another trader at Omida market, Kemi Kareem, said the people would soon stage protests as foodstuff prices become unbearable. "Since this thing started, five litres of oil is now being sold for N6,900, up from N5,800."
A commercial bus driver at the famous Brewery Park, Kabir Alalade, said, "Before now, we took N500 to Sango, but now we take N1,200 because aside from fuel hike, 'Agberos' too will take their own. Many (people) have turned back home after they got here and discovered that they cannot afford transport fare."
For Adebayo Gbenga, a car wash attendant along Denro-Akute Road, "the subsidy removal has slowed down the business," as he recorded poor patronage since it was announced.
"I need fuel to pump, and they ration electricity here, but my business is daily and more about fuel and water," he said.
"Our business is towards weekends. Sometimes, I do 14 to 15 vehicles daily, which has reduced. Truly, the fuel has slowed down business, and I pray everything gets better soon."
Kano
In Kano, Nazifi Muhammad, a tailor in the Fagge area of the metropolis, said he does not have the financial capacity to fuel his generator as pump prices rise.
"I have no option but to pray for a better life, but right now, I cannot even fuel my generator to work and expect any profits with the way people are paying a little money for sewing," the tailor said.
Shazali Abdullahi, a businessman at Sabon-gari market who travels to buy commodities in Lagos and Aba, said the fuel subsidy removal added more financial burden on him amid the increase in transport fare and logistic costs.
"A pair of shoes we used to buy at N3,500 in Aba will now be sold at N6,000 when you add the cost of transportation from Kano to Abia state. Before now, we were paying N13,000 from Kano to Aba, but now I was told it increased to N18,000 per person, not to mention the luggage cost. I feel bad about the subsidy removal because it will affect my daily living," he said.
Although the queues have disappeared at filling stations in the city, fares for intrastate and interstate commuting increased significantly as pump prices shot up to N540 per litre. Meanwhile, PREMIUM TIMES found that Kano Line Transportation hiked its fares on various routes across northern Nigerian cities amid uncertainties over the petroleum subsidy removal.
On Thursday, in a circular approved by its Director of Finance, Sani Dan-Abdul, the agency announced the increment in transportation fares in line with "market realities".
The fare from Kano to Abuja was increased from N3,500 to N5,000, while Borno moved from N4,000 to N5,500, Adamawa from 5,000 to N7,000, Taraba from N6,000 to N8,000, Gombe from N3,000 to N4,500, Bauchi from N2000 to N3,000, Niger from N4,000 to N5,500, Benue from N7000 to N8,000, and Nasarawa from N5,000 to N7,000.
Though Kano Line motor parks host government-owned vehicles, mostly buses, other privately owned vehicles operate in the parks at a higher price than the government fixed price.
Katsina
In the Katsina metropolis, a PREMIUM TIMES reporter found that the increase in fuel price impacted economic activities.
Although the state government directed the State Transport Authority (KSTA) not to increase fares, commercial motor parks in the state have raised transportation fares by at least N1000.
When this reporter visited the NARTO park Sunday evening, there were few passengers and motorists. "This is even better because if you had arrived early, you wouldn't have seen more than five vehicles in the queue. Because the fuel is now expensive, we added money to the fare, and it's making commuters afraid to even come to the park," Halliru Labo, a park official, told PREMIUM TIMES.
This newspaper learnt that transport fares from Katsina to Gusau (Zamfara), which stood at N3,000 before the increment shot up to N4,000, while Katsina to Dutsin Ma rose from N500 to N900. Katsina to Kano by bus increased from N1,500 to N2,500.
Apart from transport, business owners and service providers in the metropolis also lamented the impact of the pump price increase. A car mechanic around GRA Jumuat mosque, Abdussalam Sani, said the number of people coming to the mechanic workshop for maintenance has reduced.
"When you look at the site where some of my staff repair car air conditioning system, it's almost empty because people no longer use A.C. in their vehicles. The number of people using cars and even motorcycles has reduced," Mr Sani said.
Ahmed Dida, a barber at VIP Barbing Saloon in Katsina metropolis, said: "We're running on generating set, and we have to buy fuel at N560 per litre. Even if it's only one customer that may not give you N500, you'll need to put on the generator. So, it's affecting us because, at the end of every business day, we mostly end up without even the money to buy fuel."
Ekiti
Residents of Ekiti complained about the increase in transport fares, the prices of food commodities and other essential goods.
Nkiruka Romanus, a foodstuffs seller at Olojudo market, Ido Ekiti, said a 50kg bag of a short grain of foreign rice sold between N34,000 and N35,000 some weeks back is now selling for N37,000. Mrs Romanus explained that the price increase resulted from the rise in transportation fares after the removal of the petroleum subsidy.
Kemi Ogundare, a frozen food seller in the same market, said a carton of frozen fish had only increased slightly, but she anticipated that in the coming week, there might be a further rise in price.
Idowu Akinola, on her part, said: "The cost of transportation due to the fuel subsidy removal was the reason for the high cost of most foodstuffs in the market now."
Some traders at the market also lamented the low turnout of customers.
Bimbo Ogunsina, a foodstuffs seller, said, "Since the beginning of this problem called subsidy, things have never remained the same. There is a meagre turnout of customers compared to before. It's like people are now trying to manage their income."
A civil servant, Kennedy Okeke, said that the removal of the subsidy that led to the increase in the pump price of petroleum affected his transportation budget for the week.
"I used to budget at least N5,000 every week as transportation fare. But could you believe that the N5,000 doesn't even last me for just three days due to the higher cost of fuel that affects transportation fares," he said.
Uyo
In Uyo, the Akwa Ibom State capital, residents lamented the surging price of essential commodities and transportation fares in the city.
When PREMIUM TIMES visited the famous Akwa IbomTransport Company Park located at Itam Industrial Layout, a new price regime had emerged. For instance, the transport fare from Uyo to Aba increased from N1500 to N2100, while the fare for Uyo to Calabar increased from N3100 to N4,500.
For northern states like Kaduna and Jos, the fares increased from N17,000 to N22,000, representing a 29.4 per cent hike.
Enwongo Ikot, an Electrical Engineering student at the University of Uyo, also lamented the fuel price hike and its effect on transport fares. According to him, transport fares from the Town Campus, located along Ikot Ekpene Road, to the institution's main campus, located along Nwaniba Road, have increased from N80 to N150.
Also affected by the petrol price hike are the prices of commodities in the market.
Otobong KenJoshua, who runs a shop in Afaha Ube, told PREMIUM TIMES the condition is worsened by the current power outage in the city. According to her, crayfish, a major ingredient for soup making, is now sold at N130,000 a bag as against N85, 000 what it was before the fuel price increase.
"They've added money to almost everything. Rice used to be N35,000 but now is N40,000 for a 50 kg bag," she said.
For about a week, residents of Uyo have had to cope with power blackouts, but the hike in fuel prices has further worsened the situation. "More businesses that run on fuel are planning to shut down for a while and wait for the restoration of power supply," Mrs KenJoshua said.
To cope with the condition, Mrs Kenjoshua said she has reduced the quantity of perishables she buys and concentrates more on dry foods.
Enugu
A commercial driver in Enugu, Arinze Nwachukwu, said the subsidy removal policy affected their earnings drastically.
Mr Nwachukwu said since the subsidy removal was effected, he would return from a trip only to realise that he had spent nearly the whole money he made from passengers on buying fuel even as attempts by some drivers to increase the fares forced a drop in patronage.
"Passengers are no longer coming. Look at our park. It is empty," he lamented.
A petty trader in Enugu, Okey Ugwuja, said the impact of the subsidy removal on his business had been minimal mainly because he was yet to make new purchases which would make him spend on transportation.
"But if this should continue, it will affect everyone because prices of commodities and other things will increase more," he said.
Iruka Igwe, another commercial driver, lamented that he used to charge passengers N5000 to convey them from Enugu to Abuja, Nigeria's capital. But after the subsidy removal, he and others were forced to increase the charge to N8,500. But since then, he said, patronage dropped.
Charles Anigbo, who sells clothes at Ogbete Main Market, lamented the impact of the subsidy removal on businesses. "It affects us because movements have been restricted due to the high cost of fuel, which pushed the cost of transportation. And you know movements help business to thrive,' he said.
Subsidy
Nigeria has spent trillions of naira on petrol subsidy in recent years, more than it spent on healthcare, education and key areas of human capital development.
Experts and global development organisations have warned against the policy and its effect on Nigeria's fiscal sustainability.
This year, the immediate past government only provided budgetary allocation for petrol subsidy until 30 June, after saying it would leave the incoming administration to make a final decision on the matter.
Opponents of the removal have, however, argued that it would increase the prices of goods and services and further impoverish millions of citizens.
The Nigeria Labour Congress (NLC) and other labour unions have threatened to protest the government's decision on Wednesday.
-Premium Times.
Kenya: Finance Bill 2023 is People-Centric, President Ruto Says
Nairobi — President William Ruto has urged MPs to support the Finance Bill 2023.
He said the Bill seeks to address challenges facing ordinary Kenyans.
The President further noted that the Bill will stimulate the economy, create jobs and boost earnings.
He asked MPs not to bow to pressure from the Opposition to vote against the interests of the people.
"They are opposing the employment of the youth and Housing Plan that will give Kenyans decent and affordable homes," he said.
He made the remarks on Sunday during a thanksgiving service for Cabinet Secretary for Environment Soipan Tuya in Narok.
The President said the Government will implement the housing project to expand economic opportunities in the country.
"The housing project will enhance the growth of manufacturing industries like cement and steel, boost hardware businesses and create jobs," he said.
Deputy President Rigathi Gachagua said the beneficiaries of the Housing Fund will be ordinary people.
"This project will deliver decent housing units for low-income earners at affordable rates," he said.
Present were First Lady Rachel Ruto, Attorney General Justin Muturi, Speaker of the National Assembly Moses Wetangula, Governors, Cabinet Secretaries, and MPs. - Presidential Communication Service
-Capital FM.
Africa: Breaking the Plastic Cycle in Agriculture
Sustainable solutions and alternatives to halt the proliferation of plastic
We need to talk about plastics. Plastic products have become a convenient tool in many areas of life, and agriculture is no different. Plastics are used for everything from seedling trays and irrigation tubing to pesticide containers and livestock feed bags. However, their proliferation has led to mounting environmental problems that threaten soil health, water quality and human well-being.
In late 2021, the Food and Agriculture Organization of the United Nations (FAO) released a landmark report assessing the use of plastics in agriculture. The report calculated that, in 2019, agricultural value chains used 12.5 million tonnes of plastic products in plant and animal production and 37.3 million tonnes in food packaging.
"We estimated that crop production and livestock sectors together contributed 10 million tonnes, followed by fisheries and aquaculture with 2.1 million tonnes and forestry with 0.2 million tonnes," said Richard Thompson, FAO Agricultural Plastics and Sustainability Specialist and one of the authors of the report.
"The global demand for greenhouse, mulching and silage films is also projected to increase by about 50 percent by 2030," he added.
The afterlife of agricultural plastics
But where does all this plastic go once it has served its purpose? Existing data suggests that only a small fraction of agricultural plastics is collected and recycled, while most are buried or landfilled, resulting in negative impacts to ecosystems, biodiversity and human health.
Alarmingly, many plastics aren't disposed of at all. A good example is mulching films, which farmers commonly use to cover the soil to help regulate temperature, conserve moisture and suppress weed growth. These films can be difficult to retrieve after harvesting, often leaving plastic residues in the soil that lead to erosion, reduced water infiltration and decreased microbial activity.
Abandoned plastics have a tendency to degrade into smaller particles known as microplastics. Microplastics can accumulate in the soil and harm beneficial organisms, such as earthworms and mycorrhizal fungi, which are essential for healthy soils and plant growth. They can also transfer and accumulate in food chains, threatening food safety, food security and potentially human health.
"We need to better monitor the quantities of plastic products that are used and that leak into the environment and to promote more responsible models in agriculture, such as the sustainable and circular bioeconomy," according to Lev Neretin, FAO leader of the Bioeconomy for Sustainable Food and Agriculture programme.
Bioeconomy potential
Sustainable and circular bioeconomy -- built on responsible and efficient use of renewable biological resources such as plants, algae, fungi and bacteria -- offers promising solutions to improve the sustainability of plastics used in agriculture.
Upstream, this could be as simple as removing plastics in some cases, for instance using cover crops and plant residues such as straw instead of plastic mulches. But it could also mean using bio-based plastics, which are fully or partially made from biological resources. Bio-based plastics can be less toxic and have a lower environmental and carbon footprint than their petroleum-based equivalents. However, some issues remain with the cost, waste separation, biodegradability and compostability of bio-based plastics.
That is why biodegradable and compostable options -- those that can be broken down by naturally occurring microorganisms such as bacteria and fungi -- are still recommended for some agricultural systems and fishing operations, especially where plastics cannot be avoided in the first place, cannot be replaced with reusable or more durable materials and cannot be easily retrieved.
Looking further downstream, bioremediation -- in which living organisms such as plants and bacteria are used to reduce contamination from microplastics and other pollutants -- is an innovative example of a promising bioeconomy application that can help us tackle pollution. Several studies have confirmed that some microorganisms and plants can remove micro- and nano-plastics from soil or water.
What FAO is doing
Given that much plastic waste can be attributed to agrifood systems, FAO is increasingly designing solutions and supporting governments in sustainably managing agricultural plastics. A good example is the "Financing Agrochemical Reduction and Management" (GEF FARM) project, funded by the Global Environment Facility, through which FAO is supporting Kenya and Uruguay to strengthen their enabling policies and regulatory frameworks to reduce and improve management of agrochemicals and plastics used in agriculture.
In fisheries, the GloLitter Partnerships programme, which FAO is co-leading with Norway and the International Maritime Organization, assists developing countries, including Small Islands Developing States (SIDS) and Least Developed Countries (LDCs), in identifying opportunities for the prevention and reduction of marine litter. The programme is supporting capacity building; policy and institutional reforms; port waste management measures; prevention of dumping of fishing gear; and scaling up of public-private partnerships and best practices.
On the horizon
With plastics high on the environmental agenda, FAO is now supporting countries in the ongoing deliberations of the Intergovernmental Negotiating Committee to develop a legally binding treaty to end plastic pollution. FAO is also taking the global lead to develop a new Voluntary Code of Conduct on the sustainable use of plastics in agriculture.
Meanwhile, the rest of us can play our part too. There are plenty of innovative and creative solutions for tackling plastic pollution and its impacts on human and environmental health. Together, let's beat plastic pollution!
-FAO.
Cairo Named New Venue For 3rd Intra-African Trade Fair - IATF2023 Now Set For 9-15 November 2023
The Egyptian capital city of Cairo has been announced as the new host of the third Intra-African Trade Fair (IATF2023) which will now take place from 9 to 15 November 2023.
The IATF2023 Advisory Council said in Cairo that the decision to change the venue and dates of the continental event, originally scheduled for Abidjan, Côte d'Ivoire, from 21 to 27 November 2023, followed indications received from the Government of Côte d'Ivoire that it was no longer in a position to host the trade fair due to difficulties faced in importing semi-permanent structures and in complying with certain hosting requirements.
Chief Olusegun Obasanjo, Chairman of the IATF2023 Advisory Council, which is the governance body of the trade fair, commended the commitment of the Egyptian Government for agreeing to step in as the new host.
"We must thank the Government of the Arab Republic of Egypt for its responsiveness, flexibility and dedication in, once again, hosting the Intra-African Trade Fair," said Chief Obasanjo. "This, undoubtably, demonstrates its commitment to promoting and expanding trade among African countries. With Egypt, the biennial IATF was launched in 2018 with flying colours. We, therefore, reassure all IATF2023 stakeholders, including exhibitors, conference delegates, buyers and trade visitors, that we have no doubt that the experience we have gained with Egypt in 2018 and with South Africa during the second edition in Durban in 2021, will make this third edition of Africa's premier trade and investment platform a success beyond our expectations."
Host country of the highly successful inaugural IATF in 2018, Egypt offers first-class infrastructure and facilities. The IATF2023 organisers, in close collaboration with the Egyptian Ministry of Trade and Industry, are on track to promptly finalise the necessary arrangements and ensure that IATF2023 takes place as planned in excellent conditions.
"Coordination is underway with the African Export-Import Bank (Afreximbank) to host the third edition of the Intra-African Trade Fair, due to be held during 9th – 15th November 2023," said Eng. Ahmed Samir, Minister of Trade and Industry of Egypt. "We are keen on extending all-out support to convene the fair in a form that suits Egypt's position in Africa. IATF2023 will provide a unique and valuable platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over US$3.5 trillion created under the African Continental Free Trade Area."
IATF2023 harkens to the decision of the 2023 Assembly of Heads of State and Government of the African Union which adopted "Acceleration of AfCFTA Implementation" as the African Union Theme of the Year 2023. This underscores the high importance of the IATF as a continental initiative and as the marketplace for the AfCFTA.
About the Intra-African Trade Fair
Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA).
IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent's transformation through industrialisation and export development.
The 3rd Intra-African Trade Fair (IATF2023) is expected to attract:
-www.intrafricantradefair.com
Kenya: If You Oppose the Finance Bill Don't Ask for Development - DP Gachagua to MPs
Nairobi — Deputy President Rigathi Gachagua has opened up a new controversy after stating that lawmakers opposing the Finance Bill, 2023, should forget about development projects in their constituencies.
The DP who spoke on Sunday during a church service in Narok County to honor Environment Cabinet Secretary Soipan Tuya urged MPs to stop being hypocritical as no development can be spearheaded without taxes.
"There is a lot of incitement around this whole Finance Bill issue. I was in Kitui yesterday and their MP spoke about cessation and people were clapping. And then soon after he was telling me they need roads, where does he expect the money to build roads to come from?"he asked.
"Some of you leaders are lying to Kenyans, but know that if your MP is opposed to the Finance Bill, they should not ask for roads," Gachagua added.
Gachagua accused the Azimio La Umoja Coalition of opposing the Finance Bill in order to sabotage the delivery of the Kenya Kwanza Manifesto including employment opportunities and development delivery.
"The government is not interested in pastoralists because they have no pay slip. When Housing Fund contribution starts those without jobs will be employed. Beneficiaries of housing fund are the ordinary people," said Gachagua.
The Deputy President asserted that the Finance Bill 2023 will be passed in the National Assembly despite the vehement opposition from the Azimio Coalition.
"All this noise will come to an end. Once the Finance Bill is passed our children will get employment. Lies don't stay for long, within three months all these lies will end," the DP stated.
This comes even as MPs are set to be put to a test after President William Ruto agreed with the open vote on the Finance Bill 2023 proposed by the Azimio La Umoja Coalition.
As the opposition coalition defended open voting on the tax bill to expose legislators who will expose Kenyans to more taxes, President Ruto wants it open to reveal MPs who will deny hustlers employment hinged on the Housing Fund.
"I agree that every MP should be known on which side he has voted on. I am waiting for the MPs who will vote against the government agenda to give this youth employment who overwhelmingly voted for them," said Ruto.
The President who was speaking in Narok during service held to honor Environment Cabinet Secretary Soipan Tuya said it will be selfish for MPs to shoot down the Finance Bill so as to cushion themselves from taxes.
"I am waiting for the MPS who will vote against housing which affords Kenyans to own a decent home when you are getting a mortgage because of the taxes paid by the people of Kenya of 3 percent," the President said.
Azimio Coalition Leader Kalonzo Musyoka has said Azimio la Umoja Coalition will push for an open ballot system to show Kenyans members of parliament who are out to push them into poverty.
With the lack of sufficient numbers, it will be challenging for the Odinga-led coalition to defeat the Finance Bill 2023 in the National Assembly.
Opposition leader Raila Odinga has threatened to organize mass protests against the proposed high taxes on fuel and other commodities.
Raila believes that Kenyans are already burdened with a high cost of living and cannot afford additional taxes.
Specifically, he opposes the proposed 16 percent Value Added Tax on fuel and the housing fund introduced by the Kenya Kwanza government.
Odinga stated that if the proposed taxes outlined in the Finance Bill are passed in Parliament, he will mobilize Kenyans to take to the streets.
"Finally, we make it clear that if this Bill is railroaded through Parliament, Kenya Kwanza must prepare that we will have no option but to mobilize citizens around the country to fight for themselves," Odinga told a news conference Tuesday.
Odinga criticized the Kenya Kwanza leadership for boasting that the Bill must pass in the National Assembly.
He questioned why the top leadership of the Kenya Kwanza regime in both Parliament and the Executive had already taken a stance on the matter, despite the Bill not yet undergoing public participation.
-Capital FM.
Liberia: House to Probe Arcelormittal Liberia
The House of Representatives has voted to investigate a complaint from Grand Bassa County District #5 Representative Thomas Goshua, about an alleged violation by ArcelorMittal Liberia (AML) of its Mineral Development Agreement (MDA) for constructing its first washing plant in Nimba County instead of Grand Bassa County.
The House's Plenary on Thursday, 1st June 2023 during its 6th day sitting of the 2nd quarter unanimously agreed that the Committee on Mines, Energy and Concessions probe AML alleged violation and report within one week.
Plenary voted that the Management of ArcelorMittal, the Ministry of Mines & Energy, and the National Bureau of Concessions be subjected to investigation.
The motion was made by Margibi County District #2 Representative with an amendment from Bong County District #2 Representative James Kolleh.
Rep. Goshua's complaint reads: "... the Management of the said institution has made a unanimous decision to shortchange the MDA by building the Concentrator in Nimba County without seeking any form of approval from this Legislature, least to mention the courtesy of informing the Grand Bassa Legislative Caucus of how such decision was derived."
The Bassa lawmaker continues: "In view of the forgoing, I humbly implore the conscience of this Plenary to invite the Management of ArcelorMittal, the Ministry of Mines & Energy, and the National Bureau of Concessions to explain how this decision was derived in gross breach of the aforementioned Mineral Development Agreement."
Aggrieved citizens of Grand Bassa County, under the banner Bassa Rescue Movement a week ago, staged a series of protests at ArcelorMittal concession area, burning tyers and erecting roadblocks on the rail, as they demanded an explanation from AML Management for transferring the washing plant to Nimba, instead of Grand Bassa, as stated in the Mineral Development Agreement (MDA) under its Social Corporate Responsibility.
-New Dawn.
Liberia: Government Must Speak On the Diamond Saga
The Government of Liberia is yet to come clear on a 53.3 carats diamond reportedly valued at US$5 million that led a group of aggrieved citizens from Gbarpolu County protesting before President George Weah's Jamaica Resort in Paynesville last Thursday, June 1, 2023.
Hundreds of protesting citizens, including brokers, miners, and family members of a Liberian identified as Mohammed Kamara, who reportedly found a 53.3-carat diamond recently at a private mine in Gbarpolu County, protested before the President's private resort, calling for the dismissal of the Assistant Minister of Mines, Emmanuel T.T. Swen, who they accused of hijacking [withholding] the precious stone.
Police arrested several of the protesters and dispersed the rest. But since the incident, neither authorities of the Ministry of Mines nor the Office of President Weah has officially commented, leaving the public immersed in speculations.
The protesters claimed to have reported the diamond to authorities at the Ministry of Mines, allegedly received by Assistant Minister Emmanuel T.T. Swen, who instructed someone only identified as "Kpaku" to give them US$100,000, but instead, they were offered US$80,000, which according to them, they rejected and demanded a return of the diamond.
The diamond was never returned. They are enraged and frustrated. Left with no other option, they are craving for the attention of President Weah hence, the basis for last Thursday's protest near the President's private resort, which was put down by riot police, characterized by arrests.
When law-abiding citizens peacefully converge to seek the attention of the highest office of the land, they should be responded to rather than violently turned away, as was experienced last week.
We believe rather than applying heavy-handedness, a roundtable discussion would produce a win-win resolution. That should be the role of government as custodian of peace, security and the happiness of its citizens.
Mohammed Kamara and his family members could have concealed the diamond in question and smuggled it out of the country without knowledge of government. But they chose to be nationalistic and law-abiding by reporting the stone to the appropriate authority.
It is sad that they are being treated as undesirable common criminals for doing the right thing. This is highly disappointing and frustrating. Government should hail these citizens for their display of honesty and patriotism rather than shunning them.
It is important that government come out and speak clearly on this matter to lay the situation to rest peacefully not only to maintain citizens' trust but to encourage honest business practice that boosts revenue and drives an healthy economy.
-New Dawn.
Nigeria: Tinubu Has Immediate Solution for Effect of Subsidy Removal - Oshiomhole
A former governor of Edo state, Adams Oshiomhole said President Bola Tinubu has an immediate solution to cushion the consequential effect of the subsidy removal.
Oshiomole stated this while speaking in an interview with Channels Television's Sunday Politics.
The former governor expressed confidence that issues arising from the removal of fuel subsidy will be quickly resolved between the Federal Government and the organized labour.
According to Oshiomhole, Tinubu recognizes the impact the withdrawal of fuel subsidy is having on Nigerians and is determined to take immediate action to cushion it.
He said, "This president recognizes that the effect of the withdrawal is already here, people are already going through some level of discomfort and therefore there has to be an immediate solution to it.
"Now that immediate solution is what we discussed and the fact that we are meeting on Tuesday again shows that clearly, we realize that this is not one of those things you want to buy time because it has a real negative impact, on particularly, the most vulnerable group.
"But we have a solution to it because you are going to make savings, so take from that savings or even if it is borrowing.
"So, whatever it is, you can leverage some revenue and improve wages to cushion the cost of living, I think it is legitimate, I think it is doable, it is not something that you want to spend two to three months negotiating," he said.
Oshiomole, who is a former president of the Nigeria Labour Congress (NUC), was part of a meeting between the Federal Government and the Trade Union Congress (TUC) on Sunday.
He said the meeting was productive, adding that the government will consider all the demands by the TUC and revert on Tuesday.
Oshiomole said if Nigeria can save about N7 trillion by ending subsidy, the Federal Government can take part of that money and put in the wage sector.
He said, "This is possible because those savings will go into the federation account which will be distributed among the three tiers of government and so every tier of government will have more money and should be able to meet the consequential increase in wages."
-Vanguard.
Nigeria: NNPC to Discontinue Crude Swap, Targets Cash Payments for Petrol Imports
With the removal of subsidy on petrol in the country, the Nigerian National Petroleum Company Limited (NNPC) is set to discontinue crude oil swap in favour of cash payments for petrol imports.
To this effect, the company is is winding down crude oil swap contracts with traders and will pay cash for petrol imports as private companies could begin importing petrol as soon as this month, Reuters reports.
This means that NNPC is in the process of ending crude swap contracts with traders. Instead of exchanging crude oil for refined petroleum products, the state-oil company will now make cash payments for petrol imports.
The move is part of President Bola Tinubu's plans to deregulate the petrol market and reduce the burden on government finances, the statement said.
President Bola Tinubu on Monday during his inauguration announced that "subsidy is gone" sending the market into a tailspin as those who had the products quickly shut their pumps and long queues emerged across the nation.
NNPC has been importing petrol from consortiums of foreign and local trading firms and repaying them with crude oil via what is known as Direct Sale Direct Purchase (DSDP) contracts since 2016 because it does not have enough cash to pay for the purchases, the statement said.
"In the last four months, we practically terminated all DSDP contracts. And we now have an arm's-length process where we can pay cash for the imports," Mele Kyari, group chief executive officer, NNPC told Reuters in an interview late on Saturday.
"This is the first time NNPC has said it is terminating crude swap contracts. By importing less gasoline as private companies import the bulk, NNPC will be able to pay for its purchases in cash."
Nigeria is Africa's biggest crude producer but imports most of its refined products after running down its refineries. Nigeria's petrol import bill hit N5.2 trillion in 2022, the highest in six years, as the quest by the country to wean itself off imported fuel drags.
A significant drop in oil production last year coupled with high global fuel prices due to the war in Ukraine pushed NNPC's debt to traders higher. It owed the consortiums about $2 billion, a September 2022 NNPC report to the Federation Account Allocation Committee shows, the statement said.
"An industry source with direct knowledge of the matter said NNPC was still allocating crude for fuel swaps for July loading, though less than in previous months. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums," Reuters said.
Kyari told Reuters that NNPC's monopoly on petrol supplies was ending and private firms could start importing as early as this month.
"Nigeria's total crude and condensate output was at 1.56 million barrels a day (bpd) as of Friday. Nigeria has struggled to meet its Organization of Petroleum Exporting Countries (OPEC) oil quota of 1.742 million bpd due to grand oil theft and illegal refining," Kyari said.
That has raised doubts on whether Nigeria can meet supplies for the 650,000-bpd newly commissioned Dangote Refinery. NNPC has a contract to supply 300,000 bpd to the refinery.
-Leadership.
Nigeria: CBN and the Urgency of Reform
That Mr Emefiele remains head of the Central Bank simply underscores the difficulty that we have had as a country with holding public officers accountable for their work.
Towards the latter part of the Buhari government, PREMIUM TIMES had reason to demand severally for the resignation, sack and prosecution of Mr Godwin Ifeanyichukwu Emefiele as Governor of the Central Bank of Nigeria (CBN). The furore over the Central Bank's ways and means advances to the Buhari government unquestionably establish his credentials as a scofflaw.
On the other hand, the recent release by the National Bureau of Statistics of domestic output numbers for the first quarter of this year confirm our fear that his cack-handed implementation of the banknotes swap policy early this year was nothing short of economic sabotage.
That Mr Emefiele remains head of the Central Bank simply underscores the difficulty that we have had as a country with holding public officers accountable for their work, and the general moral lassitude that would rather have incompetent functionaries hold on to their offices, rather than resign honourably.
Unfortunately, the reforms that the economy will need to aggressively drive growth and development over the current electoral cycle, require immediate repair of the breakdown of trust that Mr Emefiele has so effectively engineered in the domestic monetary policy space. We imagine that a new administration could find ways of expediting Mr Emefiele's exit that were not familiar nor available to the Buhari government.
This is why it is even sadder that the Buhari administration's attempt to clean up some of Mr Emefiele's mess, including the decision to increase to 15 per cent the portion of last year's actual public revenue that the Central Bank may advance the Federal Government to help manage the latter's deficit, was not done more transparently.
Doubtless, the dire state of the federal purse, and clear limits to how much the Federal Government may raise from the markets, might mean that recourse to the Central Bank's ways and means advances remains the economy's most effective temporary expedient. The cost which this expedient continues to impose on the economy, especially through the upward adjustments to the cost of living index, meant this option would have benefited from keener conversations.
PREMIUM TIMES' preferred option, for instance, would have been a prorogation of Section 38 of the CBN Act 2007 for the period it is estimated that it will take the government to clean up its books. The borrowing ceiling may then be set as part of the process of enacting annual appropriations, including a quarterly report to the finance ministry on both the uses of the funds thus borrowed, and progress made on the regularisation of the public finances. By the end of the prorogation period, with or without an act of the National Assembly, a sunset clause reverts Section 38 to its pre-emergency provisions.
Following the transition at the helm, almost without question, the new leadership of the CBN will have to conduct a review of its policy and operational framework over the last eight years. PREMIUM TIMES expects that understanding how the CBN easily and continuously monetised the Federal Government's deficit for eight years, even when it was not unaware of the inflationary repercussions of these, would be on top of the reform agenda. Along with dimensioning the Central Bank's urgent need to retrench its encroachment into the retail loan market, and the need to float the naira's exchange rate, this newspaper expects that this review will see the apex bank resume its narrow statutory and historical focus on price stability, and the mechanisms for bringing this about.
If the contortions towards the end of the administration's tenure, by which the Buhari government tried to manage the huge ways and means advances lent it by the Emefiele-led Central Bank, still leave an unpleasant taste in the mouth, we worry that managed the way the CBN has gone about its work of late, unwinding the large cash reserve requirement balances held by commercial banks at the CBN - conservatively put at circa N14 trillion - could be just as disruptive of the financial services space. Yet, unwinding this position will matter a lot for restoring the proper functioning of the domestic money transmission mechanism.
All of this will be helped by administrative reforms including, especially, the process for appointing the governor of the CBN. Much of the current clamour to succeed Mr Emefiele is from people persuaded that the work of the Central Bank governor is to glad-hand loans to the Federal Government and businesses at below market rates; and to arbitrate demand and supply impulses at the many windows in the official foreign exchange markets.
The reforms PREMIUM TIMES envisages will not only make these functions redundant, but will require in the office of the Central Bank governor, a Nigerian who understands how the non-accelerating inflation rate of unemployment (NAIRU) and the real neutral rate of interest that balances the economy in the long-term (R*) matter to the task of maintaining stable prices locally.
That this person must be an expert of sorts (in both his or her understanding of economics and monetary policy) is a given. That it would be a distraction to the successful candidate's discharge of this assignment were he or she to remain chair of the Bankers' Committee, we hold to be a self-evident truth. We have long wondered at PREMIUM TIMES why a regulator should chair an industry trade body.If it is incongruous that the Minister for Trade and Industry sits on the board (not to talk of chairing) the Manufacturers' Association of Nigeria, Mr Emefiele's larger-than-life presence as chair of the Bankers' Committee was one of many such perversions that the economy has had to endure in the last eight years. Obviously, Mr Emefiele underlined and then exploded the myth that commercial bankers necessarily make decent central bank governors.
The commercial banking space is but one of several growing channels through which central banks implement monetary policy. If it is important, it is on account of the volume of financial resources that pass through it, and not because of a qualitative role that its personnel play in that space.
The ease with which Mr Emefiele trampled over safeguards put in place to prevent the very excesses that marked his tenure, have invited reflections on the possibility of strengthening the CBN's enabling statute to prevent a governor from involvement in partisan politics. But to the extent that the current act expressly forbids much of what Mr Emefiele did while in office, PREMIUM TIMES believes that the failures in the management of monetary conditions over the past eight years were not the result of inadequacies in the apex bank's operating environment. They were the result of the cessation of the normal functioning associated with good character.
Still, there is room for re-interrogating the functions and process of appointment of the Central Bank's deputy governors. The presence of Central Bank offices in the 36 states of the federation is more functionally apparent than real. Six central bank deputy governors in the six geopolitical zones would be a far more effect and efficient arrangement. So long as each understands that his or her central function is to "own" economic activities in those places. Thus equipped, deputy governors will contribute more usefully at meetings of the Central Bank's policy committee.
Should trade bodies be allowed to nominate members to the policy committee? This will undoubtedly strengthen the independence of members of the committee. PREMIUM TIMES continues to mull, however, the most effective mechanism for realising this goal.
That said, the saw that argues that a family functions properly until its black sheep comes of age is why PREMIUM TIMES insists, again, on Mr Emefiele's defenestration, and trial. And his replacement forthwith with an evidently more qualified person.
-Premium Times.
Nigeria Owes $812.2m of $2.27bn Airlines' Blocked Funds - IATA
The International Air Transport Association (IATA) yesterday warned that rapidly rising levels of blocked funds constitute a threat to airline connectivity in the affected markets.
The industry's blocked funds have increased by 47% to $2.27 billion in April 2023 from $1.55 billion in April 2022.
IATA's Director General/CEO, Willie Walsh, disclosed this at the 79th IATA Annual General Meeting (AGM) and World Air Transport Summit, which kicked off yesterday.
He said, "Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets.
"Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation."
"IATA, in an emailed statement to our correspondent yesterday, listed the top five countries which account for 68.0% of blocked funds with Nigeria leading with $812.2 million.
Others are Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million) and Lebanon ($141.2 million)
IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate funds arising from the sale of tickets, cargo space, and other activities.
-Daily Trust.
Nigeria: Probe Missing $2.1bn, N3.1trn Subsidy Payments, SERAP Tells Tinubu
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to investigate allegations that $2.1 billion and N3.1 trillion public funds budgeted as fuel subsidy payments are missing.
SERAP claimed that the funds were unaccounted for between 2016 and 2019 and that they are documented in an audit report prepared by the Auditor-General of the Federation.
The civil society organisation also called on the President to name and shame anyone suspected to be responsible for the alleged widespread and systemic corruption in the use of oil revenues and the management of public funds budgeted as fuel subsidy, and to ensure their effective prosecution as well as the full recovery of any proceeds of crime.
SERAP, which made the demands in a letter dated June 3, 2023 and signed by its deputy director, Kolawole Oluwadare, also threatened to drag the federal government to court if the demands were ignored.
The organisation further urged the government to probe all fuel subsidies paid by successive governments since the return of democracy in 1999, and to use any recovered proceeds of crime as palliatives to address the impact of any subsidy removal on poor Nigerians.
It maintained that there is a legitimate public interest in ensuring justice and accountability for these serious allegations and that there will be no economic growth or sustainability without accountability for these human rights crimes.
SERAP also stated that the Tinubu administration must urgently act to follow due process of law in any policy to remove fuel subsidy, ensure that suspected perpetrators of these crimes against Nigerians are brought to justice and full recovery of any missing public funds.
It said, "Arbitrarily removing fuel subsidy without addressing outstanding accountability issues in the alleged mismanagement of oil revenues and fuel subsidy payments would amount to punishing poverty and further impoverishing the poor while letting high-profile officials and non-state actors get away with their crimes.
"Any removal of fuel subsidy should not be used as a ploy to keep the poor in poverty while those who allegedly stole oil revenues and fuel subsidy payments keep their ill-gotten wealth.
"Allegations of corruption in oil revenues and fuel subsidy payments suggest that the poor have rarely benefited from the use and management of the revenues and payments.
"Poor and socio-economically vulnerable Nigerians should not be made to continue to pay the price for the stealing of the country's oil wealth while state and non-state actors' pocket public funds.
"We would be grateful if the recommended measures are taken within 3 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest."
The organisation said the proposed panel should be headed by a retired justice of the Supreme Court or Court of Appeal, adding that its members should include people with proven professional record, and of the highest integrity that can act impartially, independently and transparently.
-Leadership.
bbc
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