Major International Business Headlines Brief::: 30 May 2023

Mon May 29 22:37:12 CAT 2023

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Major International Business Headlines Brief::: 30 May 2023 

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

ü  Kenya, 3-African Countries to Connect Indian and Atlantic Oceans Via Rail

ü  Namibia: Green Hydrogen Can Transform Namibia - Geingob

ü  Seychelles' Government Assessing Buildings for Solar Power Panel Installation

ü  West Africa: MTN Leaving Liberia

ü  Southern Africa: SACU Focusses On Free Trade Opportunities

ü  Namibia: PM Urges Nation to Venture Into Production

ü  Malawi: Mkango Subsidiary to Acquire 100 Percent of UK-Based Rare Earth Magnet Recycler Hypromag

ü  Nigeria: Scorecard - How Nigeria's Agriculture Sector Fared Under Buhari

ü  Nigeria: Ganduje Leaves Kano With N241 Billion Debt

ü  US debt ceiling deal ready for Congress vote, Joe Biden says

ü  FTX: Singapore state fund Temasek cuts pay after failed investment

ü  China's C919 passenger plane enters into service

ü  Food price cap will not make a difference - retailers

ü  Mars bar plastic wrapper swapped for paper

ü  Namibia: Contractors Urged to Adhere to Mandatory Pension Benefits

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

Kenya, 3-African Countries to Connect Indian and Atlantic Oceans Via Rail

Nairobi — Kenya is working with three African countries to connect the Indian and Atlantic Oceans through a trans-African railway line.

President William Ruto said Kenya, Uganda, the Democratic Republic of the Congo (DRC), and Congo (Brazzaville) will work on the project.

The agreement will see each state put up a railway line connecting one nation to the other via border points.

Ultimately, the line will start from the coast of Kenya and end in the Congo coast, and vice versa.

"We are currently having a conversation between Kenya, Uganda, DRC, including Congo (Brazzaville) to see how we can connect the Indian Ocean to the Atlantic. I think there is only a section of a 1000 kilometers of the rail and that should be connected," Ruto said at the African Private Sector Dialogue on the African Continental Free Trade Area in Nairobi today.

The connectivity is set to boost trade between the East and West African nations by reducing the time goods take to move within the continent as well as to America.

Currently, goods traveling to America are forced to go round the African continent via South Africa to countries in the west of Africa as well as America, impeding trade.

However, the project will make trade viable between Africa and America as well as between the regions through seamless connectivity.

"And as countries we are prepared to work on it together. That we can do our section in Kenya. Uganda are already working on their section," the President said.

"We are discussing with the Government of DRC to see how together we can get the resources to get the a 1000 kilometers in the DRC and connect it to the Congo River and transport our goods.....," he added.

-Capital FM.

Namibia: Green Hydrogen Can Transform Namibia - Geingob

President Hage Geingob has urged Namibians to support government efforts, emphasising that opposition to national projects may hinder much-needed developmental progress. Speaking at State House on Friday, Geingob was specifically referring to the much-anticipated green hydrogen project, which he said holds the tremendous potential to entirely transform the domestic economy.

He cited a previous example of the now- abandoned Epupa Dam project, which he said was left due to local resistance. "We learned a lesson from the Kunene region, where we were trying to have the Epupa Dam. It would have changed the face of that poor area. But because of interference from local people, that project died. Therefore, the area is still poor. We should hold hands to work together because it is not for us, it is for the people," stressed the President.

Geingob was speaking at the signing ceremony between the Namibian government and Hyphen Hydrogen Energy on the feasibility and implementation agreement (FIA) of the billion-dollar green hydrogen project. The signing was effected in Windhoek following last week's Cabinet approval.

At the occasion, he noted that government has a mandate to create jobs and is trying to deliver, despite facing challenges such as an economic downturn and drought, amongst others.

Friday's agreement will give Hyphen Energy the go-ahead to govern the development, implementation and operation of sub-Saharan Africa's largest and only fully vertically integrated green hydrogen project.

Hyphen Hydrogen Energy is a joint venture between Nicholas Holdings and Enertrag South Africa. As the preferred bidder, Hyphen was selected for a 40-year deal to develop Namibia's US$10 billion green hydrogen project in the Tsau //Khaeb National Park.

The partnership represents the first step in Namibia's journey to unlocking the potential of becoming one of the world's leading green hydrogen production hubs by leveraging the country's world-leading wind and solar resources, vast open spaces and stable investment climate, underpinned by strong democratic values.

"Thank you very much Hyphen for trusting our political system and our corporate governance architecture. Let us now work together, and we will deliver for the Namibian people," continued Geingob.

At the same occasion, Hyphen CEO Marco Raffinetti said: "This first Hyphen project is only the first stepping stone in Namibia's ambitions to being a regional green hydrogen hub. The project on its own, being the single-largest project ever proposed to be undertaken in Namibia, has the potential to be transformational for Namibia and its economy, driving job creation and the economy".

Raffinetti noted that with the FIA now signed, the next phase starts. He admitted that this is not going to be easy, as creating a project and industry on the scale envisaged by government is a daunting task.

Gunar Hering, CEO of Enertrag, added his voice, saying the journey will not only make Namibia the first country in Africa to reach net zero by 2030, but will also support the entire region in a just energy transition.

"If successful, this will come along with an unparalleled boost for the Namibian economy and many new jobs for the Namibian people, creating opportunities for the Namibian youths to deploy their energy, their brightness and their willingness to shape the country in attractive, future-proof, well-paid jobs so that they can provide for their families and to have the prospect of a fulfilled life," said Hering.

Under the FIA, Hyphen is responsible for the technical, financial, environmental, social and commercial delivery of this massive project. Government, on the other hand, is responsible for providing the land on which the project will be established, and developing and implementing the required legal, fiscal and regulatory environment necessary for the establishment and sustainable operation of Namibia's green hydrogen industry.

Obeth Kandjoze, director general of the National Planning Commission and chairperson of the Green Hydrogen Council, said government will over the next few years look to deepen its understanding and capacity in the industry through a dedicated office in the mines and energy ministry to ensure maximum skills' transfer and supervision over this strategic opportunity.

Project financing

Meanwhile, finance and public enterprises minister Iipumbu Shiimi clarified that the green hydrogen project is a private sector- driven project, with government only being involved at the receiving end.

"The next stage in the project is the feasibility study. During the feasibility study, the money that is going to be used is from Hyphen. Once the visibility is proven to be viable, again, Hyphen will have to go and look at its own resources, and probably complement those resources," Shiimi elucidated.

The finance minister added that government, in terms of the agreement, is going to receive money through leasehold during the feasibility study. Through this agreement, government is going to receive around Ꞓ12 million, said Shiimi.

He further stated that government will only pay if it decides to buy into the 24% project equity as an available option in the agreement between the two parties.

"So, we will go back to the drawing board and see whether it will make financial sense for us to buy that equity. And the decision will be accompanied by a financing plan. And secondly, just to clarify that, yes, government can only refund the developer for the costs or the money they would have spent on the feasibility study if government fails to do certain things, for example entry in the park," the minister noted.

For his part, green hydrogen commissioner James Mnyupe said government is committed, through its requests to Hyphen, to include locals in the project through local and youth employment and local procurement.

He affirmed that government has learned from its past experiences, and has ensured it is on the same page as Hyphen.

"In estimation, this particular project could produce almost 20% of today's fiscus take of government. It is without a doubt looking to be a significant contributor to the Namibian fiscus," Mnyupe added.

-New Era.

Seychelles' Government Assessing Buildings for Solar Power Panel Installation

The Seychelles' Public Utilities Corporation (PUC) and the Department of Energy are currently assessing prospective government buildings to install photovoltaic panels, said a top official.

These are the latest steps Seychelles is taking towards achieving 15 percent renewable penetration by 2030 and the greater vision of hitting net-zero emissions by 2050.

"We are assessing whether the earmarked institutions' roofs can sustain having the panels," the Principal Secretary for Energy and Climate Change, Tony Imaduwa, told SNA.

Among the buildings being assessed are health centres, police stations and other government offices to see if their roofs can hold the PV systems first of all. The assessment is on energy consumption and whether the grid can integrate them as well as if there are plans to carry out renovation work on the buildings.

"It will not make sense to install the panel on a building such as a police station that will be undergoing renovations soon," explained Imaduwa.

Seychelles has received funding from an Indian government grant to support a programme to install PV systems on government buildings. Additional funding has been added to next year's budget to ensure the completion of the second phase.

The first phase of the installation of PV panels on certain government buildings is completed and the Department of Energy has started work for the second phase.

The Barbarbarons emergency housing estate in the west of Mahe, the main island, and the National Assembly building at Ile du Port are some of the buildings included in the first phase.

"We started this programme some years back under the PV democratisation project. Through the ongoing project, more government buildings will be identified," said Imaduwa.

Meanwhile, to complement this program, the Department is also running one for schools under the Solar School Project partly funded by the Chinese government.

"So far we have covered schools on La Digue and Praslin and some on Mahe," explained Imaduwa.

Currently, the largest PV panel is on the roof of the Central Bank building in Victoria.

Seychelles - a group of 115 islands in the western Indian Ocean - relies heavily on imported fossil fuel for power generation and transportation. Currently, only 2.5 percent of the island nation's electrical energy is from renewable sources.

-Seychelles News Agency.

West Africa: MTN Leaving Liberia

-- The move is, according to US news agency Bloomberg, part of a plan by MTN Group Ltd to trim its portfolio and focus on a large market.

The parent company of Lonestar Cell MTN is planning to exit Liberia to focus resources on core markets, including Nigeria and Ghana.

The news comes as Lonestar, which is majority owned by MTN Group Ltd, Africa's largest mobile operator, is reportedly in advanced talks to sell some of its assets to Axian Group Ltd, according to US news agency Bloomberg.

The deal, according to Bloomberg, is yet to be finalized as negotiations are still ongoing but would affect Liberia, Guinea and Guinea Bissau, if Axian Group Ltd decides to go through with it.

The three countries accounted for a paltry 1.6% of MTN's revenue in 2022. As such, the sale would help MTN narrow its focus and resources on bigger markets, which are core markets to its plan.

Axian is a Madagascar conglomerate and, in 2022, Axian bought Millicom International Cellular's Tanzanian operations.

The firm's telecommunications unit has invested in towers, undersea cables, data centers, financial technology as well as a number of phone operators in countries such as Madagascar and Senegal.

According to Bloomberg, MTN's CEO, Ralph Mupita, has been evaluating the company's portfolio in recent months, and the move to sell some of its West African markets comes as part of a broader strategy to trim its portfolio and streamline its operations.

MTN is one of the most valuable companies in Africa, with a significant presence in 19 countries in the region.

The company's mobile phone services have become an essential part of everyday life for millions of people, and it has consistently been a top performer in the annual ranking of Africa's top 250 listed companies by African Business.

However, the combined market capitalisation of the top 250 companies has fallen from $701 billion to $561 billion since last year's survey, impacting MTN's overall value.

The decline in the market value of companies across the continent is primarily attributed to the COVID-19 pandemic, which has disrupted supply chains, reduced demand, and slowed economic growth.

Launched in 2001, Lonestar Cell MTN is one of Liberia's leading telecommunication companies and has the largest shares of the country's mobile money market, which is now dominating Financial transactions, with usage up in two consecutive years.

According to the Central Bank of Liberia 2022 annual report, the value of transactions carried out through mobile money platforms surged to L$281.7 billion and US$2.2 billion, respectively.

This represents a significant increase from the 2021 figures of L$251.4 billion and US$1.4 billion, making mobile money a key driver in promoting financial inclusion in the country, particularly in rural areas where access to traditional banking services is limited.

-Observer.

Southern Africa: SACU Focusses On Free Trade Opportunities

The Southern African Customs Union (SACU) Secretariat, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, and the United Nations Development Programme (UNDP), will host an information sharing workshop on the AfCFTA and a regional dialogue on emerging market opportunities for the SACU region. This initiative follows collaboration between the AfCFTA Secretariat and the Team Europe Technical Assistance Facility (EU-TAF) to support the AfCFTA and Continental Economic Integration.

The two-day event is scheduled to take place on 1 and 2 June 2023 in Johannesburg, South Africa. The event aims to disseminate information to relevant stakeholders within the SACU region, thereby creating synergies for the effective implementation of the AfCFTA. The outcomes of this seminar will also be used as insight for the ongoing work of sensitising the business community on the trade agreements concluded by SACU.

SACU regards the AfCFTA as a strategic continental instrument; hence, the implementation and leveraging of the AfCFTA has been prioritised as one of the pillars that underpin the recently approved SACU Strategic Plan for 2022-2027.

According to a statement, SACU aims to position itself to take full advantage of the AfCFTA through industrialisation, the development of regional value chains, export promotion and investment attraction and promotion.

The primary objectives of the workshop include support for SACU member states' efforts in publicising and creating awareness about the implementation of the AfCFTA.

Sensitise the business community in SACU on trade and investment opportunities; providing information to the business community on trade-related measures; providing information to the business community, governments and other stakeholders on various financing facilities and instruments available to support the implementation of the AfCFTA.

Providing a platform for business-to-business networking and cross regional economic and trade blocks to enhance business interactions across different regions of the continent and showcase; and presenting potential export and sourcing opportunities for SACU businesses within the AfCFTA market.

The target audience for the workshop will, among others, include traders, MSMEs, youth and women (mainly engaged in cross-border trade or planning to do so) from SACU and other regional trade blocs, government officials from SACU member states, Chambers of Commerce and Industry, customs administrations, export and trade promotion agencies, investors, research institutions, key civil society organizations and academia. Through this initiative, SACU remains committed to ensuring the African Union theme of the year 2023, 'The Year of AfCFTA: Acceleration of the African Continental Free Trade Area Implementation' is realised.

-New Era.

Namibia: PM Urges Nation to Venture Into Production

Prime Minister Saara Kuugongelwa-Amadhila has called on Namibians to venture into production. She indicated that government has launched activities aimed at supporting economic and business recovery and promoting SME development as drivers for job creation and entry for aspirant entrepreneurs into the mainstream economy.

The PM was speaking in Opuwo on Wednesday at the official opening of the 10th Jubilee of the Annual Opuwo Trade Fair 2023. This year's fair will be held under the theme 'Promoting sport, tourism and trade for sustainable development'.

Kuugongelwa-Amadhila indicated that after a prolonged economic downturn occasioned by weather related emergencies and Covid-19, the country is relieved to observe a rebound in the economy.

She noted that government has since launched several initiatives aimed at providing business support to assess responsiveness to current business needs and how to improve them.

"The approved measure under the business rescue task force report is implementation, including a business rescue fund that will assist debt-ridden companies to get the much-needed relief, so they can turn around their fortunes and help consolidate the economic recovery and put our economy back on a higher growth trajectory," she said.

The PM added that government continues to use public procurement to provide a market for local producers, and she urged Namibians to take advantage of this opportunity. She also called on Namibians to buy local produce and support local enterprises in order to promote job creation and economic expansion.

"The disruption in supply chains, which has caused a shortage of critical supplies and price hikes in basic products, has highlighted the vulnerability of our economy due to reliance on imports and the need to build national resilience by developing self-reliance in basic commodities.

It is also important for the resilience of our economy that we engage in value addition," Kuugongelwa-Amadhila added.

Speaking at the same occasion, Opuwo Town Council mayor Rosa Mbinge-Tjeundo said town councils should by all means strive to continue building a competitive and conducive business environment to promote investment, growth, jobs and income.

"Our partners provided mobile stalls for the vendors along Dr Sam Nujoma Avenue. Furthermore, the town council has completed phase one of the construction of an open market, with assistance from the Ministry of Urban and Rural Development. Establishment of an open market at Katutura, with the assistance from GIZ, has been done and actual construction is scheduled to begin soon," said the mayor.

*Cecilia Xavier works for the Ministry of Information and Communication Technology in Opuwo.

-New Era.

Malawi: Mkango Subsidiary to Acquire 100 Percent of UK-Based Rare Earth Magnet Recycler Hypromag

Maginito, a 90 percent owned subsidiary of Mkango Resources Limited a TSX.V and Aim stock exchange listed company, has entered into an agreement to acquire 100 percent of the United Kingdom (UK)-based HyProMag Limited.

HyProMag Limited is a technology company of the University of Birmingham while Maginito is a Mkango's company focused on developing green technology opportunities in the rare earths supply chain, encompassing neodymium (NdFeB) magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies.

Following the transaction, Maginito will hold a 100 percent interest in HyProMag Limited focused on short loop rare earth magnet recycling in the UK, a 90 percent direct and indirect interest in HyProMag GmbH, a company focused on short loop rare earth magnet recycling in Germany, and a 100 percent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), a company focused on long loop rare earth magnet recycling in the UK via a chemical route.

Mkango CEO William Dawes said in an interview on Friday that a new USA company is also in the process of being formed to develop rare earth recycling opportunities in the United States.

"Since acquiring our initial interest in HyProMag in 2020, we have seen the company grow from strength to strength, de-risking and further scaling-up the patented HPMS rare earth magnet recycling technology, building the team and developing further industry partnerships, all against the backdrop of growing interest in recycling and sustainable rare earth supply chains. We look forward to working closely with the HyProMag team as we continue to support the growth of the business," said Dawes.

HyProMag is establishing short loop recycling facilities for NdFeB magnets at Tyseley Energy Park in Birmingham, UK and other locations using the patented HPMS process to provide a sustainable solution for the supply of NdFeB magnets and alloys for a wide range of markets including, for example, automotive and electronics.

Short loop magnet recycling is expected to have a significant environmental benefit, requiring an estimated 88% less energy versus primary mining to separation to metal alloy to magnet production.

Mkango's corporate strategy is to develop new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies.

Mkango is developing its flagship Songwe Hill rare earths project ("Songwe") in Malawi with a Definitive Feasibility Study completed in July 2022 and an Environmental, Social and Health Impact Assessment approved by the Government of Malawi in January 2023 and is currently awaiting a Government of Malawi agreement and approval of a Win Win-Mining Development Agreement for the Songwe Hill rare earths mining project.

-Nyasa Times.

Nigeria: Scorecard - How Nigeria's Agriculture Sector Fared Under Buhari

Although some progress was recorded under the agric sector in the past eight years, this still does not reflect in the state of food availability, accessibility and affordability across the country

Eight years ago, when President Muhammadu Buhari took office, one of his promises was to diversify the oil-dominated economy by upscaling agricultural productivity through viable investments and enhancing farmers' capacity to plug into untapped opportunities across the sector's value chain.

The new president said Nigerians should "grow what they eat, and eat what they grow," to boost local food production, increase foreign exchange earnings and reduce the country's food importation bill significantly.

In his inaugural speech in 2015, Mr Buhari also promised to reduce the soaring unemployment figures in the country through the revival of the agriculture sector.

"Unemployment, notably youth unemployment, features strongly in our party's manifesto. We intend to attack the problem frontally through revival of agriculture, solid minerals mining as well as credits to small and medium size businesses to kick - start these enterprises. We shall quickly examine the best way to revive major industries and accelerate the revival and development of our railways, roads and general infrastructure," Mr Buhari's 2015 inaugural speech read in part.

In subsequent engagement with Nigerians, Mr Buhari said a database of unemployed but qualified youth had been developed under the National Social Investment Programme which can be used by the public and private sectors for recruitment purposes.

"Cumulatively, nearly two million beneficiaries have received aid under this Programme apart from Anchors Borrowers Programme and School Feeding initiative each reaching two million recipients. And we will do more. Much more," he said.

"On food security, our farmers have made great strides in local production of rice, maize, cassava, poultry, fertiliser, fisheries and sesame. We remain resolute in supporting the private sector in emphasising backward integration and export expansion plans."

Under Mr Buhari, the agric ministry was managed by three ministers: Audu Ogbeh, Sabo Nanono and Abubakar Muhammed.

Mr Ogbeh assumed office in December 2015 with the stated aim of restoring the lost glory of the agricultural sector, which was the mainstay of Nigeria's economy in the 1970s before the oil-boom. He recorded some significant successes within the first four years of this administration but faced several criticism following his approach to resolving the perennial farmer-herder clashes in the country. He was not returned as a minister after Mr Buhari was re-elected for a second term in 2019.

Mr Nanono, who succeeded Mr Ogbeh, was himself removed in September 2021, about two years after he was appointed due to his underperformance at the ministry. Mr Nanono was replaced by Mr Abubakar, who was the Minister of Environment.

In this report, PREMIUM TIMES examines key events and data that shaped the country's agricultural sector under Mr Buhari's eight years in office.

Investment and food self-sufficiency

Mr Buhari launched the Anchor Borrowers Programme ( ABP) initiative established by the Central Bank of Nigeria (CBN) in November 2015, six months after his inauguration. The government intended to use the programme to create a linkage between anchor (companies) involved in the processing and small holder farmers (SHFs) of some specific agricultural commodities captured in the initiative.

Beneficiaries of the programme are smallholder farmers cultivating cereals (rice, maize, wheat etc.) cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock. Loans are disbursed to the beneficiary farmers through Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs), which the programme recognises as Participating Financial Institutions (PFIs).

Upon harvest, the farmers repay their loans by taking their harvest to 'anchors' who pay the cash equivalent to the farmers' accounts. The impacts of the initiative and the subsequent closure of Nigeria's border in 2019 were evident in the increased local production of some key staple grains like rice and maize.

While unveiling rice pyramids produced by rice farmers under the ABP initiative across the country in Abuja last year, Mr Buhari said over 4.8 million smallholder farmers have been financed under the initiative across Nigeria to boost production of 23 agricultural commodities in the country.

For instance, before the initiation of the ABP programme, Nigeria's average rice production between 1999 and 2015 was less than four million metric tonnes (mmt) annually. Between 1999 and 2015, the country's yearly milled rice production averaged 2.4 million metric tonnes. However, upon the implementation of the ABP initiative, milled rice production increased from 3.9 mmt in 2015 to 4.5 mmt (15 per cent increase) in 2016, data published by the United States Department of Agriculture (USDA) showed.

In 2017 and 2018, Nigeria's milled rice production averaged 4.5 mmt, and rose to 5.0 mmt (11 per cent increase ) in 2019. In 2020, amidst the coronavirus pandemic and the devastating impacts of climate change and insecurity, production decreased to 4.8 mm but later rose to 5.3 and 5.0 mmt in 2021 and 2022 respectively.

Data also shows that Nigeria's yearly national production of maize (a major staple among Nigerians and a key raw material for livestock feed production) increased significantly between 2014 and 2022. Nigeria's production figures rose from 10.1 mmt in 2014 to 10.6mmt in 2015 and 11.6 mmt ( 9.34 per cent increase) in 2016.

In 2017, the figure fell to 10.4 mmt but leapt in 2018 to 11.0 mmt. The country's maize production climbed further to 12.7 mmt in 2019 but depreciated slightly to 12.4 mmt in 2020 due to Covid-19 impacts on food systems. Eventually, production picked up in 2021 to 12.75 mmt and settled at 12.20 mmt last year, the data showed.

In the eight years under the Buhari administration, average yearly maize production stood at 11.7 mmt. Meanwhile, under the preceding administrations of presidents Olusegun Obasanjo, Musa Yar'Adua and Goodluck Jonathan, the yearly averages were 5.5 mmt, 7.3 mmt and 9.0 mmt respectively, implying that progress has been consistent in the last 20 years. The rate of production between 2015 and 2022 has improved Nigeria's ranking in the region and around the world. Nigeria now ranks 14th and 13th among global milled rice and maize producers, respectively. Likewise, the data also revealed that Nigeria is currently the highest producer of rice in Africa, ahead of Egypt and it occupies the second spot among maize producers in Africa, trailing South Africa which ranks ninth globally.

Despite the success of the ABP, it had siginifact challenges. A 2018 PREMIUM TIMES and Buharimeter investigation in five states - Lagos, Ekiti, Kebbi, Kaduna and Ebonyi - and in neighbouring Benin Republic, revealed that the ABP, which was touted as the answer to Nigeria's quest for self-sufficiency in rice production, failed in many places with the government unable to recoup a large chunk of the N55 billion loan, already disbursed. The ABP gave rise to a multitude of angry farmers who claim the programme was hijacked by local politicians who disbursed funds to fake farmers and became a means of rewarding political patronage.

An effort by the Rice Farmers Association of Nigeria (RIFAN) to salvage the programme was merely slogging by as complaints of the supply of expired herbicide, bad seeds and other funding, threatened to derail it.

Under Mr Buhari, other notable agricultural policies launched include: Agriculture Promotion Policy (APP), Nigeria-Africa Trade and Investment Promotion Programme (NATIPP), Presidential Economic Diversification Initiative(PEDI), Zero Reject Initiative, Economic and Export Promotion Incentives, National Agricultural Technology and Innovation Policy (NATIP) and the Food security council among others.

The Presidential Fertiliser Initiative

Before Mr Buhari took office in 2015, Nigeria was a net importer of fertilisers. The major stock of blended fertiliser was usually shipped into the country as fully finished products. Even when Urea and Limestone granules, which constitute the raw materials required for the blending of fertilisers can be locally sourced, the existing blending plants in the country did not operate at their full capacity.

This took a turnaround after Mr Buhari launched the Presidential Fertiliser Initiative (PFI) in 2017 while making his budget presentation. It was in line with the effort to resuscitate Nigeria's moribund fertiliser blending plants in order to boost local production, and food production and as well achieve food security targets.

The launch was preceded by the visit of the King of Morocco, Mohammed VI, to Nigeria on 2 December 2016, during which several agreements were reached by the two leaders. One of these agreements concerned a partnership between the Fertiliser Producers and Suppliers of Nigeria (FEPSAN) and OCP, a state-owned Moroccan company and a world leader in phosphate production and its derivatives. The principal goal was to boost Nigeria's capacity to blend NPK fertilisers locally at a much-subsidised price and sell to farmers at less than N6000.

Checks by PREMIUM TIMES revealed that Nigeria's fertiliser value chain through the PFI initiative witnessed significant restructuring, different from what it used to be in the years prior. Within this period, fertiliser plants in the country increased from seven to over 50 blending plants in the last eight years. However, efforts to increase the supply and reduce the cost of the commodity were in some cases truncated by middlemen.

By implication, many farmers across the country complained that they could not access or purchase the products at government-approved rates.

Agric contribution to GDP

Available data shows that agriculture has grown at the weakest rate under the Buhari administration than any other government since the return of democracy in 1999.

The sector contributed an average of 27.5 per cent under President Obasanjo, 25.6 per cent under President Yar'adua, 21.75 per cent under President Jonathan and 24.4 per cent (2015--2021) under President Buhari.

Budgetary allocations

Despite being a signatory to the 2003 Maputo Declaration on Agriculture and Food Security in Africa", which among other things requires parties to allocate 10 per cent of their national budgets for the development of agriculture in the continent, Nigeria is yet to comply with the pact two decades after.

Before Mr Buhari became president in 2015, only 1.43 per cent(N67 billion) of Nigeria's 4.7 trillion national budget was allocated to the sector.

In 2015, agriculture drew the least budgetary allocation with only 0.9 per cent of the N4.49 trillion budget.

Between 2016 and 2018, allocation to the sector increased to 1.3 per cent, 1.82 per cent and 2.01 per cent of the N6.10, N7.44 and N8.61 trillions total federal budgets respectively.

The rate fell to 1.56 per cent in 2019, and 1.34 per cent in 2020, before recording a slight increase of 1.37 per cent in 2021 and just 1.8 per cent in 2022 -- the highest recorded in four years.

In percentage terms, the highest allocation to agriculture in the past two decades by any government to date was in 2008 and 2009 respectively.

In 2008, Mr Yar'Adua's government budgeted N2.92 billion for agriculture, which was 5.41 per cent of the total budget, and in 2009, it budgeted N3.101 billion, which was 5.38 per cent of the total budget.

Price Concerns

Despite professed commitment to developing the agricultural sector and the investment directed into the sector within the last eight years under Mr Buhari's reign, the nation is still evidently dependent on the oil sector for fiscal sustainability.

While Nigeria's rice and maize production has seen a major boost over the years under review, the prices of these items and other basic foodstuffs have been on a steady rise. Within the past eight years, prices of basic food and ingredients like bread, rice, and beans among others have skyrocketed significantly amidst rising food inflation in the country.

This has affected the purchasing power of many citizens whose incomes remain poor in the face of high cost of food, making it difficult for millions of citizens to feed themselves comfortably.

Corruption and Other Concerns

Meanwhile, a PREMIUM TIMES series titled "Authority Stealing" which exposed illicit transactions flows across ministries and their MDAs found that between September and December 2021, a total of N3.08 billion was paid into the private accounts of 42 staffers of the Ministry of Agriculture under former minister Sabo Nanono.

PREMIUM TIMES observed that several fund disbursements by the nation's agriculture headquarters were done through duplicated payments, some for similar purposes to some officials.

Similarly, despite the continuous claims of subsiding of farm inputs for easy access by Nigerian farmers in different zones of the country by the federal government, many smallholder farmers still lament lack of access to viable inputs and subventions.

Experts speak

Commenting on how the sector has fared in the past eight years, the National President of the Association of Yam Farmers, Processors, and Marketers, Simon Irtwange, expressed worry about the intervention of the Central Bank of Nigeria (CBN) in the sector, describing it as "uncoordinated".

"They descended into the arena and made a mess of the initiatives such as the Anchor Borrowers' Program, the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS) and consequently the programmes failed because beneficiaries were not the real farmers," he said.

On his part, Steve Okeleji, the founder of Aquatic Hub Afrique Network (AHAN), an aquaculture capacity building firm, said the agriculture sector over the past seven years recorded minimal growth.

"Never in the history of Nigeria have we had it this rough and bad," he said in an interview with PREMIUM TIMES, adding that the challenges (in the last eight years) were enormous, ranging from insecurity to high cost of farm inputs, low market prices, high cost of imported macro-nutrients and other inputs, high cost of diesel and so on.

"The incoming administration must as a matter of urgency find lasting solutions to these several challenges," Mr Okeleji said.

Meanwhile, Azeez Salawu, Founder and Executive Director at Community Action for Food Security (CAFS) Initiative, said Nigeria's agriculture sector has experienced both positive developments and persistent challenges over the last eight years.

He said the government has made efforts to prioritise agriculture as a key sector for economic diversification and job creation, recognising its potential to reduce dependence on oil revenue and alleviate poverty, but that these challenges still persist.

"Insufficient infrastructure, including road networks and irrigation systems, hampers productivity and hinders the movement of agricultural goods. Inadequate access to finance, limited extension services, and low adoption of modern farming practices continue to impede the sector's growth potential," he said.

He said issues such as climate change, conflicts in farming communities, and insecurity have negatively impacted agricultural activities in certain regions in Nigeria.

"These factors pose significant risks to food security and agricultural sustainability. We need to focus more on implementation of our policies and all stakeholders should work together in order to achieve sustainable food systems transformation in Nigeria," he added.

-Premium Times.

Nigeria: Ganduje Leaves Kano With N241 Billion Debt

In his speech, Mr Ganduje said that his administration collected N1.2 trillion in the last eight years

The outgoing Governor of Kano State, Abdullahi Ganduje, on Monday handed over to the incoming Governor, Abba Yusuf, alongside N241 billion debt.

The event took place at the Government House, Kano.

In his speech, Mr Ganduje said that his administration collected N1.2 trillion in the last eight years and spent the amount, leaving behind a total of about N241 billion in debt, made up of loans, contractual obligations, and others.

Earlier, Governor-elect Abba Yusuf expressed dismay over the debt profile left for the incoming administration.

"We will carefully study the reports and come out with our position on the debt and other matters."

I am surprised that the outgoing governor is not around to hand over to me as a democratically elected governor which has been the tradition.

However, we will carefully study the reports and come out with our positions.

He called on the people of the state to pray for the success of the incoming administration to ensure it met the expectation of the governed through good democratic governance.

Premium Times.

US debt ceiling deal ready for Congress vote, Joe Biden says

President Joe Biden has said a bipartisan deal to raise the US debt ceiling and avert a fast-approaching default is ready to move to Congress.

He said on Sunday the agreement was a "compromise", while Republican House Speaker Kevin McCarthy earlier called it "worthy of the American people".

They must now convince members of Congress to approve it.

The proposed deal is the result of long and bitter negotiations between Democrats and Republicans.

The Treasury had warned the US will run out of money on 5 June without a deal.

The US must borrow money to fund the government because it spends more than it raises in taxes.

Republicans have been seeking spending cuts in areas such as education and other social programmes in exchange for raising the $31.4tn (£25tn) debt limit.

What's in the US debt ceiling deal?

A simple guide to the debt ceiling

At a brief appearance before reporters on Sunday evening, President Biden said the proposed deal was "a really important step forward".

"It takes a threat of catastrophic default off the table, protects our hard earned and historic economic recovery.

"And the agreement also represents a compromise which means no one got everything they want, but that's the responsibility of governing."

Mr Biden said he believed Mr McCarthy had negotiated in "good faith" and now had the votes for the deal to be backed in Congress.

The proposed deal has now been published on the House website.

It envisages that non-defence government spending would be kept largely flat for two years and then rise by 1% in 2025.

There would be no major changes to Medicaid health insurance, and the proposed agreement fully funds medical care for veterans.

Laws are to be streamlined to speed up approval time for new energy projects - a reform Republicans have been pushing for.

Covid relief funds that have not been spent will be clawed back in the agreement, another demand made by the Republicans.

Certain age changes are proposed for a government programme that provides food-purchasing assistance for people on low or no incomes.

Late on Saturday, news came of a tentative deal - but it took until Sunday for negotiations to continue and the agreement to be finalised.

Mr McCarthy on Saturday said these reforms would lift people out of poverty and into the workforce. He added: "There are no new taxes, no new government programmes."

But he now faces a challenge to push it through the House, where it may be opposed by some diehards among both Republicans and Democrats.

Mr McCarthy said more than 95% of House Republicans were very excited about the deal.

But some have already broken ranks - Republican Chip Roy of Texas said he and some others were going to try to stop it passing.

Republicans control the House by 222 to 213, while Democrats control the Senate by 51 to 49.

Could a US debt default unleash global chaos?

A US default would upend the US economy and disrupt global markets.

In the US, the immediate effect would be that the government would quickly run out of funds to pay for welfare benefits and other support programmes, for instance.

Over a long period, the crisis would tip the US economy into recession - and this would result in unemployment rising.

A US recession would have big knock-on effects for many countries around the world, for which the US is a key trading partner - they would not be able to sell to an economy that does not buy as much.

And because the US dollar is the reserve currency of the world, a default would send panic across the world, eventually leading to prices of many commodities rising.-bbc

FTX: Singapore state fund Temasek cuts pay after failed investment

Singapore state-owned investment fund Temasek Holdings says it has cut the pay of staff responsible for its investment in cryptocurrency exchange FTX, which collapsed last year.

In November, the fund wrote off all of the $275m (£222.8m) it invested in FTX.

Prosecutors have accused FTX's former chief executive Sam Bankman-Fried of orchestrating an "epic" fraud which may cost investors billions of dollars.

Mr Bankman-Fried has pleaded not guilty to the charges.

"The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced," Temasek said in a statement on Monday.

The sovereign wealth fund also said it was "disappointed with the outcome of our investment, and the negative impact on our reputation."

Temasek did not indicate how much salaries were reduced by.

It had invested $210m and then another $65m in FTX in two funding rounds between October 2021 and January 2022.

Last year, the state-owned fund said that before making those investments it had spent eight months evaluating the cryptocurrency exchange. This included the review of an audited financial statement "which showed it to be profitable."

As of March 2022, Temasek was worth more than S$403bn ($298.1bn; £241.3bn), so the money it had put into the cryptocurrency platform accounted for a small percentage of its investments.

However, Singapore's deputy prime minister Lawrence Wong said in December that Temasek's losses in FTX had caused damage to the fund's reputation.

"The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," added Mr Wong, who is also the country's finance minister.

Sovereign wealth funds are like a savings account for a country, and they typically invest in shares, currencies, property or other assets.

The fall of ‘King of Crypto’ Sam Bankman-Fried

Singapore's crypto ambitions shaken by FTX collapse

FTX, which a year ago was valued at $32bn, filed for bankruptcy protection in November. It has been estimated that $8bn of customer's funds was missing.

Mr Bankman-Fried, who co-founded FTX in 2019, was one of the most high-profile figures in the cryptocurrency industry, known for his political ties, celebrity endorsements and bailouts of other struggling firms.

US federal prosecutors have accused Mr Bankman-Fried of stealing billions of dollars from FTX users to pay debts at his other firm, Alameda Research, and to make other investments.

In December, prosecutors announced eight criminal charges against Mr Bankman-Fried, including wire fraud, money laundering and campaign finance violations. Another five charges were levied against him in March. Financial regulators have also brought claims against Mr Bankman-Fried.

FTX co-founder Gary Wang and Caroline Ellison, the former head of Alameda, have also been charged over their alleged roles in the company's collapse.

Mr Bankman-Fried was arrested in December in the Bahamas, where he lived and FTX was based.

In an interview with BBC News just days before his arrest, he said: "I didn't knowingly commit fraud. I don't think I committed fraud. I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."

-bbc

China's C919 passenger plane enters into service

China's first domestically-manufactured large passenger jet has successfully completed its maiden commercial flight.

State TV showed the C919 rising into the skies above Shanghai, heading to the capital Beijing early on Sunday.

It was built by the Commercial Aviation Corporation of China (Comac) in the hope of breaking the dominance of Airbus and Boeing's single-aisle jets.

But the 164-seater still relies heavily on Western components, including engines and avionics.

The Shanghai-Beijing leg of the journey, with more than 130 passengers on board, was completed in just under three hours.

"I'm really confident in our country," said passenger Liu Peng. He told Reuters news agency C919 "will definitely get better and better".

"I'm feeling very emotional," said 21-year-old student and flight enthusiast LV Boyuan. He spoke to Reuters at Shanghai airport before he boarded a normal flight to Chengdu, from where he planned to take a return C919 flight the day after.

Designed to compete with jets from Europe's Airbus and the US airplane maker Boeing, the C919 can carry many more passengers and has a much longer range than its little brother, the ARJ21 - China's first domestic jet, in service since 2016.

State-backed China Eastern Airline has ordered five of the newer, bigger planes.

Comac - which plans to produce 150 planes annually in five years' time - says it has already secured more than 1,200 orders for the C919.

Some experts, however, say that most of these orders are believed to be letters of intent from domestic customers.

President Xi Jinping, who sat in the cockpit of a mock-up C919 a few years ago, has described the project as one of China's most innovative achievements.

The C919 made its first test flight in 2017 and has undergone several similar flights since.-bbc

Food price cap will not make a difference - retailers

Government plans to introduce a cap on the price of basic food items will not help tackle the rising cost of living, retailers have warned.

The British Retail Consortium (BRC) said the measures would not make a "jot of difference" and could thwart efforts to cut inflation.

A voluntary agreement with major retailers could see price reductions on basic food items like bread and milk.

There are no plans for a mandatory price cap, No 10 sources have stressed.

The idea of a cap or freeze on basic food items, as first reported by the Daily Telegraph, is said to be at the "drawing board stage".

Supermarkets are expected to be allowed to select which items they would cap and only take part in the initiative, modelled on a similar agreement in France, on a voluntary basis.

But there is some doubt over what impact a price cap would have, with the scheme facing criticism from retailers and opposition MPs.

Labour's shadow work and pensions secretary Jonathan Ashworth compared the plans to pricing controls introduced by Conservative prime minister Edward Heath in the 1970s.

The BRC, a trade association which advocates on behalf of more than 200 retailers, said the government should focus more on cutting red tape so resources could be "directed to keeping prices as low as possible", rather than "recreating 1970s-style price controls".

"This will not make a jot of difference to prices," Andrew Opie, director of food and sustainability at the BRC said.

"High food prices are a direct result of the soaring cost of energy, transport, and labour, as well as higher prices paid to food manufacturers and farmers," he added.

"As commodity prices drop, many of the costs keeping inflation high are now arising from the muddle of new regulation coming from government."

Health Secretary Steve Barclay told BBC One's Sunday with Laura Kuenssberg programme that the policy was "not about any element of compulsion".

"The government is working constructively with supermarkets as to how we address the very real concerns around food inflation and the cost of living, and doing so in a way that is also very mindful to the impact on suppliers," he said.

It comes days after Sainsbury's boss Simon Roberts denied that his supermarket had been profiteering.

He told the BBC that supermarkets had spent money to "battle inflation" and avoid passing all of the rising costs onto consumers.

The Consumer Prices Index of inflation was 8.7% in the year to April, with food prices rising by 19.1 % in the same 12-month period - its second highest rate in 45 years.

Soaring prices of some food products have meant inflation has not come down by as much as many predicted.-bbc

Mars bar plastic wrapper swapped for paper

Mars bars have been given a new look with recyclable paper wrappers instead of plastic.

It is part of a pilot, trialling more environmentally friendly materials for Mars Food's chocolate bars.

The new packaging will be rolled out at 500 Tesco stores in the UK from Monday.

The move follows chocolate rivals, Nestle, which has been using paper packaging for Smarties since January 2021 and on some Quality Street sweets since December 2022.

Nine of the 11 Quality Street traditional sweets moved to paper-based packaging.

The Orange Crunch and the Green Triangle remained in their foil wrappers as these are recyclable already.

Mars say it's a challenge to find the right paper packaging solution with an "adequate level of barrier properties to protect the chocolate".

Single-use plastics

Mars's current plastic wrappings are not recyclable, as is the case for many items including crisp packets and many chocolate bar wrappers. This leads to them accumulating in landfill and polluting waters.

In the Philippines, which sees tonnes of single-use plastics wash up on its shores, such packaging is repurposed to make bricks for building by being stuffed in to bottles and stacked.

The RSPCA says that the problem with single-use plastic waste is that it does not break down, and that it only breaks up into smaller and smaller parts, which impacts environment and wildlife for many years in the future.

The government in January announced a ban on single-use plastics such as plastic cutlery, plates and polystyrene trays, although the ban has not yet come in to effect.

Plastic straws were banned in the UK in 2020, with India following suit in 2022.

Meanwhile, France banned the use of single-use plastics in takeaway food venues in January.

Mars Incorporated said the change will make "200 million bars per year carbon neutral in the UK, Ireland and Canada".

Andrew Flood, Tesco packaging development manager, said he was "delighted to partner with Mars", adding that the initiative aligned with Tesco's "own strategy of removing plastic and packaging" in its business.-bbc

Namibia: Contractors Urged to Adhere to Mandatory Pension Benefits

The Construction Industries Federation (CIF) of Namibia said it is mandatory for construction sector employers to register their most vulnerable workers with a pension fund, and assist with contributions.

CIF chief executive officer Bärbel Kirchner said in a statement that the provision applies to all contractors, as per the collective agreement between CIF and the Metal and Allied Namibian Workers Union (Manwu).

"We are aware that some companies have not registered their workers as per the categories listed in the gazetted collective agreement, and are not making any contributions on their behalf.

"Some businesses clearly ignore these statutory requirements and blatantly disregard them. These, however, would be mostly those that are not members of the CIF," said Kirchner.

As the establishment of a national pension fund in Namibia remains on the cards, the construction sector is the one industry that is taking the lead to protect its most vulnerable employees, she said.

Manwu secretary general Justina Jonas expressed concern about foreign contractors not adhering to the mandatory requirements by registering their teams with a pension fund.

"We have noted from our annual random site inspections that many projects managed by foreign contractors do not register their workers with a fund. There is no sense of caring for their workers after the end of their working lives to mitigate poverty and maintain their standard of living during retirement," Jonas said.

CIF and MANWU collaborated in 1990 to establish an umbrella fund for the industry, the Namibia Building Workers Pension Fund (NBWPF).

NBWPF principal officer Enwich Kazondu said the commitment to help the local construction industry work towards creating decent work was jointly addressed.

"An important fact to consider is that all employers in the construction sector, irrespective of whether they are members of the CIF, are legally obliged to ensure that their workers are registered with a pension fund so that they, as well as their employees make contributions," Kazondu said.

Despite efforts by employers to adhere to the requirements, Kirchner noted that many businesses are struggling to make pension contributions due to a lack of work.

"For that reason, we clearly want to see more majority Namibian-owned businesses get contracts both in the private and public sectors.

"It is not only important in view of job creation, maintaining, and building capacities in the industry, but also in view of effective contribution to government revenues, as well as building a future safety net at the point of retirement for those working in our sector," she said.

-Namibian.

Invest Wisely!

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Heroes’ Day

Aug 14

Defence Forces Day

Aug 15

Companies under Cautionary

CBZH

GetBucks

EcoCash

TSL

Econet

Turnall

First Capital Bank

ZBFH

Fidelity

Zimplow

FMHL

 <mailto:info at bulls.co.zw> 

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

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