Major International Business Headlines Brief::: 15 November 2023

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Major International Business Headlines Brief:::  15 November 2023 

 


 

 




 


 

 


 

ü  South Africa: Govt Takes Steps to Form National Oil Company

ü  Tanzania: Critical Minerals Key to Tanzania's Digital Transformation

ü  Tanzania: PM Warns Pastoralists Grazing in Farms

ü  Nigeria: Tinubu Secures Multi-Billion Dollar in Infrastructure Funding
>From Islamic Bank

ü  Africa: Smallholder Farmers Gain Least From International Climate Funding

ü  Nigeria: NLC, TUC, ASUU, Others Defy Court Order As They Begin Strike

ü  Nigeria: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

ü  Botswana De Beers Partnership Exemplary

ü  Rwanda: Govt Closes 13 Mining Concessions Over Safety, Environmental
Issues

ü  South Africa: Illegal Electricity Connections Cost Cape Town R83m in 10
Months

ü  Malawi Not Left Out in Environmentally Sustainable Tobacco Production

ü  Nigeria: Reps Call for Increase in Education Budget to 15%

ü  Nigeria: Saudi Investors to Fix Minna-Bida Road - Governor

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Govt Takes Steps to Form
National Oil Company

Minerals and Energy Minister Gwede Mantashe has introduced a bill to create
the South African National Petroleum Company, merging government-owned oil
and gas entities, reports News24. This new entity will include existing
companies like the Strategic Fuel Fund, PetroSA, and iGas, under the control
of the Department of Mineral Resources and Energy (DMRE). The goal is to
consolidate energy operations and assets, ensuring government control and
potentially acquire stakes in private oil and gas exploration firms. The
company aims to manage the entire fuel energy chain and develop South
Africa's energy infrastructure. Stakeholders have a 30-day window to comment
on the proposal after its publication in the Government Gazette.

 

Education Department's Handling of Pregnant Students Draws Criticism

 

 

The Commission for Gender Equality (CGE) has slammed the Department of Basic
Education's (DBE) presentation on preventing school dropouts among pregnant
girls and young mothers, calling it a "misleading depiction" that fails to
capture the true extent of the issue, reports TimesLIVE. CGE Chairperson
Advocate Nthabiseng Sepanya-Mogale cited disturbing instances of teacher
misconduct, including rape, and underscored the mishandling of these cases
by education authorities. The commission's own report identified factors
like parental absence due to migrant work, leaving adolescents unsupervised
and vulnerable to risky behaviours. It also highlighted personal struggles
faced by young mothers attempting to return to school, such as seeking
emotional support after family loss and societal pressures. The
investigation revealed inadequate training and a lack of standardised
practices among stakeholders for handling pregnant pupils. Despite efforts
mentioned by the DBE to support the return of pregnant learners, Deputy
Minister of Basic Education Reginah Mhaule acknowledged existing gaps in
policies and urged society to report issues while recognising the
limitations in fully addressing these complex challenges.

 

 

Youth Unemployment Rate Decreases Slightly, But Challenges Remain

 

South Africa's youth unemployment rate edged down slightly in the third
quarter, falling from 45.3% to 43.4%, mirroring a similar decline in the
national unemployment rate, reports News24. Writing for the publication,
Renée Bonorchis says the latest statistics represent a modest improvement,
but the stark reality remains: nearly half of the country's economically
active youth population is still jobless. Ernst & Young Africa's chief
economist, Angelika Goliger is quotes as saying that this hinders individual
prospects and impedes South Africa's ability to harness the skills and
creativity of its younger generation. The statistics reveal that youth
between the ages of 15 to 24 and 25 to 34 face the most severe unemployment
challenges. Within the younger age group, 32.7% are not in employment,
education, or training. This prolonged unemployment among the youth raises
economic and social concerns, with factors like Eskom's power shortages
contributing to job losses in crucial industries like manufacturing.

 

-South African news

 

 

 

 

Tanzania: Critical Minerals Key to Tanzania's Digital Transformation

DAR ES SALAAM: A growing demand for smartphones in the country and the
pursuit of digital transformation are driving the need for domestic
smartphone manufacturers.

 

Currently 100 per cent of the smartphones in the country are imported.

 

According to research, Tanzania is rich in essential minerals such as
graphite, lithium, copper and cobalt which are crucial for smartphone
manufacturing.

 

The presence of these minerals, combined with political and economic
stability, creates a favourable environment for establishing smartphone
industries that will play a critical role in digital transformation.

 

 

Nominated Member of Parliament, Prof Shukrani Manya, recently emphasised the
effective utilisation of minerals to support the technological revolution,
including the development of home-made Electric Vehicles (EV) and other
vital technologies.

 

He made these remarks during a debate on the guideline proposals for the
National Development Plan and Budget for the 2024/2025 Fiscal Year in the
recently concluded Parliament session.

 

Prof Manya stated that the upcoming National Development Plan should take
advantage of the country's geographical and ecological benefits by ensuring
that minerals for technology-intensive industries are considered critical
raw materials that attract major investors.

 

He called for a shift in mindset from exporting minerals to establishing the
necessary tech industries by using these minerals as raw materials. He
argued that this new mindset would safeguard job opportunities and
accelerate the country's income generation.

 

 

In response to Prof Manya's statement, academics and analysts are optimistic
about Tanzania's potential to manufacture smartphones domestically. They
cite the presence of raw materials, human capital, and a solid policy
framework as key factors for success.

 

Tech analyst and marketing expert, Mr Medard Wilfred, who is based in
Mwanza, stated that the establishment of manufacturing and assembling
industries would enable all citizens to afford smartphones and have internet
access, thus accelerating the transition to an inclusive digital economy.

 

Mr Wilfred explained that universal internet access would lead to a boom in
e-commerce and diversification of the entire economy, as farmers and other
producers in the production chain could sell their products to wider markets
while adopting new technologies.

 

He called on universities, including the Dar es Salaam Institute of
Technology (DIT), Mbeya University of Science and Technology (MUST),
University of Dar es Salaam and the Saint Augustine University of Tanzania
(SAUT), to produce more tech experts, engineers, administrators and
marketers who can lead the country's race in mobile manufacturing in
collaboration with foreign investors.

 

 

"The country's universities should play a critical role in fast-tracking the
establishment of smartphone assembling and manufacturing," said Mr Wilfred.

 

He also urged the government to support local mineral refining companies in
adding value to the country's precious metals, such as lithium, gold,
graphite, and copper, to assure potential investors of the availability of
raw materials for smartphone production.

 

Economist and Investment Banker, Dr Hildebrand Shayo, stated that the
establishment of smartphone assembling companies requires collective efforts
from families, schools and the national level to instill a passion for
technology in the youth, who make up about 60 percent of the country's total
population.

 

Dr Shayo praised the Ministry of Information, Communication, and Information
Technology for its determination to promote the digital economy through
initiatives such as upgrading the National Information Communication
Technology Broadband Backbone (NICTBB).

 

He called on all ministries to work together in creating a favourable
investment climate that would attract major tech investors to establish
their businesses in the country.

 

Dr Shayo suggested that the next National Development Plan should include a
program to support innovators, providing financing for different innovations
aimed at realising the dream of making smartphones in Tanzania. He
emphasised that high-tech investments are capital-intensive and require
effective financing approaches.

 

He highlighted that the presence of major tech companies in the country
would have ripple effects throughout the entire production chain, including
job creation, increased foreign currency, and rewarding revenues.

 

Dr Isaac Safari, an economist and lecturer at SAUT, proposed the
establishment of an innovation centre that would bring together tech
innovators from various regions across the country.

 

He suggested that this centre could eventually become Tanzania's own Silicon
Valley, similar to the one in the United States.

 

Silicon Valley is a global hub for technological innovation, home to many
companies such as Apple, Alphabet's Google, and Meta (formerly Facebook).

 

Dr Safari explained that Tanzania's Silicon Valley would serve as the
epicentre for major innovations in the country, adding that the government
and development stakeholders should allocate sufficient funds and
infrastructure to facilitate emerging technologies, including smartphones.

 

Daily News.

 

 

 

Tanzania: PM Warns Pastoralists Grazing in Farms

LINDI: PRIME Minister Kassim Majaliwa has warned that the government will
not tolerate any pastoralist who invades farms and destroys crops, as such
acts are contrary to the law.

 

The Premier urged livestock keepers to consider the size of their grazing
land in determining the number of livestock they keep.

 

Majaliwa issued this warning on Tuesday during his tour to inspect
development projects being implemented in Ruangwa District, Lindi Region.

 

"Agriculture is life, agriculture is business, agriculture is money, just
like livestock keeping. Therefore, every farmer should cultivate crops based
on the size of their farm, and pastoralists should keep animals considering
the size of their grazing land," said while addressing the public in Nanjaru
and Mkaranga villages in the Nambilanje Ward, as well as Nankonjera Village
in the Namichiga Ward,

 

 

"We are all Tanzanians and we want wealth. Farmers and pastoralists must
respect each other because they are all Tanzanians," said Majaliwa.

 

He emphasised that conflicts between farmers and pastoralists are
unproductive and that the government does not want them to continue.

 

"Neither farmers nor pastoralists have more rights than the other, so
everyone should set a work plan that does not negatively impact either
side," the PM added.

 

The Prime Minister also directed Village Executive Officers to verify the
number of cattle owned by pastoralists before allocating areas for them and
to ensure the involvement of the village government and the local community.

 

 

"Pastoralists should change and adopt modern livestock-keeping practices. Do
not take pride in having a large number of livestock that you cannot take
care of. Keep a manageable number of animals and sell them at profitable
prices," surged the Premier.

 

In a related development, PM Majaliwa called on leaders of cooperative
societies to manage associations well and to stop stealing from farmers by
ensuring accurate weight measurements when farmers bring their crops to the
warehouses.

 

Mr Majaliwa further stated that President Samia Suluhu Hassan has made
significant investments in the agricultural sector to make Tanzania a major
producer of food and cash crops. "Therefore, executives should ensure that
the sector is well managed to increase productivity," he added.

 

The PM also mentioned that the government continues to strengthen various
social services across the country, including Ruangwa District, in areas
such as education, health, water, energy, and road infrastructure, to ensure
citizens have easy access to them. "Let's continue to support our
president."

 

Daily News.

 

 

 

Nigeria: Tinubu Secures Multi-Billion Dollar in Infrastructure Funding From
Islamic Bank

President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced
negotiations concerning a multi-billion dollar infrastructure finance
facility from the Islamic Development Bank to fund a multi-sectoral
portfolio of infrastructure projects at the federal and sub-national levels
in Nigeria.

 

According to a statement by presidential spokesman, Ajuri Ngelale, this
development was the outcome of substantive investment discussions held
between President Tinubu and the Vice-President (Country Programs) of the
Islamic Development Bank, Dr. Mansur Muhtar, after the President's return
from evening prayers.

 

"Nigeria is the candle of hope that will light the way for Africa. And once
Africa is illuminated, the world will be a brighter place for all of
humanity. We are determined to create a future for our gifted youths.
Investments in Nigeria will be among the world's most high-yielding.
Investor money will flow easily in and out of our country. Processes will be
seamless. And your bank has always been a faithful partner in progress.

 

 

"We have serious deficits in port infrastructure, power infrastructure, and
agro-allied facilities that will enable sustainable food security in our
country. These deficits present unrivalled opportunity for savvy investors
in a market that is by far the largest on the continent. Yes, we had the
vision to enable Lekki Deep Seaport before others saw it. We must be bold
again.

 

"We inherited serious liabilities, but also assets from our predecessors. We
do not make any excuses. There are several sectors replete with investment
opportunities for smart investors. Access to finance and guarantees can be a
hindrance in some cases. You can come in there. We see you as a critical
enabler. You have partnered with us before. We want to scale it up now and
do much more with greater ambition and clear vision," the President stated.

 

 

Noting the historic essence of President Tinubu's swift and decisive
economic reforms, the Vice-President of the Islamic Development Bank said
the financial world has been monitoring events in Nigeria and has concluded
that Africa's largest economy means business this time.

 

"Mr. President, we know you inherited a very tough set of circumstances. It
is to your credit that you have taken very bold steps without delay. We are
ready to work with you. We are ready to support big investments in Nigeria.
We agree that if Nigeria succeeds, Africa succeeds. And the world needs
Africa to succeed.

 

"The Islamic Development Bank President announced the provision of $50
billion U.S. Dollars of new investment for the African continent from the
Arab Coordination Group (ACG). This was announced at the Saudi-Arab-African
Economic Summit. As the largest market and the largest economy in Africa,
Nigeria will certainly receive a significant share. We look forward to
supporting Nigeria's economic transformation," the Islamic Development Bank
Vice-President said.

 

The President concluded by thanking the Islamic Development Bank management
while pledging the unwavering commitment of his administration to win
investors' trust and confidence, just as he did in Lagos State many years
ago.

 

Members of the Nigerian delegation present at the meeting in Mecca were:
Governor Bala Mohammed of Bauchi State; Governor Dikko Radda of Katsina
State; Governor Umar Bago of Niger State; Minister of Budget & Economic
Planning, Senator Atiku Bagudu, and others.

 

Leadership.

 

 

 

Africa: Smallholder Farmers Gain Least From International Climate Funding

Nairobi — Smallholder farmers from the Global South benefit from a grossly
disproportionate 0.3% of international climate finance despite producing a
third of the world's food and despite holding the key to climate-proofing
food systems.

 

The family farmers and rural communities received around USD 2 billion from
both public and private international climate funds out of the USD 8.4
billion that went to the agriculture sector in 2021, even as over 2.5
billion people globally depended on the farms for their livelihoods.

 

The USD 8.4 billion was almost half of the USD 16 billion that was availed
for the energy sector and is only a fraction of the estimated USD 300-350
billion needed annually to "create more sustainable and resilient food
systems," a new report has found.

 

The amount was also quite different from the USD 170 billion that
smallholder farmers in Sub-Saharan Africa alone would require per year, the
study on global public finance for climate mitigation and adaptation
conducted by Dutch climate advisory company Climate Focus has found.

 

 

The low level of climate finance for agriculture, forestry, and fishing is
of concern, given the impact of climate change on food production and the
extent to which food and agriculture are fueling the climate and
biodiversity crisis.

 

Agricultural productivity has declined by 21 percent due to climate change,
while the food and agriculture sector as a whole is responsible for 29
percent of greenhouse gas emissions and 80 percent of global deforestation,
the study explains.

 

The farmers have been sidelined by global climate funders and locked out of
decision-making processes on food and climate despite being the engines of
rural economic growth. This is especially so in Sub-Saharan Africa, where up
to 80 percent of agriculture is by smallholder farmers and where 23 percent
of regional GDP is attributable to the sector.

 

 

It reveals that 80 percent of international public climate finance spent on
the agri-food sector is channeled through governments and donor country
NGOs, making it hard for smallholder farmers' organizations to access it.
This is because of complex eligibility rules and application processes and a
lack of information on how and where to apply.

 

Many family farmers also lack the infrastructure, technology, and resources
to adapt to climate impacts, with serious implications for global food
security and rural economies as well, it notes.

 

The study 'Untapped Potential: An analysis of international public climate
finance flows to sustainable agriculture and family farmers,' published on
14 November, laments that only a fifth of international public climate
finance for food and agriculture supports sustainable practice. The money
mainly goes to the Global North, even as agriculture becomes the third
biggest source of global emissions. and the main driver of biodiversity
loss.

 

 

"Climate change is hitting harvests and driving up food prices across the
globe. It has helped push 122 million people into hunger since 2019. We need
to create more sustainable and resilient food systems that can feed people
in a changing climate, but we can't do this without family farmers," the
report compiled on behalf of ten farmer organizations in Africa, Asia, Latin
America, and the Pacific says.

 

"Family farmers are also key to climate adaptation. They are at the
forefront of the shift to more diverse, nature-friendly food systems, which
the Intergovernmental Panel on Climate Change (IPCC) says is needed to
safeguard food security in a changing climate," it further notes.

 

The groups are led by the World Rural Forum and include African groups--the
Eastern Africa Farmers Federation, Eastern and Southern Africa small-scale
Farmers Forum, the Regional Platform of Farmers' Organisations in Central
Africa, and the Network of West African Farmers' and Producers'
Organisations. Also part of the group is Northern Africa's Maghreb and North
African Farmers Union.

 

The Asian Farmers Association for Sustainable Rural Development, the Pacific
Island Farmers Organization Network, the Confederation of Family Producers'
Organizations of Greater Mercosur, and the Regional Rural Dialogue Programme
are also represented in the study.

 

Many of the farmers are already practicing climate-resilient agriculture,
including approaches such as agroecology, which implies a wider variety of
crops, including traditional ones, mixing crops, livestock, forestry, and
fisheries, while reducing agrochemical use, and building strong connections
to local markets.

 

The study by the new alliance of farmer networks representing over 35
million smallholder producers ahead of COP28, which is set to agree on a
Global Goal for Adaptation, is concerned that since 2012, overall, only 11%
of international public climate finance has been targeted at agriculture,
forestry, and fishing, which amounts to an average of USD 7 billion a year.

 

In 2021, the World Bank, Germany, the Green Climate Fund, and European Union
institutions contributed around half--54 percent, amounting to USD 4 billion
collectively, while Nigeria, India, and Ethiopia were the top recipients,
receiving a combined USD 1.8 billion. Notably, some of the world's most food
insecure countries, including Sudan, Sierra Leone, and Zambia, each received
less than USD 20 million, it discloses.

 

"As the climate crisis pushes the global food system ever closer to
collapse, it is vital that governments recognize family farmers as powerful
partners in the fight against climate change," it warns.

 

 

Hakim Baliriane, Chair of the Eastern and Southern Africa small-scale
Farmers Forum, observed: "Climate change has helped push 122 million people
into hunger since 2019. Reversing this trend will not be possible if
governments continue to tie the hands of millions of family farmers."

 

The study defines small-scale family farms as those of less than two
hectares, mainly in developing countries.

 

On the other hand, international climate finance broadly refers to finance
channeled to "activities that have a stated objective to mitigate climate
change or support adaptation. These include multilateral flows in and
outside the (UNFCCC) and the Paris Agreement, as well as bilateral flows at
national and regional levels, including the Global Environment Facility,
Adaptation Fund, and Green Climate Fund, and are usually disbursed as grants
and concessional loans

 

The study finds that family farms are also the backbone of rural economies,
supporting over 2.5 billion people globally who depend on family farms for
their livelihoods. It says that in Sub-Saharan Africa, where up to 80
percent of farming is done by smallholder farmers, agriculture contributes
23 percent to regional Gross Domestic Product.

 

Family farmers are also key to climate adaptation in that they are at the
forefront of the shift to more "diverse, nature-friendly food systems,"
which, according to the Intergovernmental Panel on Climate Change (IPCC),
are critical in safeguarding food security in a changing climate.

 

It finds that millions of smallholder farmers are already practicing
climate-resilient agriculture, including approaches such as
agroecology--growing a wider variety of crops, including traditional crops,
mixing crops, livestock, forestry, and fisheries, reducing agrochemicals use
while building "strong connections to local markets."

 

It concludes that governments must ensure that available climate finance for
sustainable climate-resilient practices is increased, including that of
agroecological approaches.

 

It explains: "This means funds to support diverse, nature-friendly
approaches and to create community-based solutions that build on traditional
expertise and experience.

 

It recommends that small-scale family farmers ought to have direct access to
more climate finance and that financing mechanisms and funds should be
developed with the participation of farmers' organizations to meet their
needs.

 

In addition, efforts should be made to ensure longer-term, flexible funding
so that communities can determine their own priorities.

 

The role of the farmers as powerful catalysts for climate action, food
system transformation, and the protection of biodiversity should be
acknowledged and given a "real say" in decision-making on food and climate
at the local, national, regional, and international levels. This should
include decisions on land reform and agricultural subsidies.

 

The COP28 in Dubai later this month has food systems as a big part of the
agenda.

 

An August report by the UK's ActionAid has found that climate adaptation and
green transition initiatives in the Global South received 20 times less
financing when compared to main global emitters, fossil fuels, and intensive
agriculture sectors in the last seven years.

 

It found that leading banking multinationals funded the emitters' activities
in the southern hemisphere to the tune of USD 3.2 trillion since 2015 when
the Paris Agreement on Climate was adopted. German agrochemical giant Bayer
was the biggest recipient of the financing, receiving an estimated USD 20.6
billion since 2016. IPS.

 

 

 

 

Nigeria: NLC, TUC, ASUU, Others Defy Court Order As They Begin Strike

The NLC had on Monday announced the commencement of the industrial action
from midnight of Monday, 13 November, in defiance of a restraining order
issued by the National Industrial Court in Abuja on Friday.

 

The Nigeria Labour Congress (NLC), the Trade Union Congress (TUC) and its
affiliates including the Academic Staff Union of Universities (ASUU), on
Tuesday, began a nationwide strike, in defiance of a restraining court order
barring them from embarking on the industrial action.

 

The two major labour unions, NLC and TUC, had declared the strike, following
the brutalisation of the NLC president, Joe Ajaero, in Imo State on 1
November. Mr Ajaero was attacked in Owerri, the state capital, during an NLC
protest against the Imo State government over alleged maltreatment of
workers in the state.

 

The unions on Monday directed their members to down tools across the country
as from Tuesday.

 

This is despite the restraining order issued by the National Industrial
Court, in Abuja, on Friday, stopping the labour unions from embarking on the
strike. The judge, Benedict Kanyip, ordered the two major labour unions to
stop their industrial action scheduled to commence 14 November.

 

 

The interim order followed an ex-parte request by the Nigerian government
through the office of Attorney General of the Federation (AGF) and Minister
of Justice, due to the Labour unions' threat to embark on strike.

 

Ignoring the court order, ASUU President, Emmanuel Osodeke, a professor of
soil science, on Monday, directed compliance with the strike declaration in
a letter to ASUU zonal coordinators and branch chairpersons across the
country.

 

"As an affiliate of NLC, all members of our union are hereby directed to
join this action of NLC to protect the interest of Nigerian workers and the
leadership of the union. Zonal coordinators and branch chairpersons should
immediately mobilise our members to participate in the action," ASUU
President, Mr Osodeke, wrote in a letter to zonal and branch chairpersons of
the union.

 

 

When PREMIUM TIMES asked Mr Osodeke if he was aware of the subsisting court
order stopping the strike, he said the question should be directed to the
NLC which called for the strike.

 

"Call the NLC, ASUU did not declare a strike, NLC declared the strike. Call
NLC," he said in a telephone interview on Tuesday morning.

 

But the NLC's head of information, Benson Upah, did not respond to phone
calls and messages sent to his line requesting for comments, as of the time
of filing this report.

 

The labour unions had, on Monday, refused to acknowledge the court order
while directing their members to withdraw their services as from Tuesday.

 

FG's reactions

 

 

Meanwhile, the presidency has called the strike an illegal and unwarranted
act, describing it as a blackmail of the government.

 

A statement by the Special Adviser to the President on Information &
Strategy, Bayo Onanuga, on Monday, said the government was still at a loss
as to why labour would punish a whole country of over 200 million people
over a personal matter involving the NLC President.

 

On Monday, the office of the Attorney-General of the Federation similarly
advised the unions against the strike, asking them to respect the subsisting
court order, which it said had been served on them.

 

The office urged the unions not to embark on what it described as a
contemptuous act after being served with the court order.

 

This is not the first time the five-and-a-half-month-old administration of
President Bola Tinubu is accusing the labour unions of contempt of court
over declarations of strike.

 

The federal government, through the AGF office, has been locked in legal
battles with the NLC and TUC leaders over the strikes the unions have
declared on different occasions in protest against Mr Tinubu's announcement
of fuel subsidy removal in May.

 

In August, the AGF filed a contempt suit seeking to have the labour union
leaders jailed for defying an earlier order of the National Industrial Court
in Abuja that restrained them from embarking on strike over the fuel subsidy
removal.

 

But the government, about a week later, withdrew the contempt suit to
continue negotiation with the unions.

 

It has become customary for the federal government to rush to the National
Industrial Court to obtain ex parte restraining orders stopping major
workers' unions from embarking on nationwide strikes.

 

Since the time of the immediate-past President Muhammadu Buhari
administration, the federal government has, on countless ocassions, obtained
court orders to stop the strikes declared by doctors, health workers, ASUU
and NLC with TUC.

 

But the unions often accuse the federal government of resorting to court
actions as an armtwisting strategy against them, while making no tangible
commitment to meet their demands.

 

-Premium Times.

 

 

 

Nigeria: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

Kano, Katsina, Yola, Abuja — Naira scarcity is biting harder across the
country as banks have limited cash withdrawals, findings by Daily Trust have
shown.

 

Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other
parts of the country are expressing concerns over their inability to
withdraw huge cash in their banks, raising fears of scarcity as experienced
during the naira swap.

 

This has also affected business transactions in local markets, especially in
the northern part of Nigeria where buyers and sellers prefer to deal in cash
instead of bank transfers.

 

Daily Trust had, on November 1, reported that cash scarcity had resurfaced
in Borno and Kano states as the December 31 deadline for the use of the old
N200, N500 and N1,000 banknotes draws nearer.

 

The report had forced the Central Bank of Nigeria (CBN) to explained that
"The seeming cash scarcity in some locations is due largely to high volume
withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic
withdrawals by customers from the Automated Teller Machines, ATMs)."

 

 

The CBN, through its Director, Corporate Communications, Isa Abdulmumin,
added, "While we note the concerns of Nigerians on the availability of cash
for financial transactions, we wish to assure the public that there is
sufficient stock of currency notes for economic activities in the country.
The branches of the CBN across the country are also working to ensure the
seamless circulation of cash in their respective states of operation."

 

The CBN had announced in March that in compliance with the order of the
Supreme Court, banknotes remained legal tender alongside the redesigned
banknotes until December 31.

 

Last week, the apex bank reassured that both old and new notes remained
legal tender and urged Nigerians to continue transacting using them.

 

 

"For the avoidance of doubt, while reiterating that there are sufficient
banknotes across the country for all normal economic activity, we wish to
state unambiguously that every banknote issued by the Central Bank of
Nigeria (CBN) remains legal tender and should not be rejected by anyone, as
stipulated in Section 20(5) of the CBN Act, 2007," Abdulmumin had said in
the statement.

 

He had added that branches of the CBN across the country had been directed
to continue to issue different denominations of old and redesigned banknotes
in adequate quantities to deposit money banks for onward circulation to bank
customers.

 

Scarcity persists

 

But checks by our reporters across the country revealed serious scarcity of
the naira amid reluctance by traders, farmers, among others to release their
wares even when prospective buyers are willing to make bank transfers.

 

 

At prominent village markets in Kano, Katsina, Jigawa, Adamawa, Kaduna and
Taraba, lack of cash is affecting businesses.

 

This is at a time when farmers have harvested their goods and taken them to
market hoping to sell.

 

However, merchants who trooped to such markets from the towns to buy the
commodities have been mostly stranded as middlemen scramble to get cash for
them.

 

POS operators in such markets also confirmed shortage of cash.

 

Traders return home with cattle in Katsina

 

Anas Nasiru, who visited the Mai'adua Cattle Market on Sunday, said it was
tough getting cash to transact businesses.

 

"Most of the people who brought cattle from the villages for sale were not
willing to sell because they want cash, which is not available.

 

"My cousin had to send cash for me from Kano, which I used to buy cattle. It
is the same with many people...In fact, some of the traders went back home
with their wares," he said.

 

A POS operator in Kongolam, a border town with Niger Republic, said he had
run out of cash.

 

"Some people credited our accounts with millions of naira and they have been
on the queue for over weeks, we give them cash in piecemeal. I am not an
economist but I have a strong feeling the federal government had mopped up
cash from circulation," he said.

 

Merchants give rewards for cash in Yobe

 

In Nguru, Yobe State, grain merchants were reportedly ready to give up to
N50,000 in reward for anyone who attracts N1,000,0000 cash to them.

 

This is in addition to the charges they pay.

 

A resident of the town who gave his name as Sanusi, said people looking for
Sesame seed have thronged to the town.

 

"Farmers in this part of the country produce a lot of sesame seed and have
harvested it. Willing buyers are here but are having challenges getting
cash.

 

"Some middlemen are now making a fortune from the scarcity because they get
N50,000 for each facilitation of N1,000,000," he said.

 

ATMs dry in Lagos

 

In Lagos, one of our correspondents, who checked some commercial banks in
parts of Ikeja at the weekend, observed that most of the banks' Automated
Teller Machines (ATMs) had run out of cash.

 

 

This has left many people to resort to patronising Point of Sale (PoS)
agents who are also complaining that they could not withdraw sufficient cash
from their banks.

 

At the Tafawa Balewa Square (TBS), venue of the International Trade Fair in
Lagos, some PoS agents confirmed the development to our correspondent.

 

Simisola Adedeji, the owner of Capricorn Digital Payment Solutions, decried
that "It has been tough withdrawing huge volumes of money in banks and what
we are hearing is that they want to withdraw the old currency. We only plead
that we should not experience the scarcity witnessed during the cash swap
because many people lost their lives."

 

A Lagos resident, who identified himself simply as Mr. Chukwuemeka, said, "I
went to many banks and they were not dispensing money. I went all the way
from Ogba to Ikeja at Oba Akran before I was able to withdraw in a bank."

 

He stated that many PoS agents had been withdrawing all the cash lodged at
various ATMs.

 

"Immediately the bank loaded money on the ATM, they (POS agents) are the
first people to know, they would just use their cards to withdraw the money,
that is what most of them normally do.

 

"I had to trek a long distance, going from one place to another until I got
to Oba Akran where I was able to withdraw."

 

A Bureau de Change operator in Abuja, Gidado Bala, said, "Although BDCs
rarely use physical cash for transfer these days, banks have begun limiting
huge cash withdrawals and it may be because of the deadline of December but
we don't know," he said.

 

Gidado noted that "BDC operators usually get cash in minimal quantities at
the banks."

 

A store owner, Chukwu Ani, said he had to limit cash transactions with
suppliers as customers rarely come with physical cash and "banks hardly give
the required cash withdrawals,"

 

He added, "We don't understand the situation and we hope it won't be the
situation of this year where we suffered for cash."

 

A grain merchant, Sani Kamba said even though he was able to get some cash
with a view to coming to North to buy grains, he was intercepted by law
enforcement agents at the airport.

 

"They carried out an investigation but concluded that we are out for a
legitimate business. They checked our accounts and discovered that we
deposit and withdraw all the time.

 

"I pray the federal government does something to address the scarcity," he
said.

 

A banker, Aliyu Hameed said supply was low, hence the shortage.

 

On why traders, especially in village markets don't accept transfers, he
said, "Many of them, especially in the North have been short-changed by some
unpatriotic elements.

 

"It has happened several times, especially during the cash crunch in
February and March. Some dubious people would make phantom transfers to the
traders, especially in the villages and by the time they go to the bank,
nothing in their accounts.

 

"It has also been difficult for such people to lodge complaints in banks
because apart from telephone numbers of the people to dupe them, there is
nothing to show as evidence," he said.

 

POS operators double charges in Kano

 

In Kano, there are indications that the scarcity of naira notes is getting
worse.

 

Many of the PoS operators in Kano metropolis have doubled their charges when
they have the cash to give; while others ration the amounts they give in
order to meet demands from customers.

 

One of them, Mohammed Kutama, said the scarcity is real, but that he goes
the extra mile to get the needed cash to meet demands of his customers.

 

According to him, this comes with extra charges as he is now charging N200
per N10,000 withdrawal as against the previous charge of N100 on the same
amount of withdrawal.

 

Kutama explained that he often gets cash from a filling station his friend
is managing and a viewing centre where people usually pay cash.

 

Nura Umar, who operates a provisions store in Kano, said the naira scarcity
was affecting his business.

 

He said though he was using e-payment platforms for transactions, it took
time to go through because of network glitch.

 

He alleged that the scarcity of cash was as a result of the CBN's inability
to narrow the supply gap.

 

The story is however different at Hamza Abdullahi's shop who runs PoS and
mobile phone recharge cards business. He told one of our correspondents that
he had not increased his charges because he was getting cash payment from
recharge cards sales.

 

Most of the ATMs in some banks located along Zoo Road in Kano were not
dispensing cash when one of our correspondents visited.

 

No customer was sighted at Unity Bank, Jaiz, Taj and Fidelity Banks' ATMs.
Only two customers were seen at a Zenith Bank's ATM trying their luck.

 

No cash in Adamawa markets

 

In Tunno, a village famous for rice paddy in Adamawa State, merchants also
struggle for cash to buy the product.

 

Salihu Aliyu, who visited Tunno, said there was bumper harvest from the
farmers and some middlemen are insisting on cash.

 

"It is actually hunger in the midst of plenty. There are enough rice paddies
here to buy but very few of the owners accept bank transfers, most of them
prefer cash.

 

"The government should commission a study on why people, especially in the
North, prefer cash transactions.

 

"For me, I believe there are no banks in many communities, and there is also
a low level of education in rural communities," he said.

 

Daily Trust reports that there was no update from CBN on the continued cash
crunch despite the assurance that both old and new notes remain legal
tender.

 

-Daily Trust.

 

 

 

 

Botswana De Beers Partnership Exemplary

Gaborone — The partnership between Botswana and diamond consortium, De Beers
Group, is one of the most exemplary business collaborations between a
government and a private company, President Dr Mokgweetsi Masisi has said.

 

President Masisi said this when welcoming De Beers Group chief executive
officer (CEO), Mr Al Cook and De Beers Botswana Resident director, Mr Neo
Moroka who had paid a courtesy call on him on Monday.

 

"There are few state-business partnerships that define providence like this
one between Botswana and De Beers," the President said.

 

He noted that the two parties had been in partnership since diamonds were
discovered in Botswana in the immediate aftermath of independence,
contributing to the country's development trajectory, adding many countries
had inquired with interest about the nature of the collaboration.

 

 

Nonetheless, President Masisi said it had been an anomaly that the diamond
mining business partnership had largely been skewed in favour of De Beers
for decades, something he said was changed by the new agreement signed
earlier this year.

 

He said he had pushed the Botswana negotiating team to ensure a better deal
for the country and thanked De Beers for yielding after tough negotiations
between the two parties.

 

"This new agreement would lead to Botswana becoming a bigger player in the
diamond trade, greater economic benefit for the country, and through the
Diamond Fund created, which will see De Beers contributing P1 billion per
year into the state account, would ensure Botswana is able to ensure savings
and future investment," he said.

 

 

That, he said redefined the relationship between state and company, further
making the Botswana and De Beers partnership a global model many were eager
to learn from.

 

Furthermore, President Masisi said he believed that through the
negotiations, Botswana pushed De Beers to be a better company and by
yielding to some of the conditions, they had proved to be an evolving
company.

 

For his part, Mr Cook admitted that the negotiations had been 'tough' but
had at all times taken place in an atmosphere of respect.

 

He said the Botswana negotiating team was clear that government wanted a
transformative agreement, and the two parties arrived at a mutually
beneficial solution.

 

Mr Cook said they acknowledged that the world had changed since the 1960s
and the new agreement put Botswana at the centre of diamond trade.

 

-Botswana Daily News.

 

 

 

 

Rwanda: Govt Closes 13 Mining Concessions Over Safety, Environmental Issues

The Rwanda Mines, Petroleum and Gas Board (RMB) has announced that it has
cancelled or will not renew licenses of 13 mining concessions due to
"persistent shortcomings" related to respect of safety, environmental, and
labour standards and fulfilment of investment commitments.

 

"Today, in accordance with relevant laws, RMB issued immediate cancellation
or non-renewal notices of the following 13 concessions with serious and
persistent shortcomings," reads a statement issued by the RMB on Tuesday,
November 14.

 

The decision was taken in consideration of results of RMB's inspections and
engagements with concession holders regarding their legal and contractual
obligations.

 

 

The affected entities are: Africome International, Better Generation and
Machinery Limited, Cooperative Abahizi, TMT Limited, Cooperative KOPAMU,
Soremi Intego Limited, SEAVMC Limited (had 4 licences), DEMICARU Limited,
Mushishiro Mining Company Limited, and Hard Metal Limited.

 

Additionally, several other companies with serious deficiencies have been
given cancellation warning notices, with a requirement to submit convincing
evidence of remedying the breaches within two weeks.

 

"Failure to do so will result in cancellation of those concessions," the
RMB, before adding that it will work with other government institutions to
ensure that abandoned concessions are secured and properly decommissioned
while awaiting new investment.

 

The RMB also noted that nearly 150 other concessions are operating in good
standing, including many run by local cooperatives.

 

"RMB urges those licence holders to continue improving their operations and
being good stewards of Rwanda's mineral resources," the statement reads.

 

-New Times.

 

 

 

 

 

South Africa: Illegal Electricity Connections Cost Cape Town R83m in 10
Months

While the nation grapples with the effects of rolling blackouts, Cape Town
has intensified efforts to remove unlawful electricity connections that cost
the city millions.

 

Ongoing illegal electricity connections and vandalism have cost the City of
Cape Town R83-million in less than a year. Losses have increased from
R56-million in 2022, R28-million in 2021, R14-million in 2020 and
R20-million in 2019.

 

In the third quarter of 2023, the city recorded 201 cases of electricity
vandalism and illegal connections in Mitchells Plain and Philippi.

 

On Saturday, the city released a statement on vandalism and electricity
theft that occurred in September 2023, with 81 incidents recorded for Area
South, 27 for Area North and 18 for Area East. The areas cover Mitchells
Plain and Philippi, including the surrounding communities of Lotus River and
Grassy Park.

 

Electricity theft

 

The City of Cape Town's Mayoral Committee Member for Energy, Beverley van
Reenen, told Daily Maverick last month that communities also needed to get
involved to stop electricity theft.

 

"Earlier this year, the city launched its energy safety team to assist law
enforcement agencies and the South African Police Service in protecting
critical electricity infrastructure in the metro," she said.

 

Van Reenen said: "The team carries out disconnection operations across the
metro on a regular basis. However, this is not only an issue for the city,
Eskom or the...

 

Daily Maverick.

 

 

 

Malawi Not Left Out in Environmentally Sustainable Tobacco Production

In tobacco production, curing the crop once it is harvested is an essential
step towards making the harvested commodity ready for the market.

 

The most common methods for curing tobacco are by air, flue, sun and fire.
In Malawi however, small-scale tobacco farmers commonly use fire, where open
wood fires are kindled on the floor of a curing barn, and the curing process
can either be continuous or intermittent, extending three to ten weeks
before the leaf can be cured to the desired finish and be ready for the
market.

 

But with wood fire curing of tobacco having the potential to increase
deforestation levels and contribute to environmental degradation and
consequently climate change, the tobacco company Philip Morris International
(PMI) says it is working with small-scale tobacco farmers in Malawi,
Argentina, China and Mozambique among other countries, in an integrated
production system that ensures the wood used to cure the tobacco after
harvesting is from sustainably managed forests.

 

 

For a long time, environmental organisations not only in Malawi but across
the world have contended that the growing of tobacco has many serious
environmental consequences which include loss of biodiversity, increase in
atmospheric carbon dioxide and soil erosion among other effects, because
cutting down trees for curing the crop after harvest directly causes
deforestation.

 

PMI Sustainability, Activation and Support Director Miguel Coleta says
forest sustainability is indeed paramount and the production of tobacco
should not be allowed to cause degradation.

 

 

He says the company is working with local farmers in six countries including
Malawi, where it offers both technical and financial support so that farmers
use the forests where they get the wood to cure tobacco sustainably.

 

"As part of this relationship, we can have farm-by-farm monitoring of the
tobacco production to ensure it is sustainably produced and the forests
where wood to cure it comes from are sustainably managed. Today, we know
where the wood is coming from on each farm, from among the farmers we are
working with. We also do monitoring to ensure that the investments we have
made over the years, in this sustainability push is bearing the intended
results," he said.

 

Mr. Coleta says in 2022 alone, PMI invested 6.6 million United States
dollars in six countries including Malawi, on projects aimed at
reforestation through awareness programs with farmers, which he says are key
towards ensuring sustainability in environmental conservation. In the case
of Malawi, Universal Leaf is the local partner in these activities.

 

 

"So we take a landscape approach. When we think about the environment, we
think about the intersection between the impact of tobacco growing on the
individual, the farmer, the community and the environment itself, and these
impacts are addressed through this integrated production system," Mr Coleta
said.

 

Mr Coleta explained that engaging directly with the farmer in this
integrated production system is fundamental so that small-scale farmers can
have predictability in terms of not only having a buyer for their produce or
having a favourable price for their crop, but also having access to best
practices that will improve their production capacity by taking care of the
environment where they grow their crops.

 

"Sustainability is not just about managing the negatives but also looking
for ways to create positives by using technology and innovation to drive
value for society. In that sense, when it comes to tobacco growing, what is
underpinning everything we are doing is the integrated production system,"
he explained.

 

In Malawi, Tobacco is considered green gold and the most profitable crop
which can have over 20 times export value compared to tea, which is also an
export from the country.

 

Mr. Coleta says through the integrated production system and to ensure
sustainability in terms of the quality of tobacco, farmers have standard
guidelines to follow which also include not using child labour, apart from
using wood from sustainably managed forests in the curing of the harvested
crop.

 

Meanwhile, the impacts of climate change on the farmer have also been an
issue of concern, with tobacco production especially in Malawi being
dependent on the rainy season, making access to water a subject that needs
to be addressed so that farmers do not just rely on tobacco growing, but can
grow other crops during the long dry season.

 

"Water is important for health, safety and hygiene, and having access to
water without women having to walk for kilometers before getting the
commodity is paramount. There is also a need for the farmer to have the
ability to grow other things apart from tobacco since tobacco is one hundred
percent rain-fed.

 

"So that's why in recent years, we have been working with communities and
our business partners in local areas, digging hundreds of boreholes and hand
pumps to provide access to water through what we call the wash program," Mr.
Coleta explained.

 

-Nyasa Times.

 

 

 

 

Nigeria: Reps Call for Increase in Education Budget to 15%

The Chairman of the House of Representatives Committee on Federal
Polytechnics and Higher Technical Education, Adegboyega Isiaka, has called
for an upward review of budgetary allocation to education to a minimum of 15
per cent.

 

He also urged that the sub-allocation to technical education be upgraded to
no less than 30 per cent of education allocation.

 

This, alongside other necessary systemic and attitudinal changes, he said,
would place the country on the path of national growth and global
competitiveness in the 21st century skills market.

 

The lawmaker, who stated this at the inauguration of the committee in Abuja
yesterday, said there was urgent need to move young people from education to
employment.

 

 

Isiaka said creating a successful education-to-employment system requires
new incentives and structures.

 

He said a paradigm shift is needed, adding that a new focus must be set for
jobs of the future.

 

"We must ask if the curriculum and training received in our tertiary
institutions are tailored towards job suitability and entrepreneurship," he
said.

 

He said while government faces a conundrum with high level of youth
unemployment and businesses experience shortage of job seekers with critical
skills; employers, education providers and the youth -all operate in
parallel lines on their understanding of the same situation.

 

He said using Technical and Vocational Education Training, TVET, as a vital
plank, the country could rework its education system as a highway, where the
three drivers of educators, employers and young people walk similar paths
towards productivity.

 

 

He pointed out until the 10th National Assembly, the committee did not exist
as a stand-alone committee as its activities and oversights were hitherto
subsumed under the broad committee on tertiary education.

 

This, he said, attested to the primacy of place the current House leadership
gave to education, particularly technical education, and the conviction that
a knowledge-based economy could be a panacea for development.

 

He said: "As we are aware, technical education deals with the learning
process involving the study of technologies and interrelated sciences
alongside acquisition of practical skills and approaches.

 

"These suites of knowledge are what our Polytechnics, Technical Colleges and
Vocational Education Training, TVET, centres were designed to impact on our
young population for competitiveness in the 21st century global skills
market.

 

 

"Thriving in today's innovation-driven economy, workers and entrepreneurs
need a mix of conceptual knowledge and technical skills.

 

"The World Bank in its education strategy outlook, advised that growth,
development and poverty reduction depend on the knowledge and skills people
acquire; and not by the number of years they stay in the classroom.

 

"In any country, technical education plays vital role in human resource
development. It produces skilled workforce, augments productivity and helps
improve the quality of life of the people. Without doubt, there is a nexus
between the technical education system and socio-economic development."

 

In his remarks, the Speaker, Tajudeen Abbas, posited there could be no
significant economic growth in any country without adequate investment in
education.

 

Represented by the Deputy Speaker, Benjamin Kalu, the Speaker recommended
technical skills development to address unemployment and its attendant
challenges in the country.

 

Abbas said the world of information and technology had now shown that skills
are not only triumphing but the boundless possibilities continue to wow the
generation.

 

"Similarly, no nation can ignore the significant role education plays in
increasing the productive capacity of its citizens towards national
development and, therefore, investment in education becomes a pivotal
element of every strategic government agenda.

 

"The need to design periodic programs such as this and many others is one of
the relevant strategies to empower and strengthen institutions to provide
the requisite skills for manpower development and value to existing labor
strength and emerging markets for both private and public sectors.

 

"Evidence around the world shows that countries that have made progress in
their overall quest for national development prioritize capacity building
and human resource development. The unique role that polytechnics and higher
technical education play in this process cannot be overemphasized. They
provide access to specialized education that is aimed at empowering our
students with the requisite skills needed to address the human resource gap
in industry, manufacturing, entrepreneurship, vocational, and technical
studies," he said.

 

-Vanguard.

 

 

 

Nigeria: Saudi Investors to Fix Minna-Bida Road - Governor

The governor said some Saudi Arabian Investors have expressed readiness to
invest in the agriculture and road infrastructural projects across the
state.

 

The Niger State Governor, Umar Bago, said Saudi Arabian Investors have
expressed interest in investing in agriculture and dualisation of the
Minna-Bida road project.

 

The 6-kilometre Minna-Bida highway is in a deplorable state as successive
administrations in the state have failed to fix the road.

 

Mr Bago said this during a media chat held at the sideline of the
negotiation with Saudi Arabian - Nigeria Roundtable Meeting held in Mecca,
led by President Bola Tinubu on Monday.

 

 

Mr Bago said some of the Saudi Arabian investors have expressed readiness to
invest in agriculture and road infrastructural projects across the state.

 

Mr Bago said the negotiation with the Saudi Arabians included the
dualization of the Minna-Bida road.

 

He said the investors chose Niger State for a pilot scheme of their
agriculture investment due to its closeness to the Federal Capital Territory
and availability of water for irrigation.

 

"We have four hydropower dams that are currently functional.

 

"We have bodies of streams and water. We have both River Niger and River
Benue.

 

"We are the largest producer of Sheanut and also paddy rice in Nigeria.

 

"So, this is a very opportunity and avenue to showcase ourselves, which we
have done. And we have gotten interested collin abortion," Mr Bago added.

 

-Premium Times.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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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
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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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