Major International Business Headlines Brief::: 16 August 2024

Fri Aug 16 12:22:35 CAT 2024

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Major International Business Headlines Brief:::  16 August 2024 

 <mailto:info at bulls.co.zw> 

ü  Nigeria: How Mele Kyari Rescued Nigeria, Increased Oil Production By
60,000 Barrels Per Day

ü  Nigerian Banks Reaping Fruits of IFRS Adoption - CBN Governor

ü  Nigeria: NLC Accuses Federal Govt of Interfering in Its Leadership

ü  Nigeria: Lagos Diverts Traffic for Pedestrian Bridge Demolition in Ikeja

ü  Kenya: Karen Residents Raise Concerns Over Construction of International
School

ü  South Africa: Stop New Mining On West Coast, Say Fishers

ü  Nigeria's Inflation Rate Eases After Fifth Consecutive Rise

ü  Ghana Records Reduced Inflation 5 Months in a Row

ü  East Africa: Comesa Initiative to Boost Ethiopia's Horticulture, Add
$230m to Economy

ü  Mozambique: Exxonmobil to Resume Projects By 2026

ü  Nigeria: Akwa Ibom Without Electricity for Two Days Now, PHED Gives
Reason

ü  Nigeria's Inflation Rate Eases First Time in 19 Months

ü  Nigeria, Equatorial Guinea Sign Agreement On Gas Pipeline Project

ü  Is this the end for the magnetic stripe?

ü  'Nothing stopping' child abuse image sharing on WhatsApp, group warns

ü  What to know: Medicare negotiation lowers drug prices

 <mailto:info at bulls.co.zw> 

Nigeria: How Mele Kyari Rescued Nigeria, Increased Oil Production By 60,000
Barrels Per Day

Despite the harsh criticisms of the Nigerian National Petroleum Company
Limited (NNPCL), the national oil company under Mele Kyari as Group CEO, has
in recent times worked very hard to improve Nigeria's daily crude production
by as much as 60,000 barrels per day, it was learnt yesterday.

Slowly and steadily, the Group Chief Executive, Mele Kyari, of the NNPCL is
returning Nigeria to the heyday of producing crude oil sufficient to satisfy
its Organisation of Petroleum Exporting Countries (OPEC) quota.

Indeed, from a low of 900,000 barrels monthly oil production in the last
quarter of 2022, under the Kyari-led NNPCL, Nigeria in July 2024 hit 1.53
million barrels per day, including condensates, according to data from the
upstream regulator.

So, it's not just gloom and doom and missed deadlines for delivering on
refinery overhauls and construction of grid length gas pipelines, a source
told THISDAY.

Aside the breakup of a decades-long inability to release yearly Annual
Financial Statements (AFS), several industry operators also acknowledge the
role played by Kyari in saving their operations.

Founder and Chief Executive Officer of First E&P, Ademola Adeyemi-Bero,
recently said that the NNPCL rescued his company from financial abyss, to
deliver the 60,000 bod Madu-Anyala fields.

"When we finally put the development plan in place, we were looking for
about $725 million to develop Anyala and Madu fields," Adeyemi-Bero told
Africa Oil+Gas Report.

The two fields are a pair of undeveloped discoveries in oil mining leases
(OMLs) 83 & 85, which First E&P purchased from Chevron in 2015. OMLs 83 & 85
are located in shallow water, offshore central Niger Delta.

"At that time, you may have heard that we were talking to a multinational
oilfield services company which was supposed to help with financials. We
closed that deal but a few months after, the company stepped back and said
they could not do it. Not because the project was not viable, but there was
a change of policy at their head office. The company was supposed to finance
the joint venture, our 40 per share, and NNPC's 60 per cent share.

"They looked at our plan, they liked the fact that we have done it up to the
finance and when the multinational oilfield services company stepped back,
we didn't have the money and to raise money in financing was challenging at
that time.

"So NNPC said 'First E&P, we've looked at this plan, we believe in this; how
much do you need to bring the first field on stream?' We told them. And they
said go ahead, we would fund it 100 per cent; they had never done that
before," he added.

He said the NNPC support came, not only from funding, but also by giving the
company freedom on contracting.

"Even in terms of our deal with the multinational oilfield services company,
they said 'don't take the contracting away; leave it with them because they
can do the work for you', he stressed.

Joshua Oke, an oil and gas enthusiast believes Kyari has been a beacon of
transparency and accountability.

"His scorecard is impressive, and his efforts have not gone unnoticed.
However, with great success comes great envy, and Kyari is now facing
opposition from forces of evil who seek to tarnish his reputation.

"When Kyari took over as GMD in 2019, he inherited a company plagued by
questions about its business practices. But he has since turned things
around with his Transparency, Accountability, and Performance Excellence
(TAPE) initiative.

"He has published audited financial statements, made monthly financial and
operations reports available to the public, and has been instrumental in the
rehabilitation of refineries.

"Despite these achievements, some individuals are bent on destroying Kyari's
reputation. It is clear that these forces of evil are motivated by jealousy
and a desire to bring Kyari down. But their efforts will not succeed.
Kyari's achievements speak for themselves, and he has the support of the
government and the people," he said.

When Kyari assumed duty as the head of NNPC on July 7, 2019, it was at a
critical period not only in the life of the corporation but for the entire
Nigerian oil and gas sector as well as the national economy.

It was a turbulent period characterised by low production, burgeoning
vandalism of oil pipelines, oil theft on a grand scale, and demoralised
staff of the corporation.

His assignment was clearly cut out. A lot was riding on his appointment as
time seemed to be running out. It clearly wasn't a task for the
faint-hearted. But Kyari was no spring chicken. An insider, he understood
well, the working of the NNPC system. He was going to give it his best shot
certainly, NNPCL spokesman, Olufemi Soneye, recently said.

He noted that like every determined achiever and visionary, Kyari hit the
ground running. Within days of his appointment, he unveiled his "Roadmap to
Global Excellence" anchored on the TAPE Agenda. In the roadmap, TAPE
represents Transparency, Accountability, and Performance Excellence.
Throughout his time as NNPC GMD remained the guiding rubric of his
administration at the corporation.

He said that in a subsequent operation that followed, Kyari announced the
discovery of a four-kilometre illegal oil connection line from Forcados
Terminal into the sea which had been in operation for nine years.

"Certainly, efforts at checkmating crude oil theft and illegal refineries
are yielding positive results as there has been a significant spike of daily
oil production to 1.6 million barrels per day.

In addition, Nigeria has regained its position as the largest crude oil
producer in Africa, ahead of Algeria, Angola, he added.

In 2022, the company posted its second consecutive year of 'profit'
announcing N674.1 billion in the 2021 financial period and growing it from
N287 billion in 2020. The figure represented an increase of N387 billion or
134.8 per cent when compared to the previous N287 billion recorded in 2020.

In 2023, the NNPCL announced that it made a profit of N2.5 trillion for the
16 months from December 2022.

This Day.

Nigerian Banks Reaping Fruits of IFRS Adoption - CBN Governor

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso,
yesterday said the Nigerian banking and financial system are currently
reaping the fruits of the adoption of the International Financial Reporting
Standards (IFRS).

He said this was evidenced by the growth sizes and scope of the operation of
banks, locally and globally adding that over 55 subsidiaries, three branches
and four representative companies are currently spread across 30 countries.

Speaking at the opening of the Regulatory Roundtable on the Implementation
of ISSB's Sustainability Standards in Nigeria, which was organized by the
Financial Reporting Council (FRC) of Nigeria, in Abuja, the CBN governor,
further acknowledged that foreign investments and credit facilities had
grown into the system over the years.

The IFRS are accounting standards issued by the IFRS Foundation and the
International Accounting Standards Board (IASB), and constitute a
standardised way of describing the company's financial performance and
position so that company financial statements are understandable and
comparable across international boundaries. They are particularly relevant
for companies with shares or securities publicly listed.

Cardoso pointed out that these reporting standards have ensured that
Nigerian companies could provide globally competitive financial statements,
a development which has continued to attract foreign investment into the
economy.

Represented at the occasion by CBN Deputy Director, Payments System Policy
and Oversight Function, Dr. Musa Jimoh, the central bank governor, expressed
optimism that the proposed implementation of IFRS S1 and IFRS S2 in the
country would equally be successful.

Essentially, IFRS S1 applies to sustainability-related financial disclosures
while IFRS S2 Climate-related Disclosures sets out specific climate-related
disclosure requirements for a company to disclose information about its
climate-related risks and opportunities.

He said the CBN remained at the forefront of ensuring adequate disclosure by
banking industry operators, adding that such disclosure ensures that
entities make available all relevant financial information to the
stakeholders in a transparent manner.

Cardoso said, "It is only a transparent and regulated framework that
supports confidence in the system", adding that financial integrity will
boost confidence between regulators, investors and the public.

He said the CBN had been issuing circular guidelines for disclosure
requirements to the banking system for many years, ranging from minimum
content in audited financial statements to insider-related credits and
sustainable banking practices, among others.

He said the CBN had emphasised on sustainability banking practice in 2020 in
collaboration with the Bankers' Committee, adding that the principles have
had a salutary effect on the "way our banks and other financial institutions
conduct their operations within and outside Nigeria".

According to him, these principles were meant to promote environmentally
responsible and socially relevant economies by understanding and
appropriately managing environmental and social risks and opportunities
associated with banks' respective business activities and operations, among
others.

The CBN governor stressed that sustainability reporting had become an
integral part of the disclosure of empowerment in banking's audited
financial statements.

He said banks are required to make disclosure on their provision of
financial products and services to their clients in the power, agriculture
and oil and gas businesses.

He added that the implementation of the sustainable banking principles in
Nigeria presented a vital conduct in businesses, which showed the positive
and the negative impact of their operation on the society and the
environment.

Cardoso also admitted that the journey to the implementation of the new
standard for executing major operating changes had never been easy, pointing
out that IFRS2 was required to address climate-sensitive requirements, such
as disclosure that recognizes fiscal and transactional risks, and setting
climate-related targets and disclosure plans to respond to climate-related
risk and opportunities.

He said entities are expected to also create scenarios, analyze and test how
various climate-related events impact its future operation, as well as set
metrics for disclosure, adding that this requires technical expertise, data,
and resources, which may not be readily available.

The CBN governor, therefore, tasked the regulators including the FRC that in
setting an adoption roadmap for the implementation of the sustainable
financial standards, apparent challenges should be considered.

In his remarks, Executive Secretary/Chief Executive, FRC, Dr. Rabiu Olowo,
said the roundtable was both timely and significant as the regulators embark
on an essential mission to embed sustainability reporting into the core of
the country's business practices.

He said Nigeria had taken a pioneering role by adopting the ISSB standards,
positioning it as a leader in Africa, adding that collaboration was crucial
for ensuring successful implementation of these standards.

Olowo said the ISSB framework offered a groundbreaking approach for
organisations to disclose climate-related risks and opportunities, enhancing
transparency, consistency, and informed decision-making.

He said by embracing these standards, "we can unlock capital investments,
stimulate innovation, and safeguard our environment for future generations."

According to him, the ISSB standards provide a global baseline for
sustainability reporting, promoting comparability, transparency, and
accountability-qualities that have often been lacking in the past.

He stressed that previously, sustainability reporting was marred by a lack
of these characteristics, with entities reporting only what was normative to
them, rather than adhering to prescriptive best practices.

According to him, this often led to reports that lacked the rigor and
transparency expected of general-purpose financial reporting.

On the milestones so far achieved towards the adoption of the new standards,
the FRC boss said, "We have recently moved through the Early Adoption Stage,
with some listed entities demonstrating leadership in reporting their
sustainability-related risks and opportunities using IFRS S1 and IFRS S2.

"Notable examples include Access and Fidelity Banks in the financial
services sector, Seplat Energy in the oil and gas sector, and MTN in the
telecommunications industry. We have now entered the voluntary stage, which
will run from 2024 to 2027, serving as a learning curve in preparation for
the mandatory period beginning in 2028."

He said, "As we advance, it is crucial to encourage industry-wide
participation and foster a collective commitment to sustainability
reporting. By monitoring progress and sharing best practices, we can
identify areas for improvement, celebrate successes, and drive continuous
enhancement.

"Through our collaborative efforts, we can create a robust ecosystem that
supports organizations in adopting sustainability reporting, ultimately
contributing to a more resilient and sustainable future for Nigeria."

This Day.

Nigeria: NLC Accuses Federal Govt of Interfering in Its Leadership

"The federal government should put an end to the ongoing alleged hybrid war
against congress."

The Nigeria Labour Congress (NLC) has called on the federal government not
to interfere in the tenure of union leaders in the country.

Benson Upah, NLC's head of information, made the call while addressing
journalists on Thursday in Abuja.

Mr Upah alleged that the government wanted to impose a two-year tenure on
labour leaders.

He said such action would amount to meddling in the internal running of
trade unions and a gross violation of the corpus of Labour Law and
International Labour Organisation (ILO) Conventions.

"The federal government should put an end to the ongoing alleged hybrid war
against congress.

"However, if government feels that two years is the best tenure to go, it
should be two years for everyone including office of the president and
principal public officers as well,"' he said.

He also appealed to the government to stop meddling in the affairs of the
Labour Party and as well end the destabilisation campaign against opposition
parties.

Mr Upah said the police must tender an unreserved apology to NLC for the
invasion of its headquarters. or risk an industrial action or other options
open to congress to express its dissatisfaction.

He added that the explanations by the police for the invasion have
consistently failed to add up, including the purported legal documents from
a court permitting the raid.

"Beside government's silence on our patriotic and well thought-out demands,
the police have since come out to make further comments on the raid, instead
of an apology.

"A statement signed by ACP Olumumuyiwa Adejobi claimed that the raid had no
connection with the NLC secretariat, workers, or leadership, but a prime
criminal suspect in an ongoing investigation traced to a shop within the
building which they claimed was on the 2nd floor.

"We find the claims contradictory, self-serving and face-saving and intended
to cover up their blunders.

"What were the security personnel doing on the 10th floor when the shop they
were after was on the 2nd floor?

"If the police truly had credible intelligence and if congress was not their
target, what was wrong in taking the leadership of congress into confidence?

"if they felt that would jeopardise the operation, couldn't they have
confided in the leadership," he said.

He, therefore, called on the federal government and the police not to rope
the NLC into what it knew nothing about.

Also on the protest, Mr Upah urged the federal government to desist from
playing on the intelligence of Nigerians by attempting to divert their
attention from the real issues of bad governance and hunger, which still
stare the people in the face

He reiterated that it was the economic policies of the government that have
continued to unleash hardship on the people.

Mr Upah said the congress called on the government to release those in its
custody in relation to the protest, including a member of the Nigeria Union
Electricity Employee (NUEE)'s executive, Opalua Eleojo, who was arrested at
a social spot in Abuja.

"We are entitled to safety and protection. The arrest is not good PR for
this country. People are laughing at us," he said.

(NAN)

Premium Times.

Nigeria: Lagos Diverts Traffic for Pedestrian Bridge Demolition in Ikeja

The Lagos State Government has announced plans to divert traffic at Ikeja
Along Bus Stop between Ile Zik and Conoil Petrol Station on the Oshodi bound
lane from Saturday, August 17th, to Sunday, August 18, 2024, between the
hours of 12 midnight and 4:00 am daily.

The diversion is to allow for seamless and safe demolition of the old
pedestrian bridge.

Consequently, from Ile Zik Bus Stop up to Conoil Petrol Filling Station on
the Oshodi-bound side of the road, only one lane will be available to
motorists to ensure safety.

The Commissioner for Transportation, Mr. Oluwaseun Osiyemi, explained that
the traffic diversion will not affect motorists on the Dopemu/Abule
Egba-bound side of the road during the course of the demolition, adding that
the Lagos State Traffic Management Authority, LASTMA, will be on ground to
manage vehicular movement and minimize inconveniences.

Osiyemi called for the cooperation of the motoring public, adding that the
lanes will be cordoned off with jersey barriers and protective nets to keep
motorists and commuters safe during the period of the demolition.

The commissioner urged motorists to be patient, as the closure is part of
the traffic management plans for the safe removal of the old pedestrian
bridge by the Lagos Metropolitan Area Transport Authority, LAMATA.

Vanguard.

Kenya: Karen Residents Raise Concerns Over Construction of International
School

Nairobi — Residents of Karen have raised concerns over the construction of
the proposed Nairobi Waldorf School Trust, an international learning
institution along Nandi Road.

During a public participation exercise on the proposed project, which
involves the construction of semi-permanent classrooms, a dining hall, and
other associated amenities, most residents feared the new development would
possibly bring traffic congestion in the area.

According to an Impact Environmental Impact Assessment Study done by Devlink
Resources Consultants on behalf of the school, locals were also weary of
noise and vibrations that would be generated from the construction site.

"The proponent committed to put in place acceleration and deceleration lanes
at the school gates to manage traffic congestion during pick-up and drop-off
times. This is after being advised by Kenya Urban Roads Authority to have
the drop and pick up point for students within the school compound and have
two gates to the school, i.e. entry and exit," the study revealed.

Respondents also raised concerns over noise from schoolchildren,
particularly during games-time, despite the school management's assurance
that they would adhere to the National Environment Management Authority's
(NEMA) Noise and Excessive Vibration Pollution Control Regulations
throughout the implementation period of the project.

The Karen Langata District Association (KLDA) further expressed challenges
about commercial encroachment and invasion into Karen, stating that it is
preserved as a low-density residential area.

"The proponent has proposed to install low noise speakers in the auditorium
as well as approaching some of the affected neighbors to sound proof their
windows as well discourage the use of Public Address Systems (PAS). The
project proponent will also be informing the immediate neighbors through
KLDA on any activities to be carried out within the school likely to
generate a lot of noise in advance," it noted.

Despite concerns raised by residents, the Impact Environmental Impact
Assessment Study (ESIA) study indicated that the proposed development by the
Nairobi Waldorf School Trust is a highly beneficial investment.

The report cited various positive impacts, including economic growth, the
bolstering of the informal sector during the construction phase, the
provision of a market for building materials, job creation, and increased
government revenue.

"The new development is projected to contribute significantly to the
improvement of educational standards within the school and community and to
stimulate economic development," the study concluded.

Capital FM.

South Africa: Stop New Mining On West Coast, Say Fishers

"We depend on the ocean"

The amount of fish in the Orange River and the ocean nearby has decreased
over the years while mining on the West Coast has increased, says Salvester
Don, a small-scale fisher from Ebenhaeser and Papendorp at the mouth of the
Orange River.

"It became visible ... our communities began to suffer," Don told the
three-day Fisher People Tribunal in Kalk Bay, Cape Town this week. The
tribunal was hosted by the Masifundise Development Trust and Coastal Links.
Small-scale fishers from across the country testified about issues faced by
their communities.

At the tribunal, West Coast small-scale fishers called for a moratorium on
any new mining activity or offshore oil and gas activity until the impacts
on fishers, their livelihoods, and the environment are considered by the
government. They also called for mining activities to not restrict further
access to the ocean.

They want the Department of Forestry, Fisheries and the Environment (DFFE)
and the Department of Mineral Resources and Energy (DMRE) to meaningfully
engage with them about the implementation of the small-scale fishing policy
and new mining or oil and gas projects planned on the West Coast.

Over the course of three days, six cases from different small-scale fishing
communities were presented to a "jury" of experts. A "charge sheet" was
presented and testimonies were delivered by fishers from the affected
communities. Cases presented raised issues with the implementation of the
small-scale fishing policy, the lack of recognition of inland fisheries at
the Gariep Dam, and the devastating effect of the KwaZulu-Natal floods on
small-scale fisher women, among others.

On Wednesday, West Coast fishers testified about their restricted access to
the oceans because of mining activity. They also raised concerns about
future offshore oil and gas projects on the West Coast, and the massive
Boegoebaai green hydrogen project close to Alexander Bay.

Walter Steenkamp, a fisher from Port Nolloth, added his concerns to those of
Salvester Don. He said that some fishers are treated like criminals for
fishing in areas where access is restricted.

"We depend on the ocean," said Steenkamp, who said he has been fishing for
nearly four decades.

He said fishing communities had not been consulted about the planned
Boegoebaai green hydrogen project, and raised concerns about the impact of
oil and gas exploration on the West Coast. Steenkamp said that "it's not
that we're against development" but fishers believe they are being sold out.

He also accused the prospecting companies of causing conflict and division
in communities.

Jury member Makoma Lekalakala, the Director of Earthlife Africa, addressed
the fishers and stressed the importance of "build[ing] power from below".
Lekalakala said the problem is that "people are not part of decision-making"
when it comes to their livelihoods.

The tribunal will be followed up with a conference in October where
small-scale fishers will discuss strategies.

According to the organisers the jury included: Makoma Lekalakala, the
Director of Earthlife Africa; Emeritus Professor Ben Cousins, founder of the
Institute of Poverty, Land and Agrarian Studies (PLAAS) at the University of
Western Cape (UWC); Andy Johnston, an activist who has been a fisher 50
years; Professor Uche Ewelukwa Ofodile professor at the University of
Arkansas School of Law; Miloon Kothari, a human rights expert who has
formerly served as the United Nations Special Rapporteur on adequate
housing; Gianni Tognoni, the general secretary of the human rights
organisation the Permanent Peoples' Tribunal; and Paula Satizabal, a
Colombian activist and postdoctoral fellow at the Helmholtz Institute for
Functional Marine Biodiversityat the University of Oldenburg, Germany.

We asked for a response from the DFFE and DMRE which will be added once
received.

GroundUp.

Nigeria's Inflation Rate Eases After Fifth Consecutive Rise

According to the report, the food inflation rate in July 2024 was 39.53 per
cent.

Nigeria's annual inflation rate eased for the first time in five months
after a persistent rise.

Inflation rate eased to 33.40 per cent in July 2024 compared to 34.19 per
cent in June, the National Bureau of Statistics (NBS) announced Thursday.

According to the NBS, the July headline inflation rate showed a decrease of
0.8 per cent points when compared to the June 2024 headline inflation rate.
The lowest figure in 2024 was 29.90 per cent, recorded in January.

On a year-on-year basis, the headline inflation rate was 9.32 per cent
points higher compared to the rate recorded in July 2023, which was 24.08
per cent.

"This shows that the headline inflation rate (year-on-year basis) increased
in July 2024 compared to the same month in the preceding year (i.e., July
2023)," the NBS said.

The bureau also said on a month-on-month basis, the headline inflation rate
in July 2024 was 2.28 per cent, which was 0.03 per cent lower than the rate
recorded in June 2024 (2.31 per cent).

This, it said, means that in July 2024, the rate of increase in the average
price level was lower than the rate of increase in the average price level
in June 2024.

According to the report, the food inflation rate in July 2024 was 39.53 per
cent on a year-on-year basis, 12.55 per cent points higher compared to the
rate recorded in July 2023 (26.98 per cent).

The country's food prices have been rising sharply in recent years, a
situation that worsened in 2023 when President Bola Tinubu removed petrol
subsidies and allowed the naira to float.

This economic shift has led to a steep increase in the cost of staple foods
pushing many Nigerians further into poverty and heightening food insecurity.

The persistent surge in prices over the past year has led to the closure of
several farms and businesses, with many agricultural producers scaling back
their output due to insecurity and unpredictable weather conditions
affecting rural areas.

In response, Mr Tinubu declared a state of emergency on food insecurity in
July last year, aiming to combat rising food costs. Despite these efforts,
food inflation has continued unabated.

Last month, Mr Tinubu unveiled some proactive measures meant to address
skyrocketing food prices in the country. Amongst it, is the decision to
suspend duties, tariffs, and taxes on the importation of essential food
items such as beans, wheat, and husked brown rice.

More details later.....

Premium Times.

Ghana Records Reduced Inflation 5 Months in a Row

While July's figure is still very far from the BoG target of 8%, analysts at
Stears predict that Ghana's inflation will reach 15% in the coming months.

When inflation is on the rise, central banks typically increase interest
rates to make borrowing more expensive, which reduces spending and
ultimately slows down price increases.

In July 2023, the Bank of Ghana (BoG) Monetary Policy Committee (MPC) raised
its interest rates to 30% to help drop its inflation from 43%.

The BoG kept the rates constant for about five months, helping to drive down
inflation to about 23.2% in Dec 2023. Yesterday, headline inflation for July
eased to about 20.90%, the lowest since March 2022 (19.40%).

This reduction was attributed to a decline in the prices of food. July's
deflation result is a continuation of a slowdown in the country's inflation
rate.

While July's figure is still very far from the BoG target of 8%, analysts at
Stears predict that Ghana's inflation will reach 15% in the coming months.

The current rates might also prompt the MPC--which is keen to keep rates
higher for longer to hedge against inflation--to review interest rates in
its next meeting. The MPC will meet in September to decide the rates.

Accra Times.

East Africa: Comesa Initiative to Boost Ethiopia's Horticulture, Add $230m
to Economy

Ethiopia's horticulture sector is poised for growth with the launch of the
COMESA-EAC Horticulture Accelerator (CEHA) National Chapter in Addis Ababa.

The scheme, which was launched on August 13, 2024, is part of a broader plan
to leverage the horticulture industry's potential across the region, having
launched the same in three other countries.

The CEHA program, driven by the Alliance for Commodity Trade in Eastern and
Southern Africa (ACTESA-COMESA), aims to boost sustainable growth in the
horticulture sector within the Common Market for Eastern and Southern Africa
(COMESA) and the East African Community (EAC).

Ethiopia's State Minister of Agriculture and Horticulture Development, Meles
Mekonnen, emphasised the importance of the CEHA Ethiopia National Chapter in
advancing the country's horticulture development.

The initiative will focus on three key crops--potatoes, avocados, and
onions--chosen for their potential to drive economic growth.

"These crops were selected based on their production capacity and potential
to drive economic growth," said Dr Mekonnen.

The CEHA Ethiopia National Chapter is expected to bring together key
stakeholders and support Micro, Small, and Medium Enterprises (MSMEs) within
these value chains through matching grants and technical assistance.

This initiative is anticipated to create jobs, boost regional trade, and
reduce postharvest losses.

ACTESA-COMESA Chief Executive Officer John Mukuka noted that under the
2021-2031 Strategic Plan, ACTESA-COMESA is focused on strengthening the
horticulture sector.

He projected that avocados, Irish potatoes, and onions could generate an
additional $230 million annually for approximately 450,000 smallholder
farmers in the region. In 2023, avocados and onions contributed $11.2
million in foreign exchange earnings for the region.

"There is significant potential for growth and job creation through
investments and modernisation in these value chains," Dr Mukuka said, adding
the importance of women's roles in the horticulture sector and the need for
climate-smart technologies.

The CEHA Ethiopia National Chapter will focus on activities such as
advocating for policy reforms to enhance trade facilitation and market
access, providing financial resources, and delivering training and
capacity-building programmes for value chain actors.

Development partners, including the Bill and Melinda Gates Foundation
(BMGF), Foreign Commonwealth and Development Office (FDCO), Alliance for a
Green Revolution in Africa (AGRA), and the Ethiopian Horticulture Producer
Exporters Association (EHPEA), attended the launch and expressed their
support.

BMGF Senior Programmes Officer Rafael Flor highlighted the potential of the
horticulture sector for job creation, economic development, and foreign
exchange earnings, noting that the focus on these three crops would help
diversify Ethiopia's agricultural output beyond traditional grains.

FDCO Country Representative Nina Hissen reaffirmed the British government's
commitment to partnerships for growth and poverty reduction, citing CEHA as
a strong example.

AGRA Country Director Yihenew Zewdie called for policy harmonisation to
facilitate cross-border trade within the horticulture sector and stressed
the importance of ensuring the availability of seeds in sustainable
quantities, expressing confidence that the CEHA initiative would drive
innovation.

Established in 2022, CEHA is a collaborative effort to accelerate growth in
the fruit and vegetable sector. Ethiopia is the fourth country to launch a
CEHA National Chapter, following Kenya, Rwanda, and Uganda.

Business Day Africa.

Mozambique: Exxonmobil to Resume Projects By 2026

Maputo — The chairperson of the American oil company ExxonMobil in
Mozambique, Liam Mallon, has announced that the company will resume its
projects in the northern province of Cabo Delgado by the end of 2026.

In May, the company had announced that the decisions on resumption of
projects would be made by the end of 2025.

According to Mallon, who was speaking to reporters, on Wednesday, in Maputo,
minutes after an audience granted to him by Mozambican President, Filipe
Nyusi, "at the moment, we have reached a phase of what we call Front End
Engineering and Design. So it's the engineering and design process for this
project.'

ExxonMobil is leading the construction and operation of all future natural
gas liquefaction and related facilities for the Area 4 deep water block off
the Cabo Delgado coast, operated by Mozambique Rovuma Venture (MRV), a joint
venture owned by ExxonMobil, the Italian energy company ENI, and CNPC of
China.

The project has suffered several postponements as a result of extreme
violence carried out by the Islamist terrorists in parts of Cabo Delgado.

"We're very excited about this', said Mallon. "Obviously, along the way,
there have been some obstacles and things we've had to stop and start again.
But we're pleased to be at the point where we're ready to start again, and
we're just waiting for some final approvals'.

He also said that this is a multi-billion dollar project that will generate
a great deal of money over several decades, so there are many aspects that
need to be taken care of.

"We need to take care of economic development issues for that province and,
therefore, security, stability, economic development, for the revenues that
are going to come. The natural gas project in the Rovuma Basin is one of the
largest investments in Liquefied Natural Gas (LNG) in the world', he said.

The project, he added, includes a large onshore LNG plant, which will
produce 18 to 19 million tonnes of LNG a year, large underwater drilling
wells to supply the plant and two large floating LNG export platforms off
the Cabo Delgado coast.

"I assure you that this is going to be the lowest greenhouse gas emission
project in the world. That's very important to know,' he said.

Nigeria: Akwa Ibom Without Electricity for Two Days Now, PHED Gives Reason

Meanwhile, in nearby Bayelsa State, residents have been without electricity
supply for some days now because of the destruction of transmission towers
by vandals.

Akwa Ibom State, south-south Nigeria, has remained without electricity for
two days, causing hardship for business owners relying on power-generating
set to run their businesses.

The Port Harcourt Electricity Distribution Company (PHED) said, in a
statement on Wednesday, that the power outage in Akwa Ibom was caused by
"earth fault".

"Kindly note that the outage currently experienced on the Itu, Uyo, Eket,
and Ekim 132 KV transmission stations is due to earth fault," the PHED said
in a statement posted on X (formerly Twitter).

The electricity company, which said the entire Akwa Ibom is affected by the
outage, said it was working with the Transmission Company of Nigeria
maintenance crew to rectify the fault and restore supply as soon as the work
is completed.

"For us, we have not had light for over three months now," a salesgirl at a
supermarket in Ewet Housing Estate, Uyo, told a PREMIUM TIMES reporter on
Wednesday.

"I learnt that the transformer around here is bad," she said, adding that
they have been relying on power-generating sets and inverters to run the
supermarket.

The cost of running a business in Akwa Ibom has been further compounded by
the recent hike in the petrol price from N750 to N900 per litre in the
state. In some filling stations, a litre goes for as much as N1,000.

Meanwhile, in nearby Bayelsa State, residents have been without electricity
supply for many days now because of the destruction of transmission towers
by vandals.

The Transmission Company of Nigeria (TCN) said on Thursday that vandals
destroyed 13 towers on the Ahoada-Yenagoa 132kV Double Circuit transmission
line.

The Managing Director of TCN, Sule Abdulaziz, described the incident as a
national disaster.

He urged the governments of Rivers and Bayelsa States to assist TCN in
addressing the ongoing vandalism of its installations, which has "become
increasingly alarming and overwhelming".

Bayelsa State could remain without power for several months because of the
destruction, Mr Abdulaziz said.

Premium Times.

Nigeria's Inflation Rate Eases First Time in 19 Months

According to the report, the food inflation rate in July 2024 was 39.53 per
cent.

Nigeria's annual inflation rate in July eased after a persistent rise in
nearly two years.

Inflation rate eased to 33.40 per cent in July 2024 compared to 34.19 per
cent in June, the National Bureau of Statistics (NBS) announced Thursday.

Inflation indicators compare prices of goods and services in 12 months. A
decline does not necessarily imply a reduction in prices; instead, it shows
the rate of price increase had fallen compared to previous months.

According to the NBS, the July headline inflation rate showed a decrease of
0.8 per cent points when compared to the June 2024 headline inflation rate.
The lowest figure in 2024 was 29.90 per cent, recorded in January.

This also marks the first decline in headline inflation rate since it eased
to 21.34 per cent in December 2022.