Major International Business Headlines Brief::: 02 December 2024

Mon Dec 2 09:05:20 CAT 2024

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Major International Business Headlines Brief:::  02 December 2024 

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ü  Africa: Biden to Spotlight Angola's Lobito Corridor, His Legacy to Counter China in Africa

ü  Rwanda: Mining Firms Risk Losing Licences Over Polluting Rivers

ü  Nigeria Signs MOU With France to Boost Mining Sector

ü  Nigerians Living Fake Good Life Before Fuel Subsidy Removal - Tinubu

ü  Nigeria: Tax Reform Bills Must Not Benefit Few States, Penalise Others - Atiku

ü  South Africa: President Pays Tribute to MTN

ü  Nigerians Were Living 'Fake Good Life' With Fuel Subsidy - Tinubu

ü  Nigeria: Atiku Speaks On Tinubu's Tax Reform Bills

ü  Nigeria, France Sign MOU On Critical Minerals

ü  South Africa: Minister Announces 24/7 Road Safety Operations At Accident Hotspots

ü  Nigeria: Minimum Wage - We're Not Among Defaulting States, Abia Replies NLC

ü  Nigeria: NLC Ready to Embark On Strike in Nasarawa Over Minimum Wage Dispute

ü  Nigeria: Women Affairs Minister Hails Okonjo-Iweala's Reappointment As WTO DG

 <mailto:info at bulls.co.zw> 

Africa: Biden to Spotlight Angola's Lobito Corridor, His Legacy to Counter China in Africa

Washington — When U.S. President Joe Biden visits Angola in early December, he will put into focus his legacy infrastructure project aimed at securing crucial supply chains on the African continent. Called the Lobito Corridor, the project is the centerpiece of his administration's strategy to counter China's clout in global development.

The Lobito Corridor is a $5 billion investment across multiple sectors that is intended to revitalize and extend the 1,300-kilometer Benguela railway line. It will connect the 120-year-old Angolan port of Lobito on the Atlantic Ocean to the Democratic Republic of Congo, and in its second phase, to Zambia.

Announced in September 2023, much of the corridor's financing comes from the Partnership for Global Infrastructure and Investment. The PGI is a Biden-led 2022 initiative from the Group of Seven wealthiest economies that evolved from his Build Back Better World plan launched in 2021 as a counter to China's Belt and Road Initiative.

Once operational, it will boost access to critical minerals for the United States and its partners, including cobalt and copper, that are essential in electric vehicle manufacturing. According to a U.S. congressional report, 80% of the DRC's copper mines are Chinese owned. China is responsible for mining 85% of the DRC's rare earth minerals, including 76% of its cobalt.

The Lobito Corridor is expected to cut transportation costs, open access to arable agricultural land and drive climate-resilient economic growth, Helaina Matza, acting special coordinator for the PGI at the U.S. Department of State, said Tuesday in a briefing to reporters.

The PGI's investments will "amplify the impact of that infrastructure" with projects such as developing solar energy, local electricity networks and desalination efforts, she said.

The project is championed by Angolan President Joao Lourenco. Angola owes about $17 billion to China, more than a third of its total debt. The debt is mostly in the form of infrastructure development loans, backed by oil, that funded the country's economic recovery following three decades of civil war that ended in 2002.

PGI to counter BRI

Since launching the Belt and Road Initiative, or BRI, in 2013, China has become the main backer of global development financing. In Africa, Beijing has signed loan commitments with 49 African governments and seven regional institutions.

>From 2013 to 2021, China provided $679 billion for infrastructure projects around the world, according to a U.S. government analysis, while the U.S. provided $76 billion.

The U.S., alongside G7 partners, announced in 2022 that the PGI aims to mobilize $600 billion by 2027 as an alternative to infrastructure financing models that are "often opaque, fail to uphold environmental and social standards, exploit workers and leave the recipient countries worse off."

That's a lot of financing to catch up to in a few years, and Lobito is "the first and the most developed" project in that effort, said Witney Schneidman, a nonresident senior fellow at the Brookings Institution.

"That's the A+ project, but I don't see a whole lot of other projects," Schneidman told VOA.

The PGI's other project, the Luzon Corridor, was launched in April to support connectivity between Subic Bay, Clark, Manila and Batangas in the Philippines.

In Lobito, the U.S. works mostly with European partners. In Luzon, the U.S. is teaming up with Japan to secure critical industries such as semiconductors.

The White House pushed back against the notion that Biden has scaled back his global infrastructure ambitions to the two corridors.

"We've mobilized more than $60 billion, just the U.S., and that's a part of the larger G7," national security adviser Jake Sullivan told VOA in a briefing earlier this month.

"And that's not just been for two corridors," he said. "That's been for investments across Africa, Southeast Asia and Latin America."

US-Africa strategy

In August 2022, the Biden administration launched an Africa strategy that "reframes the region's importance to U.S. national security interests," the strategy says.

Later that year, Biden hosted the U.S.-Africa Leaders Summit, where he pledged the U.S. to invest $55 billion in Africa over three years.

"We are overdelivering on that thus far," Frances Brown, senior director for African affairs at the National Security Council, said in a briefing Tuesday. "We've invested more than 80% of that commitment."

But much of that $55 billion was allocated under existing programs and does not bring the kind of megaproject that is "visible to the average African that says the United States financed that in the way that the Chinese do," said Mvemba Phezo Dizolele, director of the Africa Program at the Center for Strategic and International Studies.

Which is why the Lobito Corridor stands out, Dizolele told VOA. It is the "one palpable project that people can look at and say, 'If this is implemented, then maybe it would move things forward."'

On a continent where the presence of Chinese financing, businesses and migrants are so prevalent that many African countries teach Mandarin in schools and incorporate Chinese characters in public signage, that's a start.

Moving forward, activists hope the U.S. will not set aside social and environmental concerns that have besieged projects under Chinese financing.

"We have to ensure that we can hear all stakeholders engaging in the process," said Sergio Calundungo, founder of the Social Observatory of Angola.

So far, civil society groups have not been invited to the table, but they are ready to ensure that local communities can "share as much as possible the prosperity through this important infrastructure," he told VOA.

Will it continue?

President-elect Donald Trump will enter office in January. While some are concerned that the U.S. commitment to Africa might falter under his America First doctrine, analysts point to initiatives taken under his first administration.

In 2018, the Trump administration launched Prosper Africa, an initiative that brings together U.S. government services to help investors do business on the continent. In 2019, it launched the Blue Dot Network, an international certification mechanism to ensure infrastructure projects meet environmental and social standards.

They were aware that infrastructure investments needed "to foster economic growth, to foster stability, but also for U.S. interests globally when competing with China," said Joseph Lemoine, senior director of the Atlantic Council's Freedom and Prosperity Center. "I'm hopeful that they will continue those efforts," he told VOA.

Trump also launched the U.S. International Development Finance Corporation in 2020. The DFC is an agency that functions as America's development bank, with $60 billion in lending capacity.

DFC's first CEO, Adam Boehler, a college roommate of Trump's son-in-law Jared Kushner, spoke openly of linking development aid to foreign policy goals. In a 2020 interview, he admitted promising $2 billion for Indonesia should the country agree to join the Trump administration's Abraham Accords and recognize Israel.

"If you listen to all the Trump people, they want a foreign policy that's transactional," Schneidman at Brookings said.

Trump has promised to take a confrontational approach to China. Analysts say aligning infrastructure financing needs with Trump's foreign policy goals may be an element in the U.S.-China rivalry that developing nations can leverage.

VOA.

Rwanda: Mining Firms Risk Losing Licences Over Polluting Rivers

Mining companies that pollute rivers could lose their licences after Rwanda Mines, Petroleum and Gas Board (RMB) and Rwanda Environment Management Authority (REMA) joined efforts to protect the environment.

Miners wash minerals and dispose of the waste directly into rivers like Nyabarongo.

Inspections have showed that mining in areas like Rutongo and Gatumba pollute the rivers of Nyabarongo and Nyabugogo by increasing siltation. New mining companies will be required to present environmental impact assessment before starting their operations.

Nyabarongo, the second longest river in Rwanda, is part of the upper headwaters of the Nile. It turns into Akagera River, the longest, which eventually flows into Lake Victoria and forms the River Nile.

Nyabarongo accommodates biodiversity, and supplies water for hydropower production, clean water supply as well as irrigation.

"The mining companies polluting rivers will lose their licenses. The first step is to warn them and the next step is to cancel their licenses if they do not abide by the laws," stated RMB CEO Francis Kamanzi.

ALSO READ: Kayonza: How mining sector is haunted by illegal miners, cassiterite dealers

He said that every mining company should submit an environmental impact assessment report before starting operations.

"Our mining sector holds huge potential to become a tremendous economic driver. This hinges upon sustainable management of natural resources to benefit the people, the planet and the earth," Kamanzi said.

He said there are ongoing efforts to have a "greener" and more professional mining sector by adopting climate compatible practices.

"This implies that our mines management will ensure meticulous planning for the entire life cycle of a mine, from its active years to its closure, while carefully considering how land is progressively rehabilitated and returned to a state that benefits the local community as well as other aspects of environmental protection."

Rwanda is set to invest $59.3 million in sustainable mining up to 2030.

ALSO READ: Five things you should know about Rwanda's new mining law

Faustin Vuningoma, the Coordinator at Rwanda Climate Change and Development Network said that the assessment, said an assessment by the organisation showed that mining in different districts contributes to the pollution of rivers.

"They destroy forests and send soil into rivers. In collaboration with the Mining Board, we also conducted a national dialogue on sustainability of mining practices," he said.

Evode Imena, a mining consultant, said that the Rwandan mining sector remains predominantly artisanal, which contributes to the damage to the environment.

"We need modern machinery for sustainable mining," he said, adding that eradicating illegal mining could also reduce environmental impact.

ALSO READ: Rwanda gets equipment to support sustainable mining efforts

Experts say that the mining board and local authorities should prioritize giving mining concessions to well-qualified companies committed to environmentally friendly practices.

Faustin Munyazikwiye, the Deputy Director General of REMA, said more inspections will be carried out to detect companies polluting rivers.

"There is a lot of damage caused by artisanal mining. In terms of natural capital accounting, you might realise that those damages mean a loss, instead of talking about revenues we generate," Munyazikwiye said.

"The mining firms are polluting the rivers, the whole cycle of rivers. This is a cost to the government which is not counted. We need adequate technology to shift from artisanal mining to minimize the impact," he said.

Rwanda's mineral export revenue reached to $1.1 billion in 2023, a 43 per cent growth from the previous year.

New Times.

Nigeria Signs MOU With France to Boost Mining Sector

In a bid to galvanize the mining sector, Nigeria and France, weekend, signed a Memorandum of Understanding, MoU, to address numerous challenges including remediation of over 2,000 abandoned mining pits across the country.

Both countries also agreed to develop joint projects to promote and diversify the critical minerals value chain in the solid minerals sector of both countries.

According a statement signed by the Special Assistant on Media, Segun to the Minister of Solid Minerals Development, Segun Tomori, the MoU signed by both countries on the sidelines of the official visit to France by President Bola Ahmed Tinubu recently, both countries agreed to collaborate on research, training and Franco-Nigerian students exchanges for knowledge and skills transfer.

A key component of the MoU is the promotion of sustainable mining activities by executing projects and programmes that reduce the environmental impact of mining on carbon emissions, water consumption, and climate change.

It also includes the establishment of joint excrative and processing projects through co-financing by public and private entities to diversify and secure the supply of critical minerals and decarbonise energy projects critical to the value chain.

"The Minister of Solid Minerals Development, Dr Dele Alake signed for Nigeria while the Inter-Ministerial delegate for Critical Ores and Metals of the Republic of France, Mr Benjamin Gallezot, signed on behalf of France.

"Both nations agreed to adopt international best practices in the execution of projects conceptualised to improve the conditions of the local populace affected by mining whilst placing premium on transparency.

"The MoU is expected to open new opportunities for the remediation of over 2,000 abandoned pits in the country through its plan to intervene in environmental rehabilitation and post-mining projects.

"Through regular bilateral and multilateral training, seminars, and events, administrators of institutions in the critical metals sector are expected to improve their capacity to manage the sector's value chain", Tomori said.

Describing the deal as a boost to the efforts of the Tinubu administration to reposition Nigeria's solid minerals sector for international competitiveness, Alake stressed that, "The Ministry would leverage the partnership to open up the mining sector to French investors."

Vanguard News

Nigerians Living Fake Good Life Before Fuel Subsidy Removal - Tinubu

President Bola Tinubu has said Nigerians were living a good life that was fake and capable of leading the country into a total economic collapse before his administration came on board to remove the fuel subsidy.

Tinubu had on May 29, 2023, on the day of his inauguration into office, announced the removal of the fuel subsidy.

The President explained that the need to salvage the future of the country and rescue it from the brink of collapse necessitated the strategic decisions to remove the controversial fuel subsidy and unify the exchange rates.

He spoke at the weekend during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State.

The President, represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, said that his administration was not unaware of the consequences of the tough decision to remove the subsidy

"As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies.

"The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succor and improved standard of living.

"Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.

"The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates," he said.

Tinubu, who further noted that the policy of the fuel subsidy removal was already yielding results, stated that the country's economy was also improving daily.

According to the president, while Nigeria's macro economy is improving beyond expectations, the micro-economic framework is gradually stabilizing by shaping the country from consumption-driven to production economy.

The President called on the graduands to join hands together with his administration "to recover our lost glory and virtues."

He also condemned the mass exodus of the youths leaving the country to seek "proverbial greener pastures," observing that their action has led to brain drain in all sectors of the nation's economy.

"Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brinks in their times of trouble.

"Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home.

"It is heart-rending and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.

"The present challenges call for a high degree of patriotism and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track and we shall not deviate on the path of better and greater Nigeria," he said.

The Vice Chancellor of FUTA, Prof. Adenike Oladiji, said that there were a total of 6,405 graduates across nine schools of study from the combined 2022/2023 and 2023/2024 academic sessions convocation.

Oladiji said that 519 graduands had First Class, 3,408 got Second Class Upper; 2139 had Second Lower Class, while 339 graduands were in the Third Class category.

She said that the university's mandate was to carry out adequate learning and teaching, with research works, for development of the society, adding that the institution had had landslide victory and achievements, cutting across human endeavours.

Daily Trust.

Nigeria: Tax Reform Bills Must Not Benefit Few States, Penalise Others - Atiku

Former Vice President Atiku Abubakar has called for a fiscal system that promotes justice, fairness, and equity on the ongoing controversy over the tax reform bills.

Reacting to the issue in a post on his official X handle on Sunday, Atiku asked the National Assembly to make public the resolutions of the National Economic Council (NEC) on the bills.

He noted that Nigerians had spoken against a fiscal system that seeks to promote "uneven development of the federating units by enhancing the status of a few states while unduly penalising others."

The presidential candidate of the Peoples Democratic Party (PDP) in the last election said, "I have followed the intense public discourse on the Tax Reform Bills with keen interest.

"Nigerians are united in their call for a fiscal system that promotes justice, fairness, and equity. They are loud and clear that the fiscal system we seek to promote must not exacerbate the uneven development of the federating units by enhancing the status of a few states while unduly penalising others.

"I call for objectivity and transparency in the conduct of the public hearing being organised by our representatives in the National Assembly.

"As a concerned stakeholder, I firmly believe that transparency and objectivity are essential for promoting accountability, good governance, and public trust in policy-making.

"The public hearing process must facilitate open and inclusive participation by all stakeholders, including Civil Society Organizations, traditional institutions, politicians, public officials, and subject matter experts.

"In this wise, I call on the NASS to revisit and make public the resolutions of the National Economic Council, a key stakeholder and an important organ of the state with the constitutional power to advise the President concerning the economic affairs of the federation.

"The NASS must be appropriately guided and ensure that in the final analysis, the contents of the bills align with the interests of the vast majority of Nigerians."

Daily Trust.

South Africa: President Pays Tribute to MTN

President Cyril Ramaphosa has paid tribute to telecommunications provider MTN for transforming the lives of millions of people in the country and across the continent of Africa.

"In countries like South Africa, MTN has sought to ensure that no one is left behind. Its network reaches some 97% of the population, providing a foundation for digital inclusion and economic empowerment," the President said on Friday in Johannesburg.

Addressing MTN's 30 years celebration gala dinner, President Ramaphosa said over the past three decades, MTN has evolved from a small South African start-up of 20 employees into a global telecommunications leader which now employs over 17 500 individuals representing more than 70 nationalities across 18 diverse markets.

"The mobile sector in Sub-Saharan Africa generated more than US$140 billion of economic value last year. MTN is a big part of this growth story.

"The group provides voice, data, fintech, digital, enterprise, wholesale and API services to 288 million customers in 18 markets. MTN Mobile Money provides over 65 million individuals with access to financial services, driving financial inclusion and economic empowerment in underserved communities," the President said.

He acknowledged the telecommunications industry for helped to democratise public goods and services.

"It has enabled the provision of financial, health, education, social welfare and other service to the most far-flung areas. At the time of the transition towards democracy in the early 1990s, South Africa was among the most connected nations on the continent with over 3 million landlines.

"Yet, as in almost every other area of life, access to telephony was severely unequal. At the time, there were 60 telephone lines for every 100 white people. There was only one line for every 100 black people.

"In these circumstances, it took visionaries like the late Dr Nthato Motlana and Zwelakhe Sisulu to see the potential of mobile technology to close this gap," the President said.

South Africa cellphone companies reached a million subscribers within two years.

"This spectacular growth was spurred by innovations such as prepaid, which South Africa was to introduce to the global community. It was in this early period that the foundation for MTN's unique culture was laid.

"It is a culture that is characterised by resilience, adaptability and a relentless drive to succeed. MTN's many employees are united by a shared belief in the transformative power of technology.

"Distance is no longer the impediment it had once been. Services can be delivered more cheaply and more reliably. Very soon after its introduction, the cellphone became an important tool for social cohesion," the President said.

He said the cellphone helped to strengthen bonds between communities, family members and friends.

"This new frontier of economic and social transformation has, in the main, been driven by the youth of our continent. The industry is a case study of how young Africans can drive innovation and growth. On this anniversary, we salute the early pioneers and all those who have since been at the forefront of leading Africa's digital progress," the President said.

He said MTN has consistently encouraged and supported government's efforts to strengthen trade and investment ties with other countries.

"It has been generous in sharing its experiences and insights of different markets. As MTN looks to its future, we are certain that it will make use of the great opportunities presented by the African Continental Free Trade Area.

"There are few companies in South Africa that know the African continent better than MTN. We trust that it will forge a path that many others can follow.

"As we work to improve the lives of the people of South Africa, we know that we can rely on the ingenuity, the industry and the commitment of the MTN team to support these efforts. As we look to a future of peace, prosperity and hope, we should embrace the MTN clarion call of 'doing for tomorrow, today," the President said.

SAnews.gov.za.

Nigerians Were Living 'Fake Good Life' With Fuel Subsidy - Tinubu

President Bola Tinubu has stated that Nigerians were living a "fake good life" before the removal of the fuel subsidy, a decision he said was necessary to prevent the country from plunging into economic crisis.

Speaking during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, the President explained that his administration's decision to remove the petrol subsidy and unify exchange rates was driven by the urgent need to salvage Nigeria's future.

Represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, SAN, Tinubu noted that the subsidies, though intended to support the poor, ended up disproportionately benefiting the wealthy, leaving average Nigerians to bear the brunt of an unstable economy.

"As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies," he said.

"The subsidies were meant to support the poor and make life better for all Nigerians. Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken," he said.

"The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates."

Tinubu assured Nigerians that the policies implemented by his administration were already yielding results, with signs of economic recovery. He stated that the country's macroeconomic indicators were improving, while the microeconomic framework was shifting from consumption-driven to a production-based economy.

"The present challenges call for a high degree of patriotism, and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here," Tinubu said.

He called on the graduands to contribute to rebuilding Nigeria's economy, emphasising the importance of collective effort in restoring the country's glory.

The President expressed concern over the increasing emigration of Nigerian youths in search of greener pastures, a trend he said has led to brain drain across critical sectors of the economy.

"Our intellectuals and experts, on whom the nation has massively invested huge resources to train, are migrating overseas in large numbers at a time their services are most required at home," he lamented.

"It is heart-rending, and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment."

In her remarks, the Vice Chancellor of FUTA, Professor Adenike Oladiji, announced that 6,405 students graduated across nine schools of study in the combined 2022/2023 and 2023/2024 academic sessions.

She disclosed that 519 students earned First Class honours, while 3,408 graduated with Second Class Upper degrees. Additionally, 2,139 earned Second Class Lower degrees, and 339 were in the Third Class category.

"Our mandate is to provide adequate learning, teaching, and impactful research for societal development," Oladiji said.

"The institution has recorded landmark achievements across various fields, contributing to the advancement of human endeavors," she concluded.

Leadership.

Nigeria: Atiku Speaks On Tinubu's Tax Reform Bills

The bills have been criticised by some Nigerians, who claim they favour some parts of the country against other parts.

The Peoples Democratic Party presidential candidate in the last election, Atiku Abubakar, has called on lawmakers to be transparent about the public hearing process on President Bola Tinubu's tax reform bills.

Atiku made the call in a post on his official x handle on Sunday.

The four tax reform bills passed second reading at the Senate on Thursday and were referred to the Senate Committee on Finance, chaired by Niger East senator Sani Musa, for further legislative action, including holding a public hearing.

The Senate President, Godswill Akpabio, also directed the committee to involve the National Economic Council (NEC), Nigerian Governors' Forum (NGF) and Civil Society Organisations in the public hearing.

The bills are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024 -SB.583; the Nigeria Revenue Service (Establishment) Bill, 2024- SB.584; the Nigeria Tax Administration Bill, 2024-SB.585; and the Nigeria Tax Bill, 2024 - SB.586.

The bills have been criticised by some Nigerians, who claim they favour some parts of the country against other parts.

However, proponents have said that the majority of those criticising the bills have not read their provisions and are only amplifying falsehoods circulated by uninformed interest groups.

In his X statement, Atiku did not declare his position on the bills but only asked lawmakers to follow due process.

"I have followed the intense public discourse on the Tax Reform Bills with keen interest," he wrote.

"Nigerians are united in their call for a fiscal system that promotes justice, fairness, and equity. They are loud and clear that the fiscal system we seek to promote must not exacerbate the uneven development of the federating units by enhancing the status of a few states while unduly penalising others."

Transparent public hearing

The two chambers of the National Assembly - the Senate and House of Representatives - have rules that provide for public hearings.

Atiku said the public hearing on the tax reform bills must facilitate an open and inclusive conversation by all concerned stakeholders.

"I call for objectivity and transparency in the conduct of the public hearing being organised by our representatives in the National Assembly. As a concerned stakeholder, I firmly believe that transparency and objectivity are essential for promoting accountability, good governance, and public trust in policy-making.

"The public hearing process must facilitate open and inclusive participation by all stakeholders, including Civil Society Organizations, traditional institutions, politicians, public officials, and subject matter experts," he added.

He also urged the National Assembly to publicise the resolutions of the National Economic Council on the bills.

"In this wise, I call on the NASS to revisit and make public the resolutions of the National Economic Council, a key stakeholder and an important organ of the state with the constitutional power to advise the President concerning the economic affairs of the Federation.

"The NASS must be appropriately guided and ensure that in the final analysis, the contents of the Bills align with the interests of the vast majority of Nigerians."

While the bills have passed a second reading in the Senate and been sent to the appropriate committee, they have yet to reach a second reading in the House of Representatives.

The two chambers may organise separate or joint public hearings on the bills. No date has been announced for the public hearing.

After the public hearing, the committees will present the resolutions and recommendations to the Senate and the House for approval.

The lawmakers will make a final decision on the bills at the Committee of the Whole where the clauses of the bills will be debated and considered.

Premium Times.

Nigeria, France Sign MOU On Critical Minerals

The MOU is expected to open new opportunities for the remediation of over 2,000 abandoned pits in the country through its plan to intervene in environmental rehabilitation and post-mining projects.

Nigeria and France have agreed to develop joint projects to promote and diversify the critical minerals value chain in the solid minerals sector of both countries.

Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are essential to clean energy technologies.

In the Memorandum of Understanding (MOU) signed by both countries on the sidelines of the official visit to France by President Bola Ahmed Tinubu recently, both countries agreed to collaborate on research, training and Franco-Nigerian students exchanges for knowledge and skills transfer.

A key component of the MOU is the promotion of sustainable mining activities by executing projects and programmes that reduce the environmental impact of mining on carbon emissions, water consumption, and climate change.

It also includes the establishment of joint excrative and processing projects through co-financing by public and private entities to diversify and secure the supply of critical minerals and decarbonise energy projects critical to the value chain.

Mr Dele Alake, minister of solid minerals development, signed for Nigeria while the Inter-Ministerial delegate for Critical Ores and Metals of the Republic of France, Benjamin Gallezot, signed on behalf of France.

Both nations agreed to adopt international best practices in the execution of projects conceptualised to improve the conditions of the local populace affected by mining whilst placing a premium on transparency.

The MOU is expected to open new opportunities for the remediation of over 2,000 abandoned pits in the country through its plan to intervene in environmental rehabilitation and post-mining projects.

Through regular bilateral and multilateral training, seminars, and events, administrators of institutions in the critical metals sector are expected to improve their capacity to manage the sector's value chain.

Describing the deal as a boost to the efforts of the Tinubu administration to reposition Nigeria's solid minerals sector for international competitiveness, Mr Alake stressed that the ministry would leverage the partnership to open up the mining sector to French investors.

*Segun Tomori*

Special Assistant on Media

to the Honourable Minister of Solid Minerals Development.

1st December, 2024

Premium Times.

South Africa: Minister Announces 24/7 Road Safety Operations At Accident Hotspots

Law enforcement authorities will be policing 20 of the country's routes that have been identified as high-risk zones for accidents 24 hours a day, seven days a week, during the festive season to ensure road safety and compliance with the law.

"The best research available tells us that most crashes occur during weekends, late at night and in the early hours of the morning. Accordingly, 24/7 traffic policing will be conducted on these routes over the festive season," Minister of Transport Barbara Creecy said on Sunday in Pretoria.

She was addressing the launch of the Festive Season Road Safety Campaign, which will be heightened in high-risk zones.

"Law enforcement will focus on ensuring that drivers stick to the speed limits. Traffic officers will also inspect vehicles and lock up those caught in the act of drunk driving. Law enforcement will also be focused on border posts which experience a large increase in traffic during this time of year.

"We are working together with the Road Traffic Management Corporation (RTMC) as well as municipal and provincial departments responsible for transport and road safety to ensure that government does its utmost to enforce the law," the Minister said.

With traffic volumes expected to increase ahead of the Christmas and New Year's long weekends, the Minister called on all road users, drivers and pedestrians to take the necessary action to keep safe and ensure a reduction in the number of crashes on the roads.

In addition to the human cost, the cost of crashes includes vehicle repair costs and related incident costs.

Last year, road crashes cost the economy R205 billion, which translates into a whopping 2.74% of Gross Domestic Product (GDP) for 2023.

"Government alone cannot change this reality. We can only save lives if road users change their behaviour, because it is the behaviour of people that led to most of the 11 883 deaths on our roads last year. Even though the number of road fatalities/deaths decreased by 4.4% from 2022 to 2023, one death is one too many," the Creecy said.

So far this year, in 2024, 10 154 people have already died on South Africa's roads.

"To those who will be travelling to various destinations across the country let us remember that road safety is everyone's responsibility, your behaviour determines whether you and your loved ones arrive alive.

"When using the roads this festive season take your safety and the safety of others seriously. Before you embark on any journey, make sure your vehicle is roadworthy. Carry your driver's license and your driving permit if you need one.

"If you are a pedestrian, please cross the road at places that are designated for pedestrian crossings. Don't walk in the centre of the road in the middle of the night, wear bright coloured clothing at night so that drivers can see you," the Minister said.

She said fatigue is a silent killer.

"If you are on a long journey, break the journey every two hours. Have a rest and something to eat before getting back on the road. Wear your seatbelt and stay within the speed limit. Don't overtake on the barrier line. Travel during the day is much safer than travelling at night.

"If you are a pedestrian and you have been drinking alcohol, sleep where you are because many of the pedestrians that are killed late at night have been consuming alcohol and are not entirely clear of where they are walking.

"Do not drink and drive. If you are going to drink alcohol, make a plan to use public transport or designate the responsibility of driving. Ensure that you and your loved ones are alive," Creecy said.

She said the Festive Season Road Safety Campaign was based on four pillars that include responsible driving, pedestrian safety, enforcement and education as well as partnerships and collaborations

"Alongside our patrolling interventions, we have also undertaken a campaign focusing on messaging on radio and social media. We have partnered with civil society and private sector to spread the message in every corner of our country.

"Given the data and our limited resources, we have set to implement targeted interventions for the festive season that are aimed at changing driver behaviour and enforcing enhancements," the Minister said.

SAnews.gov.za.

Nigeria: Minimum Wage - We're Not Among Defaulting States, Abia Replies NLC

The Abia State Government has disputed the claim by the Nigeria Labour Congress (NLC) that it is among the 14 states yet to implement the new N70,000 minimum wage.

The NLC had threatened to begin a strike on Monday over the non-compliance of affected states with the implementation of the new minimum wage.

At a joint press conference with the state leadership of the Organised Labour at the Government House in Umuahia on Sunday, Pastor Caleb Ajagba, Chief of Staff to the Governor, clarified that Abia State began implementing the new minimum wage in October.

He expressed surprise at the NLC's inclusion of Abia among the defaulting states, given that the state was one of the first to pay workers the new minimum wage.

"It is misinformation that Abia State has not started implementing the new minimum wage. Abia workers received their first salary according to the new wage in October, and the same was done in November," Ajagba stated.

He reiterated Governor Alex Otti's commitment to prioritizing the welfare of Abia workers and maintaining industrial harmony.

Ajagba acknowledged that there were some concerns raised by the Organized Labour after the implementation but assured that the government was committed to addressing them.

"Governor Otti has always demonstrated his commitment to ensuring industrial harmony and prioritizing the welfare of Abia workers. Abia was among the first states to engage with the Organized Labour after the federal government concluded the issue of the minimum wage. We finalized discussions in October, and the first payment was made that same month," Ajagba said.

He added that any issues raised by the labour unions would be carefully examined and resolved.

The State Chairman of the NLC, Comrade Ogbonnaya Okoro, and the Chairman of the Trade Union Congress (TUC), Comrade Ihechi Eneogwe, confirmed that Abia State had begun implementing the new minimum wage in October.

However, they noted that there were discrepancies in the salaries of workers between grade levels 8 and 16.

"Abia implemented the minimum wage in October, but it did not fully benefit all workers. It favored workers from level 1 to 7, while those from level 8 to 16 were not adequately addressed," Okoro explained. "After noticing this anomaly, the Organized Labour wrote a letter to the government, urging that workers between levels 8 and 16 should be better placed."

Okoro further emphasized that after the implementation, workers at level 7 were paid more than those at level 10, which should not have been the case.

The press conference was attended by several top government officials, including the Commissioner for Finance, Mr. Uwaoma Ukandu; the Commissioner for Labour and Productivity, Comrade Sunny Onwuma; Head of Service, Dr. Ngozi Obioma; and Special Adviser to the Governor on Media and Publicity, Mr. Ferdinand Ekeoma.

Vanguard.

Nigeria: NLC Ready to Embark On Strike in Nasarawa Over Minimum Wage Dispute

The Nigeria Labour Congress (NLC) in Nasarawa State has begun mobilizing workers for an indefinite strike due to the state government's failure to implement the new National Minimum Wage.

Speaking in a telephone interview on Sunday, the NLC Chairman in the state, Comrade Ismaila Okoh, expressed dissatisfaction over the government's inaction despite numerous meetings chaired by Deputy Governor Dr. Emmanuel Akabe.

Okoh revealed that while the state government has verbally agreed to pay a minimum wage of ₦70,500, it has yet to sign a formal agreement detailing the payment terms.

"All affiliate unions have been briefed and directed to prepare for industrial action if the government does not implement the new minimum wage by December 1, 2024," Okoh said, reaffirming the workers' commitment to achieving the full implementation of the wage signed into law by President Bola Tinubu.

In response, Deputy Governor Akabe assured that the state government is committed to paying the ₦70,500 minimum wage starting in December 2024. He added that discussions on salary adjustments to align with the new wage structure are in their final stages.

Vanguard.

Nigeria: Women Affairs Minister Hails Okonjo-Iweala's Reappointment As WTO DG

Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has congratulated Dr Ngozi Okonjo Iweala on her reappointment as the Director General of the World Trade Organisation (WTO).

In a statement on Saturday by the Minister's media team, Sulaiman-Ibrahim stated that the remarkable achievements of the former Minister of Finance, underscores her exceptional leadership, unwavering dedication, and transformative contributions to global trade in her capacity as the Director General.

She noted that as the first woman and first African to lead the WTO, Dr. Okonjo-Iweala continues to break barriers and set an inspiring example for Nigerian women and girls.

The statement reads in parts: "On behalf of all Nigerian women, I am extending my heartfelt congratulations to our own Dr Ngozi Okonjo Iweala on her reappointment as DG of WTO, which is a well-deserved testament to her tireless commitment to fostering global economic progress and equity.

"She is a huge inspiration to, not only Nigerian women but globally. We are proud of her achievements and the pride and honour she has brought to our dear country Nigeria.

"Her exceptional career and expertise in economics and international development with focus on economic reforms, poverty reduction, and global trade, has earned her numerous accolades and goodwill."

The minister prayed for continued guidance and wisdom for the world leader and urged Nigerian women and the girl child to continue to aspire and have self belief that they can be the best in their chosen career paths with dedication and commitment.

This Day.

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

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