Major International Business Headlines Brief::: 14 February 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  14 February 2024 

 


 

 

	
 


 

 


 

ü  Nigeria: Naira Hits New Low At Official Market

ü  Sudan: Communications Blackout - El Sudani Network Restored

ü  Nigeria: FG Resolves January Salary Delay, Commends Workers for Patience

ü  Kenya: Pending Bills Committee to Submit Report to the National Treasury

ü  Nigeria: Herbert Wigwe - Access Holdings Stocks Fall By 6.26 Percent

ü  Sudan: Southern Kordofan Mining Practices Prompt Environmental Outcry

ü  Africa: It's Time for Africa!

ü  Kenya: Expect Milk Prices to Increase to Sh60 in the Coming Months, DP
Gachagua Assures Dairy Farmers

ü  Africa: Trademark Africa Gets Sh10.1bn to Advance Sustainable Trade,
Economic Inclusivity

ü  West Africa: Nigeria Experiencing Stalled Per Capita Growth, Poverty,
Food Insecurity - IMF

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Naira Hits New Low At Official
Market

Naira fell to N1,534 at the official market on Monday, hitting a new record
low in the segment.

 

Naira plunged to a record low on Monday after exchanging at N1,534.39 to a
dollar at the official market segment.

 

According to data published on the FMDQ website, the local currency moved to
an intraday high of N1000/$1 and a low of N1,550 to a dollar before it
eventually settled at N1,534.39 at the close of business on Monday.

 

The rate implies a 4.38 per cent depreciation from the previous market sales
on Friday last week.

 

 

On Monday, forex turnover at the authorised market stood at $89.61 million
amidst increased demand and inflationary pressure across sectors of the
country's economy.

 

However, the dollar was exchanged at N1,489/$1 and above across parallel
markets in the country as against N1,488 recorded in the previous session
last Friday.

 

Based on this, it is the first time in months the naira will trade at a
significantly lower rate at the official market than that of the unofficial
market.

 

Financial experts suggest this could affect the rate at which individuals
source dollars from the black market since they can get a better rate at the
official window.

 

In a recent analysis of the naira following its continuous depreciation,
Bismarck Rewane, Financial Derivative Executive Director, explained that the
naira is depreciating due to low forex supply, and loss of confidence as a
store of value.

 

The financial expert listed other factors causing the fall of the domestic
currency including increased naira speculation and fear, restrictions and
exchange rate control, as well as negative real interest rates.

 

-Premium Times.

 

 

 

 

Sudan: Communications Blackout - El Sudani Network Restored

Port Sudan — El Sudani announced the gradual restoration of
telecommunication and internet networks "to all cities of Sudan without
exception" yesterday. The Sudatel terrestrial fibre optic network was also
reportedly restored in large parts of the country.

 

Sources of Radio Dabanga in several cities and towns confirmed that El
Sudani networks were back up and running. They celebrated the return of the
network which is the main operator of the Sudatel group.

 

Sources said they had been unable to communicate with their relatives inside
and outside the country for over a week. They confirmed that El Sudani
network is back in many places, including Port Sudan, Kassala, El Gedaref,
Halfa, and Kosti.

 

 

Until Sunday, the entire country was cut off, except for landlines provided
by Canar Telecom and El Sudani. El Sudani and MTN services were disconnected
on February 2 and Zain disconnected on Wednesday. Zain and MTN
telecommunication and internet networks are still disconnected.

 

The passport department in Port Sudan reportedly resumed issuing passports
after Sudatel terrestrial internet access was restored on Sunday. Many banks
were also able to restart operations, and people are now able to access
online banking services Bankak and Fawry.

 

UN condemnation

 

Local, international, and UN bodies have condemned the internet shutdown.
Under-Secretary-General for Humanitarian Affairs and Emergency Relief
Coordinator Martin Griffiths said the disruption of communications in Sudan
prevents people from accessing basic services and transferring funds.

 

 

It also hinders the humanitarian response, he said, calling for "all those
involved to restore the communication network across Sudan immediately."

 

On January 4, Griffiths made a statement demanding swift action to end the
conflict. "Across Sudan, nearly 25 million people will need humanitarian
assistance in 2024. But the bleak reality is that intensifying hostilities
are putting most of them beyond our reach," he said.

 

Communications and internet networks in large parts of Darfur have been cut
off for months by the ongoing war, and parts of Kordofan, especially
southern and western Kordofan, have been cut off for weeks. The outages have
forced the people there to use the US Starlink satellite communication
network, with Nyala, capital of South Darfur, as the hub.

 

Accusations

 

Last week, members of the ousted Al Bashir regime, Sudanese Armed Forces
(SAF), and Rapid Support Forces (RSF) were separately accused of being
behind the blackout.

 

The Sudanese Telecommunications and Postal Regulatory Authority accused the
RSF of cutting off telecommunications networks on February 5. The RSF denied
the claim, accusing the telecommunications authority of being affiliated
with the SAF.

 

In a statement on Thursday, a government spokesperson said that works were
underway to "reroute the network feeding system across Sudan through the
sea" to avoid similar outages in the future. However, telecommunications
specialist Ammar Hamouda told Radio Dabanga that submarine cables "have no
link to telecommunications within Sudan."

 

-Dabanga.

 

 

 

Nigeria: FG Resolves January Salary Delay, Commends Workers for Patience

The federal government has said all affected federal workers in about 90
Ministries, Departments and Agencies (MDAs) have received their January
salaries.

 

Top officials at the Head of Civil Service of the Federation (OHoCSF) and
selected MDAs told Daily Trust that they have interacted with colleagues and
their subordinates, who all confirmed that they received their salaries.

 

They pleaded not to be named since they were not formally authorised to
speak on the matter.

 

One of them told our correspondent that she received her salary Sunday night
and that as at 11.00am yesterday (Monday), she did not hear of anyone that
had not received their salaries credited to their individual accounts at the
various banks.

 

 

However, the Director of Press and Public Relations at the OAGF, Bawa Mokwa,
told Daily Trust that the office monitored the development and can confirm
that all affected MDAs and workers had received their salaries.

 

He expressed optimism that such delay would not occur in the future.

 

He had on Sunday night told Daily Trust that about 90 offices across the
MDAs were affected, including some universities and polytechnics.

 

Daily Trust had reported that the affected MDAs include the Office of the
Head of Civil Service of the Federation (OHoCSF), the Ministry of
Information and National Orientation, the Ministry of Education, the
National Population Commission, the News Agency of Nigeria (NAN), the Voice
of Nigeria (VON), among others.

 

 

The workers had lamented that their December 2023 salary delay experience
ought not to have been repeated.

 

Others alleged that the delay in the payment of their salaries was an
indication that the government was insensitive to the sufferings of the
masses.

 

The delay in the December salary payment had been attributed to technical
issues relating to upload and harmonisation of the Integrated Payroll and
Personnel Information System (IPPIS).

 

While that of January salaries delay was blamed on the technical glitch on
the Government Integrated Financial Management System (GIFMIS) platform by
the Office of the Accountant General of the Federation (OAGF).

 

GIFMIS is an IT-based system for budget management and accounting put in
place by the federal government to improve public expenditure management
processes and enhance greater accountability and transparency across
ministries and agencies.

 

A memo from the accountant general's office said work was ongoing towards
finalising the 2024 budget on the GIFMIS platform.

 

"The issue was attributed to the issue of uploading the 2024 budget and
making it current because the salary was paid from the 2024 budget instead
of the tradition where they overlap the budget.

 

"All was finalised on Friday. They are supposed to have started yesterday
(Saturday). If they don't get it, maybe it is from the banks; from tomorrow
(Monday) morning, definitely they will get it," Mokwa explained.

 

-Daily Trust.

 

 

 

 

Kenya: Pending Bills Committee to Submit Report to the National Treasury

Nairobi — The Pending Bills Verification Committee will today release its
status report before the National Treasury.

 

The special committee tasked with scrutinizing and analyzing the existing
national government unsettled bills is expected to give recommendations that
will help the government settle its arrears.

 

As of January 31, 2024, a total of 1,537 companies had submitted unpaid
pending bill requests to the state worth Sh145.5 billion.

 

The claims were distributed to 38 Ministries, Departments, and Agencies
(MDAs).

 

Out of the 1,537 claims, 309 were for goods, 995 for services, 1,197 for
work, and 2 were for employee- or labour-related requests.

 

Edward Ouko, chairman of the Committee, assured that the public would be
well informed of the quantum of the eligible pending bills and the policy
recommendations to the government in clearing the bills.

 

The committee status report comes at a time when the state is finding it
hard to clear arrears owed to private and government businesses.

 

-Capital FM.

 

 

 

 

Nigeria: Herbert Wigwe - Access Holdings Stocks Fall By 6.26 Percent

Access Holdings shares, yesterday, declined by 6.26% at N23.20 per share on
the Nigerian Stock Exchange (NGX) on the first trading day after the death
of its Group Chief Executive Officer, Herbert Wigwe, in an ill-fated
helicopter crash in California, USA. It closed at N24.75 on Friday.

 

It was the highest-traded stock in the NGX, with 24.90 million units of its
shares traded in 662 deals. The day's low price was N22.50 while its high
price was N23.40.

 

Access Holdings Plc is currently the 15th most valuable stock on the NGX
with a market capitalization of N825 billion, which makes up about 1.48% of
the Nigerian Stock Exchange equity market.

 

Access Holdings is the fourth most traded stock on the NGX over the past
three months, from November 13, 2023 to yesterday. It has traded a total
volume of 1.97 billion shares--in 32,279 deals--valued at N47.5 billion over
the period, with an average of 31.3 million traded shares per session.

 

 

A volume high of 117 million was achieved on January 10, and a low of 8.13
million on November 17, 2023, for the same period.

 

Wigwe, who died aged 57 and his business partner, Aigboje Aig-Imoukhuede,
are reputed to have transformed Access Bank, which they acquired in 2002,
from a rather small commercial bank to be Nigeria's largest bank by assets
and Africa's largest in terms of customer base.

 

He died on board a chopper with his wife, son and three other passengers,
including a former Group Chairman of Nigerian Exchange Group Plc, (NGX
Group), Abimbola Ogunbanjo in California.

 

It was observed that a condolence register had been opened at the corporate
headquarters of the company in Victoria Island. Most of the staff were in
mourning mood when Daily Trust visited the office on Monday.

 

Meanwhile, the Board of the Company is expected to announce a successor
soon.

 

 

"In line with the company's policy, the Board will soon announce the
appointment of an Acting Group Chief Executive Officer even as we remain
confident that the Access Group will build further on Dr. Wigwe's legacy of
growth and operational excellence," noted the Group Company Secretary,
Sunday Ekwochi in a statement.

 

Findings by Daily Trust revealed that the board might announce the managing
director/CEO of its flagship subsidiary, Access Bank, Roosevelt Ogbonna as
the acting GCEO pending regulators' approval.

 

Ogbonna was among the team led by Aig-Imoukhuede and Wigwe to acquire Access
Bank in 2002. The trio resigned from GTB.

 

He succeeded Wigwe as Bank's Deputy Managing Director in 2017 when the
latter was appointed MD. He also took over from him in 2022 as the MD of the
bank while Wigwe became the Group CEO of Access Holdings Company.

 

Ogbonna has a very rich professional cum academic background. He is a Fellow
of the Institute of Chartered Accountants of Nigeria (FCA), an Honorary
Member of the Chartered Institute of Bankers (HCIB), a graduate of the
Harvard Kennedy School of Government's Senior Executive Fellow programme, an
alumnus of Harvard Business School and a CFA charter holder.

 

A financial analyst who preferred not to be named, confided in Daily Trust
that Ogbonna is the most qualified among the directors and should be named
as Wigwe's successor, unless the board decides to bring somebody from
outside the system.

 

"I don't expect them to bring somebody from outside the company, so, the
obvious choice will be the MD/CEO of Access Bank. He is leading the major
business of the corporation and has been part of the Aig-Imoukhuede-led team
since 2002. He understands the system perfectly and is highly respected," he
said.

 

Access Holdings is the fourth most traded stock on the NGX over the past
three months, from November 13, 2023 to yesterday. It has traded a total
volume of 1.97 billion shares--in 32,279 deals--valued at N47.5 billion over
the period, with an average of 31.3 million traded shares per session. A
volume high of 117 million was achieved on January 10, and a low of 8.13
million on November 17, 2023, for the same period.

 

-Daily Trust.

 

 

 

 

Sudan: Southern Kordofan Mining Practices Prompt Environmental Outcry

Talodi / Merowe — Locals in Talodi, South Kordofan, have observed a surge in
mining activities as companies escalate gold extraction using toxic
chemicals harmful to both human health and the environment. Environmental
activists told Radio Dabanga yesterday, that they are pointing fingers at
multiple mining firms, alleging their exploitation of the country's conflict
situation to expand operations.

 

These firms allegedly installed 11 additional mixers since September.
According to local residents, the amount of active mining mixers skyrocketed
from seven to 19 between September 2023 and February 2024.

 

Most damning in the uptick of gold mining production are the multiple
accusations stating that these firms are utilising harmful extraction
practices involving chemicals such as thiourea in the process known as 'gold
leaching'.

 

 

In an interview with environmental activists, they state that the use of the
banned substance thiourea, as well as the poor disposal of the waste
by-product, has led to "multiple cases of birth deformities and animal
deaths in the region".

 

Mining waste dumps from these mixers (called karta in Sudan), containing
heavy metals such as admium, lead, zinc, copper, arsenic, selenium, and
mercury or cyanide, form a long-term hazard second only to nuclear waste
dumps.

 

In a briefing entitled How mercury is poisoning a nation by Mohamed Salah
Abdelrahman for the Sudan Transparency and Policy Tracker (STPT),
Abdelrahman points out that "years of indiscriminate use of dangerous
chemicals such as mercury, cyanide, and thiourea without protective measures
for miners or local populations has exposed millions of citizens across
Sudan to lethal risks". He emphasised that the reoccurring flash floods have
swept thousands of metric tons of mercury-contaminated mining residue into
the Nile.

 

 

In March 2023, a number of gold mining sites seized and gold mining mixer
operators were arrested, following a report on the mysterious death of a
number of livestock in Talodi.

 

In the past, gold mining activity in Sudan faced similar accusations in
their utilisation of harmful chemicals. Radio Dabanga reported last year,
that both mercury and cyanide were used in artesian wells and basins in
Merowe, Sudan's Northern State.

 

Despite a 2020 Ministry of Energy and Mining directive to cease the use of
the mixer thiourea across Sudan, regional mining companies persist in
flouting regulations and accelerating operations.

 

Locals have alleged intimidation tactics, including threats of liquidation
and imprisonment, are employed against dissenters.

 

Concerns have also been raised regarding the deployment of armed individuals
by these companies to safeguard their mining sites, effectively preventing
locals from accessing or scrutinising their activities.

 

Gold

 

Sudan is reportedly the second-largest producer of gold in Africa and the
ninth in the world. Gold mines are scattered across Sudan, including Darfur,
South Kordofan, and Blue Nile. Artisanal mining has also drawn hundreds of
thousands of gold seekers to the deserts of Sudan's northern and eastern
states.

 

The total gold production of Sudan in 2020 reached 36.6 tons. The revenues
amounted to SDG 22.5 billion, of which SDG 16.6 billion was deposited at the
Ministry of Finance.

 

As the production was driven by unregulated, artisanal (individual
subsistence) mining, the transitional government began to regulate the
mining and export of the precious metal two years ago.

 

In October 2019, the government officially took over control of the Jebel
Amer gold mines in North Darfur. In March this year, the government
established state control over gold exports. It was also decided to
establish a Sudanese gold exchange.

 

-Dabanga.

 

 

 

 

Africa: It's Time for Africa!

The official launch of South Africa's first shipment and preferential
trading under the African Continental Free Trade Agreement (AfCFTA) on 31
January 2024, at the Port of Durban goes beyond a feather in the cap for
trade and economic growth. It signals the unyielding African spirit which
has prevailed against the injustices that plagued our continent, including
colonialism and apartheid.

 

Our liberation from these wrongs took the strength of all African nations
and together we proved that we could overcome insurmountable obstacles to
create a brighter future for the continent.

 

Despite the devastation over centuries, we have redefined Africa as a
continental force and transformed our nation states to be independent. We
have preserved our unique African heritage and identities, and capitalised
on our strengths as we develop our nations.

 

 

The African Union (AU) serves as the mantra for the development of African
nations. Formerly known as the Organisation of African Unity (OAU), the
unified vision for a better future for all Africans began on 25 May 1963,
when leaders of African countries joined forces to form the OAU, to advance
democracy and African development.

 

Founded on the principles of freedom, equality, justice, and dignity, it
strived to end the legacy of suffering, political instability and injustice
for all Africans.

 

"We all want a united Africa, united not only in our concept of what unity
connotes, but united in our common desire to move forward together in
dealing with all the problems that can best be solved only on a continental
basis". These were the sentiments of Kwame Nkrumah, first prime minister of
Ghana and Pan African Leader who contributed to the formation of the OAU.

 

 

To prioritise the acceleration of African economic growth through increased
cooperation and integration of African states, the OAU was relaunched as the
African Union (AU) during 2002.

 

Since its formation, the AU has sought to protect the independence of
African states and ensure their development, playing a critical role in
steering the continent through the unprecedented challenge of COVID-19.

 

While we have much to celebrate as a continent, we remain cognisant that
much still needs to be done to better Africa. This includes finding amicable
solutions to conflicts that continue to plague certain parts of the
continent.

 

Commitment to political dialogue with a view to sustainable peace and
stability is a critical lever in solving the challenges in Burundi,
Democratic Republic of Congo, Libya, Mali and the Sahel, Somalia, Sudan and
Western Sahara.

 

 

Together we can harness our collective energies and resources ensure to take
our continent closer to the ultimate vision of being free of poverty and
conflict. The AU's flagship project of Agenda 2063, is a roadmap to our
development over the next 50 years. This project prioritises African goals,
including; equality, intra-regional trade, infrastructure and technology
development.

 

The African Continental Free Trade Area is in line with Agenda 2063, which
is aimed at deepening African economic integration.

 

Strong partnerships among African nations for inclusive socio-economic
development is key to advancing the African Agenda. The African Continental
Free Trade Area (AFCFTA) also presents opportunities for massive financial
growth in Africa.

 

The AFCFTA is the world's largest trade area which holds the potential to
boost intra-African trade by over 50 percent and inject approximately $450
billion worth of investments into the African economy to help uplift 50 to
100 million people out of poverty by 2035.

 

By harnessing the strengths of all 55 nations on the continent, we will
recover, become stronger and ensure African nations take their rightful
place in the world. According to the African Development Bank, Africa's
economies remain resilient and Africa's GDP is expected to stabilise in
2023-2024.

 

South Africa remains committed to Africa's advancement and as the most
industrialised economy on the continent we are actively working to
facilitating intra-Africa trade through exports, enhancing skills
development, foreign direct investment and international cooperation.

 

A thriving African economy requires developed infrastructure to facilitate
trade globally. South Africa is working to improve its rail and port
efficiencies to drive economic growth and enable further economic
opportunities across the continent.

 

We are also closely working with international organisations to grow
investment, industrialisation and innovation across Africa. Our future is
intrinsically linked to the continent, and we are aware that Africa's growth
will spur-on our own growth and bolster us to address the triple challenge
of poverty, inequality and unemployment.

 

Let us all come together and play an active role in advancing Africa. Let us
go beyond the dedicated Africa Month (May) to claiming the 21st century as
the era for Africa's revival and renewal!

 

Saadia Moola is a Director at the Government Communication and Information
System

 

-SAnews.gov.za.

 

 

 

Kenya: Expect Milk Prices to Increase to Sh60 in the Coming Months, DP
Gachagua Assures Dairy Farmers

Trans Nzoia — Dairy farmers are set to earn more following quick
interventions by the government to deal with a milk glut that threatened to
wipe out higher prices, Deputy President Rigathi Gachagua has said.

 

Mr Gachagua said the government had intervened by allocating Sh900 million
to the Kenya Cooperative Creameries to buy the milk in order to stop the
prices from dropping owing to the extra production.

 

Because of the intervention, milk prices will rise to Sh50 per litre up from
Sh45 beginning March 1, 2024. The Deputy President said they seek to
increase the prices to over Sh60 per litre in the coming months.

 

 

"As a government, we released Sh900 million to stabilise the prices in the
milk sector after a glut following the heavy rains. The prices at Kenya
Cooperatives Creameries will be raised from Sh45 per litre to Sh50 from
March 1 and up to Sh60 in the coming months," Mr Gachagua said.

 

The DP asked dairy farmers to supply milk to the New KCC to earn more.

 

Mr Gachagua spoke on Sunday when he attended a Holy Mass at St Andrew Kaggwa
Catholic Church in Kwanza Constituency, Trans Nzoia County. He also presided
over a fundraiser for building the new premises for the church.

 

The Deputy President also asked farmers in Trans Nzoia to increase acreage
under maize saying the government had released adequate subsidized
fertilizer which is being sold at Sh2,500 per 50kg bag.

 

"Trans Nzoia County is important in our country's food security. The
subsidized fertilizer is readily available here. We thank Governor George
Natembeya for ensuring the last-mile distribution of the fertilizer," said
the Deputy President who discouraged the farmers against selling all their
harvests asking them to keep some for domestic consumption.

 

 

At the same time, the DP warned teachers against sending home Junior
Secondary School learners for lack of school uniform or desks saying stern
action will be taken against them. He urged the teachers to allow parents
enough time to buy the uniform for their children.

 

"Let them not send our children home over levies and unnecessary fees
introduced at the school. Any teacher defying the government's orders will
face stern action," he warned.

 

Mr Gachagua also called on leaders in Trans Nzoia to keep the existing unity
in the cosmopolitan county for enhanced development.

 

"This is a cosmopolitan county with members of different communities living
here. We thank the leaders led by the governor for maintaining peace. As
people of Trans Nzoia, continue to love one another and peacefully coexist,"
said the Deputy President.

 

Further, has asked leaders in the Western region to unite for the benefit of
the people in the region.

 

"We congratulate the western leaders for the effort to unite the people. I
call on the leaders to continue uniting the people and behind the President
for the good of our country," said Mr Gachagua.

 

The DP welcomed the move by Governor Natembeya to work with the government
despite being elected on an opposition party.

 

"The governor did well to come to work with our President William Ruto. That
is leadership. It is being pragmatic because it is in government where
resources are shared," added Mr Gachagua who was accompanied by National
Assembly Speaker Moses Wetangula, Health Cabinet Secretary Susan Nakhumicha,
Host MP Ferdinand Wanyonyi and Trans Nzoia Senator Allan Chesang, dozens of
MPs and local leaders.

 

-Capital FM.

 

 

 

Africa: Trademark Africa Gets Sh10.1bn to Advance Sustainable Trade,
Economic Inclusivity

Nairobi — African Aid-for-Trade Organization TradeMark Africa has received
Sh10.1 billion ($63 million) from the Dutch government to advance
sustainable trade and economic inclusivity in Africa.

 

The firm says that the funds, which will last up to 2030, will drive green,
sustainable economic growth, foster innovative trade practices, and promote
inclusive trade across the continent.

 

"TradeMark Africa will significantly contribute to a more inclusive and
prosperous trade landscape for the African continent, benefiting both
African and Dutch businesses," Marchel Gerrmann, Ambassador for Business and
Development Cooperation at the Netherlands Ministry of Foreign Affairs,
said.

 

 

The Netherlands' contribution will be invested in strengthening trade
systems so that they benefit local exporters, foster economic growth, and
create sustainable livelihoods across diverse sectors.

 

As part of its Africa Strategy, the Netherlands contributes towards the
implementation of the African Continental Free Trade Area (AfCFTA).

 

The AfCFTA is expected to boost intra-African trade by over 30 percent by
2045 and is projected to provide an average extra 2.7 percent GDP boost
across the continent.

 

The AfCFTA could lift 30 million Africans out of poverty by 2035, offering
market opportunities to both African and Dutch businesses.

 

"We are excited to continue this partnership, in focusing on the trade
challenges of the coming years - not least ensuring Africa is a pioneer in
green trade, and that the benefits of trade corridors reach people and
geographies in most need of the economic boost that they bring," David Beer,
CEO of TradeMark Africa, added.

 

"These programmes will contribute to a thriving, resilient and inclusive
trading landscape."

 

-Capital FM.

 

 

 

West Africa: Nigeria Experiencing Stalled Per Capita Growth, Poverty, Food
Insecurity - IMF

Following a detailed assessment, the International Monetary Fund (IMF) has
said Nigeria is experiencing stalled per-capita growth, high poverty levels
and significant food insecurity amid efforts by President Bola Tinubu's
administration to implement crucial structural reforms.

 

This was part of the conclusion of the IMF's Executive Board Post Financing
Assessment (PFA) which endorsed the staff appraisal, confirming Nigeria's
adequate capacity to repay the fund a $3.4bn loan approved in 2020, but
pointed out several areas needing urgent attention.

 

According to the statement from the IMF: "Like many other countries, Nigeria
faces a difficult external environment and wide-ranging domestic challenges.
External financing (market and official) is scarce and global food prices
have surged, reflecting the repercussions of conflict and geo-economic
fragmentation.

 

 

"Per-capita growth in Nigeria has stalled, poverty and food insecurity are
high, exacerbating the cost-of-living crisis. Low reserves and very limited
fiscal space constrain the authorities' option space."

 

Economic outlook, challenges

 

The IMF also noted that despite exiting the COVID-19-induced recession
swiftly, Nigeria's economic growth had been sluggish, barely keeping pace
with the population's growth.

 

The reliance on the hydrocarbon economy has been a significant drag on
overall growth. Security concerns, especially in the Northern region, have
severely impacted agriculture and food security, with 25 million Nigerians
(13 per cent of the population) currently facing food insecurity.

 

 

The poverty rate stood at 37 per cent in 2022, underscoring the severity of
the economic challenges.

 

The IMF projected a slight improvement in growth to 2.9 per cent for 2023
and three per cent in 2024, contingent on better hydrocarbon sector
performance and control over oil theft.

 

IMF's recommendations

 

The IMF's Executive Board acknowledged the strong start by the new
administration in addressing deep-rooted structural issues. The focus on
price stability, fiscal responsibility and revenue mobilisation was
commended.

 

However, Nigeria's battle against a difficult external environment, low
reserves and limited fiscal space remains daunting.

 

The IMF underscored the importance of monetary tightening and fiscal
adjustments to restore macroeconomic stability.

 

The government's ambition to digitise and improve revenue collection is seen
as crucial for enhancing public service delivery and ensuring fiscal
sustainability.

 

Moreover, the IMF advised on the complete phase out of fuel and electricity
subsidies, which are costly and inefficient, advocating for targeted support
to the most vulnerable populations through social transfers.

 

As Nigeria navigates through these challenging times, the IMF's assessment
and recommendations offer a roadmap for sustainable growth and stability.

 

The emphasis on comprehensive reforms, fiscal discipline, and targeted
support for the vulnerable underscores the complex balancing act required to
address Nigeria's economic dilemmas.

 

R-Daily Trust.

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

Robert Gabriel Mugabe Youth Day

 

Feb 21

 


Nampak

AGM

Virtual (FTS Platform)

28 Feb 9am

 


Art

AGM

virtual (escrow platform)

March 7. 2:30

 


 

2024 auction tobacco marketing season opens

 

13 march

 


 

Good Friday

 

march 29

 


 

Easter Monday

 

1 April

 


 

Independence Day

 

April 18

 


 

Workers day

 

1 May

 


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
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.

 


 

 


 (c) 2024 Web: www.bullszimbabwe.com <http://www.bullszimbabwe.com>  Email:
bulls at bullszimbabwe.com <mailto:bulls at bullszimbabwe.com>  Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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