Major International Business Headlines Brief::: 23 February 2024

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  23 February 2024 

 


 

 

	
 


 

 


 

ü  Liberia: U.S.$1 Billion Needed to Address Electricity Shortage

ü  Nigeria: Ogun Waste Managers Threaten to Withdraw Services Over N650
Million Debt

ü  Sudan: 'Internet Blackout Hobbles Aid to Thrice-Displaced Khartoum
Families'

ü  Africa Digital Finance Summit to Convene in Johannesburg, Expanding
Continental Collaboration

ü  Nigeria: Senate to Investigate Cement Coys On Hike in Price

ü  Tunisia: Cabinet Meeting Adopts Draft Decrees Aimed At Boosting
Investment

ü  Malawi: Air Cargo Malawi Touts Opportunities in Mining Sector As Drivers
of Economic Growth

ü  Nigeria's GDP Grew By 3.46 Percent in Q4 2023 - NBS

ü  Angola: Oil Association Calls for Efficiency of Companies With Local
Content

ü  Nigeria: FG Committed to Implementing Agreement With Labour

ü  Seychelles' Beau Vallon Promenade Project Starts Feb. 22 Despite Delays

ü  Nigeria: Wike Flags Off Construction of Another Abuja Road

 


 

 


 <https://www.cloverleaf.co.zw/> Liberia: U.S.$1 Billion Needed to Address
Electricity Shortage

Addressing Liberia's perennial power crisis will require significant
financial investment, with the Liberia Electricity Corporation (LEC)
estimating that between US$700 million to US$1 billion is needed for the
construction of a reservoir to alleviate the electricity issue. The lack of
a sufficient reservoir at the Mount Coffee Power plant has been identified
as a long-standing challenge, leading to operational gaps during dry
seasons.

 

And in order to solve this problem, the Executive Director for Planning,
Engineering, and Major Connections at LEC, Dele I. Shobayo, disclosed on
Wednesday that the country needs to invest between US$700 million to US$1
billion to construct a reservoir on the St. Paul River.

 

Shobayo said the construction of a reservoir upstream of St. Paul River now
is essential to resolving the electricity issues in the country. Once
completed, he added, the Mt. Coffee plant would be capacitated enough to
generate more electricity that could even be sold to other neighboring
countries as Ivory Coast is doing currently.

 

 

"The current plant does not have a large reservoir to store enough water to
generate energy during the dry season, and this has been a perennial problem
over the years," Shobayo said in an OKay FM interview on Wednesday.

 

The proposed reservoir project, which is considered capital-intensive, is
projected to take four to five years to complete. The LEC management
emphasizes the importance of this infrastructure development to improve the
country's electricity supply and meet the growing demand from an expanded
customer base.

 

Giving some historicity to Liberia's power crisis, Shobayo disclosed that in
1990, the Liberian government announced that it was committing US$300
million at the time towards developing the reservoir. "This shows that this
problem has been a long standing issue, spanning nearly three decades and a
half now," he said.

 

 

The capacity of the Mount Coffee Hydro Plant during the dry season prior to
the civil war was about five to 10 megawatts, and it is still five to 10
megawatts, despite the huge increase in the country's population. This makes
demand for power huge, he said.

 

"Before the country's civil war, LEC was serving 35,000 customers, but today
it has increased to 250,000 customers in the absence of proper upgrades on
the plant as problems of the past still persist," he noted.

 

Because of this situation, before the civil unrest, LEC had basically other
power plants to complement the Mount Coffee Hydro during the dry season,
which was a 40 megawatt power plant, and also had an HFO power plant,
stating that "during the dry season, there was some form of load sharing,
and there was a time that the LEC had to run those plants to close the gap."

 

LEC management continues to be under the spotlight for its inability to
provide stable power supply to customers across Monrovia and its environs in
recent years, especially since the inception of President Boakai's
administration. The situation has been alarming since the end of January
2024, thereby raising serious concerns in various communities.

 

 

"During this period of the year, LEC experienced most of the challenging
issues with our operations. We are working within the constraints to see how
we can provide power to our customers. All is well even though we are
working under very hard pressure, but we are doing our best to meet the
demand of our customers within the available supply," Shobayo said.

 

He disclosed that the Mount Coffee Hydro only runs four hours now, which
begin at 7 p.m. and shut down at 11 p.m. due to the lack of water supply.

 

Liberia has one of the lowest floors of water this year, according to
meteorological statistics. "We were receiving 1,600 meters per second during
the heat of the rainy season, but now they are receiving just 19 meters per
second," Shobayo noted.

 

Asked what preparation LEC made for the dry season, Shobayo referenced the
power purchase agreement (PPA) between Ivory Coast, particularly Compagnie
Ivoirienne d'Electricité (CIE), and Liberia.

 

"Preparation for the dry season is not a year-long activity but a three-year
plan, which means that to prepare for the dry season in 2025, 2026, and
2027, Liberia or LEC has to begin now," he said

 

He indicated that what CIE provides to Liberia is what the LEC is
distributing to its customers. "But we now have focused on the long term
plan to ensure that we are not depending on anyone. And the best we can do
is to construct the reservoir," he said.

 

With the signing of the PPA for 2023 and 2024 with CIE, Liberia received a
bill of a little over US$23.4 million. The government has paid US$8.9
million, and LEC on its own has paid US$12 million, so the deficit is just a
little over US$2 million, Shobayo said.

 

He, however, disclosed that the low supply of power from Ivory Coast to
Liberia this year is based on technical issues and the recent hosting of the
African Cup of Nations, not the debt owed the entity, stating that LEC last
week paid the amount of US$7.1 million to the company.

 

He said the CIE delegation will be in Liberia next week, and the LEC
management will sit with them to discuss the overall objective of increasing
power to 50 megawatts, which will be able to cater to the average demand
during the dry season.

 

Thomas Zailee Gonkerwon, LEC's Executive Director for Distribution &
Transmission, said it's not like LEC is not engaging Ivory Coast or doing
nothing about the power issue now, but there are operational issues that
come about.

 

"The supplier will tell you that I am able to provide only this amidst
having this agreement and you don't have an alternative," he said.

 

According to him, Ivory Coast has been having some issues, both technical
and demand, and they have been providing electricity to Liberia on a
continuous basis. However, the main issue is that the volume is fluctuating
based on what is available to them.

 

"On the issues of transmission and distribution, we will only transmit and
distribute what we receive and so our cumulative volume now we are receiving
is unable to meet up with the demand of power," he said.

 

"Electricity is social, political and economic and we have to now balance
all of this. We know that Liberian society is mixed, which includes
industrial, residential, functional offices, and commercial with everything
in one place at the same time. We don't have a time functional economy and
Liberia's economy is a 10-hour economy only," he said.

 

Meanwhile, the current reliance on power supply from Ivory Coast underscores
the immediate need for sustainable solutions to enhance Liberia's energy
security and reduce dependency on external sources.

 

Despite facing operational challenges and fluctuations in power supply, LEC
says it remains committed to addressing the pressing power needs of
Liberians.

 

It goes without saying that collaborative efforts with Ivory Coast and
strategic planning for long-term power solutions are crucial steps towards
enhancing Liberia's electricity infrastructure and meeting the demands of a
diverse economic landscape.

 

- Observer.

 

 

 

Nigeria: Ogun Waste Managers Threaten to Withdraw Services Over N650 Million
Debt

"The money being owed members, puts over 1000 direct and indirect jobs on
the line should they close shops due to lack of funds to continue
operations."

 

The Association of Waste Managers of Nigeria (AWAMN), Ogun State chapter, on
Wednesday, warned that its members may not be able to render their services
of keeping the state clean and safe hygiene-wise any further, due to the
over N650 million debt owed them by the state government.

 

The association said that aside from the N650 million debt, which it
lamented had crippled members' businesses, the waste dumpsites in parts of
the state were no longer accessible because of their deplorable conditions
while the cost of wastes evacuation from homes, streets and highways to
dumpsites have also hit the rooftops.

 

Addressing journalists in Abeokuta, the state capital, in the company of
some members, the state chairperson of AWAMN, Jolaoluwa Gbenga,

 

 

urged the Governor Dapo Abiodun-led government to offset the arrears.

 

He noted that money being owed his members, puts over 1000 direct and
indirect jobs on the line should they close shops due to lack of funds to
continue operations.

 

Also speaking, the Financial Secretary, Seni Olawoyin, said members were
being owed their service charges for 18 months to the tune of N650 million.

 

Mr Olawoyin said over 100 of their members have stopped operations and were
unable to pay bank loans used to acquire equipment such as converters
because of the state government's indebtedness to them.

 

In the same vein, the General Secretary, Ogunsanya Kayode, noted that the
AWAMN had written many letters separately to the state Ministry of
Environment, Ogun State House of Assembly and Mr Abiodun about their
plights. He lamented all they had ever got were unfulfilled promises.

 

In his reaction to the development, the State Commissioner for Environment,
Ola Oresanya said the government is aware of the predicament of the waste
managers and is already taking steps to ensure that they are paid in a
matter of days.

 

"We are aware of the pains of waste collectors, which can be attributed to
the astronomical increase in fuel prices and the high cost of vehicle spare
parts.

 

"All these resulted in the high operation cost, and we have been avoiding
the burden transfer to the public through an increase in waste collection
charges," Oresanya said.

 

The commissioner assured that the government was working to address the
matter.

 

He appealed to the waste managers to remain calm and steadfast as a major
partner in the public hygiene programme of the state.

 

- Premium Times.

 

 

 

 

Sudan: 'Internet Blackout Hobbles Aid to Thrice-Displaced Khartoum Families'

Jebel Aulia — The ongoing internet and communications blackouts in most of
Sudan have severely compromised efforts to provide humanitarian aid to
civilians in Jebel Aulia, south of the capital Khartoum. The Jebel Aulia
Emergency Room has appealed to the international community and humanitarian
aid organisations to apply pressure on the Sudanese government to restore
internet and communications networks to all states, so that planned vital
relief efforts, that have been suspended, can go ahead.

 

In a statement to Dabanga today, the Emergency Room points out that many
residents of Jebel Aulia were forced to flee due to random bombing of
residential neighbourhoods in the southern administrative unit in October
2023. As previously reported by Dabanga, Jebel Aulia, and its strategic
miliary base, has been the site of fierce battles between the warring
Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF).

 

 

"Jebel Aulia market was also closed, threatening the population with a lack
of food and medicine. A month later, the civilians were forced to evacuate
their homes and families to the villages of White Nile and El Gezira states.
Then, in January, families were forced to return to their homes after they
were stranded [without aid] in the states they sought refuge in."

 

 

The statement says that the emergency rooms in the national capital "tried
to provide them with the simplest necessities of life during this critical
period," however, the communications blackout was devastating and prevented
the provision of any aid.

 

Three central kitchens stopped operating due to network blackout, and five
more kitchens that were scheduled to be established in the neighbourhoods of
eastern and western unit were discontinued, as were centres for distributing
food baskets Jebel Aulia Market, aimed at covering the southern and eastern
units.

 

Internet blackout

 

As reported by Dabanga this week, the total telecommunications and internet
blackout continues in Khartoum, El Gezira, Blue Nile region and other parts
of Sudan. The outages are causing a severe cash crisis in the country. The
managing director of Zain Sudan confirmed to Dabanga that the company's
services have been cut by the Rapid Support Forces (RSF).

 

While large parts of Darfur and Kordofan have been experiencing months-long
blackouts, forcing people to use Starlink satellite communication network,
the rest of Sudan remains for a large part cut off from the outer world for
nearly three weeks.

 

- Dabanga.

 

 

 

 

Africa Digital Finance Summit to Convene in Johannesburg, Expanding
Continental Collaboration

Nairobi — The 3rd annual Africa Digital Finance Summit is set to take place
in Johannesburg, South Africa.

 

Scheduled for three days, from November 20th to the 22nd, 2024, the event
will welcome both physical and virtual attendees. Notably, the fourth day of
the summit will grant access to physical attendees to explore the conference
area and engage with various expositions.

 

Themed 'The Future of Finance in Africa: Our Path to a New African', this
year's summit marks the third iteration of the Africa Digital Finance
Summit.

 

Departing from its usual location in Kenya, this significant decision to
hold the event in South Africa underscores its continental importance and
the emphasis on fostering collaboration across Africa.

 

 

Initiated in Nairobi in February 2021, the inaugural African Digital Finance
Summit aimed to catalyze discussions on the future of value exchange across
the continent.

 

Over subsequent years, government officials, central bank representatives,
fintech executives, and influential decision-makers have convened to share
insights on finance's future trajectory. Serving as a platform for
Pan-African dialogue, the summit delves into topics with far-reaching
economic, sociological, and developmental implications.

 

Mary Njoki, CEO of Glass House PR and the event's organizer, envisions the
summit as a catalyst for Africa's growth potential while preempting
potential developmental challenges.

 

With 100 keynote speakers from diverse backgrounds in finance and
digitization, attendees will engage in discussions covering digital
transformation, artificial intelligence, climate change, cybersecurity,
financial inclusion, and more.

 

The summit aims to foster a comprehensive understanding of digital finance,
laying the groundwork for a future of equitable financing across Africa.

 

The decision to host the event in South Africa, rather than Kenya, reflects
a strategic move towards greater continental cooperation.

 

Following the 37th Ordinary Session of the African Union on February 18th,
where Presidents Ruto and Ramaphosa discussed free trade and diplomacy,
Kenyan President Ruto acknowledged his country's deepening collaboration
with South Africa.

 

- Capital FM.

 

 

 

Nigeria: Senate to Investigate Cement Coys On Hike in Price

The Senate has resolved to investigate the sudden hike in the price of
cement by its producers in Nigeria.

 

This followed the adoption of a point of order by the Deputy Senate Leader,
Sen. Lola Ashiru, on the "Need to Urgently Address the Increase in Cement
Price and other Building Materials in Nigeria" at plenary on Wednesday.

 

Presenting the order, Ashiru urged the Senate to mandate its Committee on
Industries to conduct an investigation into the activities of cement
manufacturing industries operating in Nigeria.

 

This, he said, was with a view to ascertaining the reasons behind the price
hike.

 

 

He also urged the Senate to mandate the Committee on Industries to ensure
that cement manufacturing companies adhered strictly to fair market practice
and desist from anti-competitive practices.

 

Ashiru said that the construction industry was vital to infrastructure
development, adding that the building industry heavily depended on cement
and other building materials for its sustenance.

 

He said that the trend of a daily increase in the price of the product had
hampered progress in various developmental endeavours across the country.

 

"This is because key building materials, particularly cement and iron rod,
are now sold at prohibitive rates, with cement and iron rod recently rising
from N5,500 per bag in January 2024 to about N14,000 and N8,500 to N17,000
respectively," he said.

 

He also said that the sudden price increase has had a detrimental impact on
critical infrastructure and housing in the country.

 

Ashiru said that the raw materials for cement were being sourced 100 per
cent locally and not imported, making the sudden surge in price suspicious
and perplexing.

 

"Cognisant that affordable cement and other building materials are
indispensable to national development, addressing the issue in time will be
advantageous to the construction industry.

 

"This is because it will ensure the progress of constituency projects,
strengthen national security by providing jobs and stability, and improve
the livelihood of Nigerians generally," he said.

 

- Vanguard.

 

 

 

 

Tunisia: Cabinet Meeting Adopts Draft Decrees Aimed At Boosting Investment

Tunis/Tunisia — A cabinet meeting held on Thursday approved a number of
draft decrees. The meeting was chaired by Prime Minister Ahmed Hachani on
behalf of President Kais Saied at the Government Palace in Kasbah, according
to a statement by the Prime Ministry.

 

During the meeting, the Cabinet discussed and approved a draft decree to
amend and complete government decree No. 389 of 2017, dated 9 March 2017, on
financial incentives for investments made within the framework of the
investment law.

 

Minister of Economy and Planning Feryel Ouerghi presented the draft, which
aims to further promote investment and keep it line with national
priorities, particularly by simplifying the conditions and procedures for
granting incentives to small and medium-sized enterprises in support of
economic and social development.

 

 

The main measures proposed in the draft decree are to continue to support
communitarian enterprises in order to contribute to the promotion of
regional development and the creation of jobs through the involvement of
private companies in investments in the "A" class agriculture, fisheries and
aquaculture sectors.

 

In addition, the implementation of projects of national importance will be
facilitated and the employment of university graduates will be promoted by
approving the possibility of hiring 200 university graduates or creating 500
jobs.

 

These measures also include extending the deadline for submitting an
application for incentives from one to two years from the date of submitting
the investment declaration, easing the conditions to benefit of the payment
of the employer's social security contribution by the state, and reducing
the rate of self-financing required for incentives from 30% to 10% cent for
small companies.

 

 

Some documents required from the investor in order to benefit from the
payment of the employer's contribution by the state were also removed.

 

The Cabinet also approved a draft order on the revision of Government Decree
No. 2605 of 29 December 2015 on the methods and procedures for granting tax
privileges provided for in chapters 31 and 75 of Law No. 53 of December 25,
2015, related to the 2016 Finance Law.

 

It also approved a draft decree on the establishment of the Housing Office
of the the Staff of the Presidency of the Republic and defining its
administrative and financial organisation and methods of management.

 

The meeting also approved a decree establishing a metrology laboratory for
the Ministry of National Defence and defining its administrative and
financial organisation and methods of management.

 

A draft decree was also approved to regulate the organisational structure of
the technological park to value the desert's wealth and develop its
potential.

 

At the beginning of the Cabinet's work, the Prime Minister called on all
ministers to redouble their efforts in the context of the unity of the State
and to work in harmony between the various structures and public
institutions to meet all challenges and to achieve the necessary efficiency
at all levels in order to serve the Tunisian people, according to a
statement from the Prime Ministry.

 

- Tunis Afrique Presse.

 

 

 

 

Malawi: Air Cargo Malawi Touts Opportunities in Mining Sector As Drivers of
Economic Growth

Air Cargo Malawi (ACM), a leading air freight company, has expressed
optimism about Malawi's mining sector which it says has potential to spur
economic growth in line with the government's development agenda.

 

The freight company is one of the major players in the mining value chain as
it facilitates exporting of rare stones extracted in the country to foreign
markets.

 

During a tour to Mzimba Gemstone Cooperative recently, ACM chief executive
officer Thokozani Unyolo pointed out a number of opportunities that if well
harnessed can complement efforts to grow the country into an inclusively
wealthy industrialised economy by the year 2063.

 

 

"People don't under...

 

[2:11 pm, 22/02/2024] Watipaso Mzungu JNR : Air Cargo Mw geared to upscale
gemstone exports, engages Mzimba miners to cement relations

 

Watipaso Mzungu JNR

 

One of the country's key players in the air freight industry, Air Cargo
Malawi Limited, says greater collaboration between local investors in the
mining sector and financial service providers is key to the growth of
exports in the extractive and mining industry.

 

The company's chief executive officer, Thokozani Unyolo, observed this
during her tour of Mzimba Gemstone Cooperative, that there is a myriad of
opportunities in this upcoming industry especially now when there is more
awareness on the value of rare stones by communities.

 

"People don't understand much about mining activities, especially those who
are financiers in top positions and working in the mining department in
Government. Currently, financiers are coming from Mozambique and Zambia
because they understand the potential this industry holds. If financial
service providers and those Malawians with resources had similar
understanding, then this industry would thrive," says Unyolo.

 

 

Unyolo proposed the visit around building relationships with a range of
clientele within the Gemstone sector value chain. ACM is a key stakeholder
in that value chain because it facilitates exportation of the rare stones to
target markets.

 

Mzimba is one of the leading districts in the availability of Rose quartz
with a monthly estimation of 200 tons given stable market and machinery.

 

"The tour was primarily about building and strengthening partnerships with
our key clients that export Gemstones. We also had a chance to understand
the challenges and opportunities in the sector so that we engage other key
stakeholders from an informed position," she says.

 

Air Cargo Malawi also believes that if the country extensively carries out
mining activities under an organized regime, the economy could earn the much
needed forex.

 

True to Unyolo's assertions, mining has been singled out as one of the three
focus sectors earmarked to drive the country's socioeconomic growth as
dictated under the long-term Vision Malawi and its first ten-year short-term
plan known as MW2063 Implementation Plan 1(MIP1).

 

Agriculture and Tourism are the other two sectors in a trending tagline
known as the ATM Strategy

 

- Nyasa Times.

 

 

 

 

Nigeria's GDP Grew By 3.46 Percent in Q4 2023 - NBS

The statistics bureau said this in its "Nigerian Gross Domestic Product
(GDP) Report Q4 2023" released on Thursday.

 

Nigeria's Gross Domestic Product (GDP) grew by 3.46 per cent year-on-year in
real terms in the fourth quarter of 2023, the National Bureau of Statistics
has said.

 

The NBS said this growth rate is lower than the 3.52 per cent recorded in
the fourth quarter of 2022 and higher than the third quarter of 2023 growth
of 2.54 per cent.

 

The statistics bureau said this in its "Nigerian Gross Domestic Product
(GDP) Report Q4 2023" released on Thursday.

 

 

The report said the performance of the GDP in the fourth quarter of 2023 was
driven mainly by the services sector, which recorded a growth of 3.98 per
cent and contributed 56.55 per cent to the aggregate GDP.

 

It said the agriculture sector grew by 2.10 per cent, from the growth of
2.05 per cent recorded in the fourth quarter of 2022.

 

It added that the growth of the industry sector was 3.86 per cent, an
improvement from -0.94 per cent recorded in the fourth quarter of 2022.

 

In terms of share of the GDP, the bureau said industry and the services
sectors contributed more to the aggregate GDP in the fourth quarter of 2023
compared to the fourth quarter of 2022.

 

On an annual basis, the report said GDP grew by 2.74 per cent in 2023
relative to 3.10 per cent in 2022.

 

"In the quarter under review, aggregate GDP stood at N65,908,258.59 million
in nominal terms. This performance is higher when compared to the fourth
quarter of 2022 which recorded an aggregate GDP of N56,757,889.95 million,
indicating a year-on-year nominal growth of 16.12 per cent," the report
said.

 

 

Oil sector

 

The bureau noted that the nation in the fourth quarter of 2023 recorded an
average daily oil production of 1.55 million barrels per day (mbpd), higher
than the daily average production of 1.34 mbpd recorded in the same quarter
of 2022 by 0.21 mbpd. It was also higher than that of the third quarter of
2023 production volume of 1.45 mbpd by 0.10 mbpd.

 

It said the real growth of the oil sector was 12.11 per cent (year-on-year)
in Q4 2023, indicating an increase of 25.50 per cent points relative to the
rate recorded in the corresponding quarter of 2022 (-13.38 per cent).

 

The NBS said that the growth also increased by 12.96 per cent points when
compared to Q3 2023 which was -0.85 per cent.

 

"On a quarter-on-quarter basis, the oil sector recorded a growth rate of
-3.81 per cent in Q4 2023. On an annual basis, the oil sector growth stood
at -2.22 per cent in 2023 compared to -19.22 per cent in 2022.

 

"The oil sector contributed 4.70 per cent to the total real GDP in Q4 2023,
up from the figure recorded in the corresponding period of 2022 and down
from the preceding quarter, where it contributed 4.34 per cent and 5.48 per
cent respectively," the report said.

 

Non-oil sector

 

The non-oil sector grew by 3.07 per cent in real terms during the reference
quarter (Q4 2023).

 

The NBS said this rate was lower by 1.37 per cent points compared to the
rate recorded in the same quarter of 2022 and 0.32 per cent points higher
than the third quarter of 2023.

 

"This sector was driven in the fourth quarter of 2023 mainly by financial
and insurance (financial institutions); information and communication
(telecommunication); agriculture (crop production); trade; construction;
manufacturing (food, beverage, and tobacco) and real estate, accounting for
positive GDP growth.

 

"On an annual basis, the non-oil sector growth in 2023 stood at 3.04 per
cent relative to 4.84 per cent recorded in 2022," the NBS said.

 

In real terms, the bureau said the non-oil sector contributed 95.30 per cent
to the nation's GDP in the fourth quarter of 2023, lower than the share
recorded in the fourth quarter of 2022 which was 95.66 per cent and higher
than the third quarter of 2023 recorded as 94.52 per cent.

 

- Premium Times.

 

 

 

 

Angola: Oil Association Calls for Efficiency of Companies With Local Content

Talatona — The president of the Association of Companies Providing Services
in the Oil Industry, Braulio de Brito, advocates the need for companies
operating in the Angolan oil sector to become increasingly efficient,
through the inclusion of local content policy.

 

Speaking to the press, on the sidelines of the interaction meeting with
associates from various companies in the sector, held on Wednesday (21), in
Luanda, the official said that the reinforcement of the insertion of local
content in the oil activity allows for greater participation of companies in
the entire oil and gas industry, with the provision of quality services
provided by national labor, using raw materials and local investments.

 

 

He considered it crucial for companies to reinforce the training of their
staff in order to be up to the task of responding to the challenges and
demands of the world market and contributing to the increase in national
production and the socio-economic improvement of the country.

 

Regarding the meeting called 'AECIPA Day', Braulio de Brito said it was an
interactive event that aims to bring together different actors in the
sector, providing a good opportunity to exchange experiences and search for
solutions to the challenges that arise in the current context and the
future.

 

In this sense, he recalled, the Association of Companies Providing Petroleum
Industry Services (AECIPA) has promoted several events that aim to better
inform its members about some changes that are occurring in the oil sector
and beyond.

 

This involves holding workshops, round tables, among other events that bring
together those responsible for the oil and gas industry, lawyers and
national and international political decision-makers, with a view to
creating more direct interaction and promoting debates on topics of common
interest.

 

In addition to local events, the source stated that the association will
also invest in carrying out international activities, taking into account
the invitations it has received for this purpose.

 

With more than 150 members, AECIPA aims to establish dialogue and
cooperation between companies in the oil sector, official institutions and
operators operating in the Angolan market, currently representing the main
intermediary between national business and government entities to find
solutions to the obstacles and challenges experienced.

 

Commercial banks, consultants, lawyers, among others, may also become AECIPA
members.

 

 

- ANGOP.

 

 

 

 

Nigeria: FG Committed to Implementing Agreement With Labour

The Federal Government says it is committed to implementing the agreements
it entered with organised labour on the general welfare of workers and other
issues.

 

The government's position is contained in a statement issued by Mr Segun
Imohiosen, Director Information, Office of the Secretary to the Government
of the Federation (SGF), on Tuesday in Abuja.

 

Imohiosen said the federal government reviewed the commitments made with
organised labour at a meeting attended by the Minister of State, Labour and
Employment, Nkeiruka Onyejeocha, and other dignitaries.

 

He disclosed that substantial progress had been made in the agreements,
including the payment of four months from the six-month wage award promised
to the organised labour.

 

 

"From the payment of wage award of N35,000 for six months, the government
has so far paid for four months up to December 31, 2023.

 

"The remaining two months of January and February, 2024 is being processed,"
he said.

 

The director said the federal government had also inaugurated a 37-member
Minimum Wage Committee to review and come up with an acceptable and
sustainable minimum wage for Nigerian workers.

 

"The Committee has so far held two meetings, and discussions are ongoing,"
he said.

 

On the provision of CNG buses and conversion kits, he said the government
had so far made substantial financial commitments.

 

According to him, the buses would be rolled out in no time to alleviate the
transportation challenges being faced by Nigerians.

 

 

He said the government had implemented the suspension of the collection of
Value Added Tax (VAT) on diesel for six months beginning in October 2023.

 

On the leadership crises rocking NURTW and RTEAN, Imohiosen said the
government waded into the matter and the issue had been amicably resolved.

 

"The Lagos state government was mandated to address the matter, and as we
speak, the executive body of the union has been inaugurated and all
contending issues have been resolved.

 

"With respect to the outstanding salaries and wages of tertiary education
workers in federally owned educational institutions, the government has paid
the four-month outstanding salaries to ASUU in full.

 

"Action is ongoing with respect to other unions as well," he said.

 

Imohiosen said over three million households, including vulnerable
pensioners, had benefited from the N25,000 monthly conditional cash
transfer.

 

He said over N68.3 billion had been disbursed before the temporary
suspension of the programme.

 

"With respect to the issue of subsidised distribution of fertilisers to
farmers across the country, the government has made tremendous progress in
this regard to ensure effective distribution to boost agricultural
production.

 

"The government has constantly engaged various state governments and the
private sector on the issue of the implementation of wage awards for their
workers.

 

To ascertain the level of rehabilitation of the refineries in the country,
Imohiosen said a joint visitation by the government and organised labour was
successfully carried out on February 21.

 

He disclosed that, from the visitation, the Port-Harcourt refinery is 80 per
cent complete, while production of Premium Motor Spirit (PMS) would commence
before the end of the year. (NAN)

 

- Vanguard.

 

 

 

 

Seychelles' Beau Vallon Promenade Project Starts Feb. 22 Despite Delays

The Beau Vallon Promenade project in the north of Mahe, Seychelles' main
island, will begin on Thursday, February 22, with the felling of several
trees in the area, in the first phase, to make space for the planned
development.

 

The development spearheaded by the government and financed by the
construction company Laxmanbhai will give a facelift to the popular tourist
area and several kiosks will be built to replace the food vans that had
taken up residence there.

 

The chief executive of the Enterprise Seychelles Agency (ESA), Lisa Lautoy,
told reporters that "the developer will have to section off the area where
they will be working for the safety of the public. We also want to advise
the public that there will also be some loud noises at times due to the
construction. This is beyond our control. We've already informed the tourism
establishments in the area as well."

 

 

The project was due to start in September 2023 but was delayed due to
certain factors.

 

"We faced quite a number of issues with the food vans that were already in
the area. They were refusing to move. It took some negotiating but finally,
we were able to get them to move further away from the construction site.
There was also some delay on the administrative side; there was some
documentation that we were finalising," said Lautoy.

 

For the car park near the Beau Vallon Promenade, Lautoy confirmed that
during the construction part of the development, the public will not have
access to it.

 

"We will provide alternative access for people intending to buy food from
the vendors who moved further away at the back of the property. However,
once the project is completed, no food vans will be allowed on the site,"
she added.

 

 

Lautoy said that the expression of interest launched was for the first phase
for food and beverage and "this is completed and the successful bidders have
already been notified, soon we will meet up with them to discuss the lease
agreement. The second phase will start during the first week of March; this
is for the artisanal and excursion kiosks."

 

She also addressed certain concerns about the Takamaka trees in the area as
these are protected species in Seychelles. Eight Takamaka trees will be
affected in the removal.

 

"Yes, there are several that will have to be removed. However, we made sure
to seek approval for this by the relevant authorities. This will only be in
the area where the buildings will be built the other areas will not be
touched," said Lautoy.

 

The chief operations officer at the Seychelles Infrastructure Authority
(SIA), Keith Arnephy said, "The project has two main components, the first
one is the removal of the trees that are in the way of the construction.
There are around 30 trees earmarked for removal. The second component is the
actual development, this will be a controlled area that will only be
accessed by the developer. So, we are asking the public to take precautions
when coming near this area."

 

Lautoy said that it would take around two weeks to complete the tree
removal, and as soon as this is done, the contractor will move on to the
site for the project.

 

The whole project is expected to be completed during the third quarter of
this year.

 

- Seychelles News Agency.

 

 

 

 

Nigeria: Wike Flags Off Construction of Another Abuja Road

Mr Wike also pledged to rehabilitate the Gwagwa-Karimo-Deidei road to ease
traffic congestion.

 

The Minister of Federal Capital Territory (FCT), Nyesom Wike, on Wednesday,
flagged off the construction of the five-kilometre access road in Saburi,
Abuja Municipal Area Council (AMAC).

 

The event marked the sixth and final ceremony of its kind undertaken by the
minister in less than two weeks.

 

Mr Wike, during the ceremony, explained that delivering significant
projects, such as roads, which residents had given up hope on, was part of
President Bola Tinubu's vision to restore the long lost hope of the people.

 

 

"Governance is about what the people want. Nothing will stop us," he said.

 

He urged FCT residents and Nigerians to pray for good health and wisdom for
the president to succeed in delivering good things.

 

Noting that though things were tough at the moment, he emphasised that there
was hope and a bright light at the end of the tunnel.

 

Mr Wike stressed that when things wete really bad, it required more patience
for a positive turnaround, which he was confident would surely materialise.

 

While appreciating the support of the people for the president and the
programmes of the FCT Administration, Mr Wike reiterated that the political
party was simply a vehicle that conveys one to a destination. He assured
that after project flag-off, he would get down to face governance.

 

 

Gwagwa-Karimo-Deidei Road

 

Mr Wike also announced that the administration would construct the
Gwagwa-Karimo-Deidei road to ease traffic congestion.

 

He made this decision after a request by the AMAC Chairman, Christopher
Maikalangu, for the minister to consider expanding the road to alleviate
traffic congestion.

 

Mr Maikalangu described the road as a strategic commercial route in the
whole of FCT, but in a bad state, narrow, and requiring expansion for the
road users.

 

As a result, he added, it affects commercial, economic, and all other
business activities in the nation's capital.

 

"Today is a very significant and remarkable day to the people of Sabiru
because their long-awaited requests and demands have been met via your
pragmatic, tremendous and unprecedented leadership as the Minister of FCT.

 

 

"Your Excellency, due to the significant traffic on Gwagwa-Karimo and Deidei
Road, I am pleading as a son of the soil, privileged to be the executive
chairman under your watch, to say that the above-named road is in a bad
state, narrow, and requires expansion for the road users. Thus, it affects
commercial, economic, and all other business activities in FCT," he said.

 

In response, Mr Wike asked the people at the event if they agreed with Mr
Maikalangu on the request, and the residents unanimously chorused "yes".

 

"Consider it to be done," the minister said.

 

Mr Wike said President Tinubu had emphasised that people in rural areas must
be given attention because they constitute the larger part of the
population.

 

He called on the residents to pray for the president for good health and
God's guidance to keep his campaign promise of providing dividends of
democracy to the people.

 

Mr Wike mentioned that the construction of additional roads across the six
area councils of the FCT would be inaugurated in the next three months.

 

He appealed to the Senate and House of Representatives Committees on FCT to
support in passing of the FCT statutory budget, which he said would be
submitted soon to enable the Administration to deliver more roads and other
projects in rural communities.

 

"Mr President has emphasised that our people in the rural areas must be
given attention because that constitutes the larger part of the population.
So, it is not only where the elite are living, but also where the poor ones
are, so that we will be able to reduce the level of insecurity, make
economic activities thrive, and have our farmers bring their goods to the
market," he added.

 

Earlier, the Chief of Jiwa, Idris Musa, thanked Mr Wike for constructing
rural roads across the six area councils.

 

"Today is a great day for us and other Nigerians that are jampacked in Jiwa
Chiefdom. The road you are constructing now, we are very grateful," he said.

 

- Premium Times.

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 1447493 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 41074 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29353 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65565 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240223/0c1a5055/attachment-0001.obj>