Major International Business Headlines Brief::: 10 January 2024

Wed Jan 10 10:41:10 CAT 2024

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Major International Business Headlines Brief:::  10 January 2024 

ü  Kenya Seeks to Increase Coffee Production By 2025

ü  Nigeria: NNPC Allocates Four Crude Oil Cargoes to $20bn Dangote Refinery

ü  Nigeria: Cadbury Nigeria to Sell 402m Shares Over Inability to Pay $7.7m Debt

ü  Nigeria: Rivers Assembly Passes Resolution Urging Fubara to Re-Present 2024 Budget

ü  Africa: India Eyes Africa in Its Quest for Superpower Status

ü  South Africa: Christmas Comes Around Again for Eskom Workers

ü  Kenya: M-Pesa Services Back After Experiencing Downtime

ü  Kenya: Fuel Stations, Online Food Delivery Platforms Hit By M-Pesa Outage

ü  Kenya: Dutch Flower Company Sets Up an Export Facility in Kenya

ü  Tanzania Ranked 2nd in Tobacco Production in Africa

ü  Ghana's Electricity Crisis Is Holding the Country Back - How It Got Here

ü  Kenya: Young Entrepreneurs Urged to Venture Into Blue Economy

ü  Nigeria: Cadbury Nigeria to Sell 402m Shares Over $7.7m Debt

 <https://www.cloverleaf.co.zw/> Kenya Seeks to Increase Coffee Production By 2025

Nairobi — Kenya is looking to increase coffee production by 49,000 metric tons (MT), highlighting the state's ambition to revive the sub-sector.

Currently, the country produces 51,000 metric tons (MT) of coffee annually.

Government spokesperson Isaac Mwaura said yesterday that William Ruto's administration seeks to achieve the above by 2025.

"Recognizing the pivotal role of coffee in our economic growth and its significant support to over 5 million Kenyans involved in the whole coffee value chain, we've undertaken strategic initiatives to enhance production," Mwaura added.

To support this, the government has already disbursed Sh6 billion for coffee farmers.

It will go into the Coffee Cherry Advance Revolving Fund as well as into production.

-Capital FM.

Nigeria: NNPC Allocates Four Crude Oil Cargoes to $20bn Dangote Refinery

NNPC Ltd., has scheduled to supply four crude oil cargoes, (four million barrels), under its February programme to the $20 billion Dangote refinery.

The four cargoes are expected to increase total supply to about one billion barrels of crude as six million barrels have already been delivered to the plant.

This, according to Reuters will be adequate for the plant to test run its operations in the coming weeks.

It stated: "OPEC member Nigeria currently relies on imports for most of the fuel it consumes, but the Dangote refinery is expected to make it self-sufficient and able to export fuel to neighbours in West Africa, potentially transforming oil trading in the Atlantic Basin.

"Dangote received 1 million barrels of Nigeria's Agbami crude on Monday, lifting total volumes received since December to 6 million barrels.

"NNPC supplied the 650,000 barrel per day (bpd) plant with four of the cargoes, two of the sources said."

Dangote's group executive director for strategy, portfolio development and capital projects, Edwin Devakumar, said the company did not request cargoes from NNPC for January.

"We are starting the refinery and if we continue to line up cargoes our inventory will build up as well as costs," he said. "If everything goes well, we will run 8-10 days of operation then we will begin to line up cargoes."

The refinery is also looking at crude supplies from other countries, he said without disclosing further detail.

One of the sources said that the refinery has nominated four NNPC cargoes for February.

A second source said that NNPC wanted to wait for the plant's test runs before sending more oil.

Initial processing capacity is expected to reach 350,000 bpd, with the aim of ramping up to full capacity by the end of the year, Dangote said.

The Managing Director of Dangote Ports Operations, Mr. Akin Omole had said: "Once the 6 million barrels are fully delivered, it will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and Liquefied Petroleum Gas (LPG) before subsequently progressing to the production of Premium Motor Spirit (PMS)."

According to the company, "Dangote Oil Refinery is 650,000 barrels per day (BPD) integrated refinery project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be Africa's biggest oil refinery and the world's biggest single-train facility."

-Vanguard.

Nigeria: Cadbury Nigeria to Sell 402m Shares Over Inability to Pay $7.7m Debt

Cadbury Nigeria has offered to swap its $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited for more equity.

Cadbury Schweppes Overseas Limited, controlled by Mondel-z International Inc, is a major investor in Cadbury Nigeria with 74.97 percent stake.

In a statement on Tuesday sent to the Nigerian Exchange Limited, NGX Cadbury Nigeria said it borrowed $23 million from Cadbury Schweppes to settle outstanding third-party loans obtained to fund raw material imports and other input costs.

Cadbury Nigeria said it is facing challenges servicing the foreign currency-denominated loans due

to persistent foreign currency scarcity in the country.

"The liberalisation of the foreign exchange market in June 2023 and attendant devaluation of the currency put further pressure on the Company as the Naira value of its foreign currency denominated loans increased significantly," Cadbury stated.

"This resulted in an unrealised exchange loss of ¦ 20.6 billion and a loss after tax of ¦ 10.2 billion for the period ended, 30 September 2023."

Cadbury Nigeria said it has been able to repay $18.6 million of the principal and accrued interest to the investor, leaving an outstanding balance of $7.7 million as of December 31, 2023

-Vanguard.

Nigeria: Rivers Assembly Passes Resolution Urging Fubara to Re-Present 2024 Budget

The speaker of the assembly said it was worrisome that the House had yet to receive the budget and the expenditure framework from the executive.

The Rivers House of Assembly, on Tuesday, passed a resolution urging Governor Siminalayi Fubara to re-present the state 2024 budget and the medium term expenditure framework for consideration.

This followed the adoption of a motion by the Speaker Martin Amaewhu during the 90th plenary of the House at the legislators' quarters, Port Harcourt.

Presenting the motion, Mr Amaewhu said it was worrisome that the House had yet to receive the budget and the expenditure framework from the executive.

He said that the governor must present them for approval in line with the 1999 Constitution.

Mr Fubara had on 13 December presented a budget of N800 billion for 2024 to a four-man House of Assembly for approval.

The governor signed the budget into law on 14 December, barely 24 hours after it was presented to the lawmakers.

However, under the peace accord facilitated by President Bola Tinubu, Mr Fubara was expected to re-present the budget as part of conditions to end the political crisis in the state.

The governor had agreed to implement the peace deal, saying that it was not a death sentence.

Mr Fubara and his predecessor, Nyesom Wike, were locked in a fierce political battle which had the House of Assembly split into two factions, with four lawmakers pledging their loyalty to the governor and the other 26 or so lawmakers standing in solidarity with Mr Wike who is the minister of the FCT.

The pro-Wike lawmakers had defected from the PDP to the APC, apparently to perfect the then impeachment plot against Mr Fubara. The governor and the four lawmakers loyal to him fought back, and were able to get a favourable court judgment which paved the way for them (the four lawmakers) to take control of the assembly and then declared vacant the seats of the defected lawmakers.

The first attempt to initiate an impeachment proceeding against Mr Fubara led to the bombing of the assembly complex, which was later demolished by the state government.

-Premium Times.

Africa: India Eyes Africa in Its Quest for Superpower Status

With Africa's strategic importance rising, India has leveraged the global trust deficit to become a trusted interlocutor.

India is rapidly forging an important role in the new global order as a bridge between the global north and south. Leveraging its economic muscle and newfound political clout as the self-appointed voice of the south, India has nimbly straddled multiple, divergent interests and fora.

In keeping with a 'multi-alignment' strategy, India has achieved several diplomatic victories, such as the African Union's (AU) inclusion in the G20 in September 2023. Central to this success has been the ability to empathise with divergent viewpoints while maintaining strategic autonomy.

For the West, India is an important bulwark against the China-Russia axis. The so-called Dragon-Bear alliance has become the primary concern to Western policymakers, given Beijing and Moscow's desire to disrupt the global liberal order. In this context, India's strategic importance has been elevated. It is the world's largest democracy, an important ally in counter-terrorism, a key economic trade partner of the West, and distrustful of China.

The fact that India shares assessments of the threats from an assertive China makes it a compelling ally for Western governments. This is evidenced by its inclusion in the Quad - a diplomatic and security partnership between Australia, India, Japan and the United States, structured to deter Chinese aggression. With India set to become the world's third largest economy by 2027, its rising economic stock gives the country additional gravitas in international affairs.

However, the relationship isn't without friction. The Ukraine war exposed significant divergences in world views. India refrained from publicly condemning Russia's invasion, refused to participate in sanctions against Moscow and continued buying Russian energy and arms despite Western pressure. India was steadfast in its position, arguing it would do what was right for the country, rather than kowtow to Western interests.

This conviction has resonated in the global south, where countries struggle to assert their own agendas. Jakkie Cilliers, Head of African Futures and Innovation at the Institute for Security Studies, says there's an understanding that: 'Even though the global south is not united on most matters, its countries do cohere on one - a deepening frustration that the current rules-based system keeps them down and the West on top.'

India's biggest masterstroke was its effort to ensure the AU's inclusion in the G20

India's recognition of this sentiment and the shifting global centre of gravity towards the developing world (evidenced by the recent BRICS+ expansion) has informed its positioning.

African countries have been impressed that India no longer allows the West to dictate its morality. Delhi sent an important message around strategic independence by controlling the narrative around the Ukraine war and pushing back against the 'Western gaze', which sought to impose Western priorities and values on the developing world.

Indeed, in this new multipolar world, India appears to be avoiding great-power competition entirely - instead forging its own, independent path based on its priorities. The pushback resonated with African countries tired of the West's perceived double standards over matters relating to climate, debt, travel bans and the binary framing of the Ukraine war.

India's biggest masterstroke was its effort to ensure the AU's inclusion in the G20. This arduous process required months of canvassing through vehicles like the Voice of Global South Summit (to which all global south countries that weren't G20 members were invited), which India held at the start of its G20 presidency. Its objective was to 'provide a common platform to deliberate on the concerns, interests and priorities that affect the developing countries.'

India garnered huge credibility through these efforts because African leaders felt listened to and represented. As Vera Songwe wrote in the Financial Times, 'India's presidency of the G20 delivered one of the most significant shifts in global governance in a decade: representation for [1.4 billion] people at the world's premier economic co-ordination body.'

Given the political and developmental symmetry between India and many African countries, New Delhi's charm offensive starkly contrasts with the paternalism that the West is often criticised for in dealing with African states.

India's rise as a global power will be inextricably linked to the success of its relationship with Africa

With Africa's strategic importance rising - as countries on the continent emerge as key 'swing states' in the geopolitical tussle - India, with one foot in each of these worlds, has become a trusted interlocutor. And its pragmatic approach is allowing it to reap the rewards.

In addition to diplomatic heft, Delhi can leverage several comparative advantages for its African charm offensive.

For starters, trade. India and Africa command a relatively small share of global trade: 2.8% and 3% for India and Africa respectively. And despite an uptick in recent years, Indian products represent only 6.3% of Africa's total imports compared to China's 18.3%. Creating a free trade agreement therefore seems like an obvious next step.

According to the Financial Times, 'the growth of the next 25 years will be green and it will be digital. And India and Africa, with their increasing incomes and population trends, could be significant markets.' Such a move would also accelerate India's dynamic private sector, which is adept at catering to diverse consumer preferences and delivering customised solutions to large populations.

Next, digital infrastructure. The so-called India Stack - a public digital highway that enables payments and biometric identification - has been a significant success in India. If replicated correctly, it could drastically improve governance, transparency and inclusion across Africa.

India offers a different development model to China - based on inclusion and transparency

Additionally, healthcare. India's role as the 'pharmacy of the world' is well known, and its ability to deliver affordable and scalable solutions across Africa will help tackle a critical priority area for countries on the continent.

Fourth, India's reliance on brown growth means that Africa has a critical role in supporting India's growth story, mainly through clean and renewable energy sources. Africa is a cheap source of fuels and other minerals, and can serve as a 'carbon sink' through offsetting initiatives. Equally, India can provide the investment, infrastructure and technology to maximise brown growth while expediting the green transition.

Finally, India offers a different development model to China - based on inclusion and transparency. China's investment in natural resources and infrastructure, and its military presence, gives it a major influence in Africa. But India's dynamic private sector, focus on technology and pharmaceuticals, soft power approach and clear-eyed diplomatic strategy, offer a compelling counterweight, despite the relatively smaller scale of its activities.

India's rise as a global power will be inextricably linked to the success of its relationship with Africa. India has skilfully recognised the global trust deficit and how it can be leveraged for its own aspirations.

Signs are positive that the India-Africa relationship is shifting from one based on historical factors to one based on contemporary realities. India consistently demonstrates a unique ability to ventilate the aspirations of developing nations on a global stage - but rhetoric must be matched with action. Building influence in Africa won't be easy amid competition from other global powers.

-ISS.

South Africa: Christmas Comes Around Again for Eskom Workers

Managers at various Eskom power stations have been given a go-ahead to draw up performance bonuses for their staff after a "load shedding free" festive season.

Electricity Minister Kgosientsho Ramokgopa, who promised fat Christmas bonuses to Eskom employees if they could keep the lights on, is pleased with the festive season performance at the coal face.

He told a media briefing on Tuesday that the low levels of load shedding during the festive season were due to planned maintenance and not the failure of Eskom to meet demand.

"During December 2022, we were at Stage 5 and Stage 6 load shedding. But during this period, for a significant amount of days we didn't have load shedding," said Ramokgopa.

But the comparison has little to do with the performance of Eskom staff because three units at Kusile Power Station were out of service in December 2022.

Each unit produces 800 MW and together they account for 2.5 stages of load shedding.

These units returned to service during the 2023 festive season.

Despite this, load shedding returned on 2 January 2024 and Stage 2 load shedding was introduced on Tuesday evening.

Eskom CEO Bheki Nxumalo said performance reports were being reconciled and the incentives would be paid from end January.

The windfall comes just months after Eskom staff reached a 7% wage hike agreement with their employer in June 2023.

The salary increase was pushed through even though Eskom had reported its biggest loss at R24 billion.

Ramokgopa made the bonuses promise during a visit to Mpumalanga's Arnot Power Station, where the company was operating at just 48% of its capacity.

"Continue the good work. The better the performance the better the incentive you will receive in your pockets.

"Once you give us the kind of progress and energy improvement that we want, you will see that your families will be happy and you are going to enjoy a better Christmas," he said.

-Scrolla.

Kenya: M-Pesa Services Back After Experiencing Downtime

Nairobi — Safaricom's M-MPesa, the mobile phone-based money transfer service application is after over two hours of delay.

The countrywide delay, which began on Tuesday around 11:00 am, was being experienced on the M-PESA app and on the Sim Toolkit.

The telco however apologized to its customers about the delay which also affected mobile bank transfers.

Customers were unable to access the service for transactions on the M-Pesa app, USSD code, and SIM card tool hampering businesses.

"M-PESA is undergoing scheduled maintenance," read a message from Safaricom.

-Capital FM.

Kenya: Fuel Stations, Online Food Delivery Platforms Hit By M-Pesa Outage

Nairobi — Several fuel stations and online food delivery platforms were affected by the M-Pesa outage today, which affected transactions.

At major gas stations, attendants were turning away customers due to the downtime.

"It is quite frustrating. I am taking my son to school. I can't refill my car because M-Pesa is down," lamented one of the motorist who sought anonymity.

The absence also negatively impacted firms such as Uber Eats and Glovo after buyers could not transact through the mobile money platform.

"Most of our customers pay through M-PESA. Right now, when they are using M-Pesa the transactions cannot go through. They have remained pending and this has really delayed our work," said John Njuguna, who is an Uber Eats rider.

Safaricom has, however, attributed the outage, which affected transactions on its M-Pesa app, USSD code, and SIM card tool to ongoing scheduled maintenance.

However, the services are back to normal now.

-Capital FM.

Nigeria: Cadbury Nigeria to Sell 402m Shares Over $7.7m Debt

Cadbury Nigeria has offered to swap its $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited for more equity.

Cadbury Schweppes Overseas Limited, controlled by Mondelēz International Inc, is a major investor in Cadbury Nigeria with 74.97 percent stake.

The conversion of the $7.7 million debt to equity, according to the company, will result in the creation of 402,082,657 shares. These will be handed to Cadbury Schweppes at N17.50 per share.

In a statement on Tuesday sent to the Nigerian Exchange Limited, NGX, Cadbury Nigeria said it borrowed $23 million from Cadbury Schweppes to settle outstanding third-party loans obtained to fund raw material imports and other input costs.

Cadbury Nigeria said it is facing challenges servicing the foreign currency-denominated loans due to persistent foreign currency scarcity in the country.

"The liberalisation of the foreign exchange market in June 2023 and attendant devaluation of the currency put further pressure on the Company as the Naira value of its foreign currency denominated loans increased significantly," Cadbury stated.

"This resulted in an unrealised exchange loss of ₦20.6 billion and a loss after tax of ₦10.2 billion for the period ended, 30 September 2023."

Cadbury Nigeria said it had been able to repay $18.6 million of the principal and accrued interest to the investor. This leaves an outstanding balance of $7.7 million as of December 31, 2023.

It said the settlement of a portion of the loan, however, crystallised an estimated foreign exchange loss of N13.5 billion.

"In light of the above, the Board of Directors of Cadbury Nigeria has considered various options for settling the outstanding shareholder loan obligation and reducing the Company's exposure to foreign currency risk," Cadbury noted.

"The conversion of the outstanding loan into equity (the "Conversion") was selected as the optimal option for the Company. It is expected to deleverage its balance sheet and save the Company further foreign exchange losses."

The board approved the conversion, however, on February 8, 2024, as shareholders will vote on the decision at an extraordinary meeting, EGM, before seeking approval from the Securities and Exchange Commission, SEC.

Vanguard News 

Kenya: Young Entrepreneurs Urged to Venture Into Blue Economy

Nairobi — Young entrepreneurs have been urged to venture into the blue economy by exploring new business opportunities propelled by BlueInvest Africa.

BlueInvest Africa 2024, which is marking its second edition in July, will handpick 30 leading projects from young entrepreneurs seeking financial solutions and link them to investors.

It will also reach out to African small, micro, and medium-sized enterprises (SMMEs) whose innovative ideas require support to flourish in the African continent markets.

According to BlueInvest Africa, the projects should be centered around areas of fishing, tourism, transport, biotechnologies, aquaculture, and renewable energies that promote the blue economy.

BlueInvest Africa is also committed to promoting equitable and sustainable development, ensuring food security, and enhancing resilience to climate change.

-Capital FM.

Ghana's Electricity Crisis Is Holding the Country Back - How It Got Here

For well over a decade Ghana was exalted as one of the most promising and fastest growing economies on the continent.

But recent reports of the country's steep economic dip, high inflation and rolling blackouts, popularly referred to as "dumsor", suggest the era of inconsistent electricity between 2012 and 2016 is back.

The west African nation is experiencing power rationing and electricity cuts. It has lost 10% of its total electricity generation capacity. Not only is the supply of clean energy insufficient in Ghana: access is also uneven. The rural poor rely on other forms of energy such as firewood or biomass to meet their needs. Biomass accounts for over 46% of energy use in Ghana's rural areas.

The correlation between energy, economic growth and development is widely recognised. The ability of energy to power economies is also well known.

The gaps in electricity delivery in a nation typically lauded for its economic success and political stability are at odds with energy abundance that I note in my book on Ghana's energy politics.

This latest crisis could upend Ghana's previously notable economic gains.

The current energy paralysis is particularly worrying for two reasons. Ghana is frequently touted as a hub for foreign investment and tourism. Neither of these can flourish without energy. Secondly, it could prompt Ghanaians to leave the country and discourage people in the diaspora from returning.

Some history

Understanding Ghana's electricity conundrum requires a look at past policies. In less than a decade following independence in 1957, the country could boast of having one of the continent's largest dams and hydroelectric projects, the Akosombo and Volta River Project.

Political upheaval in the following decades destroyed the vision of progress. A rapid succession of regimes and the ravages of structural adjustment policies in the 1980s and 1990s challenged the ability of Ghana to clean up decrepit energy institutions.

Read more: Lessons to be learnt from Ghana's excess electricity shambles

Poor energy supply and demand chain dynamics or forecasting produced deeply disparate outcomes. Energy institutions did not adequately capture heightened demand in urban and rural areas. This happened amid international financial institutional pressure to liberalise the energy sector as a condition for support. Utility sector reform inadvertently made it harder to supply energy to those who needed it the most. Added to this were insufficient funds and budgetary constraints which limited generation and transmission capacity.

Energy capacity

In 2019, an International Energy Association report noted that half of Ghana's electricity came from hydropower, 30% from domestically produced gas and 23% from oil.

Ghana's hydro-wealth includes an installed capacity of 1,580 megawatts of energy from three dams: Akosombo, Kpong and Bui, which account for roughly 54% of its total electricity generating capacity.

Read more: How the Bui Dam set up China's future engagement strategy with Ghana

The completion of the Bui Dam by Chinese contractors in 2013 was intended to offset poor access. Additional thermal plants constructed since 2017 should have improved disparities in electricity delivery. Thermal plants draw from steam power that is generated by burning oil, liquid natural gas and coal.

The rural poor

But less than 60% of the population has access to electricity. This energy poverty has been acute since the 1990s. It's especially alarming for a country that boasts a resource of a billion barrels of offshore oil.

The connections between rural development and electrification were noted in a Ministry of Energy report over a decade ago.

In my view, the use of electricity as a tool for political parties is incompatible with addressing provision to the rural poor. Around 2.99 million people in Ghana live in extreme poverty, the majority in rural areas.

The country's energy "futures" appear tethered to donor-driven aid and investment. The political wherewithal or impetus to develop a framework that meets differing energy needs remains absent, as I demonstrate in my work.

Other implications

Ghanaians and international observers are asking what is to be done. Regional power sharing arrangements like the West Africa Power Pool, intended to boost long term energy security, have yielded little thus far.

In my view, a key step is to ask what kind of sustainable energy future the country wants.

Calling for donor-led and international financial assistance is not the answer. It is time to change expectations about grid connection, the preferred way of electricity delivery in Ghana, as previous studies have shown.

For Ghana, harnessing renewable energies that are sustainable, dependable and affordable, especially for the rural poor, is a key step.

Another strategy is to encourage public dialogue about the country's energy futures.

Ghana must deploy a just and inclusive energy framework that attends to its rural populations just as much as its urbanites.

Naaborle Sackeyfio, Associate Professor of Global and Intercultural Studies, Miami University

Tanzania Ranked 2nd in Tobacco Production in Africa

TANZANIA: Tanzania has been mentioned as the second largest producer of Tobacco in Africa for the year 2022/2023.

Minister for Agriculture, Hussein Bashe made the statement on his X account (initially Twitter) adding that the country's production of the crop has increased from 50,000 tonnes to 122,858 tonnes in 2023/2024.

He further said that reaching December last year, the export value of tobacco was 316 million USD dollars towards the goal of reaching 400 million USD dollars.

Mr Bashe noted that for the 2024/2025 season they are optimistic to reach 200,000 tonnes against the target is 300,000 by 2025/26.

According to the minister, Zimbabwe takes the lead by producing 296,000 tonnes, followed by Tanzania, Malawi (121,000 tonnes), Mozambique (65,800 tonnes), Zambia (44,000 tonnes) and Uganda (13, 000 tonnes) in the list.

He applauded the farmers associations as well as Tobacco Companies in the country stating that for the first time more than 50 per cent of tobacco has been bought and sold abroad 100 per cent by local companies.

"It was not an easy journey. I thank all the Tobacco Board workers, we dreamed, we did it, keep pushing. We will become Africa's No 1 producer," the minister pointed out.

-Daily News.

Kenya: Dutch Flower Company Sets Up an Export Facility in Kenya

Nairobi — A flower exporting company, Packed at Source (PASA), has opened up a flower packaging facility for export at Africa Logistics Properties (ALP) in Nairobi.

PASA, which is a subsidiary of the Dutch Flower Group, announced that the new facility will also serve as a hub for Africa.

Through the unit, fresh cut-flower bouquets will be shipped to the Netherlands, the United Kingdom, and South Africa.

"Excited to see EPZ continue to play a critical role in our export market. Textiles, pharmaceuticals, agriculture, floriculture, agribusiness, and food industry companies are flourishing within EPZ, symbolizing the diverse strength of our economy," Investments, Trade and Industry Cabinet Secretary Rebecca Miano said.

"This growth not only fuels Foreign Direct Investment but also opens up new avenues for our youth, paving the way for increased employment opportunities. Together, we're building a stronger, more dynamic Kenya."

Flower is one of Kenya's top export earners after tea, thus its importance to the country's economy.

In 2022, for example, Kenya earned a total of Sh90 billion in flower revenue, which was a slight drop from Sh110 billion during a similar period in 2021.

The decline was attributed to a falling demand for the commodity on the global market.

-Capital FM.

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