Major International Business Headlines Brief::: 29 January 2024

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Major International Business Headlines Brief:::  29 January 2024 

 


 

 




 


 

 


 

ü  Rwanda: Modern Abattoirs Count Losses as Communities Opt for Home Slaughtering

ü  Liberia: Government Tight-Lipped on Annual Message Budget

ü  Tanzania: Govt, NMB Sign Deal to Promote Digital Economy

ü  Nigeria: High Costs of Drugs: Declaring a State of Emergency Before Many Die

ü  Liberian Youth Eager for Boakai's First State of the Nation Address

ü  Rwanda: Experts React to Move By Tax Body to De-Register Dormant Tins

ü  Nigeria: Data Story - What Figures Tell Us About Life Expectancy Across Nigeria

ü  Kenya: Under the Scorching Sun Kenyan Farmers Find New Ways to Beat Climate Change

ü  East Africa's New Love Affair With Geothermal Energy

ü  Nigeria: Govt, Labour, Others Disagree On Economic Policies

ü  Seychelles' IDC 'Fairly Successful' in 2023 With Over $75m Turnover

ü  Kenya: Govt Commits to Revising Taxation System to Boost Manufacturing Industry

ü  Nigeria: Lagos to Set Up Own Airline - Governor

ü  Nigeria: Sanusi Backs Relocation of CBN's Departments to Lagos

 


 

 


 <https://www.cloverleaf.co.zw/> Rwanda: Modern Abattoirs Count Losses as Communities Opt for Home Slaughtering

Abattoir operators in Gakenke and Musanze districts in the Northern Province have raised concerns over the traditional practice of home slaughtering, which is affecting their meat businesses.

 

Both private and public slaughterhouses, including the Gakenke Slaughter House operated by SOSEFIK LTD, are facing a shortage of animals for slaughter. Mark Gakwavu, manager of the Gakenke Slaughter House, which primarily supplies Kigali City and local butcheries, says that they are operating at only 30% of their capacity due to this shortage.

 

Gakwavu expressed concern about the persistence of unauthorized slaughtering in homes and remote areas.

 

 

"Some people still have the mindset of slaughtering in undesignated places - at home or in the bushes. It's important for local authorities and security organizations to encourage the use of recognized slaughter areas," he said.

 

Theobard Niyigaba Ikuzwe, Veterinarian for Gakenke slaughterhouse, echoed these sentiments. He pointed out the prevalence of traditional slaughtering methods in the local community, including the use of banana leaves and hidden forest locations, which significantly impacts the abattoir's operations.

 

Niyigaba also raised concerns about the safety of meat consumed from these informal slaughters, urging that all animals be processed at district slaughterhouses. He emphasized the need to change the local perception that frozen meat is inferior to freshly slaughtered meat.

 

Alice Nyiramwiza, a resident of Gakenke, acknowledged the preference for fresh meat and noted the challenges posed by the scarcity of abattoirs in remote areas.

 

 

"In some cases, people eat meat from goats or sheep that have died, excluding cows where a veterinarian is involved. Many are accustomed to slaughtering within their families," she explained.

 

Jean Marie Vianney Sindibona, owner of a pork slaughterhouse in Musanze, also highlighted a similar issue with the availability of swine for slaughter.

 

Maurice Mugabowagahunde, Governor of Northern Province, informed The New Times about ongoing measures to address illegal home slaughtering.

 

"Home slaughter is prohibited, and we are working on closing substandard abattoirs as recommended by the Rwanda Inspectorate, Competition and Consumer Protection Authority (RICA). Our goal is to have fewer, but standard-compliant, slaughterhouses while turning the rest into meat distributors," he stated.

 

Mugabowagahunde also mentioned new measures, including a ban on meat street vendors, aimed at improving the capacity of designated slaughterhouses.

 

Increased inspections are planned to discourage unauthorized slaughtering and ensure food safety.

 

Rwanda's Ministerial Order Nº 012/11.30 of 18/11/2010 on Animal Slaughtering and Meat Inspection prohibits slaughtering in undesignated places, with certain exceptions authorized by district authorities.

 

RICA data shows there are 257 slaughterhouses in Rwanda, including 7 large, 12 medium, 28 small, and 200 unclassified facilities.

 

-New Times.

 

 

 

Liberia: Government Tight-Lipped on Annual Message Budget

The Government of Liberia is tightlipped on budget allocated for President Joseph Nyumah Boakai's first Annual Message to the 55th Legislature, scheduled for today, January 29, 2024.

 

Despite assuring the public of the President's good health to deliver the Annual Message, the government has yet to disclose financial details behind the event.

 

Speaking in special press briefing here on Sunday, January 27, at the Ministry of Information, Cultural Affairs and Tourism in Monrovia, Montserrado County District#7 Representative Emmanuel Dahn, who chairs the House Committee on Executive, openly said he cannot disclose for now how much money was expended in preparation for today's ceremony, indicating that since there was no budget approved, they went out to vendors and contractors from different places to pre-finance the program.

 

 

However, he promises that once a collaborative effort is made with both the Senate and the House of Representatives, details of all expenditures made in the preparation will be shared with the public.

 

"Since there is no finance minister currently, to sign the budget and nobody to provide the money, the leadership of both houses decided to come together to act, inviting Liberian contractors and venders to pre-finance the process", Representative Dahn explains.

 

Article 58 of the Constitution of Liberia mandates: "The President shall, on the fourth working Monday in January of each year, present the administration's legislative program for the ensuing session, and shall once a year report to the Legislature on the state of the Republic. In presenting the economic condition of the Republic the report shall cover expenditure as well as income."

 

 

It is this constitutional mandate that President Boakai is expected to fulfill today, as he delivers his agenda for the first year to the Liberian people with preparations reported to be almost 98% complete.

 

Rep. Dahn highlights the collaborative efforts with Speaker J. Fonati Kofa, Deputy Speaker Thomas Fallah, and Senate President Pro-Tempore Nyonblee Karnga-Lawrence to ensure the smooth execution of the President's address. Originally planning for 350 tickets, he indicates a potential increase to 500 tickets due to undisclosed factors.

 

As part of security measures, Chief of Public Safety of the Liberia National Police (LNP) John Saah announced a temporary halt to all traffic passing through the Executive Mansion.

 

Inspector Saah says regular traffic will be permitted until 3:00 PM, after which vehicles from ELWA Junction through Tubman Boulevard toward central Monrovia will be redirected from Vamoma House Junction to Sinkor, while those from central Monrovia to Sinkor will be directed to use the Jallah Town route, instead.

 

He says regular traffic will resume immediately after the President's official convoy leaves the premises of the Capitol.

 

Residents are asked to stay clear of the Capitol Building if they have nothing to do with the President's Annual Message. Editing by Jonathan Browne

 

-New Dawn.

 

 

 

Tanzania: Govt, NMB Sign Deal to Promote Digital Economy

DAR ES SALAAM: MINISTER for Information, Communication and Information Technology Nape Nnauye has called on the corporate sector to join forces with the government in advancing the steadily growing digital economy in the country.

 

Speaking in Dar es Salaam during the signing of the partnership deal between NMB Bank and the ministry to promote the new economy in an event held in Dar es Salaam over the weekend, Mr Nape said digital technologies are an indispensable growth catalyst.

 

He noted that the digitally connected economy is already taking shape in Tanzania with the sixth phase government under President Samia Suluhu Hassan striving to put in place conducive policy and regulatory conditions, as well as the supportive infrastructure to spur its growth and development.

 

 

Minister Nape added that for the ongoing digital transformation to succeed in improving service delivery and enhancing productive activities, partnerships with the private sector and other development partners are of utmost importance.

 

He said the Memorandum of Understanding (MoU) with NMB Bank was a good example of such collaborations.

 

"This partnership agreement between NMB and the ministry is one of the steps in the implementation of the Ten-Year (2024-2034) Digital Economy Strategy," Mr Nape noted, lauding the bank for its e-readiness.

 

NMB Bank's Chief Executive Officer (CEO), Ruth Zaipuna said the MoU accords the bank with an opportunity to increase its active role in the networked economy and constructively contribute to national efforts in building a prosperous digital future.

 

 

She added that the deal was also a continuation of good relations between the government and the bank, which is internationally recognised for its digital adoption and innovation prowess.

 

"I strongly believe that this agreement will be the beginning of a historic journey in the growth and development of the digital economy in our country," Ms Zaipuna stated.

 

She said NMB has the requisite experience of working with the government and digital experts to craft and manage ICT systems to be the ministry's partner of choice in promoting the digital economy.

 

Under the agreement, the two partners will collaborate to design digital systems including Jamii Namba for citizens' identification and the electronic Know Your Customer (eKYC) protocol for customer verification to simplify the provision of online services.

 

They will also work on Jamii Data Exchange, which is simply the National Enterprise Service Bus that will mainly network public and private sector institutions and help to create a one stop centre for government online services.

 

NMB Bank and the ministry will also cooperate in supporting innovators and entrepreneurs especially in the financial sector, through innovation hubs that will be established by the ministry.

 

"The strengthening of the digital economy and its growth and development are a boon for NMB Bank and the entire financial sector in bettering delivery of financial services in the country," Ms Zaipuna noted.

 

She said NMB has sustainably invested heavily in advancing the new economy and continues to work very closely with the authorities in promoting ICT development in the country.

 

The bank has also made huge investments to nurture digital talent and increasing staff ICT expertise and professionalism particularly in the areas of software development, solutions and enterprise architecture, cyber security, systems administration as well as data science and analytics.

 

In his remarks before the signing of the MoU, Permanent Secretary in the Ministry of Information, Communication and Information Technology, Mohammed Khamis Abdullah said already NMB and the ministry have collaborated in many digital development initiatives.

 

Among them are the preparations of the 10-Year Digital Economy Strategy, drafting of the new National ICT Policy and designing the electronic Know Your Customer (eKYC) system.

 

"Preparations to draft the ICT Bill have started in earnest following completion of crafting the National ICT Policy 2024 whose approval is in the final stages," the ministry's top technocrat noted.

 

-Daily News.

 

 

 

Nigeria: High Costs of Drugs: Declaring a State of Emergency Before Many Die

The situation is more terrifying with major drug manufacturing companies folding up their operations in Nigeria as the environment for business becomes more difficult.

 

Nigerians with health challenges are in grave danger as the prices of medicines are now beyond the reach of most people. Steadily, the depreciation of the naira against the US dollar and other major global currencies, since President Bola Tinubu assumed office, and the deregulation of the foreign exchange market, sparked a chain of economic crises, in which healthcare delivery has become one of the major casualties. The concern does not demand the usual government's tokenism, but an effective emergency response.

 

 

The situation is more terrifying with major drug manufacturing companies folding up their operations in Nigeria as the environment for business becomes more difficult. There is also the underlying problem of the mass exodus of medical doctors, nurses and other paramedics to Europe, the United States, Canada and Saudi Arabia for better pay and working environment. This period is really a difficult one to fall sick in Nigeria. The prices of antibiotics, analgesics, hypertensive and anti-diabetic drugs, among others, have soared to between 400 and 500 per cent. Augumentin, a popular antibiotic that used to cost N3,500, now goes for over N30,000. This means that for the poor - minimum wage earners and the over 133 million Nigerians who have been identified as multi-dimensionally poor - falling ill becomes the end time.

 

Most pharmaceutical products used in Nigeria are imported either from China, India or Europe. The non-availability of drugs is on the trajectory to worsen with the exit of GlaxoSmithKline (GSK) from Nigeria in October, after 51 years. The British firm has expressed its desire to transition to a product distribution model in the Nigerian market. We seriously doubt the plausibility of this business model since the easy repatriation of income from sales in foreign exchange to the home countries of multinationals is not currently feasible due to Nigeria's fiscal conundrum.

 

 

The economy, according to Reuters, "has about $7 billion in forex forwards that have matured, a major concern for investors as foreign currency shortages continue to weigh down the naira currency." The Central Bank of Nigeria, (CBN) says it has cleared a backlog of about $2 billion of these forwards across the aviation, oil and manufacturing sectors. Foreign airlines are owed $792 million, out of which $65 million was paid. Some of them have abruptly stopped their operations here.

 

In addressing Nigeria's drug crisis, part of the focus should be on why most local pharmaceutical companies thrive on marketing and distributing products manufactured abroad, instead of being manufacturers themselves. Some pharmaceutical products made under their corporate brands are actually manufactured by Indian and Chinese firms. This untoward situation is exemplified in the 70 per cent of drugs used in Nigeria being imported, as the Pharmaceutical Society of Nigeria affirms. This is why fake and substandard products easily get into the market, aided by weak regulation, porous borders and corrupt customs personnel.

 

 

Data from the International Trade Centre put Nigeria's drug import in 2020 at $2.4 billion, which has been declining since then due to forex pressures. In 2021, it was $1.37 billion and $1.05 billion in 2022. The downward trend continues as forex scarcity intensifies. Citizens buffeted daily by hunger, with food inflation at 33.93 per cent as of December, cannot defray healthcare costs, so they avoid treatment with quality drugs. This is a most dreadful double whammy!

 

Though it has dawned on the government that major drugs are no longer affordable to most Nigerians, the Coordinating Minister of Health and Social Welfare, Ali Pate, has said an Executive Order from the President is in the offing to improve the situation. A Federal Executive Council meeting on the issue, penultimate week, reportedly sealed packages that will make drug manufacturing thrive, regulate the prices of drugs, release funds to the Medical and Dental Council of Nigeria (MDCN), and cancel waivers in the recruitment of health workers, to be carried out by the Ministry of Health, unencumbered by the bureaucratic bottle-necks of the Civil Service.

 

There is no time to waste on whatever needs to be done. The lamentations of the Chief Medical Director of Lagos State Teaching Hospital (LASUTH), Professor Adetokumbo Fabamwo on this crisis are instructive: "Nigerian citizens are already impoverished and cannot even afford to buy food to eat; if they are sick and need to buy drugs... we will have increased morbidity and mortality."

 

When the cost of healthcare is out of the reach of the poor, they avoid going to the hospital for a doctor's attention and resort to self-help through self-medication, patronage of quacks and indulgence in the use of herbs and other local concoctions without proven scientific bases, all of which could kill, or cause life-threatening damages to organs of the body. Others rely on prayers and spiritual interventions only.

 

Evidently, the solution is not in the impracticable idea of regulating the prices of medicines, which are imported, amid the worsening forex situation. Last Thursday, the naira depreciated to N1,405 to a US dollar in the parallel market, while it went for N900.96 in the official window. This picture still shows a wide gulf between the two markets, thus making nonsense of the government's policy drive for their parity. We dare say this is causing more harm to the economy and danger to the existence of Nigerians, than whatever it has achieved.

 

It is for this reason that we applaud the recent observation of the CBN governor, Olayemi Cardoso, that the naira is "undervalued" and he has made a promise to expedite action in discovering its genuine value in the near term. Nigeria's economy must be made to work for all; and this invariably means, grafting the anti-corruption crusade into Tinubu's governance template. It must go beyond rhetoric. The forex pressure on the naira must be eased for the economy to find its groove and to rescue the pharmaceutical sector from its downward spiral.

 

For the sick to breathe and dream of survival, the more than $100 billion value of stolen crude by some oil majors, identified by the immediate past government, NIETI, and indicated in the JVC profit-sharing revenue, and which the Supreme Court judgement said should be recovered, must be. Otherwise, the hit that the naira gets against the dollar, and the operations of economic rogues, which the MT Kali vessel arrested by Tantita Security Services Nigeria Ltd, two weeks ago, typifies, and whose captain, David Adeboye, said he did not know how the crude oil he was carrying was loaded, will continue to ruin the economy and imperil the lives of Nigerians.

 

-Premium Times.

 

 

Liberian Youth Eager for Boakai's First State of the Nation Address

Young Liberians, especially those in public colleges and universities, are eagerly waiting to hear President Joseph Nyumah Boakai deliver his first State of the Nation Address (SONA) today, 29 January 2024 at the Legislature.

 

Boakai was sworn in on 22 January 2024, succeeding former President George Manneh Weah who introduced a policy for free tuition at all public colleges and universities.

 

Weah's government also offered to shoulder the payment of examination fees for senior high school students who sat for the West African Senior School Certificate Examination (WASSCE).

 

 

Only through legislation, these policies can be binding on successive governments.

 

President Boakai's SONA is in fulfillment of the 1986 Constitution of Liberia which provides that the President shall, on the fourth working Monday in January of each year, present the administration's legislative program for the ensuing session.

 

The Constitution says the President shall once a year report to the Legislature on the state of the Republic.

 

In presenting the economic condition of the Republic, it says the report shall cover expenditure as well as income.

 

During the regime of Boakai's predecessor, the administration initiated two policies that were never passed or enacted into law by the legislature.

 

Student groupings from the University of Liberia petitioned the Legislature to pass these policies into law but to no avail.

 

 

Speaking in an interview with Williamena Tarpeh, a student at the University of Liberia, she said she is eagerly awaiting President Boakai's decision on these policies through his SONA.

 

"My brother, I'm desperately awaiting President Boakai's SONA like many public universities across the country," said Ms. Tarpeh, an Accounting major.

 

"We want to know if the President will continue our free tuition policy or discontinue it. But, what I want to say is that we want him to continue on this policy because it has brought great relief to our educational sojourn," she stated.

 

Also speaking, Lawrence Kamara, a student of the University of Liberia majoring in Mass Communication and Political Science, described President Weah's free tuition policy as a gift to bettering Liberia's human resource development capacity.

 

According to him, the free tuition policy had brought unprecedented relief to Liberian youth and parents across the country, adding that it's saddening today that uncertainty hangs on the initiative.

 

"We want the free tuition policy to be maintained and so we want to know what the president will say about it," said Kamara.

 

"From there we will know what to do. But, to be real, we want the policy maintained and enacted. We hope that the President will announce [the] continuation of the policy today," he concluded.

 

For her part, Madam Ruth Kollie said parents are appealing to President Boakai to continue the WASSCE policy for high school.

 

According to her, this had helped parents across the country, especially those who have more children in the senior high division.

 

"My son, I'm a single mother. Since the introduction of this program, we have been relieved. I have three children in high school this year like many parents and so, we are appealing to President Boakai to maintain this policy that is why we are awaiting his SONA," he noted.

 

-New Dawn.

 

 

Rwanda: Experts React to Move By Tax Body to De-Register Dormant Tins

On January 26, Rwanda Revenue Authority (RRA) waived Rwf6.6 billion in penalties for 31,500 de-registered tax accounts.

 

A move triggered by quite a large number of taxpayers who requested to de-register their tax identification numbers (TINs) because they had incurred charges despite having done no business activity from the time they registered their businesses.

 

This was the case for Sheilla Ingabire, a student who registered a business in 2021 to start a cosmetic shop from a grant she had won but later failed to kick off because of family issues that demanded her attention.

 

 

"After some time I learnt that my tax account was still active and incurred charges. I severally attempted to de-register the business but I couldn't do so without paying the penalty first," she said, adding that the amount has risen to about three million.

 

RRA officials communicated that TINs that have never imported or exported, locally purchased or sold any goods and services shall be de-registered and be discharged of all penalties imposed by the tax system as they have never done any income-generating activity to pay taxes.

 

Jean-Paulin Uwitonze, Assistant Commissioner for Taxpayer Services and Communications at RRA, said that the analysis was carried out during a countrywide tour by RRA senior officials.

 

Technology was used to identify tax accounts to be de-registered and discharged of penalties by assessing if they exported or imported both goods and services as well as if they purchased or retailed any goods.

 

 

According to RRA taxation guidelines, tax declaration on annual revenue is a must for all registered taxpayers whether or not they made profits in the fiscal year under review. For those who don't carry out any activity, they still have to declare nil-filing.

 

Nil-filing refers to inactive taxpayers who report zero on all fields of their tax declaration. Their presence in the tax registry can simply generate an administrative burden and confusion about the total number of actual taxpayers in the country.

 

Angello Musinguzi, Senior Manager, KPMG Rwanda, noted that there are various reasons why tax charges pile up on non-operational accounts, pointing out that some simply don't do business or others open a business to compete in a tender and abandon it once it fails.

 

"When you register a business, it does not necessarily mean that you will start operating. Some even leave it completely or start after years. Either way, RRA will penalize your tax account for not declaring returns on business, even if no activity was done."

 

 

The issue was that the revenue authority was accumulating tax revenues that are not collectable, he said, adding that people should be educated about taxation before registering a business or for RRA to freeze tax accounts that don't submit zero-revenue declaration over some time.

 

Fidel Ukwishaka, Tax Manager at BDO Rwanda -an international network of practicing firms in audit, tax, and advisory services, said that this move should be considered as a chance to be seized quickly because in normal circumstances, they would have been penalized.

 

"Yes, the government is waiving a certain amount of revenue but it will lift off the burden on business people, especially small businesses so that they can potentially start over on a clean slate."

 

According to him, non-operating TINs have been a big issue that developed from the fact that anyone from any given profession would just decide to register a company remotely, and in most cases, without thorough business assessment and commitment.

 

"Doing business in Rwanda is very easy and a good thing, however, people should understand that it comes with taxpayer obligations that should be upheld. Having many non-operating TINs would have caused chaos in RRA system," Ukwishaka said.

 

A local businessman, Andre Bitwayiki, Founder of Matare Ltd, said that this shows flexibility to facilitate business growth in the market, adding that it serves as a lesson for business people to follow up and conduct proper business management.

 

According to him, some people would miss out on certain opportunities because they didn't have a tax clearance certificate which is often requested by banks if one is seeking to acquire a loan.

 

No room for tax evasion

 

According to the experts, there should be no room for tax evasion throughout this process of waiving penalties and removing non-operational tax accounts, as well as de-registering businesses.

 

Ukwishaka noted that while some people might want to take advantage of the situation, RRA will need to deliberately scrutinize those requesting for the waiving of tax penalty.

 

The waived penalties also followed tax reforms that led to reduction of different taxes, including the exemption of Value Added Tax (VAT) on processed cereals such as maize flour and rice, as well as the decreasing corporate income tax statutory rate from 30 to 28 per cent.

 

Similarly, Musinguzi said that due to the current EBM technology, it is easy to trace business activities on TIN accounts, hence, hard for anyone to evade tax under the circumstances.

 

RRA announced that the declaration and trade licence tax period is January 31, 2024.

 

-New Times.

 

 

 

 

Nigeria: Data Story - What Figures Tell Us About Life Expectancy Across Nigeria

While the life expectancy for a man is estimated at 58.2 years in the South-west, it is 50.8 years in the North-east.

 

Farida Mahmud was plagued by dizzy spells and headaches for months during her fifth pregnancy. After several trips from her native Kankiya in northwestern Katsina State to see a doctor in the state capital, she was finally diagnosed with high blood pressure. She was in her late thirties.

 

When it was time for labour, Ms Mahmud's blood pressure spiked and the doctors decided to induce her delivery. She delivered a baby girl safely but Ms Mahmud continued to bleed for several weeks until her death in February 2022. Doctors said she suffered Postpartum haemorrhage (PPH), one of the largest causes of maternal mortality in the world.

 

 

PPH and several diseases are taking a toll on the lives of Nigerians. It is among the reasons the country's life expectancy is abysmal compared to its peers, according to Francis Faduyile, a pathologist at the Lagos State University College of Medicine.

 

Life expectancy is defined as the number of years that someone could be expected to live after they are born.

 

In Nigeria, life expectancy has climbed, but at a slower rate over the past 16 years, according to data from the National Population Commission (NPC). For men, the expected years of living is 54.9 in 2022 compared with 49.6 in 2006 (a difference of 5.3 years). For women, the average life expectancy at birth is 59.6 in 2022, an

 

increase from 53.8 years in 2006.

 

Also, large differences exist within the country, ranging from 60 years in parts of Southern Nigeria to 50 years in Northern Nigeria.

 

 

Mr Faduyile, a professor, said, "Nigeria has one of the worst maternal mortality rates in the world. And that means a lot of our women during childbirth are dying in large numbers and that also has a deep contribution to the life expectancy of Nigerians. Today, our life expectancy is very low and we have all these things as a contributing factor."

 

Analysis of the NPC data shows that the number of years that a person can expect to live varies across the country. Men and women living in the South-west tend to live longer than people in other parts of the country, data shows.

 

For men, the average life expectancy at birth in the South-west is 58.2 years, followed by South-east (56.8 years), South-south (56.2 years), North-central (54.4 years), North-west (54.2 years), and North-east (50.8 years).

 

Meanwhile, for women, the expected years of living in the South-west is 62.5 years. In the South-east, women will possibly live for 61.2 years, South-south (60.5 years), North-central (59.9 years), North-west (58.6 years), and North-east (55.5 years).

 

 

This means that while the life expectancy for a man is estimated at 58.2 years in the South-west, it is 50.8 years in the North-east. In the same vein, the life expectancy of a woman in the South-west is 62.5 years while it is 55.5 years in the North-east.

 

Still, the NPC said, this latest data indicates some improvements in mortality conditions in the country during the last decade. However, the agency conceded that prevailing socio-economic factors may not facilitate rapid and continuous mortality decline in Nigeria.

 

Commenting on this report, Tunji Omotayo, a medical provider at the Ekiti State University Teaching Hospital said the role of healthcare facilities and infrastructure is critical in determining life expectancy. He believes several deaths could be prevented with timely and effective health care, alongside preventative services.

 

"Looking at the healthcare delivery in a society like ours, it can be seen that healthcare facilities and poor infrastructure are also responsible for low life expectancy," Mr Omotayo told PREMIUM TIMES.

 

"The more advanced a nation is, the better it will become in providing all these services. Relatively, in poor societies, access to health care facilities will also be compromised which in such a way also contributes to low life expectancy," he added.

 

Mr Omotayo further explained that figures on healthcare delivery around the world clearly show that in poor nations, life expectancy is relatively short compared to more prosperous nations.

 

"It is a challenge to society at large which means, for us to achieve a better life expectancy, there is a need for institutions to create better healthcare delivery services and infrastructure."

 

PREMIUM TIMES reported how for years Nigeria has failed to revitalise its health sector despite federal and state government promises. Most Primary Healthcare Centres (PHCs) in the country cannot provide essential healthcare services. The hospitals face problems including shortage of staff, poor water supply, poor power supply, inadequate equipment, and poor distribution of health workers.

 

Despite the obvious decay in the healthcare system in Nigeria, the government has barely done enough over the years and the situation has not improved, especially concerning effective funding and staff strength.

 

How states stand on life expectancy for men

 

None of Nigeria's 35 states have a life expectancy above 60 years for men.

 

The quartet of Cross River, Ekiti, Imo, and Ogun states have the highest life expectancy at 59.6 years, followed by the trio of Ondo, Osun, and FCT at 58.4 years.

 

 

Meanwhile, the sextuples of Abia, Akwa Ibom, Enugu, Kebbi, Kwara, and Oyo all have a life expectancy of 57.3 years. The expected years of living in the quinary states - Delta, Edo, Lagos, Sokoto, and Zamfara - is 56.1 years.

 

In Bayelsa, Ebonyi, Katsina, and Niger, men are expected to live for 54.9 years. But in Benue, Kano, Nasarawa, Rivers, and Taraba, the estimated life expectancy for men is 53.7 years.

 

In Gombe and Kogi states, male life expectancy is 52.6 years. This is followed by the duo of Bauchi and Jigawa with 51.4 estimated years of living.

 

For men in Kaduna and Plateau, the life expectancy at birth is 50.2 years. NPC data shows that men in the far northern states of Adamawa, Borno, and Yobe's average years of living is 49.1 years.

 

Life expectancy for women by states

 

Just like the data for men, Cross Rivers topped the states with the highest life expectancy for women, at 65.4 years. The trio of Ekiti, Ogun, and FCT, followed closely with 64.3 years.

 

The number of years that a woman can expect to live in Imo, Kwara, Ondo, and Osun is 63.1 years. Elsewhere in Abia, Bayelsa, Enugu, Kebbi, and Niger, the life expectancy for women is 61.9 years.

 

For women in Akwa Ibom, Ebonyi, Nasarawa, and Oyo states, the NPC report shows that the expected years of living for women is 60.8 years.

 

In the quinary states of Edo, Katsina, Lagos, Sokoto and Zamfara, life expectancy for women is 59.6 years. This was followed by the quadruple of Anambra, Benue, Delta, and Taraba where life expectancy is 58.4 years.

 

In Gombe, Kano, and Rivers, women can expect to live 57.3 years. However, data shows that the expected years of living for women in Bauchi, Borno, Jigawa, Kaduna, and Kogi is 56.1 years.

 

Sitting afoot the log, Plateau women have 54.9 years of life expectancy, followed by Yobe 53.7 years, and Adamawa 51.4 years.

 

Nigeria lags behind African countries

 

Nigerian life expectancy is slipping down the global ranks, according to a UNICEF analysis, with the country performing poorly among African countries.

 

In Africa, Algeria had the highest life expectancy as of 2023. A newborn infant was expected to live 77.3 years in the country. Cabo Verde, Tunisia, Mauritius, Morocco, and Seychelles followed, with a life expectancy between 76.9 and 75 years.

 

On the other hand, Chad registered the lowest average, at nearly 53.7 years while Nigeria has 54 years.

 

Overall, the life expectancy in Africa was 63 years, according to UNICEF. The global children's protection body said Africa's life expectancy is 10 years lower than the global average (63 vs. 73 years). Large differences exist within the continent, ranging from 74 years in Northern Africa to 58 years in Western Africa, UNICEF added.

 

It, however, said life expectancy at birth in Africa is projected to increase over the next 30 years by seven years, reaching 70 years by 2050.

 

In many countries in Africa, particularly sub-Saharan Africa, children under age 5 still face a high risk of dying. In sub-Saharan Africa alone, as many as about 2.8 million children under age 5 died - 52 per cent of all under-five deaths. Sub-Saharan Africa, together with Central and Southern Asia (1.5 million), account for more than 80 per cent of the 5.3 million under-five deaths in 2018 - while they only account for 52 per cent of the global under-five population, UNICEF said.

 

Mr Omotayo, the pathologist, also noted that the economic situation of people inadvertently influences their way of living and life expectancy in this part of the world.

 

"The provision of work and resources for both immediate and extended family members is intricately tied to economic conditions. Higher economic prosperity facilitates better provision of healthcare needs for the family, positively impacting life expectancy," he said.

 

"Poverty, as a consequence of low standards of living, poses challenges that diminish life expectancy significantly."

 

-Premium Times.

 

 

 

 

Kenya: Under the Scorching Sun Kenyan Farmers Find New Ways to Beat Climate Change

Kontiang — Rural Kenyans are forging a path toward a more sustainable future and protecting their lives and livelihoods from climate change through regenerative agriculture, nurturing hope for their communities and the environment.

 

In the tranquil village of Kotiang, perched on the shores of Lake Victoria in Kenya's lakeside region, Yvonne Atieno, a dedicated mother in her early thirties, tends to her fish pond under the relentless equatorial sun. Her young daughter eagerly joins her mother in this nurturing endeavor. Yvonne, a certified accountant by profession, reflects on how her decision to embrace regenerative farming has not only enriched her life but also imparted invaluable life lessons.

 

 

"In this pursuit, unlike traditional employment, I harbor no anxieties about retirement," she shares. "It is profoundly rewarding, especially when I rise early each morning to witness the flourishing of my African vegetables."

 

Yvonne's unwavering commitment is palpable as she meticulously nurtures her thriving crops under the scorching sun.

 

In the face of the climate crisis, rural Kenyans like Yvonne are forging a path toward a more sustainable future through regenerative agriculture, nurturing hope for their communities and the environment.

 

"Initially, I cultivated a passion for it. While agriculture might not be the typical job that youth aspire to these days, it is incredibly rewarding. Witnessing the flourishing plants every morning is a tangible and fulfilling experience," says Atieno, her grin revealing the joy of satisfaction through farming.

 

 

Atieno, much like numerous young smallholder farmers across the African continent, is embracing regenerative agriculture to enhance diversified revenue streams.

 

According to a 2022 report by the International Union for Conservation of Nature (IUCN) titled "Regenerative Agriculture: An opportunity for businesses and society to restore degraded land in Africa," the adoption of regenerative agriculture has the potential to generate approximately five million jobs by 2040 in Africa. Additionally, it aims to boost revenue and ensure food security for smallholder farmers.

 

Atieno, a recipient of vermiculture training, practices a sustainable farming technique that involves utilizing locally available farm waste to cultivate red Italian worms. These worms are instrumental in producing vermijuice, a nutrient-rich liquid that serves as an effective foliar fertilizer.

 

Vermiculture provides a low-tech, sustainable, and circular alternative to synthetic fertilizers by utilizing organic waste to generate a nutrient-rich liquid known as worm juice or vermi juice.

 

 

Atieno and her husband attempted rabbit farming, utilizing rabbit urine as a liquid fertilizer. Unfortunately, their rabbits succumbed to diseases, leading to the end of their venture.

 

"We had to switch to vermi juice as a substitute for rabbit urine. The ratio we use is lower than that of synthetic fertilizers. Diluting one liter of vermi juice with 10 to 20 liters of water proves cost-effective and environmentally friendly," explains Atieno as she uproots weeds from her conical vegetable garden.

 

Mark Ogada Doyo, a father of four, allows his fingers to wiggle through kitchen waste in a half-cut plastic container, where tiny red worms squirm and intertwine--a routine he performs every morning before cutting cattle grass. Along the lower edge of the slanted container, four jerry cans are filled with brownish liquid.

 

After completing his eighth-grade exams, Ogada encountered financial constraints and chose to venture into farming, inspired by his father, who held roles as both a farmer and a veterinary officer.

 

Challenged by the impact of extreme weather, which resulted in water scarcity, Ogada, like many local farmers, transitioned to raising crossbred cattle. However, they now grapple with the high cost of acquiring crop waste from local markets to use as cattle feed.

 

"Managing my two cows requires a daily expenditure ranging from Ksh. 1,200 (about USD 7.38) to Ksh. 1,800 (about USD 11), with each bag priced at Ksh. 400 (about USD 2.46)," narrates Ogado.

 

"Unfortunately, most vegetables in our area are cultivated using synthetic fertilizers and pesticides, negatively impacting the quality of the milk produced, making it unsuitable for human consumption," he adds, as he skillfully feeds freshly chopped Napier and Steveir forage.

 

To address these issues, Ogada dedicated two and a half acres to cultivating Napier and Steveir grass. He now has a surplus, selling five to six bags of Napier grass daily to the local community at prices ranging between Ksh. 350 (about USD 2.15) and 400 (about USD 2.46) per bag.

 

"My plans involve expanding the Napier grass cultivation to cover an extensive area, aiming for a range between 10 and 20 acres," he shared in an interview with IPS.

 

Atieno and Ogada, along with numerous young farmers in the counties of Kisumu and Homa Bay in Kenya's lakeside region, have benefited from a five-year project called Transforming Rural Economies and Youth Livelihoods (TREYL). This project, funded by the IKEA Foundation and implemented by Practical Action, aims to enhance the economic prospects of rural communities and the livelihoods of youth in the region.

 

 

Enhancing the sustainability of agriculture as a profession holds the potential to mitigate elevated unemployment rates in rural regions, foster family cohesion, offer communities access to healthier food options, and stimulate the local economy.

 

Akinyi Walender, Africa Director at Practical Action, emphasizes the importance of embracing regenerative agriculture. She asserts that this approach has the potential to empower a new generation of farmers, enabling them to redefine their narrative and make a positive impact on both their destinies and the prosperity of their local communities.

 

In the realm of regenerative agriculture, Walender underscores its response to the demand for safe, nutritious food. While challenges persist, she advocates for efforts to improve access to markets, finance, and knowledge, emphasizing the ongoing need for investments in initiatives supporting regenerative agriculture for lasting impacts.

 

Sustainable organic pest management

 

Ogada has adopted eco-friendly practices, utilizing companion planting with coriander and Mexican marigold since 2021 to naturally repel pests from capsicum and kales, eliminating the need for synthetic pesticides. With a self-sufficient farm generating Ksh. 2,000 (about USD 12.23) daily, Ogado diversifies with 60 pawpaw fruit stems, sold at prices ranging between Ksh. 50 and 90 each.

 

"Twenty-one days after transplanting capsicum, I incorporate coriander as a natural repellent. In line with my method for kales, I integrate Mexican marigolds as a deterrent against aphids," Ogada explains. He further notes that since 2021, he hasn't visited an agro-vet shop to purchase synthetic pesticides.

 

In Ng'ura village, Homa Bay County, 27-year-old Boniface Otieno successfully grows tomatoes without synthetic fertilizers or pesticides, despite challenges posed by hippos invading farms along the shores of Lake Victoria.

 

"Farming demands determination, hope, and patience. Organic farming, in contrast to relying on synthetic fertilizers and pesticides, has proven more economically viable with reduced expenditure," shares Otieno, a former medical microbiologist who transitioned from formal employment to pursue farming.

 

Otieno owns a residential plot and raises sheep, dairy cows, and poultry, funded by the success of his tomato farming venture. To counter aphid issues caused by integrating onions, he devised a solution by blending onions into a spray applied to the tomatoes.

 

IPS UN Bureau Report 

 

 

 

 

East Africa's New Love Affair With Geothermal Energy

Until recently, there had been little interest in geothermal power in East Africa. But Kenya's trailblazing energy transformation policy is now inspiring others.

 

Kenya isn't exactly known for its bountiful thermal spas -- but the East Africa nation has ambitious plans to expand geothermal energy sources for eco-friendly electricity.

 

The Great Rift Valley -- a geological formation running 6,000 kilometers from Eritrea to Mozambique -- offers bountiful opportunities: Not only is this area rich in geothermal activity underneath the earth's surface, the earth's crust is also particularly thin here, making exploration relatively easy.

 

The Olkaria geothermal electric plant is a perfect example: the facility spans across roughly 200 square kilometers in the region, and since it first started operating in 1981, the plant has grown several times to exploit this clean energy source for Kenyans.

 

 

Today, Olkaria can deliver close to 900 Megawatt -- but that's nothing compared to the government's latest plans to produce close to 5,000 Megawatt by the end of the of the decade.

 

And even that number represents only about half of Kenya's full geothermal potential.

 

A green future for Kenya -- and beyond

 

Expanding the use of geothermal power plays a crucial role in Kenya's objective to produce exclusively environmentally friendly electricity by 2030.

 

Geothermal power is widely seen as a silver bullet for the longterm transformation of meeting energy needs. The International Renewable Energy Agency (IRENA) puts the so-called capacity factor for geothermal energy at over 80%; this refers to the value measures of how reliably a power source can sustainably supply electricity over time.

 

In comparison, IRENA calculates less than 20% for solar energy.

 

 

"The countries with the greatest potential in this field are clearly Kenya and Ethiopia," says vulcanologist Jacques Varet, who has for decades consulted on geothermal issues in East Africa.

 

In contrast to Ethiopia, "Kenia has been investing in geothermal energy for a long time," he told DW.

 

Ethiopia also hopes to expand the use of geothermal plants in the future with some help from Kenya -- Africa's leader in geothermal energy investment.

 

Ethiopia has one small geothermal energy facility, which has been operating since 1998.

 

Simple -- but expensive

 

The physics behind the operation of geothermal plants are fairly straight-forward: geothermal steam, which is a mixture of water and minerals, shoots out of a artificial borehole in the ground and is diverted into a machine, which works like a turbine.

 

 

This turbine -- hardly bigger than a car -- is linked up to a generator, which then produces electricity.

 

The process involves hardly any carbon emissions, which is why geothermal energy is considered a source of green energy.

 

Research teams at Olkaria are testing several new boreholes with a view to expand the power plant.

 

Anna Mwangi, a geologist working at the majority government-owned utility company KenGen, explains the importance of fully testing the capacities of these boreholes before entering any further commitment:

 

"Sometimes we're lucky, and we'll complete a boring project for only about $4 million (€3.7 million). But if we run into subterranean issues, the exploration bill could be as high as 7 or 8 million dollars," she told DW.

 

There are currently 322 exploratory boreholes in Olkaria, each costing KenGen about $6 million to dig.

 

Adding to the costs are the high health and safety requirements, because the pressurized water found in these boreholes can reach temperatures of up to several hundred degrees centigrade.

 

Digging deeper -- mostly into pockets

 

This biggest production expense is the specialized boring equipment, which otherwise is only used for exploring fossil fuel sources.

 

"The main issues for exploring geothermal energy are: Does a government or a private corporation have the required capital to afford such a borer? That's the only way to truly assess the full potential of a geothermal area. You simply have to dig," says Antony Karembu, a senior energy economist working for the African Development Bank Group, AfDB.

 

The costs for renting those machines have actually dropped in recent years, as the rate of exploration of oil and other fossil fuels has plummeted amid a rise in the use of green energies.

 

These high costs are coupled with unknown risks, such as a low yield or changes in geothermal activity due to tectonic shifts, meaning newcomers to the geothermal game often are hesitant to invest their funds.

 

Geothermal intentions

 

The Kenyan government established the state-run Geothermal Development Company in 2008, which Karembu says serves as an insurance policy of sorts, with the government safeguarding all financial risks involved in exploration activities.

 

Geothermal energy enthusiasm since grown, with development partners like the AfDB also being brought on board.

 

 

The African Union has also introduced a dedicated fund to cover the financial risks involved in geothermal exploration with non-governmental and private investors; one of the contributors to this fund is the German development bank, KfW.

 

"They (the AU) provide grants for private companies to commit to exploratory borings," Karembu explains.

 

The 'great rift' in the geothermal game

 

It has become easier for East African countries to explore geothermal energy technologies: Burundi, Rwanda, Zambia, Tanzania and Uganda have all announced plans to launch exploration projects.

 

However, Varet stresses that Kenya still leads the pack by a long stretch.

 

"Kenya's scientists have established really high standards over time with their engineers, vulcanologists and the like. There just aren't that many of those professionals in places like neighboring Ethiopia, despite the fact that the potential (of geothermal energy) there is huge," Varet said.

 

Ethiopia is hoping to start catching up, says Karembu: "A private exploration project called Tulu Moye has commissioned KenGen to conduct borings in Ethiopia."

 

>From Kenya into the world

 

Still, Kenya retaines the best accumulated know-how in Africa's geothermal industry, an asset it can sell not only to Ethiopia but use throughout the region, says Karembu. He himself used to work for KenGen:

 

"They (KenGen) have managed to really build up great internal expertise, which they have then made us of as consultant in places like the Comoros or Djibouti."

 

By expanding to other parts of Africa, Kenya's experts are also bringing new insights back home.

 

 

 

 

Nigeria: Govt, Labour, Others Disagree On Economic Policies

The organised labour, the federal government and other concerned stakeholders have sharply disagreed on the consequences of the economic policies of President Bola Tinubu's administration.

 

While labour union particularly insisted that the policies such as fuel subsidy removal leading to hike in the price of petrol, Naira devaluation, freeing foreign exchange market, among others have brought untold hardship on Nigerians, the government maintained that its vision is to revamp the economy and make life better for the citizens.

 

They spoke at the 21st edition of the Daily Trust Dialogue and Presentation of African of the Year Award with the theme 'Tinubu's Economic Reforms; Gainers and Losers', held at the NAF Conference Centre, Abuja, yesterday.

 

 

In his presentation, the president of Nigerian Labour Congress (NLC), Comrade Joe Ajaero, lamented that the first three economic policies of the Tinubu administration, notably the fuel subsidy, removal have inflicted more pain on Nigerians.

 

Ajaero said the situation is getting worse and it will continue to worsen until there is a policy reversal, stressing that the working class and average Nigerians were the losers in the so-called reforms, as indicated in the theme of the dialogue.

 

"I am here representing the losers. Tinubu administration, driven by neoliberal principles as dictated to it by its two chief priests, or do we call them the twin altars - the World Bank and the International Monetary Fund (IMF) embarked on a series of economic reforms upon assuming office in May 2023.

 

 

On her part, the former director-general of the Abuja Chamber of Commerce and Industry (ACCI), Dr Victoria Akai, said the policies of the present administration were aimed at repositioning the economy in the long-run because they have adverse effects on Nigerians.

 

Akai said one of such effects is the biting inflation and called for immediate action to tame it, identifying the removal of Nigeria's foreign currency controls as another move that led to adverse impact on the Naira and dollar flows to Nigeria.

 

"Urgent action is required to address this issue to curb the current negative impacts on investment and overall economic stability. Short-term policies should focus on implementing robust monetary measures to control inflation and stabilise the currency market, enhancing foreign exchange reserves management, and supporting local industries to boost export activities.

 

"In the medium term, structural reforms are essential to diversify the economy away from oil dependence and promote non-oil sectors such as agriculture and manufacturing. Long-term policies should prioritize human capital development, technological innovation, and infrastructure enhancement to bolster productivity and competitiveness," she said.

 

 

According to her, tax reforms should be aimed at increasing tax revenues but reducing the burden on individuals and businesses, with the goal being to raise the tax-to-GDP ratio by 18% by 2026, which would significantly impact government revenue and the overall economy.

 

Also speaking, the former minister of national planning, Dr Shamsudden Usman, who chaired the event, said the average Nigerian seems to be the loser of the fuel subsidy removal policy of President Tinubu as it is now.

 

He said it was probably too early to make a certain assessment of the policy and others like exchange rate depreciation; he questioned the state of the palliatives rolled out to cushion the effects of the government's policies on the people.

 

In his remarks, the Minister of Information and National Orientation, Idris Malagi assured Nigerians that the vision of President Tinubu is to provide succour to them, revamp the economy and return the country to prosperity. He asked Nigerians to give the administration more time to get things working well for Nigerians.

 

Malagi also said some of the palliative measures initiated by the federal government are being implemented despite initial constraints, adding that the state governors now get about 50 percent of what they were getting from the central government to equally tackle the effects of the fuel subsidy removal.

 

"The N35, 000 wage award, I know that there were some technical disruptions in the way they were implemented, but I can tell you that the president is committed to ensuring that every Kobo meant for the wage award is paid to entitled federal workers.

 

"There was also the issue of the palliatives that we talked about. Now because fuel subsidy almost went away abruptly there was the need to cushion that effect in the short time. Government is not saying every economic policy will be an emergency one or the one driven by palliative measures.

 

"What it sought to address was important that people have an immediate cushion to what was happening before a long term solution was proffered. So it's not all gloomy, it's not all an emergency. Of course, if you have an immediate shock it is important that you have first aid before a long term solution is proffered and that is being done jointly with labour itself.

 

"Even when the federal government was making this wage award or providing some of these succour or cushion or palliative as you may call it, we didn't just stop at the federal level; every state of the federation was involved because we know that that is where the population resides and all the governors were invited.

 

"Today no state governor is not getting an addition of not less than 50 percent of what he used to get. So let us also ask the governors what they are also doing with those funds. It is not only the federal government, the state governments are there. When the federal government gave money for the immediate purchase of grains, it didn't do it my itself; it handed it over to the state governors. Monies were given to them, assorted fertilizer were also bought. These were all done by the state governors. The approach of Bola Ahmed Tinubu is that of inclusivity," he explained.

 

-Leadership.

 

 

 

 

Seychelles' IDC 'Fairly Successful' in 2023 With Over $75m Turnover

The Seychelles' Islands Development Company (IDC), a state-owned agency, had a fairly successful year in 2023 and although had certain setbacks achieved most of its targets, said the chief executive on Thursday.

 

Glenny Savy told reporters that the setbacks "were mostly in terms of being able to complete things on time because there were several issues, much of which were not always due to problems in Seychelles but also problems outside Seychelles such as shipping, material supplies."

 

He said the proof of their success is in the growth and the results that the company produced last year especially financially.

 

 

"We are now turning over more than a billion rupees ($75.1 million) a year in terms of our various activities, and our profitability is good. It is above 10 percent, which is what an investor would expect to receive from their investments. We are now employing some 1,800 persons, a sizeable working population, especially for Seychelles," Savy shared.

 

Last year was also a year of major change for the company that moved its offices to the man-made Ile du Port for additional space.

 

"We have managed to move out of the small and tight office space that we were in, making space to grow. At the same time, we've also moved to new offices here at Ile Du Port, which will officially open in a few months from now. This will give our staff better working facilities. It has also allowed us to upgrade all of our management systems to a new level," he added.

 

Savy also provided updates and said that IDC has been quite successful in the operations of the islands, especially in terms of tourism, and aquaculture, as well as providing services and facilities to various operators on the islands.

 

 

Project development and designs have been put in place for Assumption Island and agriculture on Coetivy Island.

 

The CEO detailed the work that the company is doing as part of its social responsibility, which included handing over the keys to 20 more young families for a condominium project at Perseverance, another man-made island.

 

"Our contribution and commitment to the social development of our country will continue in various forms, for example, this year we will also assist in redeveloping our old Creole Institute that is falling apart and bringing it back to its former glory. We also plan on helping several schools," he told reporters.

 

Savy shared the vision of the IDC in the long term, especially in the next five years after the completion of the previous five-year development plan last year.

 

"We are on track; the team is strong. We've found that we have achieved most of our objectives over the last five years, we have even done more than what we expected to do. We are going to be submitting the next one to the government in the next few weeks for approval, we are well ahead," he shared.

 

For the next five years, Savy said that one of the biggest challenges that IDC will face will most definitely be ecological, especially concerning coastal erosion and one the biggest worries is going to be environmental degradation, especially to the beaches and coastline of the outer islands.

 

"We have achieved a lot in terms of conservation management and now the threat of coastal erosion is becoming a very big one I think a lot of our resources and energy in the next five years is going to be to find ways and means to mitigate climate change. Hopefully, we'll be able to come up with a few solutions which can then be used on Mahe and other inner islands that are also facing the same threat," he said.

 

-Seychelles News Agency.

 

 

 

 

Kenya: Govt Commits to Revising Taxation System to Boost Manufacturing Industry

Nairobi — The government has affirmed its commitment to revising the taxation system, aiming to encourage more Kenyans to enter the manufacturing industry.

 

This was announced by Juma Mukhwana, Principal Secretary for the State Department of Industry, during his visit to the East African Cables (EAC) headquarters in Nairobi.

 

Mukhwana emphasized the state's determination to execute strategies that will catalyze the growth of the manufacturing sector.

 

He underscored the importance of crafting policies that shield the local market from an influx of substandard goods.

 

 

"Importing products from abroad does not alleviate the cost of living. Every import signifies a job opportunity shipped overseas," Mukhwana said.

 

"The key to lowering the cost of living lies in producing and selling most of our consumed products locally," he added.

 

"Local manufacturing plays a crucial role in creating jobs and ensuring sustainable livelihoods for our citizens."

 

During his visit, the PS was accompanied by representatives from the Kenya Association of Manufacturers, where they discussed the obstacles confronting the Kenyan manufacturing sector and the government's ongoing initiatives to tackle them.

 

Issues such as illicit trade, unfavorable taxation policies, and high electricity tariffs were among those addressed.

 

"The PS' visit provided us with a valuable platform to shed light on the current challenges faced by local manufacturers," Paul Muigai, EAC Managing Director, stated.

 

"Our sector is ready to significantly contribute to national progress through the production of high-quality products," he added.

 

"These not only align with governmental goals like affordable housing but also bolster the economy through job creation and tax generation."

 

Also present at the event were Ngángá Njiinu, CEO of TransCentury Group (EAC's parent company), and board members of East African Cables Limited.

 

EAC recently invested $35 million to boost its production capacity to 750 metric tonnes (MT) and 800 MT of copper and aluminum cables, respectively.

 

-Capital FM.

 

 

 

 

Nigeria: Lagos to Set Up Own Airline - Governor

What is being considered, the governor said, is the federal government's approval and operational contingency for the airline.

 

Lagos State has mulled the idea of establishing an airline for passenger operations just as the state prepares to commence the construction of its own airport in Lekki.

 

Governor Babajide Sanwo-Olu disclosed the plan, on Thursday, at the Lagos West Senatorial District People's Town Hall Meeting, where he rendered stewardship and presented a catalogue of achievements recorded by his administration in the district.

 

A statement by the state government Thursday noted that a former permanent secretary and retired auditor general for local government in Lagos, Muhammed Hassan, noted that the state was ripe to own an airline.

 

 

In his response, Mr Sanwo-Olu noted that the plan had been in the pipeline for months, with the state already finalising the financing model for the project. What is being considered, the governor said, is the federal government's approval and operational contingency for the airline.

 

This drew commendations from the citizens, who attended the town hall meeting held at Balmoral Convention Centre on Sheraton Link Road, Ikeja.

 

At the meeting, Mr Sanwo-Olu and the deputy governor, Obafemi Hamzat, mounted the stage to take feedback from the citizens, who asked questions about the governance of the state.

 

The governor said the input from the public was necessary to guide his government's decision on planned programmes and interventions before their implementation.

 

 

Projects

 

Listing projects and interventions taken in Lagos West, Mr Sanwo-Olu pointed out that his administration had completed and opened 42 new roads projects and two flyovers in the District, with the combined length of the infrastructure spanning over 72 kilometres.

 

He said the last four and half years had seen Lagos taking a leap forward in its socio-economic and development trajectory. He said he was resolute in doubling his efforts to keep the state on the sustainable growth path as his second term progresses.

 

He said: "Over the last five months, Mr Deputy Governor and I have been working to put a concise plan together for the establishment of an airline, but we did not make the plan open because of the need to get adequate knowledge about the operational procedures of airlines. The business plan is viable and there is no issue about financing. The conversation has gone to an advanced stage but we need to get the proper information on operations before we go ahead to implement the plan.

 

 

"In Lagos West Senatorial District, infrastructure development has been our priority since we came in. Over the last four years, we have completed over 70 kilometres of new roads and over two kilometres of bridges. These include Pen-Cinema Bridge, Ikeja Flyover, and over 42 roads we have completed in Alimosho, Ifako, Agege, Ikeja, Mushin, Amuwo Odofin and Badagry. We also have over 30 ongoing road projects which are at various stages of completion within this district."

 

Mr Sanwo-Olu assured Lagosians that his administration would raise the pace of its development strides, as he pledged to double the efforts to deliver twice the number of projects and programmes achieved in his first term.

 

The governor said the senatorial district was also the major beneficiary of the intra-city railway development projects of his administration, with Lagos West hosting major passenger hubs of Blue Line and Red Line trains.

 

He said the new general hospital being constructed by his administration in Ojo was at an advanced stage of development, saying its completion would further improve health care access in the district.

 

Security

 

To further enhance security and safety in Lagos, Mr Sanwo-Olu disclosed that his administration would be releasing additional patrol vehicles and work gadgets to raise surveillance and capacity of security agencies to respond to emerging threats.

 

He urged the citizens to be law-abiding and support measures introduced by the government to maintain law and order. The governor said it would not be enough to enforce obedience to laws, adding that the government would ensure laws are fair and just to all.

 

He said: "We are in talks with you, the citizens, today because we believe the government does not know it all. The feedback and inputs we are taking away from here will help us to cater for your needs and wellbeing better. On our part, we will strive to make it easier for you to be law-abiding. It is not enough to say the laws must be obeyed, we must also ensure that the laws are clear, fair and just.

 

"When people break the law and don't do the right thing, they make governance a lot more difficult for us. We must discharge our civic responsibility and fulfil our obligations as citizens. When we do this, it reduces the cost of governance and saves resources that will enable us do a lot more. While we appreciate your suggestions, we are also encouraging you to ensure that all citizens do the right thing at all times."

 

-Premium Times.

 

 

 

 

Nigeria: Sanusi Backs Relocation of CBN's Departments to Lagos

A former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has supported the planned relocation of five CBN departments from the head office in Abuja to Lagos.

 

Sanusi, the 14th Emir of Kano, referred to those opposing the move as "dangerous for the bank's future" and emphasised the importance of putting the bank's interests before personal attachments to Abuja.

 

He alleged that many employees were children of politically exposed individuals who prioritised their lifestyles and businesses in Abuja over their work at the bank.

 

He believed that relocating certain functions to the larger Lagos office would streamline operations, making them more effective and reducing costs.

 

 

Sanusi suggested that the Financial Systems Stability (FSS) department and most operations should be moved to Lagos with the two deputy governors operating primarily from there.

 

He also recommended that departments reporting directly to the governor such as economic policy, corporate services, strategy, audit, risk management and the governor's office should remain in Abuja.

 

Sanusi argued that the CBN's decision to relocate certain departments to Lagos was a strategic one that required proper analysis to determine which roles were better suited to each location.

 

He stressed the importance of clear communication regarding the strategic intent to avoid misrepresentation and arbitrariness.

 

Regarding concerns about the office structure's ability to handle the staff number, Sanusi dismissed the argument, suggesting that construction company, Julius Berger, could refute it if asked.

 

Sanusi also called for individual situations to be considered, showing empathy towards young mothers with children in school or those with medical conditions who might not need to relocate.

 

He urged the CBN to focus on its key mandates of controlling the exchange rate and inflation, as regaining control and credibility in these areas would make the governor "untouchable" and enable the implementation of necessary changes despite opposition.

 

Drawing from his experience, Sanusi recalled facing religious objections when licensing Jaiz Bank, but that he stood firm and licensed it, asserting that the bank's religious nature did not hinder its success.

 

-Daily Trust.

 

 

 

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2024

 


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Companies under Cautionary

 

 

 


 

 

 

 


CBZH

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

 


 

 


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