Major International Business Headlines Brief::: 25 November 2024

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Major International Business Headlines Brief:::  25 November 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Dangote Refinery and Deregulation - Unpacking the Confusion

ü  South Africa: Govt Warned of Toxic Pesticide Threat

ü  Africa: MSF Prepares To Launch An Innovative Long-Acting HIV Prevention
Program In Several African Countries

ü  Nigeria: NPA Boss Elected Chair of West African Ports Association

ü  Nigeria: Lagos, Abuja Airports Get Full Certification From NCAA

ü  Kenya: Engage Workers On Strategic Reforms or Risk Failing - Cotu Tells
Govt

ü  South Africa: Motorists Urged to Ensure Vehicles Are Roadworthy Before
the Holidays

ü  Uganda: Airtel Uganda Partners With Zte Corporation to Enhance Digital
Inclusion and Smartphone Penetration in the Country

ü  Ethiopia: Council of Ministers Approves Nearly 600 Billion Birr
Supplement, Raising Total Budget to 1.5 Trillion Birr

ü  Nigeria: 1 Out of 4 Nigerians Want to Migrate - NBS

ü  Nigeria Records 18,872 Cyber Attacks Monthly - Report

ü  Kenya: Sakaja Vows to Fix Nairobi's Dilapidated Roads

ü  Nigeria: We Built Oil Refinery When No IOC Was Willing, Says Dangote
Group's Edwin

ü  Nigeria: Tinubu to IMF - Our Reforms Now Bearing Positive Results

ü  Uganda Resurrects SGR Rail Project in Tororo

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Dangote Refinery and Deregulation - Unpacking the Confusion

In recent times, the press has been inundated with claims and counter claims
about PMS sales and pricing between the Dangote Refinery, the regulator,
NNPCL and the marketing companies. These interactions are becoming rather an
embarrassment to our nation.

 

This is an attempt to unpack some of the underlying issues and debunk some
of the myths.

 

The onset of the current administration ushered in a bold programme to
deregulate the petroleum industry in line with the provisions of the
Petroleum Industry Act PIA. This courageous decision happened to align with
the commencement of commercial operations of the Dangote Refinery.

 

The vision and resourcefulness of Chief Aliko Dangote to build the largest
single train refinery in the world is a remarkable achievement. This is a
feat many national governments have tried and failed to achieve, hence it
deserves all the accolades it has received.

 

 

The decision however, as with any engineering venture comes with risks and
challenges. Single train means possibility of single point of failure of
major components. This is a risk that must be managed. The size and scope
means the refinery may be less nimble. So, while probably the most
cost-effective and efficient setup, two trains for example, would have
provided a bit more production resilience and versatility. Dangote Refinery
is a critical component of Nigerian energy security. So, its continued
operation is in our national interest.

 

The Dangote Refinery located in a free trade zone in Lagos was so located to
be able to participate seamlessly in the international markets as well as
the Nigerian market. This informed the decision to produce to a high
emission standard (Euro 5) and Performance standard (Premium/Super Premium
grade) petrol, which could be sold internationally and domestically.

 

This is a good point to introduce the concept of PMS grades. There are
several different PMS grades sold internationally. The major grades are
Regular, Premium, Super and Super Plus. Most Petrol stations in developed
countries offer two (2) or more grades at different price points. Higher
grades of petrol cost more than lower grades to manufacture.

 

 

So, with that background, why is there seemingly, so much friction between
Dangote Refinery and the marketers? Well, the first thing to understand
about refining, it is a low margin, high volume business. On the African
continent, about 20 percent of refineries are loss making. In the West, a
few refineries have shut down or are close to shutting down due to poor
profitability. It is indeed a cut-throat, globally connected business.

 

Dangote Refinery has been designed to maximise its chances of profitability
with the single train approach as well as a Nelson Complexity Index of 10.5,
which is higher than most Western refineries. In essence, the refinery is
built to extract maximum value from every drop of crude oil that goes
through it. This is essential to profitability. Refineries also need to
operate at maximum utilization (Above 96%) to hit peak efficiency and
profitability. Dangote Refinery is still ramping up; it's at about 70% now.
So, the refinery has yet to hit its peak production efficiency.

 

 

With the full deregulation of the Nigerian petroleum industry, and a
market-based approach of willing buyer, willing seller, Dangote is now
exposed to the full effects of global competition.

 

The final element that must be a source of some frustration to Dangote
Refinery is the Nigerian regulator, who controls the minimum quality and
grade of PMS imports has adopted a standard which is actually quite
acceptable for the African continent that allows the importation of Regular
grade petrol. Regular grade petrol is less expensive internationally than
the Premium or Super Premium grade Dangote Refinery makes.

 

One myth that has been circulated is lower grades are lower quality. Far
from it, most petrol sold worldwide is the Regular grade. It's best suited
to normal performance vehicles, which is the majority of vehicles on African
roads. Premium and Super premium are best suited to high performance
vehicles with turbo chargers and fancy engine management. It will work on
regular vehicles, but the benefits aren't as with high performance vehicles.
Anyone claiming Premium is better than Regular is akin to saying a Ferrari
is better than a Land Cruiser. While the Ferrari is faster on tarred road,
it would be interesting to see it off road. So, also grades of fuels meet
different needs: period.

 

The other myth is around the word "blending". Some analysts have turned that
word into a terrible dark art that spews out toxic fuels that are designed
to destroy engines. It's a very sad attempt at subterfuge, meant in part to
hoodwink most uninformed Nigerians. Let's be clear, all refineries blend.
They blend crude to maximize output and minimize cost. They blend fuels to
meet performance and emission targets. Refining is no more than organic
chemistry on a grand scale. Mixing, combining, blending is integral to
organic chemistry and by extension every single refinery in the world.

 

Fuel categories such as diesel, PMS, kerosene are only groupings of organic
compounds that meet performance and emission characteristics of those
groupings.

 

The organic molecules can be sourced from petroleum or even organic sources.
The very first diesel engines ran on groundnut oil and today all petrol in
America are blended with organic fuel sourced primarily from corn. So there
is absolutely nothing wrong with blending fuels to meet regulatory
standards.

 

With regards to the environmental standards, there is an argument that
Nigeria is not economically developed enough to adopt the very stringent
requirements of the Euro 5/ Afri 5. China and India did not adopt strict
environmental standards until their society had reach a high level of
development to afford the costs of stricter standards.

 

It's important Nigerians appreciate our station in the order of things. We
are an under-developed nation. Aspiring for Euro 5/ Afri 5 fuel standards
when 95% of cars on our roads lack basic catalytic converters. Many engine
are burning oil almost as much as petrol/diesel and polluting the
environment is silly. The benefits of these high quality fuels are lost in
the standard of vehicles on our roads. They are meant for societies with a
prevalence of high performing engines with emission control capacities,
which are monitored annually. So, it makes sense for the regulator to adopt
a less stringent yet safe standard that appreciates our particular
circumstances.

 

Finally on emission, Nigeria emits an estimated 3 kg of SO2 (Sulfur related
emission) per person; United States is 10 kg person while China is 20 kg per
person. Hence, our atmosphere is 3 times less polluted with SO2 than the
United States. It is estimated that $16 billion in refinery upgrades will be
required by refineries in African nations to meet the Afri 5 standard
proposed in the PIA. That's 16 billion USD not spent on health, roads and
other vital needs to meet a standard for the least polluting continent in
the world. It defies rational thinking to pursue Afri 5. In fact the Port
Harcout Refinery, if successfully revamped is designed to produce 300-ppm
fuel, which wont meet the 50-ppm Afri 5 standard.

 

So, this is the main challenge one see. Dangote Refinery is producing
Premium petrol to Euro 5 standard, which is of higher cost. The regulator is
enforcing importation of Regular grade Petrol which is plentiful and of
lower cost. This is a competitive landscape Dangote Refinery probably did
not bargain for in the Nigerian market.

 

There is almost no price elasticity in Nigeria today, which highly
constrains the refinery's ability to extract maximum value for the premium
product it produces.

 

This is where nimbleness and versatility matter. It is quite conceivable
that two train refinery, (two time 320,000 bbls for example) would have
enabled the refinery produce regular, higher emission lower cost petrol to
compete for the Nigerian market and Euro 5, Premium petrol for the export
market. The one size fits all approach is now at the heart of the debate as
to which is the cheapest product, Dangote or imports.

 

Interfering with deregulation on so-called patriotic or protective grounds
is a slippery slope that should be discouraged. It will be a bad deal for
the long-suffering Nigerian consumer not to get the best value petrol. Also
the arguments about foreign exchange use is moot if as designed Dangote
Refinery exports it's output, the net effect on foreign exchange flows will
actually be positive.

 

In conclusion, it is critical the markets are allowed to work and that
deregulation plays out as designed. The regulator must enforce a reasonable
standard to ensure truly low quality petrol does not distort our markets and
damage engines. All players deserve a level playing field.

 

·Agenmonmen is a 29-year-oil & gas industry veteran

 

Vanguard.

 

 

 

 

South Africa: Govt Warned of Toxic Pesticide Threat 

 

A food safety expert has criticized the South African government for
ignoring warnings about a potential food crisis linked to illegal pesticide
use, reports EWN. Recent laboratory tests revealed that Terbufos, a highly
toxic pesticide, caused the deaths of over 20 children across the country.
The pesticide, reportedly used in spaza shops to repel insects, has sparked
outrage.

Food safety expert Professor Lucia Anelich said that despite clear warnings,
the government failed to act. "We've been aware of these illegal pesticides
in communities for years. As far back as 2010, a report highlighted this as
an impending epidemic," Anelich said. She said there was a need for spaza
shops to be registered and urged the government to implement a robust plan
to address the crisis. Meanwhile, Agriculture Minister John Steenhuisen
denied any evidence suggesting the pesticide originated from local
manufacturers.

 

 

Families Plead for Action in Stilfontein Mining Tragedy

 

Families of illegal miners trapped in Shaft 11 in Stilfontein, North West,
are appealing to the government for help, reports SABC News. At a media
briefing organized by civic and labor groups, families expressed
desperation, saying their loved ones were without food, water, or
medication. Zwelinzima Vavi, General Secretary of the South African
Federation of Trade Unions (SAFTU), voiced solidarity with the families,
describing the situation as a humanitarian crisis. "Since Tuesday, no
rescues have been made. Without food, water, or medicine, those underground
face the risk of dying. This unfolding tragedy demands immediate
intervention," said Vavi.

 

Pandor Urges Tougher Action Against Corruption

 

Former International Relations Minister Naledi Pandor has called for
stronger measures against corruption in government, reports SABC News.
Speaking at the annual public lecture hosted by SAfm in Boksburg, Pandor
reflected on the progress South Africa has made 30 years into democracy but
stressed the need to address corruption head-on. She urged communities to
ostracize corrupt individuals, including politicians who fail to provide
satisfactory explanations for their actions. "Communities must shun those
accused of corruption. Corruption is a cancer, and no society that allows it
to thrive can survive. This also applies to gangsters and criminals," said
Pandor.-South African news

 

 

 

Africa: MSF Prepares To Launch An Innovative Long-Acting HIV Prevention
Program In Several African Countries

In 2022, the WHO recommended the innovative long-acting injectable version
of HIV Pre-exposure Prophylaxis (PrEP), Cabotegravir (CAB-LA), as part of a
comprehensive approach to HIV prevention. CAB-LA has been described as a
potential game-changer in the fight against HIV, a disease that has affected
many people. Nearly 40 million people were living with HIV at the end of
2023, while over 88 million have been infected since the beginning of the
epidemic.

 

Four African countries started offering CAB-LA in 2024: Zimbabwe, Malawi,
Zambia, and Eswatini in April. South Africa is scheduled to receive a
portion of the 231,000 doses of CAB-LA from the President's Emergency Plan
for AIDS Relief (PEPFAR) anytime between October and December this year, and
the remainder will be released over two years.

 

 

"My excitement stems from the fact that CAB-LA, administered every two
months, is more effective than oral PrEP in reducing new HIV infections.
With no HIV vaccine or cure in sight, CAB-LA and other long-acting
formulations can be a game changer in curbing the HIV epidemic if scaled up
globally, especially in low- and middle-income countries, particularly among
groups at higher risk of acquiring HIV," says Dr Antonio Flores, a Doctors
Without Borders (MSF) HIV/TB advisor based in South Africa.

 

After long negotiations with ViiV, the sole manufacturer of CAB-LA, MSF has
also successfully secured a limited number of doses of CAB-LA and is
preparing for the initial rollout in projects across Zimbabwe, Mozambique,
Malawi, and Eswatini. While the rollout is anticipated for later in the
year, MSF has already taken the first step by hosting a four-day training
workshop for clinicians, nurses, and future implementers.

 

 

"For MSF, this is our very first order of CAB-LA, and it will be our first
time implementing it, so we are very excited about this development and look
forward to contributing towards the HIV fight. Building capacity and
learning how to use CAB-LA in settings such as Malawi and Mozambique is an
essential first step. We see many vulnerable populations in conflict and
unstable contexts who could definitely benefit from CAB-LA and we are
determined to bring this game changer injection to these settings as well.
We hope that ViiV can provide adequate supply," says Dr. Flores.

 

CAB-LA has been applauded for its longer-lasting protection and discretion
compared to oral PrEP, ensuring people adhere to their chosen HIV prevention
method. Another long-acting formulation option, lenacapavir, can be
administered every six months and is expected to expand prevention choices
in the coming years.

 

 

The objective of the training was to equip MSF medical staff with the latest
knowledge, skills and strategies to effectively lead and coordinate the
roll-out of CAB-LA in MSF projects, thereby enhancing HIV prevention efforts
and improving health outcomes in high-risk populations. Combined with theory
and practice, the training covered topics such as the basics of CAB-LA,
clinical eligibility, management of side effects, PrEP counselling,
education and promotion, among other key topics.

 

"The launch of CAB-LA will be a great benefit to our clients and the people
of Zimbabwe since it is expected to be an excellent method to increase PrEP
uptake among at-risk populations. In addition to offering an even better
level of protection than oral PrEP, the two-monthly injection reduces the
burden of adherence by doing away with the requirement to take oral tablets
every day and the need to store a container of tablets, which enhances
privacy. The triad of privacy, convenience, and effectiveness are key
elements considered by most clients," said Dr Gerald Hangaika from MSF's
Mbare project, Zimbabwe, who participated in the CAB-LA training.

 

The newer long-acting injectable HIV prevention tools, such as CAB-LA and
lenacapavir, have the potential to transform HIV prevention efforts and
substantially reduce new infections if expanded worldwide. However, current
pricing remains prohibitively high, and access to these innovations is
severely restricted, limiting their impact on the global HIV epidemic.

 

MSF calls on pharmaceutical companies to supply adequate long-acting
formulations, ensure affordable pricing for the formulations for
low-middle-income countries as well as expedite support to generic
manufacturers of these formulations. MSF has played a major role in
responding to HIV worldwide since the mid-90s - implementing prevention and
treatment programmes, innovating to simplify care, and advocating with
affected communities and civil society partners for equity of access.

 

While HIV infections have decreased by 60% in 2023 since the peak in 1995,
new infections continue to emerge, particularly among women and girls in
Africa, according to UNAIDS. In 1995, approximately 3.3 million people were
newly infected with HIV, compared to 1.3 million in 2023, marking a
significant decrease. While this is commendable, more still needs to be done
to further reduce the new infections.

 

Women and girls remain vulnerable to HIV as they accounted for 44% of all
new infections in 2023, with Sub-Saharan Africa accounting for 62% of all
new HIV infections (UNAIDS). In addition, gay men and other men who have sex
with men, sex workers, transgender people, people who inject drugs and
people in prisons remain disproportionately vulnerable to HIV in all regions
of the world.SF.

 

 

 

 

Nigeria: NPA Boss Elected Chair of West African Ports Association

Mr Dantsoho said the recognition represents a significant milestone in the
continuing march of West and Central Africa Maritime states towards global
competitiveness and delivery of world class services.

 

The Managing Director of the Nigerian Ports Authority (NPA), Abubakar
Dantsoho, has been elected chairman of the Port Management Association of
West and Central Africa (PMAWCA). He is the first Nigerian to hold the
position.

 

The NPA in a statement on Thursday said the recognition came during the
closing ceremony of the 44th annual council and 19th roundtable of Directors
General of PMAWCA in Conakry-Guinea.

 

 

In his acceptance speech, Mr Dantsoho said the recognition represents a
significant milestone in the continuing march of West and Central Africa
Maritime states towards global competitiveness and delivery of world class
services.

 

He explained that the Nigerian government is committed to transformative
reforms in the maritime sector, including port modernisation, infrastructure
development, and digital automation as key drivers of operational efficiency
and non-oil export growth.

 

He added that the government is putting in place efforts to boost
operational efficiency as well as revenue generation.

 

"It is with great honour and privilege that I stand before my friends from
the countries of West and Central Africa today to accept the mantle of
leadership of our great association, PMAWCA and to serve as its chairman,"
Mr Dantsoho said.

 

He also called for collaboration among member states, stressing that robust
commitment and collaboration are essential to achieving mandates. He
expressed his commitment to relocating the PMAWCA headquarters to a more
visible and befitting place in Lagos, Nigeria, as well as addressing the
training needs of the association.

 

 

"Therefore, I will be seeking your usual cooperation and advice in helping
to ensure that we continue to develop the maritime sector in our various
countries and the West and Central African sub-region in general.

 

"Recalling our deliberations at the board of directors meeting, the need to
relocate the PMAWCA headquarters to a more visible and befitting place in
lagos Nigeria, the training needs of the association and the PCS is dear to
my heart and will do my very best in this direction to achieve these goals,"
he said.

 

On his part, the Minister of Marine and Blue Economy, Adegboyega Oyetola,
said Mr Dantsoho's election has proven the 'Renewed Hope' agenda of
President Bola Tinubu to turn around the port economy by creating the Marine
and Blue Economy was a step in the right direction.

 

"President Bola Ahmed Tinubu to create the Ministry is a monumental step
towards harnessing the vast untapped potentials of Nigeria's maritime
sector," Mr Oyetola said.

 

This decision, he said, is not only a demonstration of the president's deep
understanding of the economic possibilities of the sector, but also a clear
indication of his political will to ensure that Nigeria reclaims its
rightful place as a key maritime player globally.

 

He noted that the maritime industry has the potential to transform Nigeria's
economy, create jobs, and improve livelihoods.

 

"With our rich coastline and strategic location, the country is well
positioned to become a key hub for maritime activities in Africa. The
creation of this ministry therefore reflects the government's commitment to
building a future where the blue economy plays a major role in national
prosperity," he said.

 

Premium Times.

 

 

 

 

Nigeria: Lagos, Abuja Airports Get Full Certification From NCAA

Murtala Muhammed International Airport, MMIA, Lagos and Nnamdi Azikiwe
International Airport, NAIA, Abuja have acquired full certification from the
Nigeria Civil Aviation Authority, NCAA.

 

Acting Director General of NCAA, Chris Najomo, who spoke during the
presentation of certificates to the Federal Airports Authority of Nigeria,
FAAN, said Nigeria's aerodrome certificates were inactive from 2020.

 

Najomo also insisted that while the country had made good strides in the
recertification efforts, he said more work should be done.

 

The DG stated that some of the country's runways and airfield lighting
systems required further attention to fully meet the International Civil
Aviation Organisation, ICAO, standards.

 

 

His words: "The recertification process is not merely a formality; it is
anchored in the principles established by the International Civil Aviation
Organization, ICAO. As you may be aware, the ICAO Annexes, particularly
Annex 14, which pertains to Aerodromes, provide the framework for ensuring
that our airports are safe, efficient, and capable of meeting the demands of
modern aviation.

 

"This process involves rigorous assessments of our facilities, including
runway conditions and airfield lighting systems, to ensure compliance with
these global standards. Specifically, I would like to highlight the ongoing
assessments and improvements regarding the two primary runways in Lagos 18R.
The runways are crucial for our operations, and their conditions directly
influence the efficiency and safety of air traffic.

 

"We are also focusing our attention on the taxiways A, B, and C, which are
vital connectors that facilitate the smooth movement of aircraft on the
ground. In Abuja, the primary runway also requires our continued commitment
to ensure it continues to meet ICAO standards. Our goal is to enhance these
facilities further to provide a seamless travel experience for all
passengers."

 

Vanguard.

 

 

 

Kenya: Engage Workers On Strategic Reforms or Risk Failing - Cotu Tells Govt

NAIROBI - The Central Organization of Trade Unions (COTU) has called on the
government and state agencies to consult workers before implementing any
strategic reforms.

 

The trade union was reacting to President William Ruto's directive on
Thursday to cancel all contracts with the Adani Group, an Indian
conglomerate, citing new information from partner states and concerns raised
by Kenyans.

 

COTU Secretary-General Francis Atwoli Friday praised the President's
decision, describing it as bold and timely, adding that it has restored
workers' confidence in the government.

 

 

"Indeed, and as previously expressed by COTU both in public and private,
workers represented by the Kenya Aviation Workers Union (KAWU) had expressed
fears about numerous unfair contract terms, including the potential takeover
of JKIA operations by Indian entities for over 30 years," Atwoli stated.

 

Atwoli also emphasized that the move reinforces the Kenya Kwanza
administration's commitment to combating corruption and enhancing good
governance through the successful prosecution of related cases.

 

Cost of cancellation

 

The Law Society of Kenya (LSK) similarly lauded the cancellation and called
on the government to disclose the costs and losses incurred, particularly
concerning the Kenya Electricity Transmission Company Limited (KETRACO).

 

Energy and Petroleum Cabinet Secretary Opiyo Wandayi had defended the
Adani-KETRACO contract, asserting that comprehensive due diligence had been
conducted.

 

However, during his State of the Nation Address to Parliament, President
Ruto announced the immediate termination of the agreements.

 

"I now direct, in furtherance of the principles enshrined in Article 10 of
the Constitution on transparency and accountability, and based on new
information provided by investigative agencies and partner nations, that the
procuring agencies within the Ministry of Transport and the Ministry of
Energy and Petroleum immediately cancel the ongoing procurement process for
the JKIA expansion," Ruto stated.

 

The Adani Group is currently under indictment by the U.S. Department of
Justice for its alleged involvement in a multi-billion-dollar fraudulent
scheme.

 

COTU reaffirmed its commitment to promoting social dialogue among tripartite
partners to achieve inclusive economic growth and ensure workers' rights and
interests are safeguarded in future reforms.

 

Capital FM.

 

 

 

South Africa: Motorists Urged to Ensure Vehicles Are Roadworthy Before the
Holidays

With a total of 624 333 vehicle licences, or discs, expiring at the end of
November, the Road Traffic Management Corporation (RTMC) has encouraged
motorists to ensure their vehicles are roadworthy.

 

The call comes ahead of the festive season which is characterised by an
increased number of vehicles on the roads with travellers going to and from
their holiday destinations while others travel to spend time with their
families.

 

"The highest number of vehicle discs are in the Western Cape where 152 531
will be expiring, followed by KwaZulu Natal with 136 342, Mpumalanga with 67
654, Eastern Cape with 63 903, Limpopo with 56 408, Free State 45 425, North
West with 44 744, Gauteng with 35 142 and Northern Cape with 22 184.

 

 

"A further 1 026 269 will expire at the end of December 2024. Motorists can
conveniently renew vehicle discs online using online.natis.gov.za where they
can opt for their discs to be delivered at the address of their own choice,"
the RTMC said.

 

Freight and public transport operators have been urged to ensure their
drivers are fit and healthy, with renewed professional driving permits and
that vehicles are roadworthy.

 

"In addition, motorists should ensure that brakes, the steering rack,
lights, tyres, and windscreen wipers are in good condition before embarking
on their trips. Remember to have a spare wheel and the toolkit for emergency
situations.

 

"Travellers should now start planning their trips by obtaining information
on whether there is construction on the routes they will be using and
checking weather forecasts to determine whether it will be raining on the
day on which they will be travelling," the RTMC said.

 

With data indicating that many accidents occur at night, motorists are
advised to avoid driving at night if possible.

 

"Even during the day, switch on your car's headlights to increase
visibility. Driving without a valid driving licence card is an offence and
is punishable by law. We advise motorists to always carry a valid driving
licence card," the RTMC said.

 

SAnews.gov.za.

 

 

 

Uganda: Airtel Uganda Partners With Zte Corporation to Enhance Digital
Inclusion and Smartphone Penetration in the Country

Kampala - Airtel Uganda a leading 5G telecommunications network has
partnered with ZTE Corporation, a Chinese telecommunication company to
enhance digital inclusion across the country. This partnership seeks to
ensure Ugandans tap into and enjoy the benefits of the growing digital era
to advance the quality of their lives.

 

According to the 2024 Uganda Communications Commission (UCC) Market Report
for June, Uganda's internet use is increasing as 16.7 million users own
smartphones. With this statistic, it is evident that more Ugandans will
continue to actively seek access to smartphones and are interested in using
the internet for both business and personal use.

 

 

Airtel Uganda's partnership with ZTE Corporation is an indicator of the
network's commitment to offering the market a seamless internet experience
coupled with innovation and customer satisfaction.

 

Ali Balunywa, Director Sales and Distribution, Airtel Uganda during his
remarks said, "Our continuous collaboration with industry players is to
ensure that our customers enjoy products and services that they can leverage
to develop themselves. A smartphone and good internet connection in this era
can offer endless opportunities such as starting online businesses,
studying, research, entertainment, among others."

 

"The youth today are heavy users of the internet, there for, offering
avenues for affordable smartphones such as this partnership also opens
access for those with limited funds to opportunities that they can use to
generate sustainable income," He added.

 

Airtel customers who purchase the ZTE Nubia smartphone will enjoy a 15GB
data offer valid for 3 months and discounted data plans for ZTE Nubia users
who will pay through Airtel Money.

 

Micheal Xue, CEO ZTE Devices Uganda expressed his excitement for the ZTE
Nubia launch in Uganda citing that the brand is present in 20 African
countries and will continue to expand their presence across the continent.
He said, "We have already launched in 20 African countries including Uganda,
Tanzania, Ethiopia, Kenya, among others and next year we will put more
product into the African market. We are not going anywhere, we are here to
stay for a very long time."

 

Partnerships between different industry players such as these are essential
to providing the best products and services for Ugandans. "We have partners
here like Airtel Uganda and in future we will have more partners that we can
do business with," Xue added.

 

The ZTE Nubia Smartphone series seeks to revolutionize the smartphone
experience especially for users that subscribe to the Airtel Uganda network
with subsidized data packages and 4G coverage.

 

Some of features that come with the ZTE Nubia smartphone include:

 

Dual 3.5mm earphone jack for a great listening experience.

 

500 mAh large battery with an extreme fast charging rate.

 

Good camera backed with 50 MAF on the rear end + AI, 5 MFF at the front
which produces great photos & videos.

 

Wireless FM Radio which can be enjoyed on the go.

 

4G internet connectivity for a seamless experience guaranteed with high
definition videos and photos.

 

The ZTE Nubia Smartphone series go for as low as Ushs. 400,000 and are
available countrywide in all authorized Airtel Uganda service shops and
mobile dealers.

 

Independent (Kampala).

 

 

 

Ethiopia: Council of Ministers Approves Nearly 600 Billion Birr Supplement,
Raising Total Budget to 1.5 Trillion Birr

Addis Abeba - The Council of Ministers has authorized a substantial
supplementary budget of 581.98 billion birr for the current fiscal year,
bringing the total budget for the 2024/25 fiscal year to over 1.5 trillion
birr.

 

According to a statement issued by the Office of the Prime Minister, the
Council of Ministers convened on 21 November, 2024, to deliberate on the
federal government's supplementary budget and expenditure adjustment draft
proclamation.

 

The statement revealed that the supplementary budget and expenditure
adjustments were revised to account for the government's financial capacity,
projected revenues, and additional budgetary and expenditure estimates.

 

 

Following the discussion of the supplementary budget and expenditure
adjustment draft proclamation, the Council of Ministers approved the
proposal and forwarded it to the House of Peoples' Representatives for final
endorsement.

 

The Council of Ministers' approval of the supplementary budget comes five
months after the House of People's Representatives endorsed a nearly one
trillion birr budget for the current fiscal year.

 

In early July 2024, the parliament approved 971.2 billion birr for 2024/25,
a 21% increase from the previous year.

 

A macroeconomist, speaking to Addis Standard on the condition of anonymity,
highlighted the timing of the supplementary budget approval. He noted that
such approvals often coincide with the conclusion of the first half of the
fiscal year, when the government faces a shortage of funds to cover its
expenditures.

 

 

"Typically, requests for additional budget from the government emerge in
December or January," the expert noted. "This pattern is generally observed
in normal years, absent extraordinary circumstances that necessitate
additional funding."

 

The macroeconomist also drew attention to the substantial size of the
government's supplementary budget request, which amounts to 56% of the
original budget approved by the legislature for the entire fiscal year.

 

"Compared to previous supplementary budget requests, the current one
represents a significant increase," he noted.

 

As an example, he cited the 2021/22 fiscal year, during which the
supplementary budget amounted to 122 billion birr--representing 21.7% of the
561.67 billion birr original budget approved by parliament for the year.

 

The supplementary budget and expenditure adjustment, as outlined in the
statement issued by the Office of the Prime Minister, were formulated to
align with the revised medium-term macroeconomic and fiscal framework,
designed to "enhance the government's financial capacity and secure
necessary revenues."

 

 

Yesterday, the Council of Ministers also deliberated on the medium-term
(2024-2028) macroeconomic and fiscal framework.

 

"This framework constitutes the foundation for implementing macroeconomic
reforms and fiscal policy adjustments aimed at bolstering the country's
economic recovery under the second phase of the Homegrown Economic Reform
agenda," the statement reads.

 

It further elaborates that the medium-term framework has been "refined and
updated" in alignment with the macroeconomic reforms introduced in late July
2024.

 

Introduced on 28 July, 2024, the macroeconomic reforms aim to address
long-standing economic distortions by transitioning from a crawling peg
exchange rate system to a market-based foreign currency regime.

 

The macroeconomist suggested that the additional budget request may be
linked to the financial implications of these reforms, particularly the need
to adjust civil servant salaries.

 

"Although the government accounted for the salary adjustment when preparing
this year's budget in July, recent comments by officials, along with the
incomplete implementation of salary increases for all civil servants,
suggest that additional funding might be necessary," he remarked.

 

In early September 2024, the Ministry of Finance submitted a proposal to the
Council of Ministers requesting an additional 91.4 billion birr to fund a
salary increase of up to 332% for approximately 2.4 million public servants.

 

Finance Minister Ahmed Shide explained in a recent press briefing that the
salary adjustment for government employees became necessary following the
macroeconomic reforms, which are "expected to place additional financial
strain on fixed- and low-income earners."

 

"The salary adjustment aims to mitigate the rising cost of living for civil
servants," he noted.

 

However, Addis Standard reported last week that despite an announcement by
the Civil Service Commission regarding salary increases in October payments,
many federal employees and Addis Abeba municipality workers have yet to see
the adjustment reflected in their salaries.

 

Addis Standard.

 

 

 

 

Nigeria: 1 Out of 4 Nigerians Want to Migrate - NBS

The National Bureau of Statistics, NBS, says one out of four individuals
between ages 15 years and above would like to leave their communities
permanently or at least temporarily.

 

The NBS said this in its General Household Survey- Panel (GHS-Panel) Wave 5
2023/2024

 

The report showed that more men aged 15 years and above wanted to leave
their communities representing 31. 2 per cent compared to women at 19.3 per
cent.

 

It said among age groups, 34.5 per cent of people between 20 and 30 years of
age would like to migrate.

 

"This was followed by those between ages 15 and 18 at 26.9 per cent and
those between ages 31 and 64 at 25 per cent.

 

Leadership.

 

 

 

 

Nigeria Records 18,872 Cyber Attacks Monthly - Report

Nigeria is facing a significant surge in cyber threats, recording 18,872
cyber attacks monthly, according to a recent report. This alarming statistic
highlights Nigeria's position as a major digital hub in Africa.

 

The threat of cyberattacks has grown in Africa, especially in Nigeria, which
faces 4,718 weekly attacks.

 

Check Point Software Technologies, a cyber security platform provider,
disclosed this in its 2024 African Perspectives on Cyber Security Report,
which was released on Thursday. Nigeria has witnessed a sharp rise in
cyber-attacks, with the country ranked 19th in the global rankings for
attacks in July.

 

 

This growth has been recorded on the back of a growing digital economy, with
more people coming online and becoming more vulnerable to hackers.

 

The federal government has had to issue at least 33 cyberattack advisories
in the past year, the highest number on record.

 

According to the cyber security platform, Nigeria is one of the most
vulnerable to attacks on the continent. It noted that in a recent incident,
a banking trojan attack compromised 100,000 customer accounts and resulted
in $3 million in losses.

 

Financial institutions in the country have been the most prone to attacks.
According to the Nigeria Inter-Bank Settlement System, Fraudsters
successfully scammed over 80,658 bank customers in 2023, and bank customers
lost N59.33 billion between 2019 and 2023.

 

"The rapid digitalisation of Africa's key sectors has positioned the
continent as a prime target for sophisticated cyber threats," stated Lionel
Dartnall, acting country manager for South Africa at Check Point Software
Technologies.

 

Aside from Nigeria, other African nations like South Africa, Kenya, and
Morocco are facing targeted attacks on government, education, and financial
institutions. This is because Africa's economic growth is being driven by
digital infrastructure, which has also brought increased vulnerability.

 

The company highlighted that South Africa faces 3,312 attacks weekly on
government entities and a 90 percent surge in ransomware. Cybercrime costs
the country close to 1 percent of its GDP. Kenya experiences 4,719 attacks
weekly.

 

Morocco records 8,733 attacks weekly and is one of the most targeted nations
on the continent.

 

The cyber security platform noted that mounting cyber threats targeting
critical sectors across the continent emphasise the need for organisations
to strengthen their cyber security postures, adopt robust security measures,
and align with global standards to protect operations and secure valuable
trade partnerships.

 

It stated that this growth in attacks underscores the need for
public-private collaboration to address these cyber security challenges,
with investments in AI-driven threat detection and continuous monitoring
needed. However, it noted that despite cybersecurity's critical importance,
African companies allocate only 0.05 percent of their revenue to
cybersecurity, far below the global average of 0.3-0.5 per cent.

 

Head of Security Sales Engineering for Africa at Check Point Software
Technologies, Issam El Haddioui, added, "Now is the time for African
organisations to take proactive steps to align with global standards and
bolster their cybersecurity resilience."

 

Leadership.

 

 

 

 

Kenya: Sakaja Vows to Fix Nairobi's Dilapidated Roads

Nairobi - Nairobi Governor Sakaja Johnson has reassured city residents of
his administration's commitment to rehabilitating the city's neglected
roads, which have gone without repair for months.

 

Speaking before the Senate's County Public Accounts and Investments
Committee (CPAIC), the governor confirmed that discussions with the National
Government had led to a plan to jointly address the state of the roads.

 

During the session, Sakaja revealed that the County Government, in
collaboration with the Ministry of Transport, had agreed to allocate funds
to repair all roads under the jurisdiction of the County, Kenya Urban Roads
Authority (KURA), Kenya Rural Roads Authority (KeRRA), and Kenya National
Highways Authority (KeNHA).

 

 

"We have agreed to work in conjunction with the National Government to
address the condition of these roads. Some roads fall under the national
government, while others are under the county's mandate. This coordination
will bring change, and soon Nairobi residents will notice the difference,"
Governor Sakaja affirmed.

 

Addressing concerns about ongoing construction activities in areas like
Kilimani and Kileleshwa, the governor noted that the influx of trucks has
severely damaged roads in these neighborhoods. He emphasized that developers
would not be issued occupancy licenses for newly constructed buildings until
they repaired the affected roads.

 

"The dire state of roads in Kilimani and Kileleshwa is largely due to
ongoing construction. Developers are aware they must repair the roads after
completing their projects. Only then will occupancy licenses be issued,"
Sakaja stated.

 

The governor also highlighted ongoing rehabilitation efforts in various
parts of the city, starting with the Central Business District (CBD),
Eastlands, and other priority areas. These efforts aim to address Nairobi's
road infrastructure challenges and restore order to the capital.

 

Residents will be watching closely to see if these commitments translate
into tangible improvements on the ground.

 

Capital FM.

 

 

 

 

Nigeria: We Built Oil Refinery When No IOC Was Willing, Says Dangote Group's
Edwin

The Vice President of Oil and Gas at Dangote Industries Limited, Mr.
Devakumar Edwin, has taken a swipe at Shell, ExxonMobil and Chevron as well
as other international oil companies (IOCs), saying they were unable to
build a multi-billion refinery in Nigeria like Dangote.

 

Edwin specifically said Dangote Refinery had done what Shell, ExxonMobil,
Chevron, or other international oil companies can't do by building a $20
billion plant in Nigeria.

 

He made the assertion while receiving members of the Senate Committee on
Trade and Investment at the refinery complex in Lekki, Lagos State.

 

 

Edwin told the senators, led by the Chairman of the Committee, Sadiq Umar,
that Dangote Refinery, a Nigerian company, took up the challenge to build
the largest single-train refinery in the world. He said about six companies
in the world could do the same.

 

"Here, a Nigerian company took up the challenge that nobody, like Shell,
Chevron or ExxonMobil, has ever done in any part of the world. So, the
Nigerian company--Dangote Projects Limited--took up the challenge and built
the refinery on time. And this is the world's largest single-train
refinery," he said.

 

On his part, the Chairman of the Senate Committee on Trade and Investment,
Umar, assured the refinery of the National Assembly's support. According to
him, the $20 billion project is a national asset that must be protected.

 

Umar stated: "For us as legislators, you can rest assured that we know what
you have done here; we know what it means to the country. We will do
anything within our power to see how we can support you to succeed so that
Nigeria can succeed.

 

"This investment we have seen here is an investment for the country and the
world, not necessarily for Dangote himself. It is our responsibility to see
what we need to do to encourage him.

 

"I am sure you can see a lot of actions in what the president has done to
support him so that the country will be better for it."

 

This comes as Bloomberg reported on Wednesday that the
650,000-barrel-per-day Dangote Refinery has resumed crude imports from the
United States after three months to ramp up production capacity.

 

The development may not be unconnected to the inadequate supply of crude by
the Nigerian National Petroleum Company Limited (NNPC) despite the
naira-for-crude-sales deal between the federal government and Dangote
Refinery.

 

This Day.

 

 

 

 

Nigeria: Tinubu to IMF - Our Reforms Now Bearing Positive Results

President Bola Tinubu has assured that his administration will continue to
prioritise the welfare of the poor and most vulnerable, saying his
government's economic reforms have started to bear fruit.

 

Tinubu gave the assurance Wednesday night in Rio de Janeiro, Brazil, when
Managing Director of the International Monetary Fund (IMF), Kristalina
Georgieva, paid him a courtesy call. A release issued by Adviser on
Information and Strategy to the President, Bayo Onanuga, said Tinubu
acknowledged that his administration's reforms had weakened the purchasing
power of many Nigerians, during the meeting held on the side-lines of the
G20 Leaders' Summit.

 

 

But the president said his government will continue to provide social safety
nets to cushion the unintended consequences.

 

Congratulating the IMF chief on her election for a second term, Tinubu
appreciated her support in implementing the reforms, calling for more
institutional backing for stability and sustainable growth.

 

"We have started seeing positive results from our reforms, and the Nigerian
people now understand the need for them, but we have to reduce the hardship
that has resulted from the implementation," Tinubu stated.

 

He emphasised the critical need for educational access, saying, "We have too
many children out of school, and we know that education is a way out of
hunger and poverty. That is why we are designing ways and incentives to keep
these children in school, and we need your support for these kids who want
to stay in school."

 

Tinubu stressed that substantial resources must be invested to achieve the
much-needed infrastructural development in the country.

 

 

He stated that Nigeria was working on tax reforms to further stimulate the
economy.

 

He said, "We are engaging stakeholders and sensitising Nigerians to expand
the economy's tax base for inclusive developmental growth. We are doing this
without necessarily increasing the taxes on our people who have already
given a lot. We will require your support on this."

 

In her remarks, the IMF managing director, who expressed a desire to visit
Nigeria, commended the Tinubu administration's economic reforms and their
positive indicators.

 

She assured the president of further support in diversifying the Nigerian
economy.

 

Georgieva specifically lauded the social investment programmes as a way of
cushioning the effects on the most vulnerable and promised the assistance of
the fund in this regard.

 

Contrary to popular perception, Georgieva said IMF was focused on developing
vulnerable societies and devoting substantial resources to emerging
economies.

 

She expressed the fund's readiness to offer technical support for the
budgeting process in Nigeria, adding that it will assist the country to
achieve the best possible results from loans.

 

Georgieva said the world had suffered some shocks from the covid 19 pandemic
that caused damage to world economy, adding that over the last two years,
IMF has injected about $1 trillion into the global economy.

 

While the developed countries managed the shocks better, the developing
nations did not, she stated.

 

She said IMF was working with developing countries to build resilient
institutions to better manage future global economic shocks.

 

According to her, it is the right of every country to benefit from the fund
after a critical analysis of its priorities.

 

The IMF boss informed Tinubu that the organisation's Executive Board had
approved the third Chair for Sub-Sahara Africa (SSA), to enhance the African
voice.

 

She congratulated Nigeria on hosting IMF's African Caucus meeting in Abuja
in August.

 

Georgieva also advocated deepening regional economic ties, saying IMF is
ready to support this process.

 

This Day.

 

 

 

Uganda Resurrects SGR Rail Project in Tororo

Tororo - Construction works on the delayed Standard Gauge Railway (SGR) in
Uganda have been commissioned by President Yoweri Museveni. The project
connecting the SGR from Tororo to Kampala is expected to run for 48 months.

 

The works on the 272-kilometre railway project will be undertaken by the
Turkish construction firm, Yapi Merkezi (in joint venture with YM Global),
which signed the contract with the government in mid-October.

 

This will be the first section of a planned 1,700 km electric rail line and
would cost 2.7 billion Euros (3 billion Dollars) or about 10.8 trillion
Shillings.

 

 

The project will be funded by the government and funds from credit
organisations to finance the project, which will take 48 months to complete
once started. Citibank is the lead arranger for the syndicated credit
facility.

 

President Museveni said that the railway system is part of a wider long-term
plan to rationalise the transport system and decongest the road network.

 

President Museveni also used the chance to further justify the government's
decision to rationalise public expenditure through mergers and abolition of
ministries, departments and agencies.

 

Giving the example of Uganda National Roads Authority (UNRA), he said after
the economy reached a minimum recovery level, there was no need for spending
through ministries and then authorities in the same sector.

 

The first phase rail section will run from the border with Kenya through
several towns to Kampala, with later plans to extend it to the borders of
the Democratic Republic of Congo, Rwanda and South Sudan, a total of 1,700
kilometres.

 

 

Before construction works commenced, the government mainly focused on the
acquisition of land for the project.

 

To date, at least 150km of land out of the 272km of the Right of Way has
been acquired in the districts of Tororo, Butaleja, Namutumba, Luuka,
Iganga, Mayuge, Jinja and Buikwe, with the next phase targeting Mukono,
Wakiso and Kampala.

 

Minister of Works and Transport Edward Katumba Wamala stressed the need for
transparency, respect for timelines and National Content Policy.

 

He also assured the country that the SGR will operate seamlessly with Kenya
as the two countries have agreed on completion timelines for both lines to
reach the common border.

 

He says that among the many advantages, the SGR will reduce the cost of
transportation by about half.

 

The project coordinator, Wamburi vowed to ensure that the contractors source
materials first from local sources, with companies like Roofings, Hima
Cement and Tororo ready to supply.

 

Yapi Merkezi, the contractor, says the railway line will have the capacity
to move 25 million tons of cargo per year.

 

Erden Arioğlu, the Vice Chairman of the company pledged to meet the
requirements of the deal, including timeliness, transparency and quality.

 

This was also stressed by the Turkish Ambassador to Uganda, Mehmet Fatih AK,
as important for the relationship between Uganda and Turkey. The ambassador
said he was confident the contractor would use the wide experience in
Railway construction in more than 100 countries.

 

It will realise transport speeds of 100km per hour for cargo and 120km per
hour for passenger transport.

 

Other SGR lines planned in the future include the Northern Line from
Tororo-Gulu-Nimule (at the South Sudan border) (465km) with a spur from
Gulu-Pakwach to Vurra (at the DR Congo border - 297 km); the Western Line
from Kampala- Bihanga-Kasese - Mpondwe (DR Congo border) with a spur to Hima
Cement (383Km); and Southern line from Bihanga - Mirama hills (Rwanda
border) with a spur to Muko (280 km).

 

The SGR was originally an East African project, but faced financing
problems. Kenya did a section of the SGR but it did not connect to Uganda,
Rwanda and Sudan as was originally planned over 8 years ago.

 

Independent (Kampala).

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls 'n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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been compiled from s believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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companies typically involve a higher degree of risk and more volatility than
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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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