Major International Business Headlines Brief::: 16 September 2024
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Major International Business Headlines Brief::: 16 September 2024
<mailto:info at bulls.co.zw>
ü Rwanda Achieves Top Ranking in Global Cybersecurity
ü Nigerian Govt Unveils Initiative to Reduce Unemployment By 20 Percent in
Five Years
ü Nigerian Govt Unveils Initiative to Reduce Unemployment By 20 Percent in
Five Years
ü Liberia: LEC Biggest Problem Is Govt
ü Tunisia - A New Lease of Life for Kairouan's Wheat and Olive Farms Life
ü Gambia: Minister Keita Says Gambia Conducted Digital Census
ü Nigeria: Tinubu Upbeat On Economy As Nigeria Records N6.95tn Trade
Surplus in Q2
ü South Africa: Factory Forced to Relocate From Free State to Gauteng
Because of Electricity Outages
ü Nigeria: NNPC Demands Deployment of Its Crude Monitoring Team to Dangote
Refinery
ü Ethiopia: National Reform Transforming Technology, Digital Sector in
Ethiopia
ü Ghana: Bitumen Plant Can Help Reduce Cost of Road Construction
ü Tanzania: Govt Disburses 4bn/ - for Major Infrastructure At Ibanda -
Kyerwa National Park
ü Billionaire investor warns of threat to democracy
ü TikTok to begin appeal against being sold or banned in US
<mailto:info at bulls.co.zw>
Rwanda Achieves Top Ranking in Global Cybersecurity
In this year's Global Cybersecurity Index report, the International
Telecommunications Union (ITU) has ranked Rwanda first tier in Global
Cybersecurity, attaining a score of 95-100%. Rwanda was grouped with 46
other countries, in a selection reserved for "Role Model" nations that
demonstrate the ideals of all 5 cybersecurity pillars. Five of the 46 are
African countries: Rwanda, Mauritius, Ghana, Kenya, and Tanzania. They join
global leaders such as Japan, the United States, Qatar, The United Arab
Emirates, South Korea, and others.
ITU indicates stated that "The Global Cybersecurity Index is a trusted
benchmark that measures the commitment of countries to cybersecurity at a
global level." Rwanda's placement in the first tier is a testament to the
government's dedication to building a secure and safe cyberspace.
Cybersecurity is crucial for a country's development and economic
prosperity, providing protection from dangers in today's digital world.
ITU Secretary-General Doreen Bogdan-Martin spoke on the importance of
ensuring security in the digital world in an earlier statement. She
emphasized that "The Progress seen in the Global Cybersecurity Index is a
sign that we must continue to focus our efforts to ensure that everyone,
everywhere can safely and securely manage cybersecurity threats in today's
increasingly complex digital landscape."
Eraste Rurangwa of the National Cyber Security Authority reiterated the
importance of this milestone. He noted that while this milestone is
commendable and reflects the government's commitment to building a secure
cyberspace, there is a need to remain vigilant , cognizant of the complex
and evolving nature of today cyber threats. " All must stay vigilant in the
face of increasingly sophisticated challenges, particularly in the age of
threats powered by emerging technologies like Artificial Intelligence,"
Rurangwa added.
This ranking is a reflection of Rwanda's proactive approach to addressing
digital security challenges and its commitment to fostering a secure
cyberspace for its citizens and businesses.
As Rwanda continues to advance its digital transformation agenda, this
recognition serves as both a milestone and a reminder of the ongoing need
for robust cybersecurity measures.
- New Times.
Nigerian Govt Unveils Initiative to Reduce Unemployment By 20 Percent in
Five Years
"The key goals are to reduce youth unemployment by 20 per cent in the next
five years and achieve a 50 per cent increase in youth-led enterprise."
The federal government has unveiled the National Youth Skills Programme
(NYSP), a transformative initiative aimed at addressing youth unemployment
and equipping them with essential skills for the future.
The Minister of Youth Development, Jamila Ibrahim, spoke at the unveiling
event on Thursday in Abuja.
Ms Ibrahim said that the programme was developed to tackle unemployment and
equip young people with employable skills.
"The key goals are to reduce youth unemployment by 20 per cent in the next
five years and achieve a 50 per cent increase in youth-led enterprise.
"Through regular assessment, feedback loops and data analysis, we will
adjust our strategies as needed to ensure that we stay on track and that no
one is left behind.
"With the right skills and training, our youth cannot only find employment
but also become the driving force behind these sectors, creating a ripple
effect of job opportunities."
According to her, beyond technical skills, the government is committed to
empowering the youths with financial tools to succeed.
"It is not enough to be skilled; we must ensure these young men and women
have access to the capital they need to start their business.
"Through the Nigerian Youth Investment Fund, we have already allocated 110
billion naira for the 2024 fiscal year to support youth-led businesses.
"With the upcoming National Youth Development Bank, we will expand this,
providing more youth with the grants, loans and mentorship they need to turn
their ideas into thriving enterprise."
The minister said that women and persons with disabilities were often left
out of the economic conversation.
"That is why we are committed to ensuring that 50 per cent of programme
participants will be female and we have designed specific pathways for young
women to thrive in sectors like technology, healthcare and
entrepreneurship."
Ms Ibrahim said that the framework would also allow them to track key
performance indicators such as the number of jobs created, the success rate
of youth-led businesses and the overall contribution to national economic
growth.
"We have also partnered with local and international organisations to ensure
that persons with disabilities have full access to all training programmes,
with necessary accommodation as well to be provided.
"We will also measure long-term impacts such as income growth and poverty
reduction."
According to Ms Ibrahim, NYSP is designed to target 11 key sectors crucial
to Nigeria's development - agriculture, renewable energy, digital economy
and manufacturing.
She listed others as healthcare services, creative arts, sustainable
mobility, circular economy, teaching skills, mining and gemstone processing,
and blue economy.
"This dual focus on skills and financial support aims to address the gaps in
previous initiatives that lacked sufficient backing.
"The programme will also ensure nationwide outreach, utilising digital
platforms to connect with both urban and rural areas," she said.
Also, the Senior Special Adviser to the Minister, Aminu Abdullahi,
reiterated the programme's alignment with President Bola Tinubu's Renewed
Hope Agenda.
Mr Abdullahi said the programme aimed to equip more than five million youths
with employable skills and foster entrepreneurship and innovation.
According to him, the NYSP will implement a robust monitoring and evaluation
framework to track progress and measure impact.
He said that the framework would assess key performance indicators such as
job creation, business success rates, economic contributions and annual
evaluations.
Mr Abdullahi said that such would ensure transparency and continuous
improvement, learning from past experiences to better support the youth.
He called on private sector partners, government agencies, and international
organisations to collaborate to ensure the NYSP's success.
(NAN)
- Premium Times.
Nigerian Govt Unveils Initiative to Reduce Unemployment By 20 Percent in
Five Years
"The key goals are to reduce youth unemployment by 20 per cent in the next
five years and achieve a 50 per cent increase in youth-led enterprise."
The federal government has unveiled the National Youth Skills Programme
(NYSP), a transformative initiative aimed at addressing youth unemployment
and equipping them with essential skills for the future.
The Minister of Youth Development, Jamila Ibrahim, spoke at the unveiling
event on Thursday in Abuja.
Ms Ibrahim said that the programme was developed to tackle unemployment and
equip young people with employable skills.
"The key goals are to reduce youth unemployment by 20 per cent in the next
five years and achieve a 50 per cent increase in youth-led enterprise.
"Through regular assessment, feedback loops and data analysis, we will
adjust our strategies as needed to ensure that we stay on track and that no
one is left behind.
"With the right skills and training, our youth cannot only find employment
but also become the driving force behind these sectors, creating a ripple
effect of job opportunities."
According to her, beyond technical skills, the government is committed to
empowering the youths with financial tools to succeed.
"It is not enough to be skilled; we must ensure these young men and women
have access to the capital they need to start their business.
"Through the Nigerian Youth Investment Fund, we have already allocated 110
billion naira for the 2024 fiscal year to support youth-led businesses.
"With the upcoming National Youth Development Bank, we will expand this,
providing more youth with the grants, loans and mentorship they need to turn
their ideas into thriving enterprise."
The minister said that women and persons with disabilities were often left
out of the economic conversation.
"That is why we are committed to ensuring that 50 per cent of programme
participants will be female and we have designed specific pathways for young
women to thrive in sectors like technology, healthcare and
entrepreneurship."
Ms Ibrahim said that the framework would also allow them to track key
performance indicators such as the number of jobs created, the success rate
of youth-led businesses and the overall contribution to national economic
growth.
"We have also partnered with local and international organisations to ensure
that persons with disabilities have full access to all training programmes,
with necessary accommodation as well to be provided.
"We will also measure long-term impacts such as income growth and poverty
reduction."
According to Ms Ibrahim, NYSP is designed to target 11 key sectors crucial
to Nigeria's development - agriculture, renewable energy, digital economy
and manufacturing.
She listed others as healthcare services, creative arts, sustainable
mobility, circular economy, teaching skills, mining and gemstone processing,
and blue economy.
"This dual focus on skills and financial support aims to address the gaps in
previous initiatives that lacked sufficient backing.
"The programme will also ensure nationwide outreach, utilising digital
platforms to connect with both urban and rural areas," she said.
Also, the Senior Special Adviser to the Minister, Aminu Abdullahi,
reiterated the programme's alignment with President Bola Tinubu's Renewed
Hope Agenda.
Mr Abdullahi said the programme aimed to equip more than five million youths
with employable skills and foster entrepreneurship and innovation.
According to him, the NYSP will implement a robust monitoring and evaluation
framework to track progress and measure impact.
He said that the framework would assess key performance indicators such as
job creation, business success rates, economic contributions and annual
evaluations.
Mr Abdullahi said that such would ensure transparency and continuous
improvement, learning from past experiences to better support the youth.
He called on private sector partners, government agencies, and international
organisations to collaborate to ensure the NYSP's success.
(NAN)
- Premium Times.
Liberia: LEC Biggest Problem Is Govt
Liberia-The Liberia Electricity Corporation (LEC) is not up to standards in
its electric power distribution and transmission requirements due to myriad
of bottlenecks including unending wave of power theft which robs it millions
of dollars.
But with consistent efforts by past and present managements to proffer
workable solution to these issues which continue to render the national
power company ineffective, some stakeholders also believe other factors have
a part to play.
One person who is not just looking within is Senator Edwin Melvin Snowe of
Bomi County, who claimed that the Corporation's biggest problem is the
Government of Liberia.
Sen. Snowe said government is undermining LEC in generating needed revenue
to take care of many of the problems it is faced with, including providing
sustainable electricity to Monrovia and its environs due to its inability to
pay its bills.
The LEC, like many other public corporations such as Liberia Petroleum
Refinery Company (LPRC) and Liberia Water and Sewer Corporation (LWSC)
Liberia Telecommunications Authorities (LTA), are service providers, relying
on funds generated from services provided to improve and expand services as
well in a win-win situation.
While the government is fully paying for telecommunication bills, including
gas and water, Sen. Snowe disclosed same is not being accorded the LEC, in
terms of willingness on the part of government to pay power bills.
Senator Snowe, who chairs the Senate Committee on Hydrocarbon, told a local
radio Thursday that the Executive Mansion, the Temple of Justice and the
Legislature do not have LEC meters, though they are using LEC facilities to
power their offices, adding that the problem is affecting the operation of
the entity, making it hard to meet up with its responsibility.
He said all ministries and agencies and commissions often make allotments
for generator fuel when submitting their operational budget, but fail to do
so LEC bill.
Senator Snowe warned against such attitude and demanded that it should
change.
"With such an attitude on the part of the government, the citizens will also
be encouraged to engage in power theft, and eventually undermine the
effectiveness of the LEC Management," Senator Snowe said.
The Bomi County lawmaker said his committee is holding numerous meetings
with services providers and regulators in the energy sector, such as the
Electricity Regulatory Commission, Ministry of Mines and Energy and the
Liberia Electricity Corporation.
He said meetings will provide the committee with clear understanding of the
challenges they are confronted with in providing electricity across the
country.
Senator Snowe disclosed that the Senate is working out modality to ensure
the installation or placement of LEC meter at the Capitol Building to enable
them commence the payment of LEC Bills.
Share
- New Republic.
Tunisia - A New Lease of Life for Kairouan's Wheat and Olive Farms Life
Faced with lingering drought, Tunisia's olive and wheat farmers have been
struggling for years.
Abdelmajid Belghouti, a farmer in Kairouan, looks ruefully at what remains
of the water storage basins that once served his forebears, the Aghlabides,
who have farmed these lands for thousands of years. With rainfall
increasingly scarce, the basins no longer carry enough water, and difficult
decisions have to be made.
"We live in the countryside. We have no water," the 50-year-old says. "Every
house has a basin that stores rainwater. We can either drink or use it for
irrigation."
The solution for the farms lies in mobilizing water from the nearby Sidi
Saad dam. The African Development Bank is funding a EUR 59 million project
to develop an irrigation project that is making available to farmers water
that was previously inaccessible inside the dam, one of the largest in
Tunisia. The project also includes the deployment of solar-powered pumping
systems.
Now things are changing for the better. The project has been a lifesaver for
Abdelmajid's farm of olive trees, stretching across five hectares in
Kairouan governorate. "Water is available, olives are of better quality, and
we've even been able to plant wheat," he says.
A surge in yields means that he now earns as much as 5,000 dinars from each
hectare, compared with 1,500 before the irrigation project.
Abdelmajid is just one of more than 20,000 farmers who have benefited. Half
of these are women, who can now boast of greater financial independence and
a better quality of life. Some 9,000 hectares in total have been brought
into production.
Imen Tahri, the president of an agricultural development group in Sidi
Bouzid, is one of those women. Before the project, she was considering
abandoning agriculture. Now, thanks to irrigation, she says her olive
harvest has risen seven-fold, and she now makes enough from the farm to
cover her family's needs.
Kairouan also happens to be a UNESCO World Heritage site. By making more
water available, the Bank-funded project is helping preserve and enhance the
region's historic landscapes, and revitalising the local economy - making a
difference to the lives of many.
- African Development Bank (AfDB).
Gambia: Minister Keita Says Gambia Conducted Digital Census
Mr Seedy Keita, the Gambia's Minister of Economic and Finance has said the
2024 population and housing census marks the first time the country embarked
on a digital census.
He said the 2024 census marked the adoption of the Computer Assisted
Personal Interviewing (CAPI) method. He added that the digital approach has
revolutionised the data collection process, enabling real-time data entry
and immediate verification.
Minister Keita said the 2024 population census provided a comprehensive
snapshot of the population and housing conditions, offering critical
insights that are essential for effective governance and development
planning.
"This census has been carried out with diligence and precision,
incorporating state-of-the-art technology and methodologies to ensure its
accuracy and reliability," he said.
He said that the use of CAPI enhances the efficiency of data collection and
also ensures a higher level of accuracy and consistency in the information
gathered.
He further explained that the integration of Geographic Information System
(GIS) technology has played a crucial role in this census. GIS has allowed
them to map and record the geographical coordinates of structures with
precision.
"This spatial data provides valuable insights into population distribution
and housing patterns, facilitating more informed planning and
decision-making. The data generated from the 2024 Census will serve as a
cornerstone for national development planning and policy formulation. It
will provide a detailed understanding of demographic trends, social
conditions, and other factors, which are essential for designing effective
policies and programs," he stated.
Minister Keita said the 2024 census information will support the
Government's strategic goals outlined in the Recovery-Focused National
Development Plan (RF-NDP 2023-2027) and contribute to achieving the
objectives of the Africa Union Agenda 2063 and the global Sustainable
Development Goals (SDGs).
He said that the census data will be invaluable for regional development
planning and resource allocation at the Local Government Area (LGA) level.
"By offering detailed, disaggregated data, the census will assist local
authorities in making informed decisions and implementing development
initiatives that address the specific needs of their communities," he said.
- Foroyaa.
Nigeria: Tinubu Upbeat On Economy As Nigeria Records N6.95tn Trade Surplus
in Q2
The country's total external merchandise trade recorded a favourable trade
balance of N6.5 trillion in the second quarter of the year (Q2 2024), the
National Bureau of Statistics (NBS) said yesterday.
The trade performance promptly drew accolades from President Bola Tinubu,
who attributed the feat to current reforms initiatives by his
administration.
The president, in a release issued by his Special Adviser on Information and
Strategy, Bayo Onanuga, expressed confidence in the reforms his
administration is pursuing and believed they will create a more robust
economy that will usher in a new era of prosperity for Nigerians.
The statement pointed out that the economic indicators, which were low when
Tinubu assumed office last year, are turning positive.
The government, according to the statement, will continue to consolidate on
the gains of the reforms as more fiscal and tax policy reforms already
embarked upon by the administration come to fruition.
Tinubu also reaffirmed his determination to confront the inhibitions that
have stunted the growth and development necessary to unlock the country's
full potential.
The trade figures came days after the country recorded almost 100 per cent
oversubscription of its first $500 million domestic bond and half-year
revenue of N9.1 trillion.
The latest trade report underscored the increasing positive shifts in the
economy over the last year, the statement added.
According to the Foreign Trade in Goods Statistics -Q2 2024, which was
released by the statistical agency, total trade however, declined by 3.76
per cent N31.89 trillion when compared to the preceding quarter, and
rose150.39 per cent compared Q2 2023.
Essentially, exports accounted for 60.89 per cent of total trade which
amounted to N19.42 trillion, representing a marginal increase of 1.31 per
cent compared to N19.17 trillion in Q1 2024, and a 201.76 per cent rise over
N6.44 trillion in Q2 2023.
According to the NBS, crude oil dominated exports trade in the quarter under
review, accounting for N14.56 trillion or 74.98 per cent of total exports.
On the other hand, non- crude oil exports stood at N4.86 trillion or 25.02
per cent of total exports, of which non-oil products contributed N1.94
trillion or 10.01 per cent of total exports.
On the other hand, total imports decreased by 10.71 per cent N12.47 trillion
in Q2 compared to N13.97 trillion in the preceding quarter, but rose 97.93
per cent compared to N630 trillion in Q2 2023. Total imports accounted for
39.11 per cent of total trade.
Essentially, the balance between exports and imports resulted into the trade
surplus
In the quarter under review, Spain emerged as the largest export partner,
receiving goods valued at N2.01 trillion or 10.34 per cent of Nigeria's
total exports.
The United States followed closely with N1.86 trillion (9.56 per cent),
France N1.82 trillion (9.37 per cent), India (N1.65 trillion (8.50 per cent)
and The Netherlands N1.38 trillion.
European and American countries dominated Nigeria's top export destinations
in the review period.
Conversely, China remained the country's highest trading partner on the
import side, followed by Belgium, India, United States of America, and The
Netherlands.
- This Day.
South Africa: Factory Forced to Relocate From Free State to Gauteng Because
of Electricity Outages
NLG Gloves has been in Harrismith since 1993 and employed 71 people from
surrounding communities.
A glove making factory in Tshiame, Harrismith, which employs more than 70
workers, has had to make the difficult decision to relocate to
Carletonville, more than three hours drive away, to save the business.
This is due to the unreliable power supply in the Maluti-a-Phofung local
municipality.
A senior employee, who asked not to be named, says the company has said that
workers willing to relocate or travel to the new location will remain
employed. But most of them have homes and families in the town and are
unlikely to travel back-and-forth to a neighbouring province of Gauteng.
Businesses across Harrismith in the Free State have been battling to stay
afloat as the Maluti-a-Phofung local municipality has had crippling
electricity outages in recent weeks.
As a result of this, one factory in Tshiame, which employs more than 70
workers, has had to make the difficult decision to relocate to a
neighbouring province to save the business due to the unreliable power
supply.
Last month GroundUp reported that villages in and around Harrismith as well
as the Maluti-a-Phofung Special Economic Zone, had been without power for
more than a week after thousands of litres of oil were apparently stolen
from the Greenland substation in Tshiame. But many residents and business
owners complained that there were frequent power outages.
While electricity has since been restored to most parts of the municipality,
staff at NLG Gloves were distraught on Wednesday when the company announced
that it would be relocating to Carletonville in Gauteng.
The industrial glove manufacturing factory has been operating in the Tshiame
community since 1993 supplying mines nearby and employs 71 workers from
surrounding communities.
A senior employee, who asked not to be named, told GroundUp that employees
had left early that day because they were distraught by the news. According
to the worker, the company has said that those willing to relocate or travel
to the new location will remain employed. But most of them have homes and
families in the town and are unlikely to travel back-and-forth to Gauteng.
He said they were told that the factory would be closing at the end of
September.
"We have big machines that need electricity and every time there was no
power, we had to wait. So, imagine every time when the customer needs
orders, we are always using electricity issues as an excuse, so it looks
like we are failing," he said.
Another employee, Malesedi Moloi, said, "I've been with the company for 11
years. I am not willing to relocate because I am a mother of two. If I leave
it means I have to get someone to look after [my daughters] and that person
has to be paid."
Thabo Kessah, spokesperson for the municipality, said that it was
"unfortunate that NLG Gloves is leaving at the time when the Distribution
Agency Agreement (DAA) signed with Eskom is being implemented".
According to Kessah, the municipality's agreement with Eskom has only
recently been implemented as Eskom and municipality were setting up a
Project Management Office to deal with matters like customer service,
secondment of municipal employees, among other things.
The process of stabilising supply has already started in Kestell and will,
in the next few days, start in Harrismith and later Qwaqwa, said Kessah.
- GroundUp.
Nigeria: NNPC Demands Deployment of Its Crude Monitoring Team to Dangote
Refinery
Indications emerged yesterday that the Nigerian National Petroleum Company
Limited (NNPC) and the leadership of the Dangote Refinery may be making
progress in their three-week negotiations on in-country fuel supply, with
the national oil company now requesting to deploy its permanent monitoring
team at the facility as part of the deal between the two entities.
Also, it was learnt that the President of Dangote Group, Aliko Dangote, has
now accepted to sell the refined petrol from his 650,000 barrels per day
refinery in Nigeria's local currency, the Naira, as part of the agreements
reached with the NNPC.
Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin,
disclosed this during an X Space event hosted by 'Nairametrics' and
monitored by THISDAY.
Edwin, at the session, discussed the progress made by the refinery in the
production of Premium Motor Spirit (PMS) commonly known as petrol, stressing
that the NNPC had informed the management of Dangote Group of its intention
to station a team of six to 10 people permanently at the $20 billion
refinery.
Edwin said NNPC told the management of the refinery that the team would be
overseeing the production and buying back the products in Naira since the
national oil company would be supplying the crude.
He added that the request aligns with the NNPC's aim to closely monitor the
entire process, ensuring consistent crude supply and efficient processing
while securing a steady flow of PMS for the country.
"NNPC has informed us that they intend to station a team of six to 10 people
permanently at our refinery. They've asked us to provide office space for
them since they will be supplying the crude, overseeing the production, and
buying back the products in Naira.
"This request aligns with the NNPC's aim to closely monitor the entire
process, ensuring that crude is supplied and processed efficiently while
securing a steady flow of PMS for the country," Edwin stated.
Providing further information on the production and commercial arrangements
at the refinery, Edwin noted that the discussions with the NNPC revolved
around a new model for crude supply where the refinery will buy crude from
the government in Naira and sell PMS in the same currency, rather than in
dollars.
He noted that the negotiations were ongoing, with critical aspects like
crude pricing and the Naira exchange rate yet to be finalised.
"We are still in talks with the government about receiving crude in Naira.
The discussions are ongoing, and nothing has been finalised yet. Some
unresolved issues include the pricing of crude, the pricing mechanism, and
determining the appropriate exchange rate for the Naira," he said.
But Edwin explained that Aliko Dangote had agreed to the federal
government's proposal to sell products from the NNPC to the government in
Naira, despite the likelihood of financial losses.
According to Edwin, Dangote highlighted the critical need for foreign
exchange and the deteriorating value of the Naira as key factors in his
decision to proceed with the deal.
"Dangote intervened and said: "We are going to accept this because the
country desperately needs foreign exchange, and the value of the Naira is
deteriorating every day. I understand that I am going to take a loss -
because, by the time we sell the product and convert it to dollars, the
exchange rate may have worsened."
Edwin also expressed frustration over the seeming boycott of Dangote
Refinery's products by local marketers, revealing that despite the
refinery's efforts to supply affordable petroleum products, many traders in
Nigeria have refused to purchase from the facility, preferring to continue
importing refined products from abroad.
He said: "The whole purpose of doing this refinery in Nigeria was to utilise
our local crude instead of exporting raw materials and importing finished
products. We should be able to refine and use the finished products within
Nigeria and produce more to export the surplus."
But the Dangote Industries Limited (DIL) vice president stated that despite
the refinery's large production capacity, local marketers were only
purchasing about 3 per cent of the output.
According to him, the remaining 97 per cent of the refinery's production,
including diesel and jet fuel, was being exported due to a boycott by local
traders who refuse to buy at the refinery's lower prices.
"I'm selling 2 to 3 per cent to small traders who are willing to buy, while
the rest 95 to 97 per cent I'm forced to export," suggesting that some
marketers prefer to import for reasons he did not state.
In a bizarre twist to the entire story, Edwin disclosed that oil marketers
wrote to President Bola Tinubu, complaining about the refinery's pricing
strategies, especially for reducing the rate Nigerians buy diesel.
He explained: "They wrote to His Excellency, the president, claiming that we
are disturbing the market by dropping our prices," expressing concern over
the continuing resistance by the marketers.
According to him, the refinery can produce up to 54 million litres of
refined petroleum products per day, depending on crude oil supply, but
lamented that local crude supplies had been inconsistent, forcing the
refinery to rely on imported crude from countries like the US and Brazil.
Edwin added that the situation was further worsened by International Oil
Companies (IOCs) which prefer to prioritise foreign markets and selling
crude oil at prices above the market rate.
He disclosed that just 44 per cent production of the refinery was enough to
meet Nigeria's petroleum needs, while the rest could be exported.
"We have invested a lot on training and capacity of the production with the
refinery capacity. As I said, 44 per cent of the refinery production can
meet 100 per cent of the requirement of the country.
"So the balance 56 per cent of the refinery's production will have to be
exported, whether it is jet fuel, whether it is diesel, whether it is PMS,
we have to export 56 per cent of our production because 44 per cent will
meet all the requirements of the country.
"So we are not only going to save a lot of foreign exchange by import
substitution, but we are also going to generate a lot of foreign exchange by
exports. Now, you talked about the transparent mechanism of the pricing. So
as I said, NNPC is giving us the crude and they are going to have people sit
here to monitor all the production processes, the stocks which are coming
out, everything.
"And they are going to agree on the price at which they will sell the crude
in Naira and then they are going to collect all the products. So they are
going to work through to see how the prices will be. So it is not something
where we are trying to exploit somebody," he maintained.
According to him, while 2,900 tankers can load every day, he explained that
the refinery was currently not even loading 29 tankers per day.
"So, it is very strange that after putting the refinery to supply the
products locally, every diesel I am producing, I have to export. Every jet
fuel I am producing, I have to export because they do not want to buy from
us. So, we are in a very strange situation," Edwin stressed.
With investment of about $3 billion in fertiliser and $20 billion in the
refinery, he explained that unless the business makes some money, it will
not be able to invest in upstream.
He disclosed that he has been an employee of Aliko Dangote for as far back
as 33 years, noting that all the money that Africa's richest man makes goes
into further investment to ensure the employment of Nigeria's teeming
population.
"He has not built any other palace or any other house. He is living in the
same 35-year-old house. The only thing he can sit is an aluminium sheet
shed. Nothing else he has built. And 33 years ago when I joined, he had a
house in Atlanta. He was a neighbour to Ted Turner, the then owner of CNN.
"He sold it. He had a house in London. He has sold it. When we were doing
the sugar refinery in 1997 to 1999, he sold all those houses and put the
money in the sugar refinery.
"All the money we made from our textiles and salt he put it in sugar
refining, flour milling, pasta and noodles. Then all the money which we made
from that, he started investing in cement.
"Now the money which he has made in cement, he has been investing in oil and
gas, fertiliser and refinery. All our businesses are listed companies. So
how much profit we are making as a company, how much dividend he is getting,
are all published figures. So you can see all the money where it is going,"
he added.
- This Day.
Ethiopia: National Reform Transforming Technology, Digital Sector in
Ethiopia
Since 2018, the Ethiopian government has been undertaking multidimensional
reform measures in all sectors. The national policy reforms on the
socio-economic and political activities of the country are bringing
meaningful changes and transforming the critical sectors. To honor the
wide-ranging reforms implemented during the past six years since the reform
was introduced, the Ethiopian government named Pagumen 02 of the 13th
Ethiopian month as "Reform Day." The day was celebrated by commemorating the
reform measures and the achievements of the reform measures applied during
the reform years in various sectors.
The technology sector, especially digital technology, is among the top
sectors being transformed due to the national reform measures. Before the
national reform, digital technology was almost in its infant phase, and
every transaction was applied through manual systems. The reformist
government made technology among the priority sectors so as to transform the
socio-economic development of the country. In this regard, the national
reform helps the country to transform the technology sector, especially the
digital technology sector, during the past six reform years.
The reformist government realized that technology is a key driver to
sustainable economic development and productivity. To make technology a
development catalyst to realize prosperity, the government made technology
among the key sectors of the national reform. New attention was given to
develop the technology sector during the reform.
By making technology among the key priority sectors in the national reform,
the reformist government gives due attention to amending existing policies
and endorsing new policies with regard to technology. Introducing new
institutions like the Ethiopian Artificial Intelligence Institute (EAII),
the government has given special attention to technology transfer and human
resource development in the technology, as well as liberalizing some sectors
like the telecom industry so as to create competition and provide quality
service for the public. These national measures transform the digital sector
in Ethiopia within a short period of time.
In connection with the Reform Day, Minister of Innovation and Technology
(MInT) Belete Molla (PhD) had a stay with Addis Walta TV to discuss the
achievements that were registered during the past six reform years in the
technology sector. Belete stated that the national reform transforms many
sectors and the technology sector is among the top sectors achieved
meaningful outcomes during the reform years.
Ministry of Innovation and Technology (MInT) as a national institution to
guide and coordinate the national technology reforms score a lot of
achievements during the past six plus years. During this period, technology,
innovation and digitalization shows meaningful progress, thanks to the
national reform and the national institutions. In developing the technology,
innovation and digital sectors, MInT takes bold actions and the actions
bring meaningful achievements.
According to Belete among the bold reforms applied in the technology sector
during the reform years was the reform measure applied in the
telecommunication sector. As to him, until the reform, the only telecom
operator in Ethiopia was Ethio Telecom. However, following the national
reform, the sector was liberalized for the first time and new telecom
operator joined Ethiopia's telecom industry. The Safaricom Ethiopia joined
Ethiopia's telecom industry following the government's decision to
liberalize the telecom industry. This action, according to the minister, is
promoting competition among the companies which accelerates the development
of the sector and in providing quality services for the public.
Developing the telecom industry was crucial to develop digitalization in
Ethiopia. Thanks to the reform measures, the infrastructure and services of
the telecom sector shows significant development during the years. Mobile
subscribers has almost exceeds 80 million and internet subscribers also
shows significant increment following the reform. In addition, the telecom
operators launched new services, Mobile money like Telebirr and M-Pessa, by
Ethio Telecom and Safaricom Ethiopia respectively. Within less than four
years, Telebirr already reached over 47 million subscribers and transacting
in billions.
Connectivity, including meaningful connectivity, shows meaningful growing
following the reform. Digital payment and mobile money become a normal
culture within short period of time following the measures applied after the
reform. Due to the growing connectivity and digitalization following the
development of the telecom industry, it attracts foreign direct investment
(FDI), in addition to stimulating local economic transactions and
businesses. "The development of the telecom sector became an initiative
factor to attract FDI," Belete stated.
According to Belete, following the reform, new laws, procedures and
proclamations were initiated and amended so as to realize the development
reforms in the technology industry. Mainly the digital sector was mostly new
sector and the policy measures, new laws and proclamations to administer the
digital technology was among the measures applied during the reform years.
By implementing these reform measures, Ethiopia strives to develop the
digital technology, including by launching Digital Ethiopia 2025 Strategy.
Recently, the Digital Ethiopia 2025 strategy mid-term evaluation was held
recently and according to the evaluation, the achievements and gaps of the
digital transformation were identified.
During the midterm evaluation, skill development gap was among the
identified gaps in realizing digital transformation. Hence, following the
identification of the gap, the government initiated new program to fill the
gap where it launched 5 million coders initiative, with the goal of training
five million youths in coding program and developing digital skills. The
initiative targets all youths to take the online training for free so as to
develop digital literacy and to help the youth to exploit the economic
opportunities of the digital industry. Through these continues measures,
Ethiopia's plan is to establish to the full digitalize system.
According to Belete, the five million coders program is evaluated every
Thursday jointly with federal institutions and regional states to evaluate
the performance. According to the evaluation held two weeks ago, so far,
some 157,000 Ethiopians are already registered ad taking the coding
training. Despite the initiative is on its initial phase, the youth is
registering to take the training and the subscribers are growing from time
to time. Still, Belete said, awareness creation and campaign is crucial to
attract more youths to take the training so as to achieve the five million
coders' initiative by 2026.
MInT Minister noted that despite the target was set to train five million
coders within three years, there is a capacity to train up to seven million
youths and it is possible to achieve the stretched target if the national
institutions work hand in hand to meet the target. For Belete, realizing the
five million coders' initiative by itself lays a foundation to develop and
transform digital economy in Ethiopia by creating more professionals and
digitally literate society. The policies, proclamations, institutions and
the technology infrastructure are developing; Belete said adding, "Skilled
human resource is critical to develop the digital sector. Digital literacy
is crucial in digitalization and in creating cashless society."
Parallel to investing in developing digital technology, the national reform
gives special attention to digital security. In this regard, the national
reform focuses on strengthening the cyber security of the country by
investing in the three pillars of cyber security: people, process, and
technology. Strengthening the national cyber security institution, the
Information Network Security Administration, developing the cyber
infrastructure of the country, and human resource development in the cyber
sector were among the critical measures applied during the reform years.
These measures help the country secure the critical infrastructure of the
country from cyber-attacks.
In general, the national reform brings meaningful development in the
technology, innovation, and digitalization sectors in Ethiopia. Especially
the digital sector shows significant development following the reform. The
policy reforms in the technology sector create a suitable ecosystem for
private investment in the technology industry, and new businesses are
stimulating using the rising technologies, especially the digital sector.
New startups are rising, and the government is calling on the youth
generation to penetrate the untapped potential of the technology sector in
general and the digital sector in particular to make businesses.
- Ethiopian Herald.
Ghana: Bitumen Plant Can Help Reduce Cost of Road Construction
Yesterday, President Nana Addo Dankwa Akufo-Addo inaugurated the $40-million
African Bitumen Terminal at Tema.
The terminal is a joint venture between GOIL Ghana Limited and Societe
Multinationale de Bitumes SMB) of La Cote d'Ivoire.
It will be recalled that in June 2019, the sod-cutting was performed in Tema
for the construction of the first-ever bitumen plant in the country at the
time Mr John Peter Amewu was the Energy Minister and stood in for President
Nana Addo Dankwa Akufo-Addo at the ceremony.
It is indisputable that in this country sod-cutting is done for certain
projects but either the construction delays unduly or they are completely
abandoned.
This mostly happens in cases of government-funded projects and the reasons
for that state of affairs are best known to the Executive, including the
President.
In the face of this, the Ghanaian Times commends GOIL and SMB for delivering
the dream project in five years.
Thank God even though GOIL is a state-owned oil and gas marketing company,
it kept to its resolve to uphold the partnership such that today, the
country can boast its own bitumen plant.
We recall that while congratulating GOIL and SMB on the venture at the
sod-cutting ceremony in June 2019, President Akufo-Addo made a statement to
the effect that the bitumen facility is a classic example of the potential
cooperation in development worthy of emulation in the ECOWAS sub-region.
It is on record that the partnership with SMB dates as far back as 2003 when
GOIL decided to market bitumen.
For this reason, the SMB also deserves commendation for playing the role
expected of it since GOIL struck the partnership with it.
The facility the country has now gives it certain advantages or benefits
that cannot be underestimated.
It will produce the volumes of Polymer Modified Bitumen (PMB), and other
bituminous products necessary to meet the demands of the country's growing
infrastructure sector.
The implication is that the country would stop the importation of bitumen
and related products to save the country the huge amounts of hard currency
used to import these products.
Last year, GOIL reported that the country was on course to reducing the
$11.8 billion average annual bitumen import bill with its commercial
production of polymer modified bitumen (PMB).
It said with Ghana's estimated 192,000 tonnes a year demand for bitumen, its
240 tonnes per day bitumen capacity or more than 87,000 tonnes per year
would help to bridge the gap significantly.
It is hoped that the new facility would surmount all nascent problems and
continuously expand to eventually meet the country's demands so that one day
the importation of bitumen and related products would be consigned to
history.
That way, hopefully, the cost of road construction in the country would
reduce so that more roads could be constructed.
We know GOIL would bring out excellent products that would improve the
quality and longevity of roads in the country, something which is a great
wish of every Ghanaian.
It is a pity that some roads constructed in the country do no last even a
year and they begin to develop potholes and all manner of defects.
The Ghanaian Times believes the bitumen plant would help transform the road
sector of the country for the better.
- Ghanaian Times.
Tanzania: Govt Disburses 4bn/ - for Major Infrastructure At Ibanda - Kyerwa
National Park
KAGERA — IN an ambitious bid to elevate the western tourism circuit, the
government has committed nearly 4bn/- for the development of infrastructure
at the Ibanda-Kyerwa National Park in Kagera Region.
This significant investment aims to enhance the park's facilities and
improve service provision for tourists.
Tanzania National Parks (TANAPA) Conservation Commissioner, Musa Juma Kuji
announced that the government has disbursed. 3.9bn/- for this expansive
project.
"This investment highlights President Samia Suluhu Hassan's commitment to
revitalising the western tourism circuit by upgrading essential
infrastructure and boosting the park's operational capabilities," Kuji said
at the conclusion of his working tour.
"The president has entrusted us with these resources, and we pledge to
honour this commitment by fortifying our efforts to protect and manage our
natural heritage," Kuji emphasised.
The infrastructure enhancement includes the construction of a
state-ofthe-art tourist entrance complex and staff housing in the Kifurasa
area.
"Key improvements involve a multi-faceted approach, such as erecting a new
park gate equipped with various essential facilities, including offices for
rangers, accountants, a tourism officer, IT support and a comprehensive road
network," noted the TANAPA Chief.
Additional facilities will include modern toilets, fresh water wells, an
electric fence, staff accommodations and solar power systems.
"This substantial investment not only promises to enhance the park's
infrastructure but also reaffirms the government's dedication to
conservation and tourism, ensuring a sustainable legacy for future
generations," asserted Kuji.
Managed by MJT Crew Co. Ltd and JV Sumry's Enterprises Ltd, the construction
is currently 55 per cent complete and is slated for completion by November
this year.
Project Manager Engineer Issa Mfaume praised the timely financial
disbursement, which has facilitated quality work and adherence to deadlines.
Assistant Conservation Commissioner, Fredrick Mofulu, who oversees the park,
remarked that the initiative would significantly bolster operational
efficiency and visitor experience.
Addressing park officers and rangers, Commissioner Kuji praised their
dedication, deeming them the "pillar" of conservation efforts.
He reaffirmed their rights to education, allowances, medical care and career
advancement, underscoring the importance of their roles.
The leadership and proactive engagement demonstrated by Commissioner Kuji
have been met with gratitude from paramilitary officers, who expressed their
appreciation for his commitment to their welfare.
"Your sincere attention to our needs inspires us to excel," said
Conservation Officer Henry Joseph Msabila, reflecting the positive impact of
Kuji's leadership.
- Daily News.
Billionaire investor warns of threat to democracy
A billionaire investor who predicted the global financial crisis has warned
that the US election risks tipping the world’s biggest economy into serious
disorder.
In a week when candidates Kamala Harris and Donald Trump finally faced each
other in a televised debate, Ray Dalio said his biggest fear was for
democracy no matter who wins on 4 November.
Mr Dalio founded the world’s largest hedge fund and is closely-watched by
other investors for his stock-picks.
In an interview with the BBC, he said: “There's a possibility that the
loser, particularly if it's the Republicans and Donald Trump, might not
accept losing and you have a situation where it's a win-at-all-cost by both
the left and the right, so neither side can compromise.
“My great fear is for democracy,” he said.
Regardless of the victor, Mr Dalio said he expected there to be internal
migration between states based on political, economic and moral dividing
lines.
“A lot of people in states like California and New York and New Jersey and
so on, will go to states like Florida and Texas, partially because of taxes,
but partially because of values,” he said. “There's a big gap in values”.
“This reminds me of the 1930 to 45 period in which there was an economic
crisis followed by democracies becoming dictatorships. Germany, Italy, Spain
and Japan had parliamentary systems, and they broke down in terms of
internal conflict between the the hard left, the hard right, communism and
fascism. We are today seeing modern day versions of some of these things”,
he said.
There is some evidence that US migration based on values is already
happening. Elon Musk announced in July he would move the headquarters of his
companies X and SpaceX from California to Texas citing new rules banning
schools from notifying parents that children wanted their gender redefined.
Dalio, now 75, is the founder of Bridgewater Associates - the world’s
largest hedge fund with $124bn in assets . He says he thought the
probability of civil war was "low, but cannot be dismissed.”
Dalio, mercifully, does not claim he is infallible. But he insists he is
more often right than wrong.
“He who lives by the crystal ball is destined to eat ground glass. But I've
been right in the markets about 65% of the time”, he said.
But on the most immediate question in the US he is hedging his bets and
refuses to be drawn on whether he thinks Trump or Harris will win.
“I do not know how this election is going to turn out and how these things
will turn out. I do know that we have an exceptionally high probability of
instability”, he concluded.-BBC
TikTok to begin appeal against being sold or banned in US
TikTok claimed to have 170 million American users when it sued the U.S.
government over the divest-or-ban directive in May
TikTok will start making its case on Monday against a law that will see it
banned in the US unless its Chinese owner ByteDance sells it within nine
months.
The measure - signed into law by President Biden in April - has been
prompted by concerns that US users' data is vulnerable to exploitation by
China's government.
TikTok and ByteDance have always denied links to the Chinese authorities and
have described the law an "extraordinary intrusion on free speech rights."
The social media firm, which claims to have more than 170 million American
users, will make its arguments before a three-judge panel at an appeals
court in Washington DC.
Company representatives will be joined by eight TikTok creators, including a
Texas rancher and a Tennessee baker, who say they rely on the platform to
market their products and make a living.
Lawyers from the Department of Justice (DoJ) will then proceed to lay out
their case.
In addition to data concerns, DoJ officials and lawmakers have expressed
alarm at the prospect of TikTok being used by the Chinese government to
spread propaganda to Americans.
However, advocates of America's powerful free speech rights, enshrined in
the First Amendment of the US Constitution, say upholding the divest-or-ban
law would be a gift to authoritarian regimes everywhere.
"We shouldn’t be surprised if repressive governments the world over cite
this precedent to justify new restrictions on their own citizens’ right to
access information, ideas, and media from abroad,” said Xiangnong Wang, a
staff attorney at Columbia University's Knight First Amendment Institute.
It has filed an amicus brief - legal documents submitted by someone not a
party to the case but with an interest in it, offering information or
expertise, usually with the hope of influencing the outcome.
Mr Wang also criticised lawmakers for being vague about the specific
national security threats that they say TikTok poses.
"We can't think of any previous instance in which such a broad restriction
on First Amendment rights was found to be constitutional on the basis of
evidence that wasn't disclosed,” he said.
But according to James Lewis, of the Center for Strategic and International
Studies in Washington, the law was drafted to withstand judicial scrutiny.
"The substance of the case against TikTok is very strong," Mr Lewis said.
"The key point is whether the court accepts that requiring divestiture does
not regulate speech."
Mr Lewis added that the courts usually defer to the president on national
security matters.
Regardless of how the appeals court rules, most experts agree the case could
drag on for months, if not longer.
"Nothing gets resolved next week," said Mike Proulx, vice president and
research director at analysis firm Forrester.
"This is a high stakes and very complicated conundrum that will likely go
all the way to the Supreme Court."-bbc
Invest Wisely!
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