Major International Business Headlines Brief ::: 20 August 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  20 August   2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Maponya Mall Assures All Public Transport Allowed - South
African News Briefs - August 19, 2025

ü  Somalia's Illicit Gulper Shark Oil Trade Threatens the Entire Species

ü  Nigeria: NLC Rejects Govt's Directive Barring Civil Servants From
Politics

ü  Nigeria: Naira Devaluation Eroded Nigeria's $47.90 New Minimum Wage -
U.S. Report

ü  Nigeria: Tinubu Joins World Leaders in Tokyo to Woo Investors, Shape
Africa's Future

ü  Nigeria: Dust Over Okonjo-Iweala's Upbeat Economy Rating

ü  Nigeria's Economy Stabilises. but Nigerians Are Still Hungry

ü  Liberia: Three CSO Groups Condemn U.S.$1.8m Deal

ü  Uganda Embassy in Washington Launches Export Readiness Training for 100
Artisans

ü  Africa: Tech Firms Launch Joint Venture for African AI Development

 

 


 <mailto:info at bulls.co.zw> 

 


South Africa: Maponya Mall Assures All Public Transport Allowed - South
African News Briefs - August 19, 2025

Maponya Mall management in Soweto has assured public transport providers
that all services are allowed to operate at the centre, reports EWN.  This
comes after 27-year-old e-hailing driver, Mthokozisi Mvelase, was shot and
killed outside the shopping centre before his and another car was torched
last week.  Some community members have accused taxi operators of being
behind the attack.  Maponya Mall's representative, Joe Morobe, said that
they are engaging stakeholders and that all transport services are
permitted, provided they comply with regulations.

 

Mogalakwena Municipality Denies Corruption Claims

 

Morris Maluleka, the municipal manager of Mogalakwena Local Municipality in
Limpopo, has distanced himself from fake social media posts linking him to
alleged corruption with Premier Phophi Ramathuba and MEC Basikopo Makamu,
reports SABC News. The posts, shared under Maluleka's name, claimed he made
multimillion-rand payments to companies connected to the two leaders.
Mogalakwena Mayor Ngoako Tauetsoala has condemned the posts, calling them
faceless cyberbullying, unfounded and fake.  Tauetsoala says Maluleka does
not have a Facebook account.  He said  the matter has been escalated to law
enforcement agencies for investigation.

 

State Seeks Life Sentences for Men Convicted of Wynberg Court Murder

 

The State has called for life sentences for three men convicted of killing
Christine Gumira outside the Wynberg Magistrate's Court in 2023, reports
EWN.  Mandisi Mofu was found guilty of Gumira's murder, the attempted murder
of Thandi Viljoen, who was caught in the crossfire, and the possession of an
illegal firearm and ammunition. His co-accused, Lukhanyo Mene and Vuminkosi
Vumani, were convicted of assisting him by pointing out Gumira. The trio
asked the Western Cape High Court for lighter sentences.  However, the
prosecution has asked for life sentences to be imposed on all three men for
their involvement in the murder of Gumira.

 

More South African news

 

 

 

 

 

Somalia's Illicit Gulper Shark Oil Trade Threatens the Entire Species

A syndicate in Puntland's Bosaso port city operates in defiance of a recent
ban on shark fishing.

 

The primary landing site for fishing boats in Bosaso, north-east Somalia, is
a beehive of activity from 3 am to 9 am. Traders, fishermen, food sellers
and Puntland government officials haggle, shout and exchange pleasantries
over the night's catch. They work amid dilapidated fish processing
facilities wedged between makeshift food joints and open fish markets.

 

All varieties of fish and crustaceans are available here but the small
gulper sharks are the main attraction. While a scribe notes the volume
caught, a young man slices the sharks on a large table, extracting the maws
and placing the livers in plastic buckets. 'Business looks good,' he tells
ENACT organised crime project researchers.

 

Gulper shark liver oil is at the centre of an emerging illegal enterprise in
Somalia's semi-autonomous region of Puntland. TRAFFIC reports that it is
highly prized for its squalene-rich liver oil, which is used for cosmetics,
food supplements, and pharmaceuticals, especially in Asian markets. The
global shark liver oil market was valued at about US$157.2 million in 2024
and is projected to reach US$263.6 million by 2033.

 

Several of the species are categorised as vulnerable or endangered. Gulper
sharks have slow development, late sexual maturity (16 years for females and
18 years for males), and low reproductive rates, generating only one pup per
two-year gestation period. That makes them especially vulnerable to
overfishing as their population cannot rapidly recover.

 

Researchers note that deepwater sharks are more vulnerable to
overexploitation than most other marine vertebrates. Half the species
targeted for the international liver-oil trade are threatened with
extinction, and there has been a 97% drop in the Southern Indian Ocean
gulper shark population between 2015 and 2020, according to TRAFFIC data.

 

In August 2024, Puntland's government banned gulper shark fishing and
introduced several new measures to strengthen its maritime governance.
However, consistently weak enforcement capacity enables a flourishing trade
in the prized oil. Though no official statistics exist, local fishermen note
that the volume of gulper shark catches is declining.

 

ENACT research in Bargaal, Qandala and Bosaso in Puntland confirms this
worrying trend in the Gulf of Aden. Interviewees said illicit trade in
gulper shark oil has attracted highly placed government actors, local clan
elders, businessmen and fishers involved in catching, processing and
exporting.

 

Despite the bans, shark fishing and liver oil processing persist. The organs
are sold to a small circle of buyers operating from Bosaso. Regardless of
size, each organ goes for roughly US$1. Buyers extract the oil in makeshift
processing plants using rudimentary and unregulated methods without
oversight, environmental controls or permits.

 

A plant operator explains how the livers are processed: 'We mince the liver,
heating it to between 70°C and 100°C, then add alkaline solutions to control
pH levels.' The oil is distilled and filtered using intricate centrifugal
techniques, removing any contaminants to produce the liver oil high in
squalene.

 

In Bosaso, small teams connected to exporters or brokers monitor oil quality
and prepare for its transportation. The absence of regulated processing
compromises product quality and leads to environmental and health hazards,
including from dumping waste that contains harmful compounds.

 

The cost of shark liver oil in Somalia varies from US$14.44 to US$38.50 per
kilogram, with the end-buyer paying significantly more in foreign markets.
The oil is illegally loaded onto foreign vessels at sea to avoid detection,
bypassing Puntland ports, landing sites or legal export channels. Shipments
are hidden under authorised cargo or passed via middlemen to conceal their
source.

 

These covert methods suggest the existence of a shadow supply chain,
operating beyond the reach of authorities and fuelling demand in overseas
markets, primarily China and the Gulf region, respondents told ENACT.

 

TRAFFIC Fisheries Trade Programme Leader Glenn Sant and Senior Programme
Coordinator Markus Burgener note the many knowledge gaps in gulper shark
overexploitation. These include the scale of the global oil trade, the
sourcing and capacities of various oil processing countries, and the quality
of the oil in circulation. The lack of distinct codes for gulper shark oil
makes it impossible to know how much oil is graded or exported.

 

However, Sant says a CITES proposal is currently being discussed, which
could see gulper sharks listed as endangered in December 2025. Once that
happens, countries must issue official licences to vessels to fish the
gulper shark legally and sustainably.

 

Countries that allow illegal fishing of the species in their waters risk
having their products banned globally. They would need to ensure the
traceability of their gulper shark products to legal and sustainable fishing
practices.

 

While Puntland's bans have proven unsuccessful, they provide a necessary
first step in preventing and taking action against the illicit trade.
Harmonising legal regulations on gulper shark fishing and oil processing
should also be agreed on at Somalia's federal and member state levels.

 

Equally important is gathering accurate data on gulper shark refuge
habitats, and establishing a comprehensive management strategy for the
species. Implementing a marine monitoring and surveillance system has shown
success in combating illegal, unreported and unregulated fishing. Indonesia
was the first country to publicly share its vessel monitoring system by
partnering with Global Fishing Watch. This allows for more transparent
commercial fishing data and fisheries management.

 

Increased investment in marine surveillance and law enforcement capacity,
including by partnering with international bodies such as the Food and
Agriculture Organization, UN Office on Drugs and Crime, and European Union
could enable Somalia to identify and discourage illegal fishing operations.

 

 

 

 

 

 

 

Nigeria: NLC Rejects Govt's Directive Barring Civil Servants From Politics

Abuja — The Nigeria Labour Congress (NLC), has disagreed with the statement
by the Head of the Civil Service of the Federation, Mrs. Didi Esther
Walson-Jack, that civil servants were banned from participating in partisan
politics.

 

Apart from contradicting the provisions of the 1999 Constitution of the
Federal Republic of Nigeria, NLC said the position of the Head of Service
also went counter to Supreme Court judgement as it related to participation
of civil servants in partisan politics

 

In a statement by NLC president, Joe Ajaero, the labour movement said, "The
1999 Constitution of the Federal Republic of Nigeria and the judgment of the
Supreme Court on this issue.

 

"Section 40 of the 1999 Constitution is explicit in its unqualified
provision and guarantee of the right of every Nigerian, including civil
servants to assemble freely and associate with other persons."

 

According to the statement, "The attention of the leadership of the Nigeria
Labour Congress (NLC) has been drawn to a statement by the Head of the Civil
Service of the Federation, Mrs. Didi Esther Walson-Jack, that civil servants
are banned from participating in partisan politics.

 

"We are alarmed that this matter is being resurrected again after Organised
Labour thought that it had been thrashed before the 2023 general election.

 

"Nigerians would recall that in the run-up to the 2023 general election,
there was a circular from the Office of the Head of Service of the
Federation, referenced HCSF/479/11/19 and titled "Clarification on the
Provision of Public Service Rules (PSR) vis-à-vis the Supreme Court
Judgement as It Relates to Participation Of Civil Servants In Partisan
Politics."

 

NLC said it had written to the Head of Service of the Federation and the
Attorney General and Minister of Justice, positing that the opinion that
barred civil servants from participating in partisan politics is anomalous
with the provisions of the 1999 Constitution of the Federal Republic of
Nigeria.

 

NLC further quoted Section 40 of the 1999 Nigerian Constitution as having
stated that, "Every person shall be entitled to assemble freely and
associate with other persons, and in particular he may form or belong to any
political party, trade union or any other association for the protection of
his interests...

 

"The foregoing clear and explicit provision of the Constitution of Nigeria
does not require any further interpretation.

 

"In light of Sections 66(1); 107(1)(f); 137(1)(g); 142(2); 182; 187(2); and
222, one wonders whether a public servant can emerge as a candidate of a
political party, at which point they are required to resign their
appointment as civil servant, if they had not been card-carrying members of
political parties and participated in partisan political activities.

 

"There are a plethora of instances where civil servants have engaged in
partisan politics until they emerged as candidates of their political
parties before resigning."

 

"From the evidence provided by both the Constitution of the Federal Republic
of Nigeria and the rulings of the Supreme Court of Nigeria, it is clear that
the Head of Civil Service of the Federation spoke in error and out of tune
with the provisions of the law and legal precedent.

 

"This renders her statement as a personal opinion, albeit not founded on
law. We call on all civil servants and workers in the private sector to
actively engage in partisan politics as part of their civic
responsibilities," said NLC.

 

Read the original article on This Day.

 

 

 

Nigeria: Naira Devaluation Eroded Nigeria's $47.90 New Minimum Wage - U.S.
Report

A US report on Nigeria has said that the recent new minimum wage of N70,000
($47.9) approved by the federal government for federal workers has been
eroded by the devaluation of the Naira, which has risen to over N1,500/$1.

 

In the latest Country Reports on Human Rights Practices for 2024 by the
United States Department of State, Bureau of Democracy, Human Rights, and
Labour, the US noted that upon that, firms with less than 25 workers did not
benefit from the new wage.

 

"The law provided for a national minimum wage for public and private sector
employers with 25 or more full-time employees, with exceptions for seasonal
agricultural workers, part-time workers, those on commission, and some
others.

 

"The National Minimum Wage (Amendment) Act 2024 doubled the minimum wage to
70,000 naira ($47.90) per month. Despite the increase, currency devaluation
meant the minimum wage was no longer higher than the poverty income level.
Many employers had fewer than 25 employees, so most workers were not
covered," the report said.

 

Besides, it stated that some states have declined to implement the minimum
wage law, citing financial constraints, with the law mandating a 40-hour
workweek, two to four weeks of annual leave, and overtime and holiday pay,
except for agricultural and domestic workers.

 

In the same vein, it stressed that the law did not define premium pay or
overtime and prohibited excessive compulsory overtime for civilian
government employees, stressing that the government rarely effectively
enforced minimum wage and overtime, while penalties were low and not
commensurate with other crimes such as fraud.

 

"Between 70 and 80 per cent of the country's working population worked in
the informal economy. Authorities did not enforce wage, hour, and
Occupational Safety and Health (OSH) laws and inspections in the informal
sector or with part-time workers," it said.

 

On the rights of young people as they relate to marriage, the US report
noted that while 18 years remain the age of consent, several states in the
country routinely flout this law, with children getting married at as low as
11 years.

 

"Federal law sets a minimum age of 18 for marriage for both boys and girls.
While 35 states, all except Zamfara State, adopted the law, many states,
especially northern states, did not uphold the federal minimum age.

 

"In some states, children as young as 11 could be legally married under
customary or religious law. The government worked with local and
international partners to engage religious leaders, emirs, and sultans on
the issue, emphasising the health hazards of early marriage," the report
emphasised.

 

The report further indicated that there were reports of disappearances by or
on behalf of government authorities, quoting Amnesty International (AI),
which said the whereabouts of "dozens of young men detained at SARS Awkuzu,"
a former SARS police station in Anambra State, remained unaccounted for
since the disbandment of the SARS in 2020.

 

The report also highlighted prolonged detention without charges, stating
that while the constitution and law prohibited arbitrary arrest and
detention and provided for the right of any person to challenge the
lawfulness of their arrest or detention in court, the government sometimes
did not observe these requirements.

 

"Police and other security services had the authority to arrest individuals
without a warrant if officials reasonably suspected a person committed a
crime. Security forces sometimes abused this authority.

 

"The law required subjects be brought before a magistrate within 48 hours
and have access to

 

lawyers and family members. According to the law, initial pretrial detention
orders were not to exceed 14 days. In some instances, government and
security employees did not adhere to this regulation.

 

"The law required an arresting officer to allow the suspect to obtain
counsel and post bail for some crimes. Provision of bail was often arbitrary
or subject to extrajudicial influence. In many areas with no functioning
bail system, suspects were incarcerated indefinitely in investigative
detention," it added.

 

At times, the US said that the authorities kept detainees incommunicado for
long periods, with security personnel reportedly arbitrarily arresting
numerous persons during the year.

 

"In their prosecution of corruption cases, law enforcement and intelligence
agencies did not always follow due process, arresting suspects without
appropriate arrest and search warrants," the report stated.

 

It also flagged lengthy pretrial detention as a serious problem, pointing
out that detainees often waited years to gain access to a court, and in many
cases, multiple adjournments resulted in years-long delays.

 

"Some detainees were held in pretrial detention for periods equal or
exceeding the maximum sentence for the accused crime. The shortage of trial
judges, trial backlogs, endemic corruption, bureaucratic inertia, and undue
political influence seriously hampered the judicial system.

 

"Some detainees had their cases delayed because the Nigeria Police Force and
the Nigerian Correctional Service did not have vehicles to transport them to
court. Some individuals remained in detention because authorities lost their
case files," it said.

 

Read the original article on This Day.

 

 

 

 

Nigeria: Tinubu Joins World Leaders in Tokyo to Woo Investors, Shape
Africa's Future

President Bola Tinubu has arrived Tokyo, the capital of Japan, on the first
leg of his two-nation official trip to attend the Ninth edition of the Tokyo
International Conference on African Development (TICAD9).

 

Tinubu's official jet, Nigeria Air Force 1, landed at Haneda International
Airport in Tokyo around 12: 55am (local time) and was received by Hideo
Matsubara, Ambassador in charge of TICAD.

 

The President's participation at TICAD 9 in Yokohama marks a significant
milestone being his first official visit to Japan since assuming office on
May 29, 2023.

 

In Yokohama, Tinubu would canvass Nigeria as a prime investment destination
to Japanese business leaders already active in the country's economic
activities and those considering entry in investments in several sectors.

 

During the East Asian conference, themed, "Co-create Innovative Solutions
with Africa," Tinubu would attend plenary sessions and hold bilateral
meetings with world leaders, as well as Japanese business executives.

 

The President's attendance underscores Nigeria's commitment to strengthening
bilateral ties with Japan, leveraging cutting-edge technologies and
collaborative initiatives featured at TICAD 9.

 

TICAD is Japan's premier diplomatic and economic forum dedicated to
fostering sustainable development and deepening partnerships between Japan
and the African continent.

 

The forum's emphasis on African ownership and international partnership
aligns with Tinubu's agenda to boost economic integration, human resource
development, and industrialisation across Africa, while also opening new
avenues for investment and cooperation with Japan.

 

Also, the event, which provides bilateral platform opportunities between
Africa and Japan, aims to promote a resilient and sustainable African
society supported in peace, stability, and human security.

 

TICAD 9 would focus on economic transformation, private investment, and
institutional development across the African and Asian continent.

 

The Tokyo International Conference on African Development, which is
regularly hosted by the Japanese government alongside the United Nations,
United Nations Development Programme, World Bank and African Union
Commission, has been an event that sets the agenda in Japan-Africa relations
since 1993.

 

The TICAD9 summit, with the objective of consolidating economic cooperation
and opening new trade corridors with Asian partners, multinationals, and the
governments of other African countries, is held every three years,
alternating between Japan and African countries.

 

This year's conference, coming after the last one hosted by Tunisia in 2022,
will be held from 20 to 22 August 2025, will bring together African heads of
state, development partners, private sector leaders, and civil society to
co-create innovative solutions that drive economic growth, social
development, and peace across the African continent.

 

Read the original article on This Day.

 

 

 

 

 

 

 

Nigeria: Dust Over Okonjo-Iweala's Upbeat Economy Rating

Director-General of the World Trade Organisation, WTO, Nigeria's Ngozi
Okonjo-Iweala, paid a working visit to President Bola Tinubu last week. A
highlight of the meeting was her positive comment on the performance of the
Nigerian economy under the president who has just completed 26 months in the
saddle.

 

According to her, while speaking to media: "We think that the President and
his team...have worked hard to stabilise the economy. And you cannot really
improve on the economy unless it is unstable. Tinubu has to be given the
credit for the stability in the economy. So, the reforms have been in the
right direction. What is needed next is growth".

 

This comment elicited mixed feelings in the public. While government
officials and supporters glowed under the praise, many social media
commentators expressed disappointment with Okonjo-Iweala for patting the
president on the back while ignoring the unyielding hardship that the
regime's reforms continue to impose on the generality of the people.

 

We need to be mindful that as the head of the United Nations organ that
promotes free and fair trade, Okonjo-Iweala visited as a diplomat, not
politician. Even if she felt that the economy was doing badly, she would
still find nice ways of saying so. Secondly, as the WTO DG, she remains an
agent of the West-controlled international financial system which her former
employer - the World Bank, WB, and its peer, the International Monetary
Fund, IMF - drive.

 

Tinubu's economic blueprint is a wholesale copy of the economic agenda
strongly pushed on him by the IMF and World Bank. They have in turn readily
provided the lending Tinubu has sought to drive his reforms. Okonjo-Iweala's
comment reflects the assessments already proffered by the two Bretton Woods
institutions, though they've been critical of him in aspects of
implementation.

 

The claim that the economy under Tinubu has achieved some measure of
stability is arguably true. The Muhammadu Buhari regime left the economy in
the gutters. The stability occasioned by Tinubu's reforms are visible in the
Naira's exchange rate to the US Dollar, steady rise in foreign exchange
inflows, tax and Customs revenues. The restoration of domestic refining of
petroleum and steady increase in crude oil output are also great boosters.

 

However, the trickle-down effect is very poor. "Stability" means nothing to
the masses bearing the burdens of the reforms. While the people suffer, our
political leaders live large. They refuse to share the burden. There is no
guarantee that if the "growth" that Okonjo-Iweala referred to comes, it will
benefit the people. The Tinubu regime's attempts at cushioning the effects
of the reforms have largely failed.

 

This is the area the government must work harder on, in addition to toning
down on the lavish lifestyle of principal political officeholders.

 

Economic benefits must be people-centred.

 

Read the original article on Vanguard.

 

 

 

 

 

 

Nigeria's Economy Stabilises. but Nigerians Are Still Hungry

Nigeria's fiscal position shows signs of economic recovery, but for many
Nigerians, the gains remain illusory.

 

Biola Abayomi pleaded with the butcher for the umpteenth time, her demeanour
pitiful. 46-year-old Mrs Abayomi, a fashion stylist and mother of two
children, appears desperate to purchase a cut of beef at N2,000, but the
butcher disagrees, their voice drowned out by the chatter of traders and
passersby at the Sango-Ota market in Ogun State. It's the second week of
August, and Mrs Abayomi told PREMIUM TIMES she hadn't bought beef since the
first quarter of the year, due to its sky-high prices. The middle-aged woman
would later wobble away from the butcher's stall, amid lamentation.

 

"We have been eating smoked fish (Panla) and cow skin (ponmo) for months,
and it means I'd have to return to cow skin sellers' stalls, anyway," she
said, her teary voice barely concealing her frustration.

 

The impact of the economic policies executed by the Bola Tinubu
administration, particularly the removal of petrol subsidies and the
devaluation of the naira, has made it difficult for millions of Nigerians
like Mrs Abayomi to buy things they could afford before Mr Tinubu assumed
office in 2023.

 

It was a Saturday in August, and Mrs Abayomi struggled to wriggle her way
out of the nutritional dilemma she faced due to the state of the economy.
Paradoxically, some days earlier, in Abuja, about 740 kilometres from Ota,
Ngozi Okonjo-Iweala hailed the Nigerian government for stabilising the
economy.

 

"You cannot really improve an economy unless it's stable. So he has to be
given the credit for the stability of the economy. So the reforms have been
in the right direction. What is needed next is growth," the Director-General
of the World Trade Organisation (WTO) and former finance minister said. Her
assessment of the economy has since thrown up polarising debates, with
multiple interpretations among Nigerians.

 

In his intervention, Yemi Kale, former statistician-general and CEO of the
National Bureau of Statistics (NBS), cautioned that while Nigeria's economy
may now be described as "stable," it does not automatically translate to
relief for citizens.

 

In a post shared on X, he explained that economists define a stable economy
as one where major fluctuations or disruptions have ceased, allowing
businesses, investors, and consumers to plan with greater confidence.

 

"When economists say an economy is now stable, they usually mean that the
economy has reached a point where it is no longer experiencing major
fluctuations or disruptions," he said.

 

"In practical terms, it suggests macroeconomic indicators are steady,
predictable and confidence returns, and there are no immediate crises."

 

Good Numbers, Near-empty plates

 

Nigeria's fiscal position has improved in recent months. But in homes and
markets across the country, hardship still runs deep.

 

The National Bureau of Statistics recently announced that Nigeria's Gross
Domestic Product stood at N372.8 trillion in 2024, following a rebasing of
the economy. At the exchange rate of N1,530 to the dollar, that translates
to $243 billion.

 

That was 29.9 per cent higher than the International Monetary Fund (IMF)'s
estimate of $187.6 billion.

 

The new data reflects a shift in the base year used to calculate GDP, from
2010 to 2019. It expands the scope of measurement to include fast-growing
sectors such as fintech, the digital economy, and informal businesses.

 

The rebasing also improved the country's fiscal outlook, as the public
debt-to-GDP ratio fell to 39.4 per cent in the first quarter of 2025, down
from earlier estimates.

 

This keeps the country's debt burden below the federal government's 40 per
cent ceiling and well under the threshold recommended by the IMF and World
Bank.

 

Annual inflation dropped to 21.88 per cent in July 2025, down from 33.40 per
cent recorded a year earlier. Food inflation, which has caused the greatest
strain on households, also stood at 22.74 per cent year-on-year in July,
compared to 39.53 per cent in the same month last year.

 

The naira has held steady recently, trading at N1,535 to the dollar in the
official market, following devaluation exercises.

 

Similarly, banks have resumed international transactions on naira debit
cards for the first time in three years, following improved dollar liquidity
and confidence in the forex market.

 

Global credit rating agencies have equally responded to the changes.
Moody's, for instance, upgraded Nigeria's issuer rating from 'Caa1' to 'B3'
with a stable outlook, citing reforms in foreign exchange policy and
improved external reserves.

 

Caa1 means Nigeria was seen as very risky, with a high chance it might
struggle to repay its debts, while B3 means the risk is still high, but
Nigeria is doing better and is now seen as slightly more likely to meet its
debt obligations.

 

The IMF, in its latest Article IV Consultation, also praised the country's
recent steps to address longstanding structural problems, including fuel
subsidy removal and unification of exchange rates. The article is a yearly
review through which the IMF assesses a country's economic and financial
policies and advises to support stability, growth, and development.

 

"The government's tax reforms will make it easier to pay taxes and ensure
that everyone who owes taxes pays them," the report said. "Over time, once
the ongoing cost-of-living crisis abates and the cash transfer system is
fully operational, there will be room to align tax rates."

 

But despite the positive outlook in the fiscal position, for many Nigerians,
these gains remain quite illusory.

 

"We don't see this improvement they talk about," said Maryam Musa, a market
trader in Kaduna. "People still buy food in bits. Nobody buys in bulk
anymore."

 

Martha Philips, a civil servant in Abuja, now buys only small portions of
what she needs because her salary can no longer cover bulk purchases.

 

"I like buying in bulk: rice, gari, oil, and even protein. I usually share
cartons of chicken and fish at Kado Fish Market," she said. "But prices have
skyrocketed, and my salary didn't skyrocket with them. I can't spend all my
money on one item, so I just spread it and buy things kilo by kilo at the
neighbourhood market."

 

For many households, the drop in inflation has not translated into relief.
Prices are still rising, albeit at a slower pace, and purchasing power has
eroded after years of high inflation and stagnant incomes.

 

Insecurity, climate shocks, and rising input costs have disrupted food
production across rural Nigeria, undermining the government's efforts to
bring down prices. Though President Bola Tinubu declared a state of
emergency on food insecurity in 2023, food inflation remained high through
most of 2024.

 

Meanwhile, the Central Bank of Nigeria has kept its benchmark interest rate
at 27.5 per cent, after a series of hikes aimed at reining in inflation. It
says holding the rate steady will help anchor expectations and consolidate
recent gains.

 

Macro-Micro Disconnect

 

Despite real GDP growth of 3.38 per cent in 2024 and a growing sense of
optimism among investors, unemployment remains high. In many areas, families
say their incomes are falling short of even basic needs.

 

"Everything costs more now, but our incomes haven't changed," said Chidi
Okonkwo, a civil servant in Abuja. "This so-called growth doesn't reach us."

 

Mr Okonkwo said he can no longer afford basic food items in the quantities
he used to buy. He explained that despite government claims of economic
recovery, high prices and stagnant wages have left many families struggling
to cope.

 

"It's hard to see the progress they talk about when you're cutting down on
meals just to make it to the end of the month," he added.

 

Paul Alaje, senior economist at SPM Professionals, pointed out a growing
disconnect between Nigeria's improving macroeconomic indicators and the
harsh realities faced by households and businesses.

 

"We are seeing the numbers, the data, and saying, 'Oh, we now have positive
GDP,"' he said. "We're also saying the trade balance is in surplus, there's
relative stability in the exchange rate, and inflation has reduced
month-on-month for three consecutive months."

 

However, he noted that these signals of macroeconomic recovery have not
translated into better living conditions for ordinary Nigerians.

 

"When you now flip to the micro side, you see households groaning and
complaining, and businesses are suffering. Only one component of micro,
which is the government, is the agent that seems to have benefited," he
said.

 

He also cautioned against relying solely on GDP as a measure of national
well-being: "If there are only three people in a country, and two earn N1
while one earns N10, the GDP becomes N12. But two people are still really
poor. That is the limitation of GDP as a yardstick."

 

To bridge the gap between macro gains and micro hardship, he called for
investment in public infrastructure and services.

 

"The carriers of the economy from one level to another are public goods,
like roads, education, energy, and health," he said. "If the fundamentals
are not there, we might be seeing positive numbers, but people may not feel
a positive impact in their lives."

 

In recent months, there have been concerns around public spending across all
the tiers of government, and some analysts consider it bad optics for the
reform agenda of the federal government.

 

"Less of the money is going into capital expenditure," Mr Alaje said. "Until
we start having our capital expenditure surpassing our recurrent
expenditure, I'm afraid, inflation may be with us for a long time."

 

Growth not relief

 

Aliyu Ilias, an economist with CSA Asset Advisory, explained why
macroeconomic indicators such as GDP growth, declining inflation and
relative stability in the foreign exchange market have not translated into
better living conditions for Nigerians.

 

"There's a disconnect because if you look at the macro economy, like you
said, the GDP is showing up positively because of the rebase, the inflation
seems to be coming down. Also, the forex seems to be stabilised. But the
thing is, it cannot reflect because we have to see it for some time before
we can start getting to recovery," he said.

 

He cautioned against equating economic growth with poverty reduction.

 

"I must also disabuse our minds that we have economic growth that reflects
in GDP does not mean poverty will reduce. What will actually reduce poverty
is household consumption and household disposable income. As much as our
disposable income is reducing, purchasing power is reducing; there is no
sign, there is no hope that poverty will reduce," Mr Ilias said.

 

He urged the federal government to address supply chain issues, particularly
in energy.

 

"We must look at our supply chain. Our supply chain has to do with energy,
because our energy transportation is the major problem and it is energy
cost," he said.

 

He also highlighted the need to tackle insecurity to improve food
production. Referring to President Tinubu's July 2023 declaration of a state
of emergency on food security, Mr Ilias said: "Up till now, we have not seen
the reflection. We must go back to all-season farming, because now that
produce is coming out, things are reducing, and that's what we must do."

 

He criticised the assumption that border reopening would solve food access
challenges.

 

"We must also not be mistaken for believing that once we open our border,
everything will be okay," he said. "During President Muhammadu Buhari, the
gain we achieved, especially in rice production, is getting eroded, also
because of the border opening. We are supposed to make our own getting
better and sufficient..."

 

He also called for a downward review of the Central Bank's benchmark
interest rate: "The MPR is still between 27.5. We need to find a way to
actually reduce the MPR to achieve a successful development in poverty
reduction."

 

Positive outlook

 

Tope Fasua, special adviser to the president on economic matters, said while
hardship persists, Nigeria's macroeconomic outlook has significantly
improved.

 

He listed several indicators, such as slowing inflation, stable exchange
rates, stronger foreign reserves, rising exports, and improved credit
ratings. "Inflation is getting better, reducing... credit ratings have
improved," he said.

 

"Even reserves have got to $40.1 billion."

 

He added that GDP growth, though modest, is positive, and states are
receiving higher allocations. He said sectors like real estate, housing, and
agriculture are beginning to expand.

 

Exports, according to Mr Fasua, are booming. Nigeria exported $2.6 billion
worth of cocoa in 2024, a 200 per cent rise over 2023. He also said Nigeria
now exports refined petroleum products to countries like the United States,
Singapore, and Saudi Arabia.

 

Importation of crude has declined, he said, while local refining is
improving. "The structure of the economy has changed greatly," he said.

 

Mr Fasua acknowledged the cost-of-living crisis but said inflation is
trending downward, from 34.8 per cent earlier this year to 22.2 per cent,
and could drop to 15 per cent by year-end if current conditions persist. He
attributed lower food prices to improved harvests and a cassava glut. "Garri
has been reduced by 50 per cent," he said. "That is good for the people."

 

He said psychological factors and social media amplify public frustration.
"There's this disconnect, but it's gradually bridging," Mr Fasua said.
"People are planting. People are moving around. People are getting married.
People are building houses. We're not starving to death."

 

He urged the public to focus on recovery rather than fear. "People should
stop living in fear. If everybody were so afraid, then we'd all starve to
death, and we're not starving to death."

 

Mr Fasua also argued that poverty may be declining in areas like Ondo, Osun,
and Cross River, citing cocoa earnings as one example. "Quite a number of
those took a lot of people out of poverty," he said.

 

He called for a shift in attitude: "Some people are sowing despair. They
should be sowing hope."

 

While acknowledging urban struggles and job insecurity, driven by global
digital trends, he said the broader picture is improving. People must
reposition themselves," he said.

 

"This country is blessed... Nigeria is not doing badly as far as countries
are concerned."

 

Gaps

 

Muda Yusuf, chief executive of the Centre for the Promotion of Private
Enterprise, said the gap between macroeconomic gains and relief for ordinary
Nigerians was not unusual.

 

"Normally, there is a lag between when you are able to fix a fundamental
economic problem and when you begin to see results in terms of impact,
either on productivity or on the welfare of the people; there's always a
lag," he said.

 

He explained that the government's first three years had been spent "fixing
some key economic fundamentals" and stabilising the economy after inheriting
"an economy that was already on the brink."

 

But he noted that these efforts have come with "a huge cost" in the form of
higher living expenses, inflation and shocks to businesses. "If these
reforms are not taking place, the economy will be much worse off," he said.

 

Mr Yusuf urged authorities at all levels to now focus on targeted actions to
tackle everyday costs, improve infrastructure and boost productivity.

 

"Apart from dealing with the macroeconomic issues, which is very good
because you can't build something on nothing, I think the government needs
to now move to tackling these specific issues of economic governance," he
said.

 

Read the original article on Premium Times.

 

 

 

 

 

 

Liberia: Three CSO Groups Condemn U.S.$1.8m Deal

Four Civil Society organization groups have condemned the US$1.8b concession
deal which was sealed on Sunday, a non-working time devoid of the
legislature and also, the government's failure to inform its citizens.
Rather, it was the United States Government that made it known to Liberians.
The government signed the concession with Ivanhoe Liberia Ltd , the company
formerly known as High Power Exploration(HPX).

 

A statement issued by three civil society groups organizations, Coalition
for Transparent Development (CTD)

 

Center for Public Accountability (CPA), Liberia Civil Rights Network (LCRN)
and Partnership for Equitable Resource Governance (PERG) is also seeking
answer from the government on this deal.

 

"More than 48 hours after the reported signing of a $1.8 billion Concession
and Access Agreement between the Government of Liberia and Ivanhoe Liberia
Ltd. (formerly HPX), the Liberian public remains in the dark. In a troubling
development, it was not the Government of Liberia, but rather the United
States Embassy that first informed the Liberian people of this historic deal
via a press release.," it said.

 

The groups added; "As a coalition of concerned civil society actors
committed to transparency, accountability, and the public's right to know,
we find it deeply disturbing that such a monumental agreement--purportedly
the largest in Liberia's recent history--was signed in the dead of night, on
a Sunday, July 6th, without any prior consultation or immediate official
statement from the Government. To date, there has been no public briefing,
no press conference, no publication of the full agreement, and no effort to
explain what is truly included in this $1.8 billion valuation.

 

We ask, with due respect:

 

What exactly constitutes the $1.8 billion figure? Is it a future projection?
A combination of capital expenditure, assumed mineral value, or
infrastructure development? The Ivanhoe press release mentions $10 million
and $15 million in staged payments--but where is the rest?

 

Why was the agreement signed on a Sunday night, just before President
Boakai's trip to the United States? Is there any connection between this
signing and the planned meetings in Washington? Was this deal part of a
broader geopolitical negotiation?

 

Why is the United States Embassy the only institution that has released a
public statement on the agreement? Why has the Government of Liberia
remained conspicuously silent?

 

Is the granting of 30 mtpa rail capacity to move Guinean iron ore consistent
with the 2019 request from Guinea? The October 2019 letter from Guinea
indicated a 5 mtpa capacity to be moved through Liberia?

 

Has any rail capacity study being conducted to determine the total potential
capacity on the single track rail? Granting of massive capacity without
knowing whether such capacity exist might be recipe for confusion.

 

With the Granting of such capacity leave room for other third parties and
small Liberian ore miners? If all the reaming capacity on the rail is given
to a company looking to transport Guinea iron ore then small Liberia
deposits will have no chance of becoming operational.

 

Did the President of Liberia personally sign the agreement in the middle of
the night or early Monday morning? If so, under what circumstances?

 

What is the Government expecting in return from the US or Ivanhoe through
this agreement?

 

When will the full agreement be made available for public scrutiny?"

 

The groups added, that the pattern of secrecy raises serious red flags. A
deal of this magnitude--one that could alter Liberia's mineral economy,
infrastructure framework, and strategic positioning for decades--cannot be
hidden behind closed doors. The people of Liberia are the ultimate
shareholders of the nation's natural resources. They deserve to know what
has been negotiated in their name.

 

"We also note with alarm that the agreement proposes a twenty-five-year
framework with major implications for rail and port infrastructure,
community development funding, job creation, and Liberia's long-term
concession landscape. Yet, no public consultations were held, and no
independent economic or environmental impact assessments have been shared
with the public.

 

In the interest of democracy and good governance, we call on:

 

President Joseph N. Boakai to immediately disclose the full text of the
Ivanhoe agreement.

 

The National Investment Commission and the Ministry of Finance and
Development Planning to hold a public press conference to explain the
rationale, terms, and anticipated outcomes of this deal.

 

The Liberian Legislature to ensure full legislative scrutiny before any
ratification is considered.

 

The international community to encourage transparency in all investments and
concession agreements made in partnership with Liberia.

 

Liberia cannot afford to return to a past where backroom deals and midnight
signatures robbed the country of its future. Transparency is not a
privilege--it is a right. The people deserve better.

 

New Republic Liberia

 

Alphonso Toweh

 

Has been in the profession for over twenty years. He has worked for many
international media outlets including: West Africa Magazine, Africa Week
Magazine, African Observer and did occasional reporting for CNN, BBC World
Service, Sunday Times, NPR, Radio Deutchewells, Radio Netherlands. He is the
current correspondent for Reuters

 

He holds first MA with honors in International Relations and a candidate for
second master in International Peace studies and Conflict Resolution from
the University of Liberia.

 

 

 

 

 

 

 

Uganda Embassy in Washington Launches Export Readiness Training for 100
Artisans

Kampala — The Embassy of the Republic of Uganda in Washington, in
partnership with today launched a six-day training program designed to
enhance the skills of 100 Ugandan artisans to explore entry opportunities
for their products in the US market. The initiative is funded through the
Economic and Commercial Diplomacy (ECD) Fund of the Ugandan Mission to
Washington DC, aimed at promoting Uganda's exports and strengthening
international trade ties.

 

Running from 18th - 23rd August in Kampala, the program will equip artisans
producing African crafts and souvenir merchandise with practical skills in
product development, finishing techniques, and market alignment to meet
international standards.

 

Officials from the Ministry of Foreign Affairs emphasized that the
initiative is part of Uganda's broader strategy to expand cultural exports
and create sustainable livelihoods for local artisans.

 

Uganda's exports to the United States have grown nearly 28-fold between 1996
and 2022, according to data from the Uganda Bureau of Statistics (UBOS).
>From under US$10 million in the late 1990s, exports surged to US$62 million
in 2017, before reaching record highs of US$87 million in 2021 and US$89
million in 2022. Key drivers include coffee, vanilla, and specialty goods,
underscoring the potential of Uganda's high-value products to strengthen
trade ties, diversify exports, and fuel economic growth. Expanding artisan
crafts into this pipeline represents a new opportunity to create jobs,
empower communities, and position Uganda more competitively in the global
creative economy.

 

"Uganda's crafts represent not only creativity but also identity and
opportunity. Through this program, we are positioning our artisans to access
new markets, increase their incomes, and showcase Uganda's cultural heritage
on the global stage," said Benon Kayemba; Head of Consular Services,
Ministry of Foreign Affairs.

 

The six-day program includes discovery sessions, product development
workshops, and practical training in export standards. The highlight will be
a final showcase on 23rd August, where artisans will present newly developed
products reflecting both cultural heritage and global market appeal.

 

Facilitator Elaine Robnett Moore, an internationally recognized trainer,
emphasized the importance of aligning craft products with evolving
international markets.

 

"Ugandan artisans are gifted and their work is unique. This program is about
refining what they already do so well, and ensuring that their products can
compete on the shelves of global trade hubs," she said.

 

The initiative is expected to strengthen Uganda's cultural exports, enhance
artisan incomes, and position Uganda as a key player in the global creative
economy. Throughout the week, artisans' stories and training milestones will
be documented, highlighting the human impact of Uganda's growing creative
export sector.

 

Read the original article on Independent (Kampala).

 

 

 

 

 

Africa: Tech Firms Launch Joint Venture for African AI Development

In a move aimed at strengthening Africa's digital infrastructure and
sovereignty in artificial intelligence, four technology companies from
Australia, Nigeria, the UAE and the Netherlands have signed a Memorandum of
Understanding (MoU) to establish AfricAI, a multinational joint venture
dedicated to building enterprise-grade AI solutions tailored to African
markets.

 

Nigeria has been selected as the flagship market for AfricAI's rollout, with
the venture set to leverage existing national data centers and edge
infrastructure to introduce AI-driven applications in healthcare, digital
identity, document automation, public administration and enterprise
services.

 

According to the founding partners of the technology companies, Lakeba
Group, Next Digital, AqlanX and Agentic Dynamic, AfricAI's strategy is
centred on developing sovereign and inclusive AI ecosystems designed and
hosted within Africa.

 

Prince Malik Ado-Ibrahim, Chairman of Nigeria's Next Digital, described the
initiative as "an opportunity to shape AI that reflects African realities,"
while Lakeba Group CEO, Giuseppe Porcelli emphasised Nigeria's role as "an
ideal launchpad" for sovereign AI development.

 

On his part, AqlanX founder, Demetrio Russo noted the importance of
"multilingual compliance and digital trust" in AfricAI's framework, while
Eren Sivasli, Chairman of Agentic Dynamic, said the collaboration would
bring "scalable, domain-specific automation" to African enterprises and
institutions.

 

Read the original article on Vanguard.

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


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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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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