Major International Business Headlines Brief ::: 12 May 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  12 May 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Govt Defies Concerns, Ramps Up Domestic Borrowing to N10.85trn

ü  Nigeria: Businesses Anticipate Higher Interest Rates, Inflation - CBN

ü  Nigerians Call for Lower Interest Rates As Inflation Expectations Remain
High - Survey

ü  Nigeria: Incessant Increase in Food Prices - Why Is It Getting Worse?

ü  Africa: G20 Is Too Elite. There's a Way to Fix That Though - Economists

ü  Africans Less Likely to Blame Rich Nations for Climate Crisis, Survey
Shows

ü  Namibia: Aupindi Slams Nampower for 'Raping Consumers'

ü  South Africa's Eskom Sees Low Power-Cut Risk Over Next Four Months

ü  Africa: Airtel Partners Spacex to Launch Starlink Internet in Nine
Countries

ü  Africa: Call for Bold Investment to Secure Southern Africa's Water Future

ü  Namibia: Roads Authority Awards N$2.9 Million in Bursaries to Six
Students

ü  Ethiopia: Ethio Telecom Unveils 'Zemen Gebeya' Digital Marketplace

ü  US and China agree to slash tariffs for 90 days

ü  Trump heads to Saudi Arabia eyeing more investment in US

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Govt Defies Concerns, Ramps Up Domestic Borrowing to N10.85trn

In spite of mounting concerns over the huge level of the country's public
debt, and the severe impact of rising cost of debt servicing on the economy,
the Federal Government, FG, increased borrowing from domestic investors to
N10.85 trillion in the first four months of the year.

 

Nigeria's total public debt rose by 48.6 per cent to N144.66 trillion in
2024, from N97.34 trillion in 2023, with the Federal Government accounting
for 95 per cent or N137.28 trillion.

 

As a result, the FG spent 150 per cent of its total revenue in 2024 on debt
service, representing a sharp increase from 65 per cent in 2023.

 

Data by the Debt Management Office, DMO, revealed that domestic debt service
cost rose by 12 per cent, Year-on-Year, YoY, to N5.9 trillion in 2024 while
external debt service cost rose YoY by 33 per cent to $4.7 billion from $3.5
billion in 2023.

 

This also led to deterioration in the country's Debt-to-GDP ratio to 52.9
per cent in 2024 from 48.7 per cent in 2023. The Debt-to-GDP ratio is a key
measure of Debt Sustainability, which refers to the economy's capacity to
manage its debt obligations without defaulting or needing external
assistance.

 

The upward trend in the total public debt and debt servicing cost may
persist given the rise in Federal Government's domestic borrowing in the
first four months of the year, January to April (4M'25).

 

Domestic borrowing

 

Financial Vanguard's findings in the FGN Bond auctions by the DMO and
Treasury Bills (TB) auctions by the Central Bank of Nigeria, CBN, showed
that the total borrowing by the FG from domestic investors increased by 0.7%
to N10.85trn in 4M'25 from N10.767 trillion in the corresponding period of
2024, 4M'24.

 

The increase was driven by increases in borrowings through TBs, and through
the FGN Savings Bonds, which offset decline in borrowing through FGN Bonds.

 

Further analysis showed that FG's borrowing through TBs rose by 8.3 per cent
to N8.377 trillion in 4M'25 from N7.74 trillion in 4M'24.

 

FG's borrowing through TBs stood at N1.872 trillion in January but rose by
26 per cent month-on-month, MoM, to N2.36 trillion in February. The upward
trend continued in March when borrowing through TBs rose MoM by 11 per cent
to N2.61 trillion before declining by 41 per cent MoM to N1.537 trillion in
April.

 

Financial Vanguard findings also showed that borrowing through the FGN
Savings Bonds rose 49.5 per cent to N17.29 billion in 4M'25 from N11.56
billion in 4M'24.

 

In January borrowing through the Savings Bonds stood at N4.313 billion. This
fell slightly by 3.2 per cent MoM to N4.18 billion in February. In March
borrowing through Savings Bonds rose 6.8 per cent MoM to N4.46 billion but
fell by 2.7 per cent MoM to N4.34 billion in April.

 

Investors remain bullish

 

Amidst the rising appetite for domestic borrowing the investors are equally
expressing large appetite to lend to the FG through over-subscription to the
instruments.

 

Total bond offered by the DMO during the four months stood at N1.45 trillion
while the demand (public subscription) stood at N3.33 trillion.

 

In January, the DMO offered N450 billion bonds to investors. Total
subscription to the offer stood at N670 billion while total amount allotted
stood at N601 billion. In February, total bonds offered stood at N350
billion while the investment public demand stood at N1.63 trillion but the
DMO allotted N910.39 billion.

 

Total bonds offered in March stood at N350 billion, while public demanded
for N530.31 billion but the DMO allotted N423.68 billion. In April, public
subscription to the N350 billion bonds offered by the DMO stood at N495.95
billion, whileN520.9 billion was allotted.

 

IMF warns

 

The rise in FG's domestic borrowing in 4M'25 is in total disregard to the
advice of the International Monetary Fund, IMF, that governments should
adjust their spending to reduce debt, so as to minimise impact of ongoing
global tariff war.

 

While projecting that global public debt will increase by 2.8 percentage
points this year and hence push debt levels above 95 percent of global GDP,
the IMF, in its Fiscal Monitor April 2025 report said: "Fiscal policy should
prioritize reducing public debt and establishing and widening buffers to
address spending pressures and economic shocks".

 

With respect to Nigeria, the IMF, though projected slight decline in
Nigeria's debt-to-GDP ratio to 52.5 per cent in 2025 from 52.9 per cent last
year, however projected that Nigeria's Fiscal Deficit-to-GDP will worsen to
4.5 per cent this year from 3.4 per cent last year.

 

Consequently, the IMF called for greater efficiency in government spending
in Nigeria to minimize the impact of increased global uncertainties on
government borrowing and public debt.

 

Making this call, at the press briefing on the April 2025 IMF Fiscal Monitor
report released on the sidelines of the ongoing Spring Meetings of the IMF
and the World Bank, Deputy Division Chief of the Development Macroeconomic
Division in the IMF Research Department, Davide Furceri, said: "It's
important to create additional fiscal space. In Nigeria's case, that means
focusing on two things: first, boosting revenue through improved
mobilization efforts, and second, scaling up spending in key areas like
social protection and investment.

 

"We understand that many countries, including Nigeria, face pressing
spending needs. But spending must be done wisely. This means stronger
prioritization and greater efficiency in how resources are allocated."

 

Analysts' comments

 

Analysts who spoke to Financial Vanguard on the IMF projection for Nigeria,
said that an increase in the nation's GDP will lead to a slight improvement
in the Debt-to-GDP ratio. They however averred that the continued upward
trend in FG's borrowing will lead to a higher fiscal deficit and debt
service cost.

 

In a review of the fiscal activities of the FG in January, analysts at
FBNQuest Merchant Bank noted that debt service-to-revenue, worsened, MoM to
144 per cent in January from 44 per cent in December.

 

Consequently they warned, "The escalating cost of debt service highlights
the pressure of debt obligations on the FGN's strained finances and
continues to raise concerns regarding debt sustainability.

 

Looking ahead, we anticipate ongoing pressure on government finances due to
underwhelming oil production levels, which currently stand at around 1.6mbpd
(including condensates), well below the 2.1mbpd assumed in the 2025 budget.

 

"Given the subdued revenue outlook, a sustained narrowing of the fiscal
space may result in the fiscal deficit exceeding the N765billion monthly
target envisaged in the budget in the coming months, complicating efforts to
keep full-year deficit levels in check".

 

Explaining why the upward trend may not lead to higher Debt-to-GDP ratio,
Tunde Abidye, who is the Head of Equity Research at FBNQuest Merchant Bank,
said: "The ratio uses GDP as a denominator. As such, it simply reflects the
expected growth in nominal GDP. If GDP expands, the ratio will be smaller."

 

Speaking in the same vein, Nnamdi Nwizu, Co Managing Partner, Comercio
Partners, said, "Though we have seen an uptick in borrowing, the government
is aggressively trying to increase revenue and local activities, which will
invariably drive GDP growth.

 

Explaining, Prof Uche Uwaleke, Chairman, Association of Capital Market
Academics of Nigeria, ACMAN, said: "The projection of a decline in
debt-to-GDP ratio may not be unconnected with the ongoing efforts by the
government of Nigeria to rebase the country's GDP. "The outcome of the
exercise is most likely to be a higher GDP for Nigeria which should
translate to a lower debt-to-GDP ratio.

 

However, David Adonri, Analyst and Vice Executive Chairman at Highcap
Securities Limited, warned that in spite of the expected increase in GDP and
anticipated lower Debt-to-GDP, increase in borrowing will lead the country
to financial embarrassment.

 

He said: "Notwithstanding the headroom for debt in relation to GDP, the
stress on FGN comes from the overwhelming debt service ratio which
technically consumes public revenue. With the declining price of crude oil
and anticipated negative impact on public revenue, refusal of the government
to run a balanced budget will definitely lead to financial embarrassment to
the country."

 

The analysts however hinted that the dominance of TBs in FG's domestic
borrowing activities in 4M'25, which is encouraged by investors' preference,
will help to reduce debt service cost in the longer time.

 

According to Mallam Garba Kurfi, CEO, APT Securities Limited, "Borrowing
through Bonds has reduced because of the high rate of interest and is always
for long term, but borrowing through TBs is for short term, and whatever the
rate will not last more than a year. So it is better for the FGN in view of
the fact that rates may likely cash.

 

Nnamdi Nwizu of Comercio Partners, said, "We have noticed reluctance by the
DMO to issue long term instruments due to the high interest rate
environment, which naturally means high cost of debt funding. This strategy
makes sense as rather than lock in 30 year debt at a high rate, it makes
sense to issue Treasury bills, whilst they wait for rates to drop.

 

"It probably makes sense for the DMO to do short duration instruments in an
environment where interest rates are high, as opposed to locking in high
yields on a longer term basis".

 

"It may also be due to investor appetite for near term securities due to the
uncertain market outlook", said, Tunde Abidoye of FBNQuest Merchant Bank,

 

Similarly, Ayokunle Olubunmi, Analyst/ Head Financial Institutions Ratings
at Agusto & Co, said: "The anticipated decline in the interest rate prompted
the focus on short dated securities such as treasury bills.

 

"Investors have also taken advantage of the high yield environment to
optimise returns on their investment portfolio."

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: Businesses Anticipate Higher Interest Rates, Inflation - CBN

Nigerians and businesses operating in the country are bracing for tighter
financial conditions over the coming months, anticipating both higher
interest rates and elevated inflation, according to new data from the
Central Bank of Nigeria (CBN).

 

In its April 2025 Business Expectations Survey, the CBN found that 75.4 per
cent of respondents cited high interest rates as a major constraint on
business activity, the top concern across all sectors.

 

This sentiment is echoed in the Inflation Expectations Survey for the same
period, which reveals that businesses foresee a rise in borrowing costs and
inflation levels over the short to medium term.

 

According to the survey, respondents expect the monetary policy rate to
remain elevated, and many anticipate further tightening as the CBN continues
its inflation-targeting efforts. The survey shows a clear expectation that
inflation will rise over the next 12 months, driven in part by higher energy
costs, exchange rate pass-through, and structural supply-side constraints.

 

Despite these headwinds, the business confidence index continued its upward
trajectory. Firms across all sectors, especially in agriculture and
construction, reported optimism about the general economy and business
operations for the next six months. However, they simultaneously flagged
insecurity, taxes, and insufficient power supply as persistent threats to
growth.

 

The surveys also showed that businesses expect the naira to appreciate
slightly in the coming months, a signal of confidence in currency stability
amid macroeconomic reforms. Firms expect the naira to appreciate slightly in
the near term, despite widespread concerns about foreign exchange
volatility.

 

Capacity utilisation improved marginally to 56.9 per cent in April,
indicating better resource use, though still well below full potential.
Meanwhile, hiring plans are expanding, particularly in the construction and
mining sectors.

 

Geographically, business sentiment varied across Nigeria's regions. The
South-West and South-South reported the highest confidence levels, while
North-East and North-Central respondents expressed more cautious outlooks,
likely reflecting regional differences in security, infrastructure, and
policy implementation.

 

On the monetary front, the growing expectation of higher interest rates will
likely complicate the CBN's task of balancing price stability with economic
growth. The Monetary Policy Rate (MPR) currently sits at a historic high
following consecutive hikes in recent quarters aimed at curbing inflation
and stabilising the naira.

 

The surveys suggest that businesses expect this tightening stance to
continue, potentially discouraging borrowing and investment.

 

Read the original article on Leadership.

 

 

 

 

Nigerians Call for Lower Interest Rates As Inflation Expectations Remain
High - Survey

A new report by the Central Bank of Nigeria (CBN) has revealed that most
Nigerians believe interest rates are too high and are calling for a
reduction in lending and savings rates, even as inflation expectations
remain elevated in the months ahead.

 

The April 2025 Inflation Expectation Survey released by the CBN's Statistics
Department, showed that a significant number of respondents comprising
households, businesses, and market watchers expressed frustration with
prevailing borrowing costs, which they say are making it harder to meet
personal and business financial needs.

 

"Most respondents believed that interest rates on savings accounts and
lending rates were too high," the report stated, reflecting a growing desire
for more affordable access to credit amid widespread cost-of-living
concerns.

 

Despite these sentiments, the survey also revealed that Nigerians remain
cautious about the country's inflation outlook, with the majority expecting
prices to keep rising over the next six to twelve months. According to the
report, "The overall median expectation of prices in the next 12 months
remained unchanged in April 2025," suggesting persistent anxiety over
inflationary pressures.

 

Food, transportation, medical expenses, rent, and education were identified
as the top factors expected to drive price increases. These essential
categories have consistently featured as key inflationary drivers in recent
months and continue to weigh heavily on household budgets. "Respondents
attributed the likely increase in prices in the next 12 months to food,
rent, medical expenses, education, and transport," the survey added.

 

Notably, the proportion of respondents who anticipate higher prices in the
short term has risen compared to the previous month. "The share of
respondents expecting higher prices over the next 6 months increased
relative to March 2025," the report noted, underscoring continued
uncertainty despite recent policy efforts.

 

Respondents expressed some optimism about the broader economy, particularly
on the value of the naira and labour market conditions. "The respondents'
expectations on the naira exchange rate showed that the value of the naira
would appreciate in the short term," the report said. There were also
expectations of improvements in unemployment and business conditions within
the next year.

 

Read the original article on This Day.

 

Tagged:

 

 

 

 

Nigeria: Incessant Increase in Food Prices - Why Is It Getting Worse?

The rate at which food prices keeps increasing in this country is atrocious.
A kilogram of chicken is now N4500!! It was only a few months ago the same 1
kilogram was sold at N3500.

 

What is happening? Do we have any body at all regulating food prices?
Apparently nothing is being done about this and defaulters are getting away.
However, there is God. F

 

uel price has not changed every week so why does food price change
constantly? A bottle of roasted groundnut is now N1,500 and in some places
N2000.

 

A mudu of garri is now N1,200!! Chai, if something is not done and done
quickly things may get worse. It is not only markets that are culprits, even
supermarkets are doing same!!

 

Read the original article on Leadership.

 

 

 

 

Africa: G20 Is Too Elite. There's a Way to Fix That Though - Economists

The G20 claims to be "the premier forum for international economic
cooperation".

 

But is it?

 

As scholars of global economic governance, we are sceptical of this claim.
Here are our main reasons.

 

The G20 is insufficiently representative of the 193 member states of the
United Nations plus the small number of non-member states.

It is a self-selected group of 19 countries and the European and African
Unions.

It has no mandate to act or speak on behalf of the international community.

It has no transparent or formal mechanisms through which it can communicate
with actors who do not participate in the G20 but have a stake in its
deliberations and their outcomes.

 

The growing tensions in the world make it more urgent to improve the
efficacy of the G20. Firstly, because there is growing evidence of the loss
of interest in global cooperation. Secondly, because rich states are cutting
their official development assistance and are failing to meet their
commitments to help countries deal with loss and damage from climate impacts
and make their economies more resilient to shocks.

 

And thirdly, because rich countries are also reluctant to discuss financing
sustainable and inclusive development in forums like the upcoming Fourth
Financing for Development Conference or the UN, where all states can
participate. They prefer exclusive forums like the G20.

 

Here, after briefly describing the structure of the G20, we argue that its
lack of representation is a major problem. We offer a solution and argue
that, as chair of the G20 this year, South Africa is well placed to promote
this solution.

 

 

What is the G20 and how does it function?

 

The G20 was established in the late 1990s in the wake of the East Asian
financial crisis. Its members were invited by the US and Germany based on a
proposal from the Canadian government. Initially only finance ministers and
central bank governors of major advanced and emerging economies were
involved. After the financial crisis of 2008-2009 it was upgraded to summit
level with the same membership.

 

A summit is held annually, under the leadership of a rotating presidency.

 

The group accounts for 67% of the world's population, 85% of global GDP, and
75% of global trade. The membership comprises 19 of the "weightiest"
national economies plus the European Union and the African Union. The 19
national economies are the G7 (US, Japan, Germany, UK, France, Italy,
Canada), plus Australia, China, India, Indonesia, Republic of Korea, Russia,
Turkey, Saudi Arabia, South Africa, Mexico, Brazil, and Argentina. These
countries are permanently "in". The remaining 90% of countries in the world
are excluded unless invited as "special guests" on an ad hoc basis.

 

Representatives of a select group of international organisations including
the International Monetary Fund, the World Bank, the Organization for
Economic Cooperation and Development (OECD) and the World Trade Organization
also participate, together with those from some UN entities.

 

The G20's work is managed by a troika consisting of the current president
with the assistance of the past president and the incoming president. In
2025 this troika consists of South Africa as the current chair, Brazil as
the past chair and the US, which will become the G20 president in 2026. The
G20 has no permanent secretariat.

 

The consistency in G20 membership has proven to be an advantage because it
helps foster a sense of familiarity, understanding and trust at the
technical level among the permanent members. This is helpful in times of
crisis and in dealing with complex problems.

 

But its exclusivity and informal status have limited its ability to address
major challenges such as the global response to the economic and health
consequences of the COVID pandemic. This is because an effective response
required agreement and coordinated action by all states and not just those
in the G20.

 

A solution

 

We think that the governance model of the Financial Stability Board offers a
solution.

 

The Financial Stability Board was established under the umbrella of the G20
in 2009. Its job is to coordinate international financial regulatory
standard-setting, monitor the global financial system for signs of stress,
and to make recommendations that can help avert potential financial crises.

 

It is also an exclusive club. Its membership consists of the financial
regulatory authorities in the G20 countries plus those in a few other
countries that are considered financially systemically important.

 

However, unlike the G20, the Financial Stability Board has made a systematic
effort to learn the views of non-members. It has established six Regional
Consultative Groups, one each for the Americas, Asia, Commonwealth of
Independent States, Europe, Middle East and North Africa, and sub-Saharan
Africa.

 

The objective is to expand and formalise the Financial Stability Board's
outreach activities beyond its membership and to better reflect the global
character of the financial system.

 

The regional consultative groups operate in a framework which promotes
compliance within each region with the Financial Stability Board's policy
initiatives. The framework enables the group members to share among
themselves and with the board their views on common problems and solutions
and on the issues on the board's agenda.

 

Importantly, each regional group is co-chaired by an official from a
Financial Stability Board member and an official from a non-member
institution.

 

Applying this model to the G20 would allow the current G20 membership to
continue, while obliging the members to establish a consultation process
with regional neighbours. This would create a limited form of representation
for all the world's states.

 

It would also empower the smaller and weaker members of the G20 because it
would enable them to speak with more confidence and credibility about the
challenges facing their region.

 

This arrangement would also establish a limited form of G20 accountability
towards the international community.

 

Next steps

 

As chair of the G20 chair for 2025, South Africa is well placed to promote
this solution to the group's representation problem. It should work with the
African Union to establish an African G20 regional consultative group. South
Africa and the African Union could invite each African regional organisation
to select one representative to serve on the initial consultative group.

 

South Africa could also commit to convey the outcomes of G20 regional
consultative group meetings to the G20.

 

South Africa can then use this example to demonstrate to the G20 the value
of having a G20 regional consultative group and advocate that other regions
should adopt the same approach.

 

Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of
Scholarship, University of Pretoria

 

Robert Wade, Professor of Political Economy and Development, London School
of Economics and Political Science

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

 

Africans Less Likely to Blame Rich Nations for Climate Crisis, Survey Shows

A major opinion survey across Africa shows that many people place primary
responsibility for climate action on their national governments. Although
the continent has contributed relatively little to global emissions, it is
enduring some of the worst effects of climate change.

 

The survey, carried out by a gloabl team of researchers between 2021 and
2023, covers 39 countries and more than 50,000 people. It was published this
week in the journal Communications Earth and Environment.

 

Its authors focused on the 26,735 respondents who said they had heard of
climate change. They were asked who should bear the responsibility for
limiting it and reducing its effects.

 

Nearly half - 45 percent - said their national government should take the
lead. Just 13 percent named rich countries, while only 8 percent pointed to
businesses and industry.

 

"There is clearly a desire among many respondents to see their government
take more action to protect them and address the problem of climate change,"
study co-author Talbot M Andrews, a political scientist at Cornell
University, told RFI.

 

African cotton producers rally against climate shocks and low prices

 

Surprising results

 

The view that governments should take the lead was especially common in West
Africa. In Nigeria, Liberia and Niger, close to three out of four people
gave this response.

 

"It was surprising for us to see that many people placed so much
responsibility on their own government, and that there was so little
responsibility attributed to historical emitters, namely industrialists and
wealthy countries," Andrews said.

 

Although Africa has contributed little to global warming - just 3 percent of
historical CO2 emissions since 1750 - its populations are among those most
exposed to its impact. The United States alone accounts for nearly a quarter
of emissions.

 

Around 30 percent of those surveyed said that ordinary people in their own
countries should carry the most responsibility for responding to climate
change. This view was most common in Uganda, Ethiopia, Ghana, Kenya,
Tanzania, Madagascar and Zambia.

 

Four small island states - Cape Verde, Mauritius, the Seychelles and São
Tomé and Príncipe - were among the countries where respondents were most
likely to name historical polluters.

 

Researchers suggested this may reflect greater concern over rising sea
levels.

 

Children's tale takes root in West Africa's fight to regrow its forests

 

Education a factor

 

The authors also found that respondents with higher levels of education or
better access to media were more likely to blame developed countries.

 

"We see that with reduced poverty and better access to media among
respondents, responsibility is transferred to historical emitters," Andrews
said.

 

The way the survey question was phrased may also have shaped how people
responded, Andrews added. It wasn't clear whether they were thinking about
mitigation - tackling the causes - or adaptation, which focuses on coping
with the effects.

 

In addition, given how vulnerable many Africans are to climate risks, she
said, it made sense that they would prioritise local protection over
identifying global causes.

 

"It's understandable to see that they want their own government to protect
them from these impacts here and now. It's not just thinking about the
causes of climate change."

 

This story was adpated from the original version in French by RFI's Juliette
Pietraszewski

 

Read or Listen to this story on the RFI website.

 

 

 

 

 

Namibia: Aupindi Slams Nampower for 'Raping Consumers'

Swapo lawmaker Tobie Aupindi has slammed the national power utility, the
Namibia Power Corporation (NamPower), for putting undue pressure on
consumers with tariff hikes on electricity.

 

He was speaking on Thursday in the National Assembly during debates on the
budget which went all night.

 

"It is true that remarkable progress has been achieved through the National
Integrated Resource Plan. But it is also true that NamPower has been raping
consumers and the country."

 

"I think the biggest challenge NamPower has is making sure electricity is
affordable and reliable. Reliability requires NamPower to have base load
power in Namibia and not only solar."

 

Aupindi says that the recent application for a 17.44% tariff increase was
driven primarily by the reevaluation of NamPower assets, which almost
doubled.

 

"NamPower is allowed a certain percentage of return on asset and
depreciation. If asset value goes up, then depreciation and return on assets
goes up. Now if the asset value goes up then depreciation goes up, customers
will need to pay more so that NamPower can be paid for that increase in
return on assets and depreciation," he says.

 

Aupindi also accused NamPower of understating its projected generation from
Ruacana, calling it industrial dishonesty.

 

He submitted that the government must insist that the projected income from
Ruacana in their tariffs application should be the same or at least to be
within 20% of the previous year's actuals.

 

"Otherwise if NamPower in their tariffs application understate the
generation from Ruacana - which is Namibia's cheapest source of power - it
causes the price of electricity to increase. And in reality NamPower makes
more revenue at the expense of the consumer," he said.

 

He added, "The last major contributor to the increase in electricity cost is
historical under-recoveries or losses NamPower has made in past years, which
NamPower is then allowed to recover from the consumer in the following year.
So, in conclusion if NamPower is to use the previous financial years
generation actuals, defer the asset reevaluation, and to defer the under
recovery, NamPower will probably do well with an inflationary tariff
adjustment of only 3% to 5%."

 

Aupindi has also taken issue with a decision of putting small defaulting
municipalities on prepaid which he says although it will help NamPower
collect its revenue, but it will destroy the economy.

 

"Imagine if you put all business and industry on prepaid, it will have
serious cash flow implications on small and large business. Because if you
put a municipality onto prepaid, the municipality will have to put all its
customers onto prepaid to protect itself."

 

"Imagine if Namibia Breweries could be put on prepaid and the impact of that
decision on its cash flow. City of Windhoek was asked to move on to prepaid
and it refused because of the cash flow implications and the impact to
industry as well," he said.

 

He has called on NamPower to rather enforce collection by either
disconnecting defaulting customers or improve its stakeholder engagement.

 

"If you imagine how many pensioners' accounts municipalities write off every
year but NamPower never contributes to these write-offs in anyway. This is a
mix of voodoo economics and thinking. I support Vote 15," he said.

 

Read the original article on Namibian.

 

 

 

 

South Africa's Eskom Sees Low Power-Cut Risk Over Next Four Months

South African state utility Eskom said on Monday it expects no power cuts
through the southern hemisphere winter, ending August 2025, if unplanned
outages remain below 13,000 megawatts. The company's baseline scenario
forecasts a stable power supply, following improved plant performance over
the past year.

 

Eskom CEO Dan Marokane told reporters that if breakdowns increase to 14,000
MW, there could be a single day of outages, and up to 21 days if they rise
to 15,000 MW. Eskom currently has over 46,000 MW in nominal generation
capacity, primarily from coal, with additional supply from nuclear, diesel,
and hydropower sources.

 

The utility recorded no electricity cuts for nine months last year,
including during winter, a significant improvement after over a decade of
power supply instability that has weighed on economic growth.

 

Marokane acknowledged 14 days of load-shedding earlier in 2025 but said this
was a temporary setback, emphasizing continued progress in operational
performance.

 

Daba is Africa's leading investment platform for private and public markets.
Download here

 

Key Takeaways

 

Eskom's improved reliability marks a shift from previous years of persistent
power cuts that constrained South Africa's economy and damaged investor
confidence. Load-shedding--planned electricity outages--had become routine
due to aging infrastructure, maintenance backlogs, and financial distress.
The utility's current stability is attributed to better maintenance
planning, improved plant efficiency, and lower-than-expected unplanned
breakdowns. While risks remain, particularly in the face of winter demand
surges, Eskom's base case suggests the country may be entering a more stable
energy period. However, the system remains heavily dependent on coal,
exposing it to operational and environmental risks. Long-term reforms and
diversification toward renewable energy remain key to securing sustainable
supply. For now, Eskom's winter forecast signals relief for households,
businesses, and the broader economy.

 

Read the original article on Daba Finance.

 

 

 

Africa: Airtel Partners Spacex to Launch Starlink Internet in Nine Countries

Starlink, currently licensed in 9 of Airtel's 14 markets, will integrate
with Airtel's infrastructure to serve its 163.1 million subscribers

Airtel Africa has partnered with SpaceX to roll out Starlink's satellite
internet service across nine African countries to expand high-speed
connectivity. The agreement, announced Monday, marks a major move to bridge
the continent's digital divide.

 

The rollout will begin in Nigeria, Chad, Kenya, Zambia, Malawi, Rwanda,
Niger, Madagascar, and the Democratic Republic of Congo--targeting rural and
remote communities with limited access to reliable internet. Starlink,
currently licensed in 9 of Airtel's 14 markets, will integrate with Airtel's
infrastructure to serve its 163.1 million subscribers.

 

Africa remains home to over 600 million people without internet access. By
using Starlink's low Earth orbit satellites for last-mile connectivity and
Airtel's mobile network for reach, the companies aim to deliver faster, more
stable internet to individuals, businesses, schools, and clinics. The
partnership also explores using Starlink for cellular backhaul to extend
Airtel's mobile network in areas lacking fiber or tower infrastructure.

 

Daba is Africa's leading investment platform for private and public markets.
Download here

 

Key Takeaways

 

The Airtel-SpaceX partnership reflects a shift toward hybrid connectivity
models in Africa, where mobile coverage alone has struggled to meet the
needs of remote populations. Starlink's satellite network offers low-latency
broadband without dependence on traditional infrastructure, making it ideal
for challenging terrains and dispersed communities. This deal gives Airtel a
competitive advantage, enabling it to improve enterprise services and expand
its rural footprint faster than rivals. It may force major players like MTN
and Orange to rethink their digital inclusion strategies or pursue similar
satellite partnerships. The integration of satellite internet also has
broader economic implications. Access to reliable connectivity can unlock
new opportunities in agriculture, healthcare, education, and digital
finance, especially as sectors rely increasingly on cloud platforms and
real-time data. Beyond rural reach, the partnership could deepen over time
to include co-developed services, infrastructure sharing, or even regional
innovation hubs. As expectations rise for seamless connectivity, operators
able to blend terrestrial and space-based infrastructure will be best
positioned to lead Africa's next phase of digital transformation.

 

Read the original article on Daba Finance.

 

 

 

 

 

Africa: Call for Bold Investment to Secure Southern Africa's Water Future

Water and Sanitation Deputy Minister, Sello Seitlholo, has called for
decisive and intensified investment in the water sector to secure Southern
Africa's future in the face of climate change and growing water demands.

 

Addressing the Orange-Senqu River Commission (ORASECOM) Climate Resilient
Investment Conference in Maseru, Lesotho, on Thursday, Seitlholo underscored
the urgent need for resilient water infrastructure and strengthened
cross-border cooperation, describing them as critical to the region's
economic development, environmental sustainability, and long-term water
security.

 

"Water is the foundation upon which our economies, communities, and
ecosystems rest. In Southern Africa, it also binds us together across
borders. Our shared future demands that we invest boldly and wisely in
securing this most precious resource," Seitlholo said.

 

Reaffirming South Africa's role as a founding and committed member of
ORASECOM, Seitlholo noted that the country continues to champion regional
cooperation for the sustainable and equitable management of shared water
resources. These include hosting responsibilities and contributions to
basin-wide research and planning.

 

The Deputy Minister also noted that South Africa is actively undertaking
major reforms to create an enabling environment for water investment.

 

These include legislative amendments to strengthen water governance, reduce
inefficiencies, and attract private-sector involvement, through improved
regulatory certainty and streamlined project processes.

 

He pointed to multiple opportunities for investors, ranging from bulk
infrastructure and wastewater treatment to innovative technologies in reuse
and smart metering.

 

The Deputy Minister further emphasised the role of public-private
partnerships, noting ongoing efforts through the Water Partnership Office in
collaboration with the Development Bank of Southern Africa (DBSA, to
accelerate investment.

 

"Investing in water is not just a necessity; it is a generational
imperative. Our policy reforms, [including] institutional innovation, and
partnerships, demonstrate that we are ready to work with all stakeholders to
make water investment a success story," Seitlholo said.

 

Seitlholo outlined three strategic pillars of South Africa's water strategy,
which include sustainability, technological advancement, and climate
adaptation.

 

He highlighted the need for robust risk management to address droughts,
floods, and pollution, supported by government funding mechanisms, such as
the Water Services Infrastructure Grant and the Regional Bulk Infrastructure
Grant, made available by the Department of Water and Sanitation.

 

He stressed that communities must be at the heart of water solutions.

 

Placing communities at the centre of water governance, Seitlholo emphasized
inclusive development, particularly through forums supporting youth, women,
and civil society engagement.

 

He added that collaborations with NGOs, including research institutions, and
the private sector, continue to drive innovation and ensure evidence-based
planning.

 

In closing, Seitlholo reaffirmed South Africa's unwavering commitment to
regional leadership and global engagement in the water sector.

 

Spotlight on water financing

 

Meanwhile, Seitlholo announced that South Africa will host the Africa Water
Investment Summit in August, an initiative aimed at unlocking large-scale
investment and fostering multi-sector partnerships for water infrastructure
development across the continent.

 

As South Africa assumed the G20 Presidency, the Deputy Minister confirmed
that water financing will be promoted as a key agenda item, positioning
water as not merely a development issue, but a central pillar of economic
resilience, climate adaptation, and sustainable growth.

 

"South Africa stands ready to lead by example, mobilising political will,
catalysing investment, and fostering cross-border cooperation to build a
water-secure future for Africa and beyond.

 

"Let us seize this moment to mobilise the partnerships, political will, and
financing needed to ensure a climate-resilient and water-secure future for
our region. What we decide today must shape a legacy of inclusive growth and
sustainable prosperity for generations to come," Seitlholo said.

 

Read the original article on SAnews.gov.za.

 

 

 

Namibia: Roads Authority Awards N$2.9 Million in Bursaries to Six Students

The Roads Authority (RA) on Thursday officially presented bursaries totaling
N$2.9 million to six deserving students.

 

The bursaries were awarded to students who demonstrated academic excellence,
commitment, and a strong drive to contribute meaningfully to society.

 

Delivering his keynote address, RA's Chief Executive, Dr Conrad Lutombi,
emphasised the RA's commitment to education, "At the Roads Authority, we
understand the transformative power education holds for individuals, entire
communities, and industries. We are committed to supporting talented and
deserving students through our bursary programme."

 

Since its inception in 2003, the programme has awarded 168 students pursuing
their studies in the field of Civil Engineering, Information and
Communication Technology, Transport Economics, and Transport Management at
tertiary institutions locally and in South Africa, totaling approximately
N$37 million.

 

This year, the RA awarded bursaries to students studying Transport
Management, Geo-Information Technology, Procurement and Supply Chain
Management and Civil Engineering, and they are enrolled at various
accredited universities in Namibia.

 

The bursaries awarded to students from the Kunene, Ohangwena, Kavango East,
Otjozondjupa, and Zambezi regions cover tuition and other costs such as
monthly allowance, accommodation, meals, and textbooks.

 

Lutombi congratulated all bursary recipients, describing the bursary as "not
just financial assistance but a vote of confidence in your potential."

 

"This bursary is a stepping stone, but the journey ahead will require focus,
discipline, and resilience. There will be moments when the pressure feels
overwhelming, assignments will pile up, examinations will challenge you, and
setbacks may occur. But I urge you to keep pushing. Use this opportunity
wisely. Work hard. Seek help when you need it. And never forget why you
started," he added, encouraging the recipients.

 

Read the original article on Namibia Economist.

 

 

 

 

 

Ethiopia: Ethio Telecom Unveils 'Zemen Gebeya' Digital Marketplace

In a landmark move set to reshape Ethiopia's commercial and digital
landscapes, Ethio Telecom has launched "Zemen Gebeya", a national digital
marketplace aimed at transforming the way goods and services are exchanged
across the country.

 

Speaking at the unveiling ceremony, Ethio Telecom CEO Frehiwot Tamiru
emphasized that the platform is more than just an e-commerce hub--it is a
digital ecosystem designed to drive inclusive economic growth. By connecting
micro, small, medium, and large enterprises, Zemen Gebeya aims to streamline
trade operations, expand market access, and catalyze digital transformation
across Ethiopia's business community.

 

"This initiative aligns with our strategic goal of becoming a leading
digital solution provider," Frehiwot noted. "Zemen Gebeya will not only
enhance the convenience of trade but also empower local producers--farmers,
artisans, and entrepreneurs--to participate in the national and global
digital economy."

 

Zemen Gebeya promises to offer a one-stop online platform where users can
browse and purchase a wide variety of goods and services--from agricultural
products and handcrafts to electronics and logistics services. It will serve
as a vital bridge between urban and rural economies, giving consumers in
remote areas access to products previously beyond their reach.

 

In a country where access to markets has traditionally been constrained by
geography and infrastructure, Zemen Gebeya presents a solution that could
significantly reduce operating costs, increase price transparency, and
improve supply chain efficiency. The platform also supports secure digital
payment options, which are crucial in boosting financial inclusion and
building consumer trust in online transactions.

 

Since opening its doors to partners, Zemen Gebeya has already onboarded over
42 businesses and logistics service providers, demonstrating strong early
momentum. Ethio Telecom is calling on more stakeholders--including banks,
fintech companies, transport providers, and government institutions--to
collaborate and enhance the platform's ecosystem.

 

Industry observers suggest that the platform could create thousands of new
jobs across sectors such as IT, logistics, marketing, and digital financial
services, while contributing to Ethiopia's Gross Domestic Product (GDP)
through increased commercial activity.

 

Zemen Gebeya is part of a broader national push toward building a Digital
Ethiopia by 2025, as envisioned in the country's digital transformation
strategy. It complements ongoing reforms in telecommunications, finance, and
innovation, positioning Ethio Telecom as a critical player in Ethiopia's
journey toward becoming a more connected and competitive economy.

 

With rising smartphone penetration and growing demand for online services,
Zemen Gebeya could very well become Ethiopia's version of Amazon or
Alibaba--a homegrown solution tailored to local realities with global
ambitions.

 

BY TSEGAYE TILAHUN

 

THE ETHIOPIAN HERALD FRIDAY 9 MAY 2025

 

Read the original article on Ethiopian Herald.

 

 

 

 

US and China agree to slash tariffs for 90 days

The US and China have agreed a deal that will significantly cut the import
tariffs, or taxes, both sides have imposed on one another for a 90-day
period.

 

US Treasury Secretary Scott Bessent said both countries would lower their
reciprocal tariffs by 115% for 90 days.

 

The announcement came after the two countries held intensive talks in
Switzerland over the weekend.

 

It was the first meeting between the two countries since US President Donald
Trump had levied steep tariffs against China on its goods entering America
in January.

 

President Trump had imposed a 145% tariff on Chinese imports, while Beijing
responded with a 125% levy on some US goods.

 

However, the US tariffs on Chinese imports will now be cut to 30% for 90
days, while Chinese tariffs on US imports will be cut to 10% for the same
period of time.

 

The US measures still include an extra component aimed at putting pressure
on Beijing to do more to curb the illegal trade in fentanyl, a powerful
opioid drug.

 

But US officials said they had been positively surprised by the willingness
of China to deal with the problem.

 

"Both countries represented their national interest very well," Bessent
said.

 

"We both have an interest in balanced trade, the US will continue moving
towards that."

 

When the original tariffs were imposed it caused turmoil in the financial
markets and sparked fears of a global recession.

 

News of the pausing of the tariffs led to a rebound on stock markets.

 

Hong Kong's benchmark Hang Seng Index jumped on the announcement, ending the
day up 3%. China's Shanghai Composite Index had closed before details of the
deal came out, and ended 0.8% higher.

 

European stocks opened higher and early indications were that the main US
stock markets will open up by 2-3%.-BBC

 

 

 

 

 

Trump heads to Saudi Arabia eyeing more investment in US

With US President Donald Trump due to visit Gulf states this week, a key
focus will be securing significant new investment for the US economy.

 

"President Trump wants the announcement [of more Gulf money for the US],"
says economist Karen Young, a senior fellow at the Middle East Institute
think tank.

 

"He wants to have a big poster in a meeting that describes where these
investments might go. And some estimation of what they will do to the
American economy in terms of job creation or his big push, of course, on
domestic manufacturing."

 

Trump is due to arrive in the Saudi capital, Riyadh, on Tuesday 13 May, to
meet the country's de facto leader Crown Prince Mohammed bin Salman.

 

Trump is then expected to attend a summit of Gulf leaders in the city on 14
May, before travelling to Qatar that same day, and then ending his three-day
trip in the United Arab Emirates (UAE) on 15 May.

 

The economic importance of the region to Trump is highlighted by the fact
that the visit to Saudi Arabia was due to be the first overseas trip of his
second term in the White House. That was before the death of Pope Francis
necessitated Trump attending his funeral in Rome towards the end of April.

 

Saudi Arabia was also the first country that Trump visited during his first
term of office, going against the modern practise of US presidents to start
with the UK, Canada or Mexico.

 

Securing new investments in the US from Gulf states, and particularly from
their state-backed sovereign wealth funds, will help Trump to signal back
home that his "America First" agenda is delivering results.

 

The presidential visit is drawing top Wall Street and Silicon Valley leaders
to Saudi Arabia. A Saudi-US investment forum on 13 May in Riyadh will
feature CEOs from BlackRock, Palantir, Citigroup, IBM, Qualcomm, Alphabet,
and Franklin Templeton.

 

The push comes amid economic headwinds, as President Trump's new import
tariffs have significantly disrupted global trade, confidence, and the US
economy itself. US economic output fell in the first three months of this
year, its first fall in three years.

 

Back in January, Prince Mohammed said that Saudi Arabia would invest $600bn
(£450bn) in the US over the next years. However, Trump has already said that
he'd like that to rise to $1tn, including purchases of more US military
equipment.

 

According to Ali Shihabi – a Saudi commentator and author, with close ties
to the Saudi government – a number of economic agreements will be signed
during the trip.

 

"These deals will further integrate the Saudi and US economies together,
joint ventures in the kingdom, in the United States, procurements of
American weapons and goods," says Mr Shihabi.

 

 

Saudi Arabia's sovereign wealth fund, the Public Investment fund (PIF),
which controls assets worth $925bn, already has numerous investments in the
US. These include Uber, gaming firm Electronic Arts, and electric car firm
Lucid.

 

Meanwhile, the UAE has already committed to investing $1.4tn in the US over
the next 10 years, in sectors such as AI, semiconductors, energy and
manufacturing. This was announced by the White House in March after the
UAE's national security advisor, Sheikh Tahnoon bin Zayed Al Nahyan, met
President Trump in Washington.

 

Yet Ms Young from the Middle East Institute says that the scale of these
investments is not realistic in the short term. She instead says that they
are long-term strategic moves, and that the figures should be taken "with a
little bit of a grain of salt".

 

Regarding specific deals that could be announced during Trump's visit, it is
widely reported that Saudi Arabia will agree to buy more than $100bn of US
arms and other military items.

 

These are said to include missiles, radar systems and transport aircraft.

 

The US has been a longstanding arms supplier to Saudi Arabia, but in 2021
the then Biden administration stopped selling Riyadh offensive weapons,
citing concerns about the country's role in the war in neighbouring Yemen.

 

The 2018 killing of Saudi journalist Jamal Khashoggi was also widely
reported to be a factor. A US report said that Prince Mohammed had approved
the murder.

 

The Biden White House resumed the sale of these weapons last year. While it
cited that the Saudis had stopped bombing Yemen, some commentators said that
the US was seeking Saudi assistance to help end the conflict in Gaza and aid
its future reconstruction.

 

Mr Shihabi says Saudi Arabia will be seeking assurances from the White House
that the US will implement a "more efficient procurement system", enabling
the Gulf state to access ammunition and military equipment far more quickly
and easily.

 

"The Trump administration is initiating procedures to facilitate those
deals. So, it's expected that this process will improve immediately," he
adds.

 

Artificial intelligence is the other topic that will dominate the agenda
during Mr Trump's visit. Talks are expected to centre on attracting greater
Gulf investment into US tech firms, and boosting the region's access to
cutting-edge American semiconductors.

 

The UAE and Saudi Arabia have been investing billions of dollars into tech
and AI sectors as try to diversify their economies away from oil.

 

The Emiratis, in particular, are keen to establish themselves as a global AI
hub.

 

Last week, the Trump administration scrapped the Biden-era chip regulations
that placed restrictions on exports of advanced US chips to more than 120
countries including the Gulf states.

 

The White House is expected to draft new rules that would potentially
involve direct negotiations with countries like the UAE.

 

"For the UAE, this is absolutely essential," says Ms Young. "They are
aggressively building out their AI capacity. So, for them getting access to
US technology is imperative to be the best."

 

While much attention will be on Trump courting Gulf capital for the US,
Saudi Arabia is equally focused on drawing American investment into its
ambitious Vision 2030 program.

 

Led by giant construction projects, such as the building of a linear city
called The Line, Vision 2030 is central to the Saudi government's continuing
efforts to diversify the country's economy away from oil.

 

It also involves pouring resources into entertainment, tourism, mining and
sports.

 

However, foreign direct investment into Saudi Arabia declined for a third
straight year in 2024, reflecting persistent challenges in attracting
overseas capital.

 

 

The fall in global oil prices since the start of the year has further
strained Riyadh's finances, increasing pressure to either raise debt or cut
spending to sustain its development goals.

 

Oil prices tumbled to a four-year low amid growing concerns that a trade war
could dampen global economic growth.

 

The decline was further fuelled by the group of oil producing nations,
Opec+, announcing plans to increase output.

 

Saudi Arabia is part of that group, and some commentators said that the rise
was in part a desire to please Trump, who has called for lower oil prices.

 

Other analysts said the reason was more that Opec+ remains confident that
the global economy is growing.

 

The US-Saudi Business Council, is an organisation that aims to boost trade
ties between the two countries.

 

It is hoping that Trump's visit will push American businesses to explore
more opportunities in Saudi Arabia, especially in sectors like AI,
healthcare and education.

 

"The Saudi government is looking heavily to invest in these sectors. There
is a very big appetite for Saudi companies to collaborate with American
companies," Hutham Al Jalal, who heads the Riyadh office for the
organisation, tells the BBC.

 

Saudi officials are said to be confident that some deals in these sectors
will be secured during Trump's visit.

 

For Saudi Arabia, Trump's visit is about strengthening ties with their
longest-standing Western ally - a relationship that grew strained during the
Biden years. For President Trump, it is about landing investment deals that
can be framed as a win for his economic agenda.

 

"President Trump is looking for a headline of big investments in America,
and he will get that from this trip," adds Mr Shihabi.-BBC

 

 

 

 

 

 

 

 


 


 


 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
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
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contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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