Major International Business Headlines Brief ::: 22 October 2025
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Major International Business Headlines Brief ::: 22 October 2025
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ü Nigeria: Shoprite Nigeria Struggling Under New Owners As Shelves Go Empty, Stores Close
ü Liberia: Boakai Submits Oil Deals to Legislature
ü South Africa: Over 900,000 Matrics Set to Sit for Exams
ü Africa: G20 Delivers On Promise to Support Africa's Economic Development
ü Liberia: Govt Explains October Salary Delay
ü Heads of MDBs Meet to Take Stock of Progress On Joint Actions and Look Ahead
ü Africa: Weakening Dollar, Strong Exports Drive Eastern Africa's Trade Resilience - Uneca
ü Africa: Deloitte - Despite 60 Percent Share of W'africa's $80bn Oil Market, Nigeria's Cost of Drilling Highest Among Peers
ü Nigeria: France Announces €410m Deal With Lagos to Enhance Waterways Transportation
ü South Africa: After the Bell - Electricity - - It's the Planning, Stupid
ü Nigeria: Tanker Explosion Kills Many On Niger Highway
ü Rwanda: Technology Should Benefit All Africans, Not Widen Inequality - Kagame
ü South Africa: Somerset West Taxi Route Opened, but Dispute Is Not Over
ü Liberia: Boakai Renews National Railway Authority Mandate
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Nigeria: Shoprite Nigeria Struggling Under New Owners As Shelves Go Empty, Stores Close
Shoprite's decline is most noticeable inside its stores in Abuja, Lagos, and other parts of the country.
When Shoprite arrived in Nigeria in 2005, it was hailed as the dawn of modern retail in the country. The South African grocery giant rapidly opened 25 outlets across 13 states, supported by a 4,700-square-metre distribution centre in Lagos directly connected to local farmers.
According to information on its website, Shoprite handled around 34 million transactions a year, employed more than 2,000 people, and became the face of chain store business across Nigeria.
Two decades on, that promise is fast fading. Four years after its Nigerian operation was taken over by Nigerian investors and lauded as a triumph of localisation, a tour of Shoprite outlets by PREMIUM TIMES found shuttered doors, empty aisles, and frustrated shoppers.
In May 2021, Shoprite Holdings, the parent company and Africa's biggest grocer, retreated from Nigeria amid a tough operating environment and a foreign exchange squeeze that resulted in dollar shortages. Persianas Investment, a private unlimited company and property and retail group, founded by developer Tayo Amusan, bought the business.
The acquisition was executed through a special-purpose vehicle, Ketron Investment Limited, incorporated in February 2019. Ketron retained the Shoprite brand under a franchise agreement and pledged to expand the footprint and deepen local sourcing after obtaining five years of technical support from the Shoprite Group.
Persianas, which has the reputation of developing The Palms in Lagos and other malls in Ibadan, Enugu, and Kwara, already had some experience in the retail space, running a subsidiary called Persianas Retail.
That unit is led by Mr Amusan's wife, Ayo Amusan, a former City of London risk management specialist who has overseen the group's fashion and lifestyle franchises, including Lacoste, Puma, and Hugo Boss. According to The Business of Fashion, a global fashion and lifestyle news outlet, her husband focuses on the property portfolio.
Four years on, a gulf exists between promise and performance. Many Shoprite shelves are bare, suppliers complain of missed payments, and several stores are under lock.
While Shoprite struggles in Nigeria, its South African operation continues to report strong performance. The 2022 annual financial report of the Cape Town-based retailer showed trading profit climbed 6.8 per cent to R11 billion. The South African division contributed almost 91 per cent of the profit; its share rose to R10 billion from R9.4 billion the previous year. Revenue jumped from R171.1 billion in 2021 to R188 billion in 2022. It climbed further to R220 billion in 2023, and R236 billion in 2024, reaching R257 billion in the first six months of 2025 alone.
Shoprite's experience in Nigeria is not unique.
Many multinationals in the consumer goods space have also left Nigeria or scaled back operations. Unilever, Procter & Gamble, GlaxoSmithKline Consumer, and PZ Cussons are among those that have exited or scaled back in recent years, citing foreign-exchange shortages, high import duties, and weak demand.
Empty aisles
Shoprite's decline is most noticeable inside its stores. In Abuja, branches at Apo, Jabi, and Silverbird Mall have limited stock, with some shelves left empty. At Silverbird Mall, once a hive of activities for shoppers, footfall has sharply diminished at the Shoprite store. "Even biscuits are hard to find," a parent shopping with his children said.
Munira Lawal, a civil servant who bought groceries at the Jabi outlet, lamented, "You come here and basic things like bread, milk, or soap are not available. We end up going to smaller supermarkets in the neighbourhood."
In Apo, a young man named Ahmed Abdulhadi said he now visits less often. "Before, you could get everything here in one place. Now, it is a gamble. Sometimes you waste your transport fare," he said.
Workers are also facing mounting pressure. A sales representative in Apo said staff frequently bear the brunt of customers' anger. "People get angry because they can't find what they want, and it feels like management doesn't know what to do," the worker said, adding that many employees fear that their jobs are on the line.
The same pattern is evident across the country. In Kaduna, a staff member disclosed that the shelves had been "scanty for quite a long time." The once-bustling branch in Akure had only one of more than 10 payment points operating. A worker, who asked not to be named, said the store had not received fresh supplies this year.
"Since the beginning of the year, no new product has been produced," he said. "All you are seeing here are old stocks, and we were told we have to sell out these ones before a new set of products will arrive."
He admitted staff were initially worried the store might shut down, but said the management had reassured them.
"Initially, we were afraid, thinking they were going to fold up, but the management assured us that nothing like that was going to happen," he said.
The employee noted that salaries were being paid and no layoffs had taken place. "Even if they are paying us salaries and nobody is sacked, we were concerned about how we can continue to receive salaries when the sales are falling and new products are not being brought. But we believe what the management said that things will change for the better very soon," he said.
At Shoprite outlets in Victoria Island and Ikeja in Lagos, PREMIUM TIMES observed half-empty shelves and wide gaps where items should be.
At the Victoria Island branch around noon, only a few bread loaves were displayed at the bakery, while a large shelf stood empty. Biscuits were sparsely arranged across another shelf. Customer traffic was light, and the bag room at the entrance remained unused.
Several shelves were also bare at Ikeja. Staff declined to comment but assured that more stock would arrive soon.
"I came here expecting to get a few things for my family, but it seems they don't have basic items like soap and body spray," one customer at Victoria Island said.
Shuttered outlets
Closures have deepened Shoprite's troubles. The company shut its Kano branch in January 2024 and, in June of the same year, closed its Novare Central Mall outlet in Abuja, citing unsustainable operating costs. Another Abuja store in Lugbe was temporarily closed after generator breakdowns disrupted operations. It has since reopened, although many of its shelves remain empty.
Several stores have also closed in other parts of the country. Staff and shoppers in Ibadan and Ilorin confirmed that the outlets there had not opened for weeks.
Adenike Oni, a customer who visited the Palms Mall in Ibadan, said the shutdown was a shock. "We thought it was just a renovation at first, but it has been closed for months," she said. "People keep asking when it will reopen, but no one seems to know."
Suppliers say the strain began soon after the takeover.
Dayo, a former vendor, was a supplier at the outlets in Maryland Mall and Ikeja City Mall. He recalled how things changed in an X post via his handle, @diadem_official.
"At Shoprite ICM and Maryland Mall alone, I used to supply over 300 cartons every two weeks. Payment was always made within seven days. They never defaulted. Three months after they sold Shoprite to a Nigerian company, they didn't pay staff salaries or vendors, until the staff staged multiple protests and most resigned. That was just in 2021," he said.
Some Lagos outlets, including Festac and Jakande, now operate on a skeletal basis. "Once light is out, they do not put on their generator; they rather shut down until electricity is restored," a representative said.
The company allegedly owes suppliers hundreds of millions of naira in unpaid invoices. A senior executive of one of Shoprite's major beverage suppliers in Lagos State told PREMIUM TIMES about her firm's experience.
"What people are saying online is sadly true," she said. "Shoprite is not only owing us; it owes other big suppliers, too. Some of these debts have dragged on for months. It's frightening because we can all see stores closing, even in Lagos, and we don't know which one might be next."
The executive, who asked not to be named, said the delays have disrupted production plans and cash flow.
"We have stopped supplying in bulk since payments don't come in, and everything slows down. Everyone is anxious now," he said.
A wider malaise
Shoprite's ordeal cannot be divorced from Nigeria's own struggling economy. Headline inflation rose to its peak in almost 30 years last December, before showing signs of deceleration this year. The naira has lost over two-thirds of its value since mid-2023, exchanging at N1,475.35 to a dollar as of 17 October. Fuel now retails at almost N1,000 a litre, compared to below N200 three years ago, while power cuts often force stores to rely on costly diesel generators.
Businesses across the fast-moving consumer goods sector are squeezed amid sky-high borrowing rates.
Companies that once sold tinned goods now package them in sachets so households can afford them, while many packaged products continue to diminish in size while their prices stay the same, a new economic trend that has been named "shrinkflation."
Felicia Awolope, an economist and senior investment research analyst at Meristem Securities, said Shoprite's difficulties mirror the wider struggles of Nigeria's fast-moving consumer goods sector. She noted that the industry has endured a 'rough patch' as inflation, foreign exchange volatility, and weak consumer spending have eroded profitability and disrupted supply chains.
"Businesses that serve the everyday consumer have had to adapt," she explained. "You see products once sold in tins now offered in sachets, so people can still afford them. Diapers, sanitary pads, and other essentials have followed this trend. That's how companies avoid losing their market completely and keep customers coming back."
She stressed that the challenge is not only macroeconomic. Indigenous chains like Foodco, Justrite, Jendol, and Bokku have been expanding and winning customers.
"Some of these other retail chains are still doing very well, to be honest," she said, pointing to growing middle-class demand now being met by smaller supermarkets and local players.
According to Ms Awolope, the survival of large retailers increasingly depends on strategies like backward integration, which reduces their reliance on imports.
"It protects them against FX fluctuations and volatility," she said. "It gives more control over their value chain and could improve profitability when they start seeing benefits."
Aliyu Ilias, an economist and supply-chain expert, said Shoprite's struggles are symptomatic of Nigeria's shrinking consumer base. "People do not have money to buy things like before," he observed. "They are looking at their needs, not their desire or want."
He explained that Shoprite once thrived on offering more than just goods. "People actually buy experience from Shoprite compared to the product," he said, noting that tighter household budgets, online shopping, and the spread of smaller neighbourhood stores have dimmed the chain's appeal.
"To remain competitive, Shoprite must rethink its business model and expand into e-commerce," he said. He added that the difficulties reflect a broader trend in the FMCG sector, where weak purchasing power has left companies battling unsold stock. "Things are even getting cheaper now, but people do not have money to buy them because of the value of money and the disposable income that people have," he said.
Continental retreat
Shoprite's trouble in Nigeria is also a facet of a general scaling down of its operations across Africa. In August, the retailer announced that it was selling its businesses in Ghana and Malawi as part of a plan to focus more on South Africa, its home market.
The supermarket chain, which once sprang up like mushrooms across the continent to overtake rivals such as Pick'n Pay, has been striving hard to find a foothold in several markets due to currency swings, double-digit inflation, and high import costs.
Shoprite Malawi signed an agreement in June to sell five stores, pending approval from the Competition and Fair Trading Commission and the Reserve Bank of Malawi. In Ghana, the company has received a binding offer for seven stores and a warehouse, with the sale considered highly likely.
These planned exits follow earlier withdrawals from Nigeria, Kenya, the Democratic Republic of Congo, Uganda, and Madagascar. The company also has limited new investments in supermarkets outside South Africa.
"Reset"
Retail Supermarkets Nigeria Limited, which operates the Shoprite franchise in Nigeria, rejects the perception that it is collapsing. In a recent statement, it denied any plan to exit Nigeria, describing the current difficulties as part of a "reset" of its business model.
"Yes, it has been a tough period, but this is not a collapse; it is a reset," said the company's chief strategy officer, Bunmi Adeleye.
"With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient. We are coming back bigger and stronger to serve Nigerian customers better than ever before."
The company said the old model of large, import-heavy outlets was unsustainable. Its new strategy will focus on smaller stores, over 80 per cent local sourcing, affordable private-label products, and energy and cost efficiency.
Read the original article on Premium Times.
Liberia: Boakai Submits Oil Deals to Legislature
MONROVIA -- Signaling a long-awaited revival of Liberia's dormant oil sector, President Joseph Nyuma Boakai has submitted eight offshore production-sharing contracts to the Legislature for ratification, the country's first major petroleum agreements in more than a decade.
The deals, signed between the Government of Liberia and two international energy giants, TotalEnergies EP Liberia LLC and Oranto Petroleum Liberia Limited, grant each company four exploration blocks along Liberia's Atlantic coast. The agreements follow months of negotiation led by the Liberia Petroleum Regulatory Authority (LPRA) and are being hailed by the Boakai administration as a milestone for energy reform and investor confidence.
"These agreements represent Liberia's first upstream petroleum contracts in over a decade and signal renewed international confidence in our hydrocarbon potential," President Boakai wrote in his letter to House Speaker Richard Nagbe Koon. "They are in full alignment with the Government's ARREST Agenda for Inclusive Development, which prioritizes economic revitalization, job creation, and improved social services across the country."
TotalEnergies, Oranto Lead Return to Liberia's Offshore Basin
Under the new production-sharing contracts (PSCs), TotalEnergies secured Blocks LB-06, LB-11, LB-17, and LB-29, while Oranto Petroleum received Blocks LB-15, LB-16, LB-22, and LB-24, together covering tens of thousands of square kilometers in deepwater territory off the Liberian coast.
The agreements mark a significant re-entry for global oil players into Liberia's underexplored basin, which has remained quiet since 2013, when global price shocks and governance concerns drove investors away.
Millions in Bonuses and Commitments
The financial terms of the agreements are designed to inject immediate cash into the national treasury and strengthen oversight institutions such as the LPRA.
For TotalEnergies EP Liberia LLC:
US$3 million signature bonus per block, with US$400,000 allocated to the LPRA and US$2.6 million to the Consolidated Fund, payable within 30 days of the effective date.
US$1.25 million upon acquisition of new seismic data.
US$1.25 million upon approval of the first exploration well.
Annual administrative fee: US$500,000 to LPRA.
Annual contribution: US$500,000 to the Energy Development Fund.
For Oranto Petroleum Liberia Limited:
US$1.25 million signature bonus per block, with US$400,000 to LPRA and US$850,000 to the Consolidated Fund, payable within 120 days.
US$1.25 million upon seismic data acquisition.
US$1.25 million upon approval of the first exploration well.
Annual administrative fee and Energy Fund contribution: US$500,000 each.
Boakai said the structure "balances fair commercial returns with national interest," ensuring that both companies support local development and environmental stewardship while generating new fiscal space for government priorities.
Legislature Begins Review
Following the submission, the House of Representatives mandated its Committees on Hydrocarbon, Investment and Concessions, Contracts and Monopolies, and Judiciary to review the contracts and report back within two weeks.
Speaker Richard Koon, presiding over the session, said the Legislature would treat the submission with "urgency and scrutiny."
"These contracts are important for our country's development, but we must do due diligence," Koon said. "The committees will scrutinize every clause to ensure the Liberian people benefit."
Under Liberia's 2019 Petroleum Law, all production-sharing contracts must receive bicameral legislative ratification before taking effect. The law also requires strict adherence to local content provisions, ensuring that Liberian firms and workers participate in the value chain.
Dormant Sector Seeks a Comeback
Liberia's last major oil exploration activities date back to 2013, when a consortium led by Chevron relinquished its offshore blocks amid global crude price collapses and operational uncertainty.
Since then, the sector has been largely idle, contributing no significant revenue. Multiple attempts to revive it faltered due to governance gaps, weak infrastructure, and investor skepticism.
The new contracts, observers say, could reignite exploration momentum and diversify Liberia's economy beyond its traditional reliance on mining and rubber exports.
According to the LPRA, the eight awarded blocks, especially those granted to TotalEnergies, are among the largest and most technically advanced ever offered, spanning roughly 12,700 square kilometers in deepwater regions.
Economic Stakes and Strategic Importance
The Boakai administration views the deals as cornerstones of its ARREST development agenda, aimed at reviving growth, creating jobs, and restoring investor confidence in post-pandemic Liberia.
If ratified, the contracts could immediately yield over US$17 million in signature bonuses and other upfront payments, while positioning Liberia to benefit from any commercial oil discoveries in the coming years.
Economists caution, however, that actual production could be years away, and the real test will lie in transparent contract enforcement, prudent use of revenue, and environmental safeguards.
"Exploration is just the beginning," said a regional energy consultant familiar with the negotiations. "Liberia must ensure that governance reforms match investor interest -- otherwise, the resource curse risks repeating itself."
Transparency and Oversight Commitments
The LPRA emphasized that the contracts were negotiated under the 2019 Petroleum Law, which replaced discretionary licensing with open, competitive bidding.
LPRA officials said the process included public consultations, inter-agency reviews, and oversight from international advisers to ensure compliance with the Extractive Industries Transparency Initiative (EITI) framework.
President Boakai has also pledged to publish key contract details once ratified, reinforcing his administration's commitment to accountable resource management.
"Transparency is fundamental to rebuilding public trust," Boakai said. "These agreements will be managed in line with international best practices."
Read the original article on Liberian Investigator.
South Africa: Over 900,000 Matrics Set to Sit for Exams
More than 900,000 candidates nationwide are set to begin the 2025 National Senior Certificate (NSC) examinations, reports SABC News. Basic Education Minister Siviwe Gwarube has said that she is confident that the NSC will be administered without incident. The Minister said that she is confident that the exams will be conducted flawlessly. This year's cohort includes 766,000 full-time and 137,000 part-time candidates, the highest full-time registration since 1996. Security measures have been strengthened to ensure the safety of the question papers. Mpumalanga Education MEC Lindi Masina added that strict measures, including scanners at exam centres, would prevent learners from bringing in cellphones or other prohibited devices.
The City of Johannesburg has urged informal traders across the metro to apply for permits to operate in designated areas, reports EWN. The initiative is part of the city's new programme to better regulate the sector amid growing concerns that informal trading has contributed to the filthy state of the CBD. Mayor Dada Morero said that the registration process aims to create an orderly, safe, and inclusive trading environment, emphasizing that trading spaces will be limited based on policy and availability. The city has been removing unauthorized traders from undesignated areas , a move that has sparked significant backlash. The Socio-Economic Rights Institute of South Africa is suing the city over the removal of traders. Morero said that the city is not against informal trading, but rather against those who fail to follow municipal by-laws. According to figures released by the City of Johannesburg, over 25,000 informal traders are operating across the municipality.
Taxi Body CODETA Condemns Fatal Shooting of CATA Owner
The Cape Organisation for the Democratic Taxi Association (CODETA) has condemned and distanced itself from a fatal shooting that claimed the life of a taxi owner from its rival association, the Cape Amalgamated Taxi Association (CATA), on the R300 highway, reports EWN. The victim was traveling with his security detail when gunmen opened fire, leaving both bodyguards injured. CODETA spokesperson Makhosandile Tumana expressed shock over the killing, calling it unacceptable and urging the public not to link the incident to existing route disputes in the Somerset West or Khayelitsha areas. He said that operations on those routes remain peaceful and that the association is committed to maintaining stability in the taxi industry.
Africa: G20 Delivers On Promise to Support Africa's Economic Development
The work of the G20 finance ministers and central bank governors this year will leave a lasting legacy for Africa's economies. South Africa must ensure it makes the most of hosting this forum and championing the continent's development agenda.
Africa's role in world affairs has come into sharp focus during a year marked by fundamental upheaval, intensifying uncertainty and the upending of old assumptions.
Several factors account for this heightened attention: tragic conflicts in Sudan, the DRC and northern Mozambique; worsening climate disasters; and heightened geopolitical tensions that have recast the continent's alliances.
Equally significant has been the intensifying race to secure the critical minerals that will power low-carbon futures. This is alongside the persistent challenge of rising debt burdens and inadequate access to funding from capital markets needed to finance growth on a continent that will, within a few short years, be home to one in four of the world's working-age population.
It is these and many other factors that have made South Africa's Presidency of the G20 a unique opportunity to intervene in and shape the global agenda. And as 2025 comes to an end with the G20 Leaders' Summit in Johannesburg this November, it is worth reflecting on South Africa's chairing of the finance ministers and central bank governors of the world's leading economies in the G20 Finance Track.
We have demonstrated our ability to host a successful series of meetings and to mediate difficult global...
Read the full story on Daily Maverick.
Liberia: Govt Explains October Salary Delay
The Ministry of Finance and Development Planning (MFDP) has provided clarification on the delayed disbursement of October salaries for civil servants and other government employees, attributing the temporary setback to ongoing technical upgrades at its central data center.
In a statement, the Ministry emphasized that significant progress has already been made in upgrading its financial systems to facilitate smoother and more secure salary payments for employees across more than 30 government ministries, agencies, and commissions.
"Technical challenges associated with the system upgrade led to the announcement on Friday, October 17, 2025, that the payment of October salaries would experience a one-week delay," the Ministry explained. "We are pleased to report that salary disbursements to commercial banks for employees of more than 31 government entities have already been completed, and payments for other institutions are currently underway."
The Ministry assured that, depending on the speed at which commercial banks credit the accounts of government employees, most civil servants can expect to have received their October salaries by the end of the month, October 31, 2025.
Highlighting the government's commitment to transparency and accountability, the MFDP stressed that these temporary delays are solely the result of system upgrades aimed at improving the overall efficiency, reliability, and security of financial operations.
"The Government of Liberia deeply values the contribution of its civil servants and remains committed to timely salary payments," the Ministry said. "We thank all employees for their patience and understanding during this important technical transition and reaffirm our role as a responsible government that prioritizes the welfare of its workforce."
The MFDP's statement comes after public concern over salary delays and reiterates the government's ongoing efforts to modernize financial management systems, ensuring that such challenges are minimized in the future.
Read the original article on Liberian Observer.
Heads of MDBs Meet to Take Stock of Progress On Joint Actions and Look Ahead
The Heads of Multilateral Development Banks (MDBs) Group, chaired in 2025 by the Council of Europe Development Bank (CEB), met today to review progress on joint actions and chart priority areas for the Group's future work.
Heads noted that their collaborative engagement has deepened throughout 2025, under the CEB's Chairship of the Group, building successfully on the momentum generated by the MDBs' Viewpoint Note of 2024. They welcomed progress made in several areas since their last meeting in Paris on 28 June 2025 and reaffirmed their determination to work as a system for greater impact at scale.
This progress includes:
Presentation of a comprehensive joint report to the G20 on the implementation of the G20 Roadmap towards Better, Bigger, and More Effective MDBs, documenting progress across institutions and at system level and detailing MDBs' achievements in a wide range of areas, including increasing lending capacity, leveraging private capital for development, strengthening operational collaboration and measuring results.
Enhanced transparency and comparability of MDBs' financial positions through the publication of the first "MDB Comparison Report" prepared by the newly constituted Global Risk and Finance Forum (GRaFF), to multiply the impact of shareholder capital to advance the development agenda;
Engagement with Credit Rating Agencies to enhance understanding of MDB's distinctive financial models, risk frameworks and exceptional asset quality as summarized in a note prepared by GRaFF;
Publication of the first "Joint Annual MDB Water Security Financing Report", highlighting MDBs' contributions and collaboration in this critical sector, which was unveiled at the Fourth International Conference on Financing for Development (FfD4) in Sevilla;
Release of a joint report on "Social Infrastructure in Focus: The Role of Multilateral Development Banks", illustrating how MDBs - individually and collectively - support investment in health, education, housing, and water, which play a critical role in increasing productivity, creating jobs, and contributing to resilient societies;
Heads also noted ongoing work in a number of areas including mobilizing additional private capital for development including through disaggregated credit risk statistics published in the Global Emerging Markets Risk Database (GEMs), coordinating on originate-to-share/distribute models; boosting financial innovations; scaling up flagship regional initiatives such as Mission 300; promoting reliance arrangements; and supporting investments in social infrastructure. Heads agreed to continue reviewing joint deliverables and priorities. On the upcoming COP30 in Belém, Brazil, in November 2025, MDBs stand ready to support countries and clients in delivering on their strategies. After their gathering, Heads held an exchange of views with the Director General of the International Atomic Energy Agency, Rafael Grossi, on trends in civil nuclear energy.
The role of the Chair of the Heads of MDBs Group will be passed in December from the Council of Europe Development Bank to the Asian Development Bank. The Heads of MDBs Group thank CEB's Governor Carlo Monticelli for his leadership and commitment during his tenure as Chair of the Group.
Read the original article on African Development Bank (AfDB).
Africa: Weakening Dollar, Strong Exports Drive Eastern Africa's Trade Resilience - Uneca
End last month, the United Nations Economic Commission for Africa (UNECA) in Eastern Africa published a press release indicating that, among others, eastern African exports are demonstrating remarkable resilience amid global trade turbulence, defying expectations of decline following sweeping US tariffs and persistent geopolitical uncertainty.
Data from UNECA, it says, reveals that several countries in the region have not just weathered the storm but have significantly expanded their exports. In 2024, according to the press release titled "Eastern Africa defies global trade headwinds with resilient export growth," total trade within the East African Community (EAC) surpassed for the first time $11 billion, marking a 22 percent increase from 2023. Intra-African trade also grew by 8.5 percent, far outpacing the 0.4 percent growth in exports to markets outside the continent.
In an interview with The New Times, Andrew Mold, the Director of UNECA in eastern Africa, shed light on their latest findings. He explained key factors behind the region's unexpected resilience, and shared policy recommendations he thinks would help countries in the region to shift from raw commodity exports to more value-added, industrial exports.
The excerpts:
Your regional office's latest data shows eastern Africa defying global trade headwinds. What are the key factors behind this unexpected resilience?
Despite a very uncertain global context - huge uncertainty in the global trading system, concerns over financial markets, and declining development assistance - there have been several factors working in favour of the region's economies in 2025.
Firstly, although debt levels remain a major concern, the weaking of the US dollar since the beginning of the year has definitely mitigated the negative impact of debt repayments - indeed a number of regional currencies have stabilized against the dollar, with the Ugandan shilling actually gaining ground against the US dollar.
Inflation has also been moderating in most countries, as global food prices have been moderating, and the oil import bill has also been declining, as prices of oil in global markets soften.
Another factor working broadly in favour of the region has been the export performance. Bulking global trends of a slowing down in trade, several countries in the region have seen very strong export growth, including Rwanda, Uganda and Tanzania - all seeing export growth between 20-30% last year, and with preliminary data for 2025 showing these trends to continue. The reason is tied up with high prices for some of the region's major commodity exports - in particular, for coffee and gold. But other exports have also shown a good performance.
The story is not shared across the region, however, and a number of Eastern African economies, such as Burundi, Djibouti, and Madagascar, actually saw contractions in their exports in 2024. For each, the reasons were rather different. Djibouti's trade was impacted by the instability in the Red Sea, Madagascar saw weak prices for its vanilla exports, and Burundi was dealing with the knock-on impacts of the privatization of the leading coffee exporter.
Your office's press release highlights significant increases in exports to the US, particularly from DR Congo, Ethiopia, and Kenya. How much of this is due to trade diversion caused by U.S. tariffs on Asia, and how sustainable is this trend?
It is too early to tell definitively. But clearly a lot of changes are happening to global trading patterns due the US tariffs. China's exports to the US declined by nearly a third in the period January-July 2025, compared with the same period the year before, according to US import data.
This has led to a sharp reorientation of China's trade with the rest of the world. A number of countries, including Kenya, are observing a surge in imports coming from China, and of course raises some concerns over the ability of regional industries to compete. The fact that China has announced duty-free access to the Chinese market for African exporters is certainly a welcome development, but it remains to be seen if this will result in real enhanced market access and whether the existing non-tariff barriers will prove surmountable.
Intra-African trade within EAC surpassed $11 billion for the first time. What role is the African Continental Free Trade Area (AfCFTA) playing in this growth, and how can it be further leveraged?
The AfCFTA does not have a direct role in explaining the vibrancy of intra-EAC trade, as tariffs have already been removed on intra-EAC trade. But going forward, it will help sustain momentum towards not only the removal of non-tariff barriers, which remain a challenge for EAC member states, but also EAC trade with its near neighbours. It was encouraging, for instance, that earlier this month a convoy of Ethiopian trucks carrying coffee, meat, beans, fruits, edible oil, and manufactured goods crossed into Kenya through Moyale, under the Guided Trade initiative. Kenya and Ethiopia are the region's largest economies, yet they barely trade with each other, with bilateral trade estimated at below 100 US$ million a year. So ultimately the greatest potential from the AfCFTA for the EAC as a bloc is to strengthen the trade and investment ties with other African countries.
By the way, I should stress that the US$11 billion figure is for six EAC members; Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda. If we add in the trade of the newer members, DR Congo and Somalia, the figure would be higher still.
Mineral exports now make up more than half of the region's export basket while manufacturing declined to just 17.5%. How concerned are you about this over-reliance on commodities?
>From the point of view of our member states, the export earnings are clearly welcome. It brings in much-needed foreign exchange, and boosts export performance. However, from a long-run perspective, this reliance on mineral exports brings with it associated problems.
One of the most consistent findings of economic research into this issue is that dependence on primary commodity exports, and particularly minerals, leads to lower long-run growth, and induces a lot of volatility in economic performance too. In part, for the simple reason that commodity prices are highly volatile. So, it is important that governments continue their efforts to diversify their sources of export earnings, and more away gradually from a dependence on primary commodities.
What policy recommendations would you offer to help eastern African countries such as Rwanda shift from raw commodity exports to more value-added, industrial exports?
A recommendation to our member states is to fully leverage the potential of the regional market to develop value-added and manufactured products. It is the easiest and fastest route to economic diversification. A lot of hopes have been pinned, in the past, on export diversified products to high-income economies. For the most part, these exports have not materialised, at least not to the extent as originally intended. And where they have, for example, clothing exports to the US under AGOA, the market access has proven to be less than permanent, causing a lot of problems for firms in these sectors.
The regional market for light manufacturing is vibrant, however, and there is also the demand for value-added products. Thus, for instance, Rwanda exported coffee to Ghana under the first iteration of the Guided Trade Initiative coffee - the country's main traditional export. But this coffee was not the raw coffee, but the packaged final product ready to go on supermarket shelves in Accra.
We know from past value-chain studies that farmers perhaps capture 8-9% of the final price of a product like coffee. When Rwanda sells processed goods under the AfCFTA, it can capture a much higher share of the final price than compared to the coffee that is traded with Europe or the US. This is the way forward.
Given the uncertainty around the future of the African Growth and Opportunity Act (AGOA) arrangement, how should Eastern Africa prepare for a post-AGOA trade environment with the U.S.?
Our message would be principally that countries should not panic on this point - the US as an export destination accounts for less than 3% of Eastern Africa's exports. The commodities that the region export should be broadly unaffected - the US needs African minerals and fuel as an input into its own production processes. An example of the veracity of this claim is the surge that we have seen from DR Congo in the period from April-July this year, compared with 2024, whereby exports have increased from around USD 120 million to close to USD 1.2 billion, driven largely by increased exports of copper and cobalt. Africa as a whole, since the beginning of the year has seen an increase in its exports to the US of 24% - so there should not be any fears of these exports suddenly drying up.
It is true that the region's clothing exporters could be impacted - principally, four countries that are exporting garments to the US under AGOA; Ethiopia, Kenya, Madagascar and Tanzania. But initial fears of a collapse of these exports do not yet seem to be founded - for the simple reason that the US has imposed much higher tariffs on its main sources of clothing - China at 30% and Bangladesh and Vietnam at 20%.
With the exception of Madagascar, which is hit by a 15% tariff, the other East African countries will face a 10% tariff. So, we don't really know what the final result will be - how will big US retailers like Walmart make their sourcing decisions going forward? It could even possibly be that orders for clothing from Eastern Africa go up, given the sweeping and rather indiscriminate nature of the US tariffs on other producers of clothing. Time will tell...
Going forward, I don't know what the prospects are for AGOA, though I think with the current US administration's stance on these matters, there is little hope for a new AGOA-type agreement. Preferential market access seems to be an anathema to the current administration, as they want reciprocal trading arrangements. The question governments in the region have to ask is whether that is the kind of trading arrangement they want with the largest economy in the world. The EAC, as a regional body, has a high Common External Tariff - and there is an economic rationale to that, in terms of providing a degree of protection to the regional market. Are they prepared to chip away at that protection by, for example, granting US firms and farmers duty-free access to their markets? It is worthy of reflection.
Read the original article on New Times.
Africa: Deloitte - Despite 60 Percent Share of W'africa's $80bn Oil Market, Nigeria's Cost of Drilling Highest Among Peers
Abuja — Despite controlling at least 60 per cent of West Africa's $80 billion oil market, Nigeria's cost of drilling per barrel is about 40 to 50 per cent higher than its peers, a report by Deloitte, a global firm which provides audit, consulting and financial advisory services across various industries, has said.
Besides, the report stated that the West Africa oil and gas market is projected to achieve a compound annual growth rate (CAGR) of 6.5 per cent from 2025 to 2033.
According to the report, Nigeria and Ghana are leading contributors, accounting for around 80 per cent of the market's value, underscoring West Africa's vital role in Africa's energy landscape and its growing significance in global oil and gas supply.
The report added that the sector faces five major challenges, including limited access to funding for independent producers, persistent cost premiums (with Nigeria's operating costs 40-50 per cent higher than global averages), ongoing security threats, regulatory hurdles, and inadequate infrastructure.
Addressing these issues, Deloitte said, is critical for unlocking the full potential of Africa's oil and gas industry, as Nigeria holds 60 per cent; Ghana 20 per cent, while others hold the rest 20 per cent.
While some of the issues are structural, Deloitte stated that others have been exacerbated by new political, economic, and energy transition dynamics. Together, the report stated that these challenges define a uniquely African landscape for 2025, one that demands adaptive thinking to resolve.
However, it said that strategic reforms such as Nigeria's Petroleum Industry Act (PIA) and the establishment of the $5 billion Africa Energy Bank (AEB) aim to improve regulatory certainty and funding access, with oil and gas companies increasingly investing in digital tools and data analytics to boost efficiency and reduce costs.
These innovations, alongside collaborative public-private partnerships, it said, are essential for sustainable growth and energy security in the region.
"West Africa is one of the most expensive regions in the world to drill, making it more challenging for African producers in Nigeria to compete globally. This cost premium stems from a confluence of factors.
"Nigeria's operating costs are estimated to be 40 to 50 per cent higher than in comparable oil producing jurisdictions. Factors include: insecurity in production regions, complex procurement rules, local content requirements, high insurance costs for foreign contractors," the Deloitte report added.
The report explained that these premiums add significantly to project costs, often without a corresponding return in productivity or efficiency.
"Local content rules, while necessary for domestic capacity-building, can further inflate costs when required inputs or services are not readily available in the domestic market. This creates tension between producers and governments, as the intention and the impact often result in duplicated spending. Typically, a project's first attempt is local sourcing, followed by repeat procurement offshore when delivery fails.
"Alternatively, middlemen get invited through alliances to satisfy rigid local content requirements. In addressing these cost premium issues, the Nigerian President recently issued some executive orders to cut through complex procurement processes and local content rules", the report said.
Consequently, it pointed out that producers operating in West Africa are under enormous pressure to identify savings elsewhere.
In addition to reimagining their operating models, Deloitte Consulting teams working with oil and gas companies in the region, confirmed the increasing shift by producers towards spending more on technology and data analytics.
This, it said, is meant to increase efficiency and unlock cost savings in operations, finance and supply chain functions by implementing digital tools.
Read the original article on This Day.
Nigeria: France Announces €410m Deal With Lagos to Enhance Waterways Transportation
Abuja — France's Minister for Europe and Foreign Affairs, Mr Jean-Noël Barrot, has announced a €410 million deal with Lagos state for the enhancement of water transportation, which will see an additional 100,000 Lagosians use the state's waterways as against road and rail transport.
Speaking with Arise Television, Barrot also backed Africa's quest for a permanent seat in the United Nations, noting that aside from that, President Emmanuel Macron was also interested in exploring other areas of cooperation with Nigeria.
He stated that the "Omi Eko" Project in Lagos will see the deployment of 75 electric boats and open 15 new waterways across 140 kilometres in Lagos, providing decarbonised water transport, reduced carbon emissions, and adaptation to rising sea levels.
"Now, implementation will be key, and it will be in the hands of the Nigerian authorities. But what's very important is to see what the outcome will look like. Seventy five electric boats serving 15 new routes, 140 kilometers, allowing people that live remotely, that live far away from the centre of Lagos, to have access to public transportation.
"This will remove, if I may say, 100,000 people from road transportation or rail transportation onto waterways transportation. For the city of aquatic splendor, it is in some way very natural to see the water and the lagoon as an asset to make the life of Lagosians better.
"So this is a question that needs to be addressed to the agency in charge of the implementation of the project. But what's for sure is that we've achieved a major step by securing the final deal for this to become a reality. Now, of course, implementation is key, but it was long due," he stated, while answering a question on the commencement and completion of the project.
Having just returned from the Omi-Eko event, he stated that the inauguration of the major project will help in decarbonation of transport on waterways in Lagos and lower the transportation times for citizens and make the city more resilient in the face of rising sea level.
As the largest country in Africa, Barrot noted that Nigeria remains a key partner on the continent, highlighting the nation's role in global affairs.
As a follow-up to last year's meeting between President Bola Tinubu and Macron, the French Minister for Europe and Foreign Affairs, stated that France has a clear position on what its relationship with Nigeria should look like.
"France has a very clear position. France is a permanent member of the Security Council, and France calls for the creation of two seats of permanent members going to African countries with all associated prerogatives.
"In this effort, leading to the reform of the Security Council to allow the two African countries to become permanent members, we see Nigeria as playing a dominant role. In practice, what is needed to reform the Security Council is that the General Assembly of the United Nations adopts a resolution expressing the details, the parameters of the reform, and then for the Security Council itself, and for the permanent members in particular, not to oppose such a resolution.
"And we have spearheaded efforts bringing together countries that, like France, support the reform of the Security Council to make 2026 the year of this reform, because it is long due and it is necessary to rebalance our international institutions, to allow Africa to play the role that it should play in order for these institutions to be more legitimate, more robust and more resilient," he stated.
In terms of cooperation at the cultural and creative levels, he mentioned the Fela Kuti exhibition, describing it as the largest ever exhibition organised on the late musician, who he said is loved back in France.
On why the collaboration is necessary, he said: It's very simple. France is at the forefront of creative and cultural industries in Europe. And Nigeria is at the forefront of cultural and creative industries in Africa.
"So it is very natural that we would co-organise this second edition of the Forum Création Africa. It is the largest forum, business forum, dedicated to creative and cultural industries on the continent, bringing together a thousand participants from 42 African countries, of which 80 are Nigerian participants.
"These people are excelling in video games, webtoons, cinema, fashion, digital design, and will connect and find an opportunity to accelerate their projects and to scale them up, basically. This is what we agreed with the Nigerian authority. This is what President Macron promised President Tinubu," he added.
Read the original article on This Day.
South Africa: After the Bell - Electricity - - It's the Planning, Stupid
I'm sure there are decisions in your life, financial decisions, that worked out simply because of timing and luck. And I'm more than certain there were some that didn't.
Sometimes making decisions about where you will be financially in, say five years' time, are incredibly difficult.
The decisions have become a lot harder as we have moved from a sort of career-in-one-company model, or even just one career, into the strange and sometimes very scary gig economy.
The impossibility of long-term planning for you and I probably really comes to the fore when you buy a house. It's usually your biggest purchase (unless you have a Lamborghini collection and are thus no longer welcome to subscribe to this column.)
A recent returnee from exile in Cape Town told me over the weekend how they'd made money on their house there.
But he also said that he'd lost money on every single other property he'd ever owned.
Electricity production and the longer-term plan
Kgosientsho Ramokgopa reminds me a little of a prospective house-buyer.
As Electricity and Energy Minister he has to manage the longer-term plan.
And as a veteran of load shedding, you know how long-term electricity planning is, and more...
Read the full story on Daily Maverick.
Nigeria: Tanker Explosion Kills Many On Niger Highway
The Sector Commander of the Federal Road Safety Corps, Niger State Command, Aishatu Sa'adu, confirmed the incident in Minna on Tuesday.
A tanker carrying petrol has exploded at a village on the Bida-Agaei road in Niger State, killing an unspecified number of people.
The accident, according to a Facebook post by one Muhammad Somanji, occured in Essa in the Katcha LGA.
"Several individuals who sustained varying degrees of injuries were rushed to nearby hospitals for urgent medical attention," Mr Somanji wrote. "Emergency response teams are currently on ground working to manage the situation and assist affected victims."
He added that "authorities have launched an investigation to uncover the circumstances surrounding the explosion."
In a video Mr Somanji uploaded, residents could be heard calling out names of loved ones suspected to be missing at the time of the incident.
Fire service confirms incident
The Sector Commander of the Federal Road Safety Corps, Niger State Command, Aishatu Sa'adu, confirmed the incident in Minna on Tuesday, according to a report by the News Agency of Nigeria.
Ms Sa'adu said that the casualty figure could not be ascertained yet.
She, however, said that her officials were conducting a rescued operation at the scene of the accident.
Ms Sa'adu said the incident caused traffic gridlock on the busy expressway, particularly due to the bad nature of the road.
The Bida-Agaei road has been in bad shape since 2017. Although the road is being reconstructed, travellers worried that the contractors are slow since they started working about five years ago.
According to Ms Sa'adu, the deplorable state of the road slowed down response for rescue operation.
Details later...
Read the original article on Premium Times.
Rwanda: Technology Should Benefit All Africans, Not Widen Inequality - Kagame
President Paul Kagame has called for a people-centered approach to Africa's digital transformation, stressing that technology must benefit everyone on the continent to prevent widening inequality.
The Head of State made the remarks on October 21 during the Mobile World Congress (MWC), held at Kigali Convention Centre.
The three-day event, running through October 23, has brought together over 4,000 delegates from 109 countries across digital and telecommunications sectors to discuss innovations.
"In just a few years, Africa has grown from limited connectivity to a mobile-driven economy. Broadband and smartphones have become integral to daily life, advancing commerce, education, finance, and other key sectors," Kagame said.
Mobile money is a good example of this success, Kagame said.
"What began as a solution for those excluded from formal banking has grown into a global model of financial inclusion. It has empowered small businesses and women entrepreneurs while linking rural communities to the broader economy."
The president emphasised that innovation is not confined to one part of the world. "It can emerge anywhere, from anyone, given the chance," he said.
He noted the potential of emerging technologies, including artificial intelligence, next-generation networks, and smart devices.
"But despite the progress we have made, only a fraction of Africans are connected compared to the global average. If this gap persists, technology meant to expand access may instead widen inequality," he said.
ALSO READ: Kagame calls for urgent action to bridge connectivity gaps
"The most important conversation we should have is about people and how digital skills and tools can reach everyone. We see this journey as part of our larger vision to build a knowledge-based economy," Kagame said.
The president called for collaboration across governments, the private sector, and regional bodies to harmonise policies and create an environment that allows secure, cross-border digital and payment systems.
"The future we must build is an Africa that is bold, connected, and competitive," he said.
The Minister of ICT and Innovation, Paula Ingabire, emphasised Rwanda's rapid digital growth, noting that active 4G users have risen from 500,000 in 2023 to 5 million in 2025. This is thanks to national broadband policies, reforms, and strong public-private partnerships.
"Rwanda's vision is to create a competitive, inclusive broadband ecosystem that leaves no one behind," Ingabire said.
ALSO READ: AI, next-gen tech must empower Africa, says PM Nsengiyumva
She also noted that Rwanda has connected nearly 1,000 health facilities and 4,000 schools to the internet, trained 4.5 million citizens in digital literacy through the Digital Ambassadors program, and launched a $1 billion initiative to develop Africa's next generation of digital innovators.
"Africa's mobile future will be shaped by collaboration. We must converge across governments, industries, and innovators. We must connect people, ideas, and markets. And we must create solutions that are designed in Africa, built for Africa, and scaled to the world," she added.
Vivek Badrinath, Director General of the Global System for Mobile Communications Association (GSMA), lauded Rwanda as a technology leader in Africa, noting that the country's mobile operators cover nearly 99 per cent of the population with about 13 million connections.
"At the core of this transformation lies your leadership and vision, President Kagame, as well as the power of mobile technology," Badrinath said.
"Rwanda reminds us that progress is not an aspiration; it is a deliberate choice. Through deliberate investments in technology and innovation, it has shown what determined leadership can achieve."
Read the original article on New Times.
South Africa: Somerset West Taxi Route Opened, but Dispute Is Not Over
Rival taxi associations still disagree over route from Khayelitsha to Somerset West
The Western Cape government has allowed taxis to start operating again on routes to and from Somerset West and Khayelitsha, which have been closed following weeks of violence. But the major taxi associations still disagree over the routes.
Eight people were killed in August and September as the Cape Amalgamated Taxi Association (CATA) and the Cape Organisation for the Democratic Taxi Association (CODETA) clashed over rights to operate on the routes.
On 17 September, the Western Cape Mobility Department closed routes between Khayelitsha, Mfuleni, Nomzamo, Lwandle and Somerset West for a month, leaving commuters to rely on trains and on an expanded Golden Arrow bus service. MEC Isaac Sileku warned that he might extend the shutdown, but at the weekend, he said the 29 days of closure had been effective "in restoring peace on the affected routes, safeguarding lives"
"We have seen no further acts of violence or disruptions since these measures were first implemented. This period has created the necessary space for both associations to engage constructively in pursuit of lasting peace," he said.
Commuters welcomed the reopening of the routes, though some said they were wary of using taxis for the moment.
Commuter Zinceba Khula said he had to take three trains to get from Khayelitsha to Somerset West. "It could take up to three hours from Khayelitsha to Somerset West by train, where a taxi takes about 20 minutes. Buses are also not reliable," he said.
Another commuter, Nolufefe Hlobo, said she never had to wait for a taxi. "We have to wait for trains and buses; we don't know when they will arrive. If you miss it, you wait hours to get another one," she said. She said her two teenage children also used taxis.
Mkhuseli Ntwayiyo said he would wait a while before taking a taxi. "It is too early to judge if they will get back to their violence. I have a monthly bus ticket for now and will go back to taxis next month, if the situation is calm."
CATA spokesperson Nkululeko Sityebi welcomed the reopening but said the disputes between the two taxi associations still needed to be discussed. He said CATA felt the Somerset West to Khayelitsha route should be shared, but CODETA was disputing CATA's right to transport commuters on that route.
CODETA spokesperson Makhosandile Tumana said there was a signed memorandum which does not allow CATA to transport commuters to Khayelitsha. He said CATA was not honouring this.
"We have made efforts to negotiate, but those negotiations seem to fail. We are prepared to sit and talk and find an amicable solution," said Tumana.
Sileku said CATA and CODETA could resume operating in line with their existing permits.
He called on both associations to intensify their efforts to reach an agreement.
Read the original article on GroundUp.
Liberia: Boakai Renews National Railway Authority Mandate
President Joseph Nyuma Boakai, Sr., has issued Executive Order No. 153, renewing and refocusing Executive Order No. 136, which established the Liberia National Railway Authority (LNRA) as a national regulatory and facilitative body for the country's railway sector.
The Executive Order highlighted the strategic importance of railway infrastructure in driving Liberia's long-term economic transformation, regional integration, and global competitiveness.
It recognizes the need to institutionalize a permanent and technically competent Railway Authority that promotes equitable, safe, and sustainable access to rail infrastructure for all sectors, including mining, agriculture, and forestry.
Under the renewed Executive Order, the LNRA will continue to function as the custodian of national rail policy, ensuring multi-user access, efficiency, safety, and sustainability in the management of Liberia's railway assets.
Pending the passage of enabling legislation by the National Legislature, the Authority will operate under the powers granted by this Order.
To strengthen implementation, the Government will engage the services of a qualified international advisory and technical entity with expertise in railway regulation and infrastructure development.
This entity will provide comprehensive support in institutional design, governance structure, policy formulation, concession management, and safety standards.
The technical advisory team will also be responsible for:
· Drafting the enabling Act to establish the Liberia National Railway Authority as a statutory institution.
· Developing a transparent and predictable regulatory framework consistent with international best practices.
· Designing a multi-user access model to ensure fairness and competition.
· Proposing sustainable financing models, including public-private partnerships; and
· Integrating environmental and climate resilience safeguards into railway planning and construction.
Supervision of the advisory process will be led by the Ministry of State for Presidential Affairs, with coordination across relevant ministries and agencies.
A Rail Authority Liaison Officer will be appointed to facilitate implementation, supported by two technical staff seconded from the Civil Service Agency.
President Boakai expressed his administration's strides to modernize Liberia's transport infrastructure as a foundation for inclusive growth and national development.
"A modern, efficient, and transparent railway system is critical to unlocking Liberia's economic potential," the President emphasized. "This renewed focus will ensure that our railways serve the collective interests of the Liberian people and contribute to sustainable national progress." He expressed.
Executive Order No. 153 takes immediate effect and remains valid until the formal enactment of legislation establishing the Liberia National Railway Authority or until otherwise amended or revoked by the President.
Read the original article on Liberian Observer.
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