Major International Business Headlines Brief ::: 29 October 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  29 October  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Ethiopia: PM Abiy Tells Parliament Ethiopia's Growth 'No Longer Just
Numerical,' Vows 'Double-Digit' Expansion This Fiscal Year

ü  Mozambique: Decide to Suspend Strike in Beira

ü  Kenya: Court Halts KTDA's Multi-Million Security Tender Over Transparency
Dispute

ü  Namibia: 'Serious Investors' to Receive 5-Year Visa

ü  South Africa: SA Launches Initiative to Promote Electric Vehicle Adoption

ü  Nigeria's Exit From FATF's Grey List - a New Dawn for Financial Integrity

ü  Nigeria: Oyedele Counters Claims of Investor Frustration Over Nigeria's
New Capital Gains Tax

ü  South Africa: Cruise Season Set to Inject R120m Into Nelson Mandela Bay
Economy

ü  Nigeria's Worst Economic Phase Is Over - Wale Edun

ü  Africa: Expert Says Artificial Intelligence Is Redefining Modern Finance

ü  Mozambique: IMF Mission to Visit Mozambique in November

ü  Nigeria, Denmark Sign Digital Innovation Deal As Norway Backs New Clean
Energy Projects

ü  Tanzania: Pura Hailed for Impressive Performance

ü  Botswana: Crackdown On Illegal Gold Miners Yields Results

ü  Ghana: Gpha Holds Public Hearing On Keta Port Project

ü  Africa: Why Africa Needs Own Cloud Solutions - Experts

ü  Kenya: Ruto Rejected Two-Lane Design for Rironi-Mau Summit Road Over
Rising Traffic

 


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Ethiopia: PM Abiy Tells Parliament Ethiopia's Growth 'No Longer Just
Numerical,' Vows 'Double-Digit' Expansion This Fiscal Year

Addis Abeba — Prime Minister Abiy Ahmed (PhD) told members of the House of
Peoples' Representatives (HoPR) on Tuesday that Ethiopia will "undoubtedly
register double-digit growth this year,"emphasizing that the country's
economic progress is now "tangible, visible, and palpable,"unlike in
previous years when growth was largely numerical.

 

The Prime Minister made the remarks while responding to questions from
lawmakers during the second regular session of the HoPR's fifth year of its
working term, held on 28 October 2025.

 

Addressing economic issues raised by parliamentarians, Abiy reiterated that
this year's growth can be "seen, felt, and measured" in the real economy. "A
person with a good nose will smell [the growth] when moving in the city; a
person with good eyes can see it; and a person with good ears can understand
it by listening," he said. "Since Ethiopia's growth is not questionable, you
are only required to use your eyes, nose, or ears."

 

The Prime Minister stated that "by 2040, Ethiopia's economy will at least
become the second largest in Africa,"further asserted that"by 2044,
Ethiopia's economy will become the largest in Africa; we will achieve this
-- no one can stop us."

 

Abiy said that the inflation rate for October had eased to 11.7 percent--the
lowest level recorded since the government began its reform program--marking
what he described as a key step toward macroeconomic stability.

 

He also stated that, for the first time in Ethiopia's history, "exports of
goods have yielded better results than exports of services."According to
him, $8.3 billion was earned from the export of goods last year, compared to
$8.1 billion from services.

 

The Prime Minister credited ongoing economic reforms for stabilizing the
financial sector, saying the measures "saved the Commercial Bank of Ethiopia
(CBE) from collapse through debt restructuring."He added, "The collapse of
the Commercial Bank means the demise of Ethiopia's financial sector; the
reform can be considered to have rescued Ethiopia's financial sector."

 

Highlighting strong revenue performance, Abiy said the previous fiscal year
saw Ethiopia's highest-ever earnings, including $7.4 billion in remittances.
He added that "billions of dollars were saved through import substitution
with domestic products,"which, according to him, helped the country's
foreign reserves grow tenfold.

 

The Prime Minister further noted that Ethiopia's shift from an
agriculture-led economy to a diversified model encompassing industry,
mining, tourism, and technology is producing tangible results. He emphasized
that the government's "five-sector" strategy is aimed at building a
resilient, multi-dimensional economy.

 

Abiy also disclosed that the government spent around 440 billion birr on
subsidies during the fiscal year.

 

Regarding the mining sector, he said reforms are being implemented to
address irregularities in the licensing system, noting that many former
license holders were acting as brokers rather than actual developers. He
added that the sector's contribution to GDP has now reached one percent.

 

Read the original article on Addis Standard.

 

 

 

 

 

Mozambique: Decide to Suspend Strike in Beira

Maputo — Resident doctors at Beira Central Hospital (HCB), the largest
health unit in central Mozambique, have decided to suspend the strike that
was scheduled to start on Saturday, since the government has paid three
months of the overtime debt that it owes them.

 

The doctors had promised to suspend everything other than routine
activities. This would mean cancelling emergency operations and suspending
all work outside of normal working hours, in pursuit of demands for overtime
pay owed since 2023.

 

The problem dates from the introduction of the new unified wage scale (TSU)
two years ago. The doctors claim that in the past the overtime was paid as a
fee, "but that system was abolished, and since then we have never received
it.'

 

 

According to the doctors, the decision to suspend the strike was made when
the government promised to pay part of the debt. "Our colleagues, with good
sense, decided to call a truce and return to work. We agreed to meet to
review the details and set new negotiation deadlines', said a doctors'
representative.

 

The doctors revealed that the payment only covers three months' worth of
payments owed for 2025, while the debt dates from 2023.

 

"We believe that, based on the information presented and the inspection
documents, the government will continue the payment process. For now, we
have decided to give this credit to the management and maintain dialogue',
another source said, cited by the independent newsheet "Carta de
Moçambique.'

 

The representative of the HCB resident doctors confirmed that not all
professionals received their payments simultaneously. Most received their
payments on Friday, while some received their payments on Saturday, and
others should be paid during this week.

 

 

 

 

 

Kenya: Court Halts KTDA's Multi-Million Security Tender Over Transparency
Dispute

Nairobi — The High Court has temporarily stopped the Kenya Tea Development
Agency (KTDA) and its subsidiary, Chai Trading Company Limited, from
executing or implementing a multi-million shilling security tender pending
the hearing and determination of a case challenging the award process.

 

The suspension follows an urgent application filed by Anthony Manyara and
Youth Advocacy Africa, who accuse KTDA of irregularly awarding the tender
for the Provision of Security Services (Tender Reference No. CTCL/127/2025 -
KTDA/127/2025) to a preferred bidder in violation of principles of fairness
and transparency.

 

In court documents filed through Okoth Elly & Company Advocates, the
petitioners claim KTDA and its subsidiary had already initiated steps toward
signing or partially executing the contract, an action they argue could
render the court case meaningless if not halted.

 

 

"The defendants have already initiated steps towards execution of a contract
with the said bidder and are in the process of signing, or may have already
partially executed, the contract, actions which may occur at any moment,
thereby extinguishing the plaintiffs' rights and rendering this suit and
application nugatory," reads part of the court papers.

 

The applicants, who are long-term service providers to KTDA, maintain that
they have a legitimate commercial interest in ensuring the procurement
process is conducted lawfully and competitively.

 

Through their lawyer Elly Okoth, they argue that they stand to suffer
irreparable harm, including permanent loss of business opportunities,
reputational damage, and loss of client confidence, should the tender be
allowed to proceed.

 

 

"The defendants' actions constitute a breach of legitimate expectation and
bad faith, as they have disregarded their own tender documents and internal
procurement policy," the application adds.

 

While KTDA is a private entity and therefore not directly governed by the
Public Procurement and Asset Disposal Act, the petitioners insist it remains
bound by principles of fairness, transparency, and good corporate governance
in its operations.

 

The High Court's temporary orders now restrain KTDA and Chai Trading from
proceeding with the contract until the case is heard and determined. The
matter will be mentioned on a later date for further directions.

 

Read the original article on Capital FM.

 

 

 

 

 

 

Namibia: 'Serious Investors' to Receive 5-Year Visa

President Netumbo Nandi-Ndaitwah has announced a five-year visa option for
investors who are serious about doing business in Namibia.

 

Speaking at the recently held Public-Private Partnership Forum launch in
Windhoek, she said the visa application process requires urgent review to
make it easier to visit the country.

 

This would boost economic activity and make the country a more desired
investment destination.

 

"Serious investors should be granted five-year permits, and the visa regime
must be reviewed and application forms simplified to make it easier for
investors and visitors to access the special visa programme," Nandi-Ndaitwah
said at the launch.

 

 

The president further asked that more arrival counters should be set up at
Hosea Kutako International Airport to reduce delays upon arrival in the
country.

 

However, no funds were committed to this initiative, with no mention of it
in the recently tabled midterm budget review either.

 

Additionally, the president asked for the migration bill to be enacted
before the end of the financial year.

 

Nandi-Ndaitwah said the government is preparing a series of tax reforms to
strengthen competitiveness and fairness within the economy.

 

One such effort is the reduction of tax within the mining sector.

 

"These measures are in line with global efforts to increase tax-to-gross
domestic product ratios and promote equality through progressive taxation,"
she said.

 

Nandi-Ndaitwah said to address the issues faced by investors when starting a
business in Namibia, the government has approved a new building for the
Business and Intellectual Property Authority (Bipa), which will open in
November as Namibia's one-stop business hub, bringing all key business
services together under one roof.

 

 

To ensure the expected results, the president announced the establishment of
three task forces on economic recovery, health, and housing, drawn from the
forum's working groups.

 

These teams are expected to report back to her by January.

 

Koryx Copper chief executive Heye Daun says these initiatives show the
government "means business" and he hopes it will appoint experts to come up
with a proper fiscal and regulatory framework.

 

"It is long overdue and will give Namibia a much-needed boost when it is
finally done," he says.

 

Daun says clarity is, however, still needed on the ownership requirements
applicable to new mines in the country.

 

The Namibian uses AI tools to assist with improved quality, accuracy and
efficiency, while maintaining editorial oversight and journalistic
integrity.

 

Read the original article on Namibian.

 

 

 

 

 

 

South Africa: SA Launches Initiative to Promote Electric Vehicle Adoption

As the country continues to mark Transport Month, an initiative aimed at
demonstrating the viability of electric vehicles (EVs) for long-distance
travel in South Africa has been launched.

 

The Department of Science, Technology and Innovation (DSTI), in
collaboration with the South African National Energy Development Institute
(SANEDI), the Uyilo e-Mobility Programme at Nelson Mandela University (NMU),
and Volvo Cars South Africa, have launched the e-Mobility Energy Drive.

 

The landmark initiative began over the weekend and culminates at the Uyilo
e-Mobility Innovation Summit in Gqeberha which begins on Tuesday, 28 October
2025.

 

The summit, which is being held in the Eastern Cape, is a flagship event
celebrating Transport Month which is commemorated annually in October and
highlights South Africa's progress toward a sustainable mobility future.

 

This as a fully equipped Volvo XC40 Recharge Twin Motor Ultimate is being
driven from Johannesburg to Gqeberha, passing through Gauteng, the Free
State, and the Eastern Cape.

 

Along the route, the vehicle is collecting real-world data on EV
performance, charging efficiency, and energy consumption.

 

This data will contribute to ongoing research by the DSTI and SANEDI
regarding infrastructure readiness and user experience.

 

"This initiative proves that clean mobility is not just a vision for the
future; it is happening now," said Acting Chief Director for Hydrogen and
Energy at DSTI, Mandy Mlilo.

 

"Through strategic partnerships with SANEDI, Uyilo and Volvo, we are
building public confidence in electric mobility, advancing our just energy
transition goals and reducing our national carbon footprint."

 

The Energy Drive aims to raise awareness about clean mobility, featuring
DSTI and SANEDI branding and messaging as it travels through various
communities.

 

Through public engagements and media events, the initiative showcases the
advantages of EVs, the growth of public charging infrastructure, and the
role of innovation in transforming South Africa's transportation sector.

 

In addition, the goals include promoting the reliability and practicality of
EVs for interprovincial travel, informing policy and infrastructure planning
with the data collected, and fostering collaboration among public
institutions, universities, and private sector leaders.

 

The Uyilo e-Mobility Summit and Energy Drive serve as a significant platform
to foster collaboration among government, academia, and industry.

 

The summit aims to establish South Africa as a rising leader in the global
transition toward smart and sustainable mobility.

 

CEO of SANEDI, Dr Titus Mathe, added: "This partnership reflects our
nation's growing capacity and commitment to cleaner transportation. By
aligning research, innovation and public engagement, we are driving tangible
progress toward a low-carbon, energy-efficient future."

 

The EV will be on display throughout the summit at NMU before returning to
Johannesburg to continue its awareness and data-gathering mission.

 

The e-Mobility Energy Drive underscores South Africa's efforts in building a
resilient and sustainable transport ecosystem that supports economic growth,
environmental stewardship and energy justice.

 

The summit will conclude on Thursday, 30 October 2025.

 

Read the original article on SAnews.gov.za.

 

 

 

 

Nigeria's Exit From FATF's Grey List - a New Dawn for Financial Integrity

Nigeria has sent a clear message to the world: the era of complacency is
over, and the journey toward sustained financial integrity has truly begun.

 

Nigeria's removal from the FATF Grey List is more than a technical
achievement; it is a national statement. It reflects the country's ability
to align with international best practices, rebuild global confidence, and
demonstrate institutional maturity.

 

Nigeria's recent removal from the Financial Action Task Force (FATF) Grey
List marks a defining moment in the nation's economic and regulatory
journey. More than a bureaucratic success, it symbolises restored confidence
in the country's financial governance and a renewed global trust in its
ability to combat money laundering and terrorist financing.

 

 

For years, Nigeria has worked quietly but determinedly to strengthen its
Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework.
The delisting, announced on 24 October, is not just the outcome of policy
reforms; it is the culmination of painstaking institutional collaboration,
legal refinement, and regulatory courage.

 

The FATF, an intergovernmental body established to set global standards for
preventing money laundering, terrorist financing, and proliferation
financing, places countries on its "grey list" when they exhibit strategic
deficiencies in these areas. Such countries are not sanctioned, but they are
subjected to increased monitoring and must demonstrate tangible improvements
within a defined period.

 

Being on the grey list carries a heavy price. It dampens investor
confidence, triggers additional scrutiny on international transactions, and
makes cross-border financial operations cumbersome. For developing economies
like Nigeria, greylisting can stifle foreign direct investment, limit access
to global financial systems, and weaken business confidence.

 

 

Nigeria's exit from the list is an affirmation of the progress made. It
reflects the determination of institutions like the Economic and Financial
Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU),
and the Central Bank of Nigeria (CBN) to restore integrity to the financial
system. It also underscores the essential role of the legal community and
private sector actors who have worked, often behind the scenes, to ensure
compliance with global standards.

 

This milestone, however, extends beyond compliance. It signals a turning
point for the Nigerian economy, governance, and legal practice, reminding
professionals that transparency and due diligence are now at the heart of
sustainable growth and global credibility.

 

 

How Nigeria Earned Its Way Off the Grey List

 

Nigeria's journey toward delisting was anything but easy. After being placed
on the FATF Grey List in February 2023, the country was required to address
key weaknesses in its anti-money laundering and counter-terrorist financing
regime. The identified gaps included limited regulatory enforcement,
insufficient transparency in beneficial ownership, and weak coordination
among financial and enforcement agencies.

 

Recognising the urgency, the Nigerian government mobilised a comprehensive
response. The NFIU coordinated a wide network of institutions, including the
EFCC, CBN, Corporate Affairs Commission (CAC), Department of State Services
(DSS), Independent Corrupt Practices and Other Related Offences Commission
(ICPC), National Insurance Commission (NAICOM), and National Drug Law
Enforcement Agency (NDLEA), to execute FATF's recommended action plan.

 

Together, these agencies introduced reforms that tightened regulatory
frameworks, enhanced information sharing, and improved the prosecution of
financial crimes. There was also a deliberate push toward greater
transparency in corporate ownership structures and enhanced risk-based
supervision across financial institutions and designated non-financial
businesses.

 

For the legal community, the development presents both an opportunity and
responsibility. Lawyers and law firms now have an expanded role, not only in
ensuring compliance within their practices but also in advising clients on
complex regulatory obligations. The NBA's ongoing work through the
Anti-Money Laundering Committee remains critical in fostering a culture of
integrity within the profession.

 

The banking sector was particularly instrumental. Under the CBN's guidance,
banks upgraded their compliance frameworks, strengthened Know Your Customer
(KYC) procedures, and implemented advanced transaction monitoring systems.
Compliance units were reinforced, beneficial ownership verification was
improved, and correspondent banking relationships were stabilized. These
reforms gave global partners renewed confidence in Nigeria's financial
institutions.

 

The legal sector also played a crucial role. Through the Nigerian Bar
Association's Anti-Money Laundering Committee (NBA-AMLC), lawyers championed
awareness campaigns, compliance training, and advisory support for clients
navigating complex AML/CFT obligations. Law firms began integrating
compliance reviews and due diligence as standard parts of their client
services, aligning legal practice with evolving international standards.

 

By 2025, these collective efforts bore fruit. The FATF acknowledged
Nigeria's substantial progress in implementing its action plan and
strengthening its institutional frameworks. The October 2025 delisting thus
stands as a recognition of the nation's commitment to reform and the synergy
between its public and private sectors.

 

Why This Matters for the Economy and Global Reputation

 

Greylisting took its toll on Nigeria's economy. During that period,
international investors and financial institutions approached Nigerian
transactions with caution. Cross-border trade faced delays, investment
inflows slowed, and businesses dependent on global partnerships grappled
with compliance bottlenecks.

 

Now, the story has changed. Nigeria's removal from the FATF Grey List
restores confidence in the country's financial stability and regulatory
credibility. For investors, it is a signal that the country has strengthened
its systems and is serious about accountability and transparency. For
international lenders and development partners, it represents a safer
environment for collaboration.

 

The banking sector, which bore much of the reputational strain, stands to
benefit the most. With reduced scrutiny, banks can now engage more
seamlessly in international transactions, rebuild correspondent
relationships, and attract fresh investment. Liquidity, transaction
efficiency, and cross-border partnerships are expected to improve
significantly.

 

Yet, delisting also raises the bar. Nigerian banks must sustain the progress
made, while ensuring that compliance remains part of their institutional
DNA. The global financial environment is unforgiving of regression, and any
lapse could undo years of progress.

 

For the legal community, the development presents both an opportunity and
responsibility. Lawyers and law firms now have an expanded role, not only in
ensuring compliance within their practices but also in advising clients on
complex regulatory obligations. The NBA's ongoing work through the
Anti-Money Laundering Committee remains critical in fostering a culture of
integrity within the profession.

 

...the lesson from this achievement is clear: reforms must endure. The true
test of progress lies in the ability to sustain integrity even when external
pressure fades. If Nigeria continues on this path, strengthening
institutions, promoting accountability, and encouraging professional ethics,
it can transform this victory into a long-term foundation for economic
growth and good governance.

 

More broadly, Nigerian businesses can look forward to smoother international
dealings. Exporters, importers, fintech companies, and SMEs involved in
cross-border trade will face fewer compliance delays. The perception of
Nigeria as a high-risk jurisdiction will fade, making it easier to attract
partners, investors, and collaborators.

 

Beyond the numbers, Nigeria's exit from the grey list improves the nation's
global image. It positions the country as a credible player in international
finance; one that takes its reform commitments seriously. This perception is
invaluable. In global diplomacy and trade, trust is currency, and Nigeria
has just earned back a measure of it.

 

Sustaining the Momentum

 

While the delisting is a milestone, it is not the finish line. FATF's
post-monitoring framework ensures that Nigeria's progress will continue to
be assessed. Sustaining compliance will require consistency, transparency,
and vigilance from both the government and the private sector.

 

For businesses, this means maintaining high compliance standards, robust KYC
systems, accurate record-keeping, and proactive reporting mechanisms.
Sectors such as real estate, financial technology, and legal services, which
are particularly vulnerable to money laundering, must take compliance even
more seriously.

 

For professionals like lawyers, accountants, and other financial advisers,
the new environment calls for continuous education and ethical commitment.
Compliance is not just a regulatory requirement; it is now a measure of
credibility and competitiveness. Clients, investors, and regulators alike
will increasingly reward firms that demonstrate integrity and foresight.

 

A Defining Moment for Nigeria

 

Nigeria's removal from the FATF Grey List is more than a technical
achievement; it is a national statement. It reflects the country's ability
to align with international best practices, rebuild global confidence, and
demonstrate institutional maturity.

 

But the lesson from this achievement is clear: reforms must endure. The true
test of progress lies in the ability to sustain integrity even when external
pressure fades. If Nigeria continues on this path, strengthening
institutions, promoting accountability, and encouraging professional ethics,
it can transform this victory into a long-term foundation for economic
growth and good governance.

 

For now, Nigeria has sent a clear message to the world: the era of
complacency is over, and the journey toward sustained financial integrity
has truly begun.

 

Oyetola Muyiwa Atoyebi, a Senior Advocate of Nigeria and Fellow of the
Chartered Institution of Arbitrators (UK), writes from Abuja.

 

Read the original article on Premium Times.

 

 

 

 

 

 

 

Nigeria: Oyedele Counters Claims of Investor Frustration Over Nigeria's New
Capital Gains Tax

"Exempting the poor while taxing the wealthy fairly is not socialism; it is
progressive taxation, a principle embedded in virtually every advanced
economy," Mr Oyedele said.

 

The chairman of the Presidential Fiscal Policy and Tax Reforms Committee,
Taiwo Oyedele, has countered reports that foreign investors are frustrated
and disappointed by Nigeria's new capital gains tax (CGT), describing the
claims as misleading and inaccurate.

 

Mr Oyedele stated this on his X handle on Monday, alleging that the media
misrepresented both the reform and his recent engagement with investors.

 

 

"Public debate is vital for reform. But debate must be anchored on facts,
not misrepresentation," he wrote.

 

The clarification follows recent news that investors are dissatisfied with
the Nigerian government's move to implement a 10 per cent tax on shares sold
by investors as part of the new Tax Reform Acts coming to force in January,
a move seen by some as discouraging for foreign portfolio investments.

 

The reports also suggested that Mr Oyedele's tone during a recent virtual
meeting with market stakeholders reflected a "socialist" stance.

 

In his response, Mr Oyedele said the feedback from meeting participants
contradict those views.

 

"A total of 281 participants attended the call from more than 10 countries,"
he said.

 

"Contrary to claims of 'frustration' and 'unease,' about 80% of participants
who gave feedback after the event rated the engagement 9 or 10 out of 10,
with an overall average of 8.6. From the comments, many wished we had more
time - certainly not the expected reaction of frustrated investors."

 

 

He said his comments on concentrating tax collection on the top 3 per cent
of earners were wrongly interpreted as ideological.

 

"Exempting the poor while taxing the wealthy fairly is not socialism; it is
progressive taxation, a principle embedded in virtually every advanced
economy," he said.

 

Nigeria's new capital gains tax, included in the four tax reform bills
approved by President Bola Tinubu in June, aims to improve revenue
mobilisation and ensure that investors who profit from share sales pay
commensurate tax on their net gains based on a certain threshold.

 

The tax exempts share sales valued below N150 million as well as reinvested
gains from being levied.

 

Mr Oyedele dismissed insinuations that the new rule will hurt Nigeria's
investment climate and noted that an absence of CGT doesn't make an economy
competitive.

 

"The most advanced capital markets, the U.S., U.K., South Africa, among
others, apply CGT and remain attractive to investors, while many countries
with no CGT lack robust capital markets altogether," he stated.

 

"Both local and foreign investors benefit from exemptions based on
thresholds and reinvestment. Tax applies only where those thresholds are
exceeded without reinvestment. Labelling this as a punitive tax on foreign
investors is misleading."

 

He warned against what he described as "intentional misreporting" by
reputable media outlets, saying it could distort public understanding of
government policies.

 

"It is troubling when reputable outlets amplify misinformation. Professional
journalism demands diligence, independent verification of facts, avoidance
of anonymous slurs, distinguishing between biased opinion and credible
evidence for balanced reporting," he said.

 

According to him, his focus and that of his team remains executing reforms
that will make Nigeria's tax system simpler, fairer and more supportive of
economic growth.

 

The Nigerian government's fiscal reforms, led by Mr Oyedele's committee, are
part of efforts to boost non-oil revenue and deepen growth by ridding the
economy of obsolete taxes that for years have impeded expansion, especially
in the informal sector, which contributes the lion's share of the GDP.

 

Read the original article on Premium Times.

 

 

 

 

South Africa: Cruise Season Set to Inject R120m Into Nelson Mandela Bay
Economy

The arrival of the Mein Schiff 4 passenger liner at Transnet National Ports
Authority's (TNPA) Port of Port Elizabeth in the Eastern Cape, is expected
to inject approximately R120 million into the local economy, underscoring
the growing importance of cruise tourism in the region.

 

The vessel's arrival at the weekend, officially marked the opening of the
2025/26 Cruise Season in Nelson Mandela Bay.

 

Her timely berthing in the Bay sets the stage for a total of 25 confirmed
cruise liner call-ins, including nine overnight stays, which are expected to
bring more than 40,000 passengers to the city over the course of the season.

 

Nelson Mandela Bay Executive Mayor Babalwa Lobishe described the occasion as
a proud milestone that reaffirms the city's growing status as a preferred
global cruise destination.

 

"Every vessel that docks at our port brings new opportunities for our
residents and local businesses. The cruise industry contributes millions
into our economy each season through visitor spending, local procurement,
and job creation, benefiting tour guides, crafters, transport operators, and
hospitality workers across the metro.

 

"Beyond the economic impact, it strengthens our international profile,
promotes our cultural heritage, and supports small businesses in communities
that supply local products and experiences. Nelson Mandela Bay is truly open
for tourism, trade, and shared prosperity," Lobishe said.

 

This year's cruise schedule is set to be the longest on record, concluding
with the anticipated arrival of Zhao Shang Di Yun on 9 July 2026.

 

Commenting on the significance of the season, Nelson Mandela Bay Ports
Manager, Pamela Yoyo, said the 2025/26 cruise season promises to further
elevate the city's standing as a must-visit global destination, driving
sustainable growth in tourism and reinforcing the port's role as a catalyst
for economic development.

 

"Beyond the substantial economic impact, this is a valuable opportunity to
showcase the city's vibrant culture and renowned hospitality to the world.
We are committed to creating memorable experiences for our guests and
driving sustainable economic growth through strategic partnerships," Yoyo
said.

 

Yoyo also assured that TNPA will continue to work closely with law
enforcement agencies to ensure the safety and security of all visitors
throughout the season.

 

"TNPA remains dedicated to supporting the city's tourism initiatives through
ongoing investment in port infrastructure, availability of marine resources
to service vessels and collaborative efforts with key stakeholders," Yoyo
said.

 

Read the original article on SAnews.gov.za.

 

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Nigeria's Worst Economic Phase Is Over - Wale Edun

Two years on, the outcomes of key choices are noticeable at the macro level,
he pointed out, drawing attention to the 4.2 per cent GDP growth rate
recorded in the second quarter, inflation is currently at 18 per cent after
six months of decline and the foreign reserves' jump to a peak of $43
billion since 2019 as obvious wins.

 

Nigeria has triumphed over its toughest economic phase, and is now steadily
walking the path of recovery, with the most challenging stage of attaining
growth now confined to the past, Minister of Finance and Coordinating
Minister of the Economy Wale Edun said on Monday.

 

President Bola Tinubu's approach to economic development by means of radical
and holistic reforms has enabled that, with stability now assured, following
years of fiscal distress, Mr Edun disclosed in a statement titled: "Nigeria
Turns Towards Prosperity," published on X.

 

 

"I believe the most difficult phase of our economic journey is behind us.
Nigeria has turned a decisive corner," the minister remarked in the piece.

 

"The road ahead will demand hard work and discipline, but we are firmly on
the right path."

 

Mr Edun recalled that when President Tinubu assumed office in 2023, the
economy was battling an existential crisis, hit by slow growth,
hyperinflation as well as headwinds from costly petrol subsidies and
multiple exchange rate regimes that were keeping investors at bay.

 

He said that the administration's early decisions in ending subsidy spending
and unifying exchange rates were difficult but crucial to restoring
stability and attracting private investment.

 

 

Two years on, the outcomes of those choices are noticeable at the macro
level, he pointed out, drawing attention to the 4.2 per cent GDP growth rate
recorded in the second quarter, inflation currently at 18 per cent after six
months of decline and the foreign reserves' jump to a peak of $43 billion
since 2019 as obvious wins.

 

Mr Edun, nevertheless, acknowledged that for most citizens, progress is
measured not by data but by the price of food and transport.

 

"Food inflation has been our heaviest burden," he admitted, adding that
targeted measures are beginning to ease pressure.

 

"A bag of rice that cost about N120,000 last year now averages around
N80,000."

 

According to him, 8.1 million households have received direct cash transfers
to cushion the impact of tough reforms, and efforts under way to reach 15
million in all once identity verification challenges are resolved.

 

Building growth and confidence

 

The minister said the government is focusing on real sectors, comprising oil
and gas, agriculture, manufacturing, technology and mining to create jobs
and expand exports.

 

He cited a rebound in crude production to 1.7 million barrels per day,
progress on refinery projects and projects such as the Ajaokuta-Kaduna-Kano
gas pipeline and Project Bridge's 90,000 km fibre expansion as evidence of
the momentum in growth.

 

"The clearest sign that Nigeria is on the right path is the return of
confidence. But confidence is fragile. Sustaining it demands a predictable
policy environment, disciplined fiscal management, and steady progress in
reducing inflation."

 

Nigeria is pursuing a 7 per cent growth by 2027/2028 as part of its
medium-term goals, with the anticipation that the private sector and
citizens will play a big role.

 

Read the original article on Premium Times.

 

 

 

 

 

 

 

Africa: Expert Says Artificial Intelligence Is Redefining Modern Finance

International finance and accounting expert, Osarense Dorothy Iguodala, has
said that Artificial Intelligence (AI) is transforming the finance
profession by enhancing efficiency, security, and strategic insight.

 

Disclosing this in a media statement recently, she asserts, harping on the
fact that AI is not a replacement for professional judgment but a powerful
tool that amplifies it.

 

According to her, while there are rising fears that machines may replace
core duties such as data entry, reconciliation, and compliance reporting,
the reality is that AI's introduction marks a shift toward a more strategic
and value-driven financial function.

 

 

Drawing from her extensive experience in transaction advisory, financial due
diligence, and high-level audits for multi-billion-dollar enterprises in
Nigeria and the United States, Iguodala explained that AI is changing the
way finance professionals work.

 

Highlighting key benefits, she identified efficiency, security, and insight
as the three critical areas where AI is making a transformative impact. She
noted that AI's ability to process large volumes of data at remarkable speed
has made it indispensable for modern businesses.

 

"AI automates transactional tasks such as invoice processing, journal
entries, and reconciliations," she explained, "allowing finance teams to
spend less time recording the past and more time forecasting the future."

 

The statement further said that this automation is crucial for businesses
seeking agility and smarter decision-making in a rapidly evolving financial
environment.

 

 

Iguodala further pointed out that beyond efficiency, AI has become vital for
improving financial security.

 

Through her published research, she emphasized that AI-driven tools are now
essential in detecting sophisticated fraud and strengthening anti-money
laundering (AML) measures.

 

"These algorithms can spot complex patterns and anomalies across billions of
transactions in real time, providing a strong defense line that manual
processes simply cannot match," she said in her statement.

 

She also underscored the role of AI in delivering strategic insight,
explaining that by analyzing both historical and real-time financial data,
AI tools can generate superior financial models, risk assessments, and
forecasts.

 

To illustrate the evolving collaboration between humans and technology,
Iguodala pointed out that even the professional headshot for this
publication was AI-generated. She used this as an example to reinforce her
central thesis: while AI is a powerful amplifier for efficiency and
security, it fundamentally lacks the indispensable human elements of
professional judgements, ethical reasoning, and strategic foresight. The
lack of similar human elements which are present in the headshot.

 

As a recognized voice in global finance and technology, Iguodala also serves
as an expert judge for international innovation competitions such as the
Conrad Challenge 2025 and Technovation 2025, and as a reviewer for leading
journals in economics, business, and accounting.

 

Iguodala is a First-Class Honors graduate from the University of Lagos
(UNILAG), she holds multiple prestigious professional designations including
Certified Public Accountant (CPA) USA, Chartered Professional Accountant
(CPA) Canada, Association of Chartered Certified Accountants (ACCA), and the
Institute of Chartered Accountants of Nigeria (ICAN).

 

Read the original article on This Day.

 

 

 

 

 

Mozambique: IMF Mission to Visit Mozambique in November

Maputo — Mozambican President Daniel Chapo has announced that a mission from
the International Monetary Fund (IMF) will visit Mozambique next November in
order to assess the government's financial programmes.

 

According to the President, who was speaking to reporters on Monday, after
visiting IMF headquarters, during his six-day working visit to the United
States, the IMF has committed to working with his government, particularly
on technical assistance, to implement the country's ongoing reforms.

 

"The IMF will send a mission to Mozambique in November to learn about our
new vision and programme. The body is also committed to providing technical
support for the implementation of this new programme', Chapo said, after
meeting Bo Li, the IMF Deputy Managing Director.

 

 

Chapo explained that the objective of the IMF's support is to improve the
country's macroeconomic and financial situation, taking into account the
government's new programme for diversifying the economy.

 

In addition to domestic and foreign public debt, the need to improve revenue
collection, and broaden the tax base, Chapo highlighted other pressing
challenges, including good governance, transparency, and the fight against
corruption, as issues that must be addressed in new government programmes.

 

Also on Monday, the President was received behind closed doors at the
Pentagon.

 

At the end of the meeting, Chapo expressed his appreciation for the US
military personnel who have been providing support to the Mozambican Defense
and Security Forces (FDS) in the fight against islamist terrorism in the
northern province of Cabo Delgado.

 

 

In the meeting with senior US Defense officials, Chapo requested more
support for the training of the FDS, "in favor of the defense of sovereignty
and territorial integrity.'

 

Chapo arrived in Washington on Sunday to begin a six-day working visit to
the United States, aimed at strengthening relations of friendship,
solidarity, and cooperation between the two countries.

 

During his stay in Washington, Chapo will meet with US Vice President JD
Vance. President Donald Trump is currently out of the country on an Asian
tour.

 

 

 

 

Nigeria, Denmark Sign Digital Innovation Deal As Norway Backs New Clean
Energy Projects

The agreement was concluded during the Nordic Nigeria Connect 2025 business
forum held on 21 October.

 

Nigeria has entered new partnerships to accelerate digital innovation and
expand clean energy following the signing of a Memorandum of Understanding
(MoU) between the Federal Ministry of Communications, Innovation and Digital
Economy and the Government of Denmark in Lagos.

 

The agreement was concluded during the Nordic Nigeria Connect 2025 business
forum held on 21 October.

 

In a statement on Tuesday, Bolaji Alonge, Media and Communications Lead for
Nordic Nigeria Connect 2025, said the MoU will strengthen Nigeria's digital
public infrastructure.

 

 

He said it will also expand innovation financing and improve access to
technology skills. Mr Alonge described it as "the beginning of a new era of
technology-driven partnership" between both countries.

 

He added that the cooperation aligns with the President Bola Tinubu
administration's plans to stimulate growth and job creation through
technology and wider digital connectivity.

 

According to him, the partnership reflects shared priorities to unlock new
opportunities for young innovators and drive sustainable development.

 

As part of clean energy commitments announced at the forum, Norwegian
renewable energy finance company Empower New Energy signed power support
agreements for solar and battery storage projects with Jendol Superstores
and local manufacturing firm Jeddy Bolema.

 

The investments are aimed at cutting electricity costs and reducing reliance
on diesel generators in commercial operations.

 

 

Lagos State Governor Babajide Sanwo-Olu, represented by his Deputy Chief of
Staff, Samuel Egube, said the state is positioning itself as "the African
launchpad for Nordic innovation -- a city where sustainable technologies are
tested, refined and scaled to reach millions."

 

Finland's Deputy Minister for International Trade, Jarno Syrjälä, said the
collaboration will prioritise practical outcomes that deepen economic
inclusion.

 

"Together we can co-create solutions that are not only commercially viable
but socially and environmentally impactful," he said.

 

More than 100 companies from Nigeria and the Nordic countries participated
in the forum, which explored partnerships in green energy, digital
technology, health innovation and sustainable agriculture.

 

The organisers -- the embassies and trade offices of Denmark, Finland,
Norway and Sweden -- said the 2025 edition reinforces growing public-private
collaboration to unlock sustainable development across key sectors.

 

Background

 

PREMIUM TIMES reported earlier that Lagos State has declared readiness to
serve as Africa's launchpad for Nordic innovation, stressing a shift from
"invitation to implementation" as partnerships with Nordic economies produce
tangible results.

 

The forum also featured high-level discussions involving communications
minister Bosun Tijani, senior Nordic officials and Lagos government
representatives on using innovation to drive shared prosperity.

 

Nigeria and the Nordic region have deepened cooperation in recent years in
areas including digital governance, renewable energy, health solutions and
sustainable agriculture.

 

Read the original article on Premium Times.

 

 

 

Tanzania: Pura Hailed for Impressive Performance

Morogoro — The Deputy Secretary General of the Tanzania Union of Government
and Health Employees (TUGHE), Mr Amani Msuya, has commended the Petroleum
Upstream Regulatory Authority (PURA) after the regulator achieved 94 percent
of its performance targets for the 2024/25 financial year.

 

Msuya made the remarks on October 27, 2025, in Morogoro during a PURA Staff
Council meeting aimed at discussing, among other issues, the institution's
performance report for the 2024/25 financial year.

 

"I am very impressed to hear that, according to the Performance Evaluation
Monitoring System (PEPMIS) feedback, PURA executed 94.46% of its
responsibilities for the 2024/25 financial year," he said.

 

 

"At this level of performance, it is clear that PURA is executing its
mandate effectively, and this certainly deserves commendation," Msuya added.

 

He also took the opportunity to urge PURA staff not to be complacent with
last year's evaluation results, but instead to continue working hard to
improve performance for the 2025/26 financial year.

 

For his part, PURA Director General, Engineer Charles Sangweni, said the
authority would continue to execute its mandate with greater diligence,
professionalism, and innovation, in line with the institution's strategic
plans.

 

Sangweni also called on PURA staff to continue ensuring timely completion of
performance reports in PEPMIS, emphasizing that these reports are key
documents used in various human resource matters, including promotions.

 

Some of the roles of PURA are:

 

Advising the Minister responsible for Petroleum affairs on-

promotion and bidding process for the award of Production Sharing Agreements
or other contractual arrangement.

negotiation of production sharing agreements and other contractual
arrangements; and

granting, renewing, suspending and cancelling of petroleum exploration
license, development license and production permit.

Advising the Government on proposed development plans, infrastructure
development, tail end plan and decommissioning of installations submitted by
a license holder.

Conducting or cause to be conducted reconnaissance surveys and evaluating
prospectivity of frontier areas.

Monitoring, regulating and supervising the petroleum industry, including
reserve estimation and measurement of produced petroleum.

Analysing, disseminating and issuing information relating to petroleum
industry, including proposed exploration activities contained in the annual
work program, appraisal program and production forecasts submitted by a
license holder.

Regulating LNG for export

Read the original article on Daily News.

 

 

 

 

 

 

Botswana: Crackdown On Illegal Gold Miners Yields Results

Matsilojoe — Kgosi Eric Moipolai of Matsiloje has welcomed the improved
general safety in the village and its peripheries amid an ongoing crackdown
on illegal gold mining.

 

In an interview on Friday, he expressed optimism for a bountiful harvest
from this ploughing season, as farmers could now access their fields safely,
free from the threat posed by illegal gold miners.

 

In recent years, the miners often armed for self-defence and to resist
arrest, have been known to terrorise the community, leading many to abandon
their ploughing fields in fear of being attacked.

 

Kgosi Moipolai highlighted the significant change in the situation,
attributing it to government interventions that have made a noticeable
difference. He noted that a task team was established, comprising members of
the Botswana Defence Force (BDF) and the Botswana Police Service, which now
patrols the area round the clock.

 

 

"The situation is better, and people can move freely to access their
ploughing fields," Kgosi Moipolai stated with hope.

 

He is convinced that his community would be able to cultivate their land in
larger numbers without the fear of encountering armed illegal miners.
Previously, these miners would dig open pits in farmers' fields while
searching for gold, and the situation escalated when they attacked field
owners if caught by surprise.

 

Kgosi Moipolai explained that the insecurity posed serious challenges,
hampering residents' ability to improve their living standards, especially
after the mining sector closed down in 2011. With the security situation
improving, Kgosi Moipolai believes his people could now focus on agriculture
and improve their livelihoods.

 

 

"The villagers can now breathe a sigh of relief, and I am hopeful that the
improved security will lead to a prosperous harvest season," he added.

 

He noted that the establishment of the task team has acted as a deterrent to
illegal mining activities, although sporadic incidents had still been
reported. He recounted a recent event where several suspected illegal miners
were apprehended while hiding in an abandoned shaft.

 

Some attempted to flee but were captured by the police, while others
remained in the pit, with limited details available on the cases, he said.
With the improvement in public safety, Kgosi Moipolai and his community are
hopeful that the upcoming agricultural season would help restore their
livelihoods.

 

The station commander of Matsiloje Police Station, Superintendent Oteng
Ngada, said there had been a significant decline in illegal mining
activities.

 

"This month, we recorded three cases involving a total of 10 illegal miners,
all of whom are illegal immigrants," he said.

 

BOPA

 

Read the original article on Botswana Daily News.

 

 

 

 

Ghana: Gpha Holds Public Hearing On Keta Port Project

The government is committed to protecting the rights and livelihoods of the
people during and after the Keta Port construction, the Board Chair of the
Ghana Ports and Harbours Authority (GPHA), Johnson Asiedu Nketia, has
assured.

 

According to him, "The Keta Port is not just about ships and cargo, it's
about people -- the people of Keta, Ketu, Anlo, the Volta Region and Ghana.
It's about sustainable transformation rooted in equity and shared
prosperity."

 

Mr Asiedu Nketia, who is also the Chairman of the National Democratic
Congress (NDC), said the local communities must not only benefit equitably
from the opportunities the port would create, but every step would also be
taken to ensure that the project adheres strictly to national and
international environmental standards.

 

 

He gave this assurance at a public hearing on the proposed Keta Port project
on Thursday at Keta in the Volta Region.

 

 

The large gathering, which included traditional authorities, past and
current Members of Parliament, Municipal and District Chief Executives, and
Assembly members from Ketu South, Keta and Anlo, sought to adequately
sensitise the communities to the environmental and socio-economic impact
assessment of the project.

 

The public hearing, organised by the Environmental Protection Authority
(EPA) and the GPHA, also offered a platform for the people to ask questions
that concerned them during and after the construction of the port.

 

 

The project, to be executed in three phases, will involve the resettlement
of some affected communities, dredging of both the lagoon and the sea,
reclamation activities, and construction of docks, berths and terminals, a
fishing harbour, cold stores and processing areas, servicing and oil farms,
as well as the relocation of affected heritage sites and some educational
institutions within Agavedzi, Agortha Kedzi, Blekusu, Horvi, and parts of
Vodza.

 

The Director-General of GPHA, Brigadier-General Paul Seidu Tanye-Kulono, in
a speech read on his behalf, said the collective journey towards realising
one of Ghana's most transformative infrastructural initiatives was
envisioned not merely as a port but as an anchor for sustainable economic
growth, regional integration, and community development in the Volta Region
and beyond.

 

The GPHA, he explained, under the guidance of the Ministry of Transport, had
carefully advanced the planning and preparatory stages of the project,
adding that "they have conducted technical, environmental, and
socio-economic assessments to ensure that the project aligns with
international standards and national development priorities."

 

The Director-General noted that the public hearing, in collaboration with
the EPA, underscored transparency, inclusivity, and environmental
stewardship, because such large-scale infrastructure projects came with
significant environmental and social implications.

 

The Chief Executive Officer of the EPA, Professor Nana Ama Browne Klutse, in
her address, said the Authority initiated the public hearing pursuant to Act
2025 (Act 1124) of Act 29, which stipulates that it undertakes a public
hearing when a project has far-reaching effects resulting in involuntary
settlements that could result in adverse public reactions, among others.

 

The Volta Regional Minister, James Gunu, assured of close collaboration with
traditional authorities, the assemblies, and the communities to ensure the
smooth implementation of the project.

 

Questions raised by the public included the dates for the actual
implementation of the project, issues of resettlement, creation of other
access routes to transport construction materials instead of using the
Sogakope Bridge, as well as training of the youth for the construction.

 

Read the original article on Ghanaian Times.

 

 

 

Africa: Why Africa Needs Own Cloud Solutions - Experts

Technology experts have emphasized on the need for innovators in Africa to
develop home grown cloud solutions for the continent in a bid to achieve
data sovereignty.

 

Speaking at the launch of the UniCloud Africa- a Pan-African cloud platform
in Lagos, they highlighted the potential risk associated with bridge of data
privacy, stressing the need for local cloud solutions to protect data
generated within the continent.

 

The CEO, UniCloud Ladi Okuneye noted that Africa needs to have control over
the data it generates, saying that the newly launched cloud platform was
designed to ensure data sovereignty in compliance with local regulations in
the countries it operates.

 

 

"Our platform adheres to global standards like ISO 27001 for information
security and ISO 22301 for business continuity, providing the trust and
reliability required for mission-critical sectors like finance, healthcare,
and government," he said.

 

He added that the cloud platform offers local currency billing to eliminate
forex volatility and ensure zero data egress fees for predictable costs to
help both enterprises and SMEs strive. "Our enterprise-grade infrastructure,
backed by a 99.999 percent uptime SLA and global certifications like ISO
27001, delivers unmatched performance and security tailored to African
enterprises and governments," he said. He highlighted the Artificial
intelligence capabilities the platform was designed with, saying its
GPU-as-a-Service (GPUaaS) provides on-demand access to high-performance
GPU-enabled servers, ideal for running complex AI models, machine learning,
and big data analytics.

 

 

"This empowers industries like finance for real-time fraud detection,
healthcare for AI-driven diagnostics, and agriculture for predictive
analytics. Our developer-friendly platform aligns with global cloud
standards, making it accessible to both local and international teams
building the next wave of African innovation," he said.

 

The CEO, Internet Exchange Point of Nigeria (IXPN), Muhammed Rudman revealed
the increase in the internet traffic of websites locally domesticated with
.ng, saying the newly launched cloud platform will enable more internet
access.

 

"When we started operating in Nigeria around 2007, the traffic to Nigeria
was 0.1%. Almost 99.9% of the traffic leaves the shores of Nigeria.

 

"But having faith in Nigeria to start domesticating traffic, I can assure
you today that 50 to 70 per cent of internet traffic of almost all the major
service providers that are browsing, only 30 to 40 percent of the traffic is
leaving the shores of Nigeria.

 

"We are able to achieve that because all the major big content providers in
the world are in Nigeria. Google, Facebook, Microsoft, TikTok, Amazon are
all interconnected to us. That's why the huge traffic, 50%, is now
domesticated," he said.

 

Charly Bahous, a cybersecurity expert described the cloud platform as a
digital transformation in Africa, saying it is embedded with security
architecture to enable the safety of data privacy.

 

Read the original article on Daily Trust.

 

 

 

 

Kenya: Ruto Rejected Two-Lane Design for Rironi-Mau Summit Road Over Rising
Traffic

Nairobi — President William Ruto has underscored his commitment to giving
Kenya world-class road infrastructure, including the Rironi-Nakuru-Mau
Summit road to be launched soon.

 

The President said he would have launched the construction of the 230km road
earlier, but was dissatisfied with the road design, which had not factored
the growing volume of traffic along the key transport corridor.

 

"I was to launch the construction of this road last month. But when I learnt
that it would only be a two-lane dual carriageway, which would be clogged
again within nine years, I directed for it to be redesigned," he said on
Tuesday.

 

 

He made the remarks when he hosted a delegation of grassroots leaders from
Nakuru County at State House, Nakuru.

 

Consequently, the road was reviewed to provide for a dual four-lane
carriageway from Rironi to Naivasha, while the Naivasha to Nakuru section
was upgraded into a six-lane dual carriageway.

 

The Rironi-Mai Mahiu-Naivasha and the Nakuru-Mau Summit sections will be
upgraded to four-lane dual roads

 

"These are the kinds of road you find in developed countries; we are now
building them here at home," he said.

 

He added: "God willing, we will celebrate Madaraka Day 2027 here in Nakuru
County, and we will use the road."

 

The project is being funded by a consortium of the China Road and Bridge
Corporation (CRBC) and the National Social Security Fund (NSSF) under a
public-private partnership funding model.

 

 

The President has stated that Kenya needs to build at least 1,000km of dual
carriageway roads and another 10,000km if it is to join the league of
developed nations.

 

Present at the function were Nakuru Governor Susan Kihika, Cabinet
Secretaries Lee Kinyanjui (Trade) and Alice Wahome (Lands and Housing), MPs
and MCAs, among other leaders.

 

On other National Government projects in Nakuru County, the President said
KSh2.6 billion has been allocated for improvement of the county roads in the
2025/26 financial year.

 

Nationally, he said, the government has paid KSh120 billion to contractors
to complete stalled road projects, and will pay a further KSh60 billion by
January 2026.

 

He announced that a civilian wing would be established at the Lanet Military
Airstrip to serve the needs of residents who have expressed the need for an
airport for long.

 

 

On electricity, President Ruto said the government will spend KSh2.6 billion
to connect 22,000 households to power in the county within the next six
months.

 

Additionally, he said 21,000 affordable housing units are being built at a
cost KSh40 billion in Nakuru County alone.

 

Furthermore, 25 fresh produce modern markets are being built at a cost of
KSh3.5 billion while 8,000-bed student hostels.

 

The President announced that Afraha Stadium, which has been under
construction, would be completed at a cost of KSh500 million while the
Olenguruone Stadium will be built at a cost of KSh400 milllion and renamed
in honour of 1500-metre world record holder Faith Kipyegon.

 

At the Naivasha Special Economic Zone, the President announced that AfriExim
Bank will fund "horizontal infrastructure" at a cost of KSh20 billion.

 

On universal healthcare, he commended the 961,000 residents of Nakuru County
who have registered under the Social Health Authority (SHA), and urged more
to enroll to access services.

 

He said SHA has paid over KSh1 billion in claims to government, private and
faith-based hospitals in Nakuru in the past one year alone.

 

The President also directed Treasury to release KSh300 million for the
completion of the stalled Nakuru Cancer Centre.

 

Explaining that the economy has stabilised in the past two years, President
Ruto said that the economy is now firmly on track after the rescuing it from
near collapse when he took office in 2022.

 

He cited key economic indicators such as low inflation (4.5 per cent),
stable exchange rate (KSh129) and increased foreign exchange reserves that
now stand at $12 billion as proof of growth.

 

He said the reforms the government has implemented in the agricultural
sector have resulted in better prices for maize, tea, coffee, and sugarcane
farmers.

 

"Farmers are producing more, they're producing more, and improving the
country's food security," he said.

 

Similarly, the President said the reforms in the education sector have
rescued public universities from insolvency, and addressed inadequacies
within the Competence-Based Education and Training system.

 

Furthermore, he said the government has employed 76,000 teachers while
another 24,000 would be hired in January 2026.

 

"This is is the highest number of teachers ever employed by any
administration in three years since Independence," he said.

 

In affordable housing, President Ruto said more than 200,000 units are under
construction countrywide, creating tens of thousands of jobs for young
people.

 

"This is just the work of two years. What about in the next three, five, 10
or 20 years?" he asked.

 

He thanked the residents of the cosmopolitan county of Nakuru for
maintaining peace and unity even during the charged 2022 political climate.

 

"We must always remember that all of us are brothers and relatives of one
united Kenya," he said.

 

Read the original article on Capital FM.

 

 

 

 

 

 

 

 

 

 


 


 


 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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opinions expressed and recommendations made are subject to change without
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companies typically involve a higher degree of risk and more volatility than
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for guideline purposes only and d from third parties.

 


 

 


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