Major International Business Headlines Brief ::: 23 September 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  23  September  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Gauteng MEC Demands End to Healthcare Blockades

ü  Rwanda's Credit Outlook Turns Stable, Signals Investor Confidence

ü  Nigeria Risks Indigenous Seafarer Deficit As Seatime Crisis Deepens

ü  Rwanda: Meet Bashana, the Man Who Redefined Rwanda's Countryside Coffee
Experience

ü  Namibian Beef a Hit in Germany

ü  Liberia: Ngafuan, Nyumalin Stress Fiscal Discipline, Local Empowerment

ü  Liberia: Senators' 'Secret Trip' to Arcelormittal Sparks Uproar

ü  Liberia, IAEA Seal 5-Year Strategic Partnership

ü  Morocco: Revolut in Talks With Morocco's Central Bank On Market Entry

ü  Nigeria: Tax Laws - How Tenants Can Access 20 Percent Rent Relief of
N500,000

ü  Rwanda: Women Entrepreneurs Take Center Stage At Uci Fan Zone

ü  Nigeria: Govt's N330bn Poverty Payment Claim, a Fact or Fiction?

ü  Nigeria: Economists, Analysts React to Nigeria's Good Governance Ranking

ü  Nigeria: Crude Oil Imports Hit Record High As Dangote Refinery Reshapes
Trade Flow

 


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South Africa: Gauteng MEC Demands End to Healthcare Blockades

Gauteng Health MEC Nomantu Nkomo-Ralehoko has called for an end to the
blocking of foreign nationals from accessing public healthcare facilities,
reports EWN. This comes after the death of a one-year-old child whose
Malawian mother said Operation Dudula members prevented her from accessing
the Alexandra clinic. Operation Dudula has denied this, saying it never
instructed its members to block anyone from entering the clinic. Operation
Dudula members and leaders have barricaded public healthcare entrances and
turned away people they claim are undocumented immigrants. Nkomo-Ralehoko
said this is unlawful as  public healthcare must be accessible for everyone.
Meanwhile, the Economic Freedom Fighters ( EFF) in Gauteng has laid criminal
charges against Operation Dudula and its leader, Zandile Dabula, accusing
them of causing the child's death.

 

Five suspects have been arrested at a R350 million crystal meth lab in
Volksrust, Mpumalanga, reports SABC News. The group, comprising four Mexican
nationals believed to be in the country illegally and one South African
caretaker of the property, was apprehended during an intelligence-driven
police operation. Two other suspects, believed to be Nigerian nationals,
escaped. The accused faces possible charges of drug manufacturing,
trafficking, and contravening the Immigration Act.

 

Public Works Blacklists 40 Contractors for Corruption and Non-Performance

 

The Public Works Department has said that it has, for the first time in two
decades, blacklisted 40 contractors due to corruption and non-performance,
reports EWN. Previously, only one company had faced such action in 2002. The
process, initiated by the Construction Industry Development Board in June
last year, is part of a broader strategy to curb corruption and promote
economic growth through job creation. Public Works Minister Dean Macpherson
said the department is strengthening its blacklisting procedures to act
faster and recover misused public funds, stressing that the move sends a
strong message that underperforming and corrupt contractors will no longer
operate with impunity.

 

 

More South African news

 

 

 

Rwanda's Credit Outlook Turns Stable, Signals Investor Confidence

Last week Moody's Ratings upgraded Rwanda's credit outlook from negative to
stable, implying that risks to the country's debt repayment capacity have
notably declined.

 

The global rating agency also maintained the country's position at B2 for
both local and foreign currency debt.

 

It now sees a lower likelihood of future downgrades, affirming the
government's progress in sustaining growth, securing international support,
and managing large-scale infrastructure investments.

 

According to Yusuf Murangwa, the Minister of Finance and Economic Planning,
the decision by Moody's is an affirmation of the government's prudent
economic management and strategic reforms.

 

 

"It signals to the global investment community that Rwanda is a stable and
attractive destination for capital," he told The New Times, adding that this
also demonstrates the government's ability to manage risks.

 

Risks have subsided

 

Moody's observed that the change in the outlook to stable reflects its
assessment that downside risks for Rwanda stemming from the conflict in
eastern DR Congo have diminished.

 

These tensions had raised concerns about Rwanda's access to international
financing and foreign currency.

 

ALSO READ: Rwanda-DR Congo: New deal for major economic partnerships in
pipeline

 

The June 2025 peace agreement, facilitated by U.S.-led mediation and
supported by international and regional partners, has significantly reduced
these risks.

 

 

According to the finance ministry, by the end of the fiscal year 2024/25,
all anticipated disbursements were successfully received, and development
partners continue to actively fund new projects.

 

Meanwhile, the tourism sector, a vital source of foreign exchange, grew by 6
per cent year-on-year in early 2025, despite regional tensions, according to
World Travel & Tourism Council.

 

ALSO READ: Rwanda-DR Congo: New deal for major economic partnerships in
pipeline

 

Investment to spur growth

 

In its assessment, Moody's indicated that government's large investment in
the new Kigali International Airport and RwandAir aposes fiscal and debt
risks as the size of its remaining investment exceeds 7 per cent of its
gross domestic product (GDP).

 

 

However, the ratings agency maintained that the risks are balanced by the
recently approved multi-year tax package or tax reforms that provides some
fiscal flexibility and the authorities' track record of effective fiscal
adjustments and debt management.

 

Rwanda's economy has demonstrated consistent growth, with a real gross
domestic product (GDP)increase of 7.8 per cent in the second quarter of
2025, up from 6.5 per cent in first quarter of 2025, according to the
National Institute of Statistics Rwanda (NISR).

 

According to the Ministry of Finance, the new airport, set to commence
operations by 2028, will further accelerate this growth trajectory,
indicating that the project aims to increase passenger capacity from 1.7
million to 7 million annually in its first phase, with a second phase
targeting 14 million passengers per year upon completion.

 

This is expected to bolster the country's position as a regional hub for
tourism, trade, and logistics, attracting increased foreign investment and
creating new business opportunities.

 

To minimise cost, Rwanda is employing a blended finance approach: roughly
two-thirds of the airport cost is covered by Qatar Investment Authority,
while the remainder is financed through concessional loans, bilateral
support, and private sector partnerships.

 

"This investment is carefully sequenced as the fiscal deficit may
temporarily rise to around 7.4 per cent of GDP in 2025/26 but is projected
to fall below 5 per cent by 2026/27 as newly implemented taxes start
generating revenue."

 

Rwanda introduced new tax reforms in the first half of 2025, expected to
raise revenues by 3 percentage points of GDP by 2029. This, according to the
ministry, will bring tax revenue close to 18 per cent of GDP.

 

This is expected to expand fiscal space, enabling strategic investments to
drive growth while keeping debt on a sustainable path. Although debt may
increase slightly during construction, it is projected to stabilise and
gradually decrease after 2027-28.

 

While these projects carry some short-term risk, they are designed to
transform Rwanda into a regional hub for tourism, conferences, logistics,
and trade. Moody's notes that, although the debt burden may rise
temporarily, the long-term impact is positive, generating higher growth,
diversified exports, and stronger economic resilience, the ministry stated.

 

"De-risking our economy through transformative investments such as the new
Kigali International Airport, financed through a smart blend of foreign
investment and concessional funding, are calculated investments in our
future growth, designed to establish Rwanda as a regional hub," Murangwa
stated.

 

Read the original article on New Times.

 

 

 

 

Nigeria Risks Indigenous Seafarer Deficit As Seatime Crisis Deepens

The collapse of the Nigerian National Shipping Line (NNSL) has once again
raised fears of a looming shortage in the training of indigenous seafarers
across the country, LEADERSHIP can report.

 

With the wide capacity gap, procuring crew to man vessels from the planned
Cabotage Vessel Financing Fund (CVFF) disbursement would be a mirage.

 

It was gathered that indigenous shipowners currently rely solely on foreign
seafarers, as Nigerian-trained seafarers cannot receive mandatory seatime
training due to the absence of a functional Shipping Line.

 

However, Maritime experts argued that between 1995 and now, a wide gap has
existed, as there has been no platform to train Nigerian Cadets on seagoing
or coastal vessels.

 

 

They estimated that Nigeria has fewer than 8,000 active seafarers, far
behind countries like Indonesia (140,000), Russia (110,000), and even
smaller maritime nations such as Myanmar (60,000) and Vietnam (55,000).

 

They, however, called for the intervention of the federal government and the
Nigerian Maritime Administration and Safety Agency (NIMASA) to bridge the
widening gaps.

 

Speaking to LEADERSHIP at the 3rd quarter Citizens and Stakeholders
Engagement titled, "Implementation of the National Policy on Marine and Blue
Economy for Onboard Training of Nigerian Merchant Navy Cadets and the
Critical Needs of Maritine Academy of Nigeria (MAN), organised by the
management of MAN, Oron, the Chairman of Starzs Investments Company Limited
(SICL), Engr. Greg Ogbeifun said that the gap would have been widened,
except for the innovation of the Nigerian Liquefied Natural Gas (NLNG),
which is training cadets as seafarers for their own use.

 

 

According to him, Nigeria, with over 250 million population without a pool
of trained young seafarers, is an issue that needs to be addressed by
relevant government agencies.

 

According to him, Nigerian Shipowners rely mainly on foreign Seafarers, and
indigenous shipowners must now rely on foreign seafarers to buy a ship.

 

"Since the demise of NNSL, our country has not found it fit to reestablish
another global shipping line. Let me just let you know the effect of this:
Between 1995 and now, there has been a gap where no Nigerian Cadets are
trained anymore as seafarers in this country.

 

"Thanks to the initiative of NLNG, who are training Cadets as seafarers for
their own use, we appreciate what they are doing. But, in a country of 250
million people where the majority of our imports and exports are through the
Sea and are mostly foreign vessels that cannot train Nigerian Cadets on
their ships.

 

 

"It's a very serious situation, because even if we buy a ship today, we will
not find any Nigerian Cadet on that Ship, and we have to go back and look
for foreign seafarers," he stated.

 

He continued, "Every year, hundreds of Cadets are trained, but no Seatime,
thereby limiting their progress in the maritime sector."

 

Engr. Ogbeifun, who is the founding President of the Shipowners Association
of Nigeria (SOAN), however, called on the government to find a lasting
solution to the lack of Seatime training for the Cadets

 

"Seatime is the biggest challenge because every year, the academy produces
well-trained, well-certified Cadets in their hundreds, and these Cadets go
out there and have no ships to sail.

 

"I would like to use the opportunity to request members of the Council, the
Minister, Shipowners, and others to begin to see how we can address this
problem of Cadets. The NNSL was created in 1995, about 30 years ago. That
platform produced the likes of me, Captain Omotosho, Capt. Iheanacho, Capt.
Ishola, among others."

 

"I'm using the opportunity to appeal to the government, private sector, and
individual groups who are in a position to begin to look at acquiring ships
that can trade globally so that these children can have places to go after
their training. But I can commend the effort being made by the management of
the Maritime Academy in partnership with NIMASA in training these Cadets and
finding opportunities wherever they can find them," Engr Ogbeifun stated.

 

Also speaking, the president of the Association of Marine Engineers and
Surveyors (AMES), Engr. Issac Obadan, the Dangote Refinery and
Petrochemicals, can help the Maritime Academy of Nigeria (MAN), Oron, solve
the challenges of seatime for cadets of MAN, Oron.

 

Obadan said the Academy can acquire many ship vessels operating at Dangote
refinery to absorb the cadets for seatime training.

 

According to him, Dangote vessels can absorb more than 50% of the cadets for
training, thereby solving the nation's cadetship training challenges.

 

"Nobody is talking about the importance of Dangote refinery. If you know the
extent of shipping involvement in Dangote refinery in crude oil,
hydrocarbon, and even refined products, if we can develop our shipping
fleets around that refinery, we can get a lot of ships absorbing the cadets
we are talking about.

 

"All we need as a people or as a government is to strengthen the training
program and bring it down to the refinery so that we can put our students,
our cadets, on the vessels operating into the refinery. Such a training on
Dangote refinery vessels that carry this carbon in and out can function on
these ships.

 

"Put the cadets there. You can get this done through the lifting contracts.
If you cannot absorb our Cadets, the contract won't be renewed; we have done
it before, and we can still do it again. I tell you, Dangote Vessels alone
can absorb more than 50 per cent of the cadets we are talking about. We are
talking of crude oil carriers, massive vessels, and refineries."

 

Engr. Obadan, however, called for political will on the federal government's
side to achieve the initiative, saying the government has done it before and
can still do it again.

 

"The immediate past Rector, Comm. Emmanuel Effedua, had partnerships with
other shipping companies to develop a partnership for training of Cadets;
the NNPC of today also had a partnership training program with the
International Oil Companies (IOCs).

 

"We need a political will of the ministry or the government to engage these
corporate entities, whether local or international; it can still be done.
Establishing a partnership, a training partnership with them," he stated.

 

However, to solve the Seatime training challenge, the board chairman, MAN,
Oron, Engr. Kehinde Akinola mulled plans to purchase training vessels for
the academy's cadets.

 

Engr Akinola said the training vessel would help solve the crisis of
cadetship training that has bedevilled the institution.

 

According to him, the initiative was part of the five-year strategic plan of
the academy that would further reposition the academy and make it one of the
best worldwide.

 

Engr Akinola, who stated that MAN Oron has one of the best Simulators in the
world, explained that getting a training vessel will further help achieve
President Bola Ahmed Tinubu's Renewed Hope Agenda.

 

"We have plans to get a training vessel for the training of our cadets," he
stated.

 

The governing council chairman also noted that the Academy has provided
funding for the Academy's 2025 budget seatime training for the cadets.

 

He said, "In 2025 budgets, we have à provision for our cadets to be trained
onboard vessels even if we must pay."

 

On his part, the acting rector of the Academy, Dr Kevin Okonna, said the
academy needed the help of STCW mandatory Seatime for Cadets.

 

"For the STCW mandatory sea time, we urgently require onboard training
opportunities on the stakeholders' vessels and vessels of their partners
globally. We really need help. Part of the purpose of this engagement."

 

Read the original article on Leadership.

 

 

 

 

 

Rwanda: Meet Bashana, the Man Who Redefined Rwanda's Countryside Coffee
Experience

On a long, sun-baked highway in Kayonza, tired passengers shuffle off a bus
and into a roadside haven. The air is thick with the scent of fresh Rwandan
coffee. At Bashana's Coffee & Fastfood, commonly referred to as 'ku
imigongo', young baristas move swiftly behind the counter, serving different
drinks and treats. Travellers stretch, laugh, and step into spotless
restrooms before continuing their journey.

 

It's hard to believe that just seven years ago, this same stretch of road
offered little more than long drives and silence. No coffee. No clean
stopovers. No place to rest. That gap is what Charles Bashana saw--and dared
to fill. Leaving behind a secure job in Kigali in 2017, he gambled
everything on the idea that rural Rwanda could become a place for cosy
coffee stops, decent meals, or even a guesthouse to rest before continuing
their journey.

 

 

"In 2017, I left a job I was doing to pursue a passion I had for social
entrepreneurship in rural Rwanda," he recalls. "By the middle of the
following year, this centre in Kayonza, the first of its kind, was born.
What you see now was born out of that passion and commitment."

 

>From one centre, his model grew into a movement. Hospitality, arts and
crafts, farming, furniture, and trade--each venture under his umbrella was
designed with one guiding principle: social impact. "Our business model
revolves around that. We aim to bring innovation and creativity into rural
Rwanda and, hopefully, rural Africa as well."

 

The journey, he admits, has been "challenging and exciting at the same
time." Much of the work was experimental, yet the appreciation from
customers reassured him he was onto something transformative. "It has
brought so much joy to us," he says with a smile.

 

 

Bashana's decision to leave Kigali for Kayonza was not a compromise. "I was
born in a cattle-keeping village, and much of my childhood was not city life
at all," he explains. "No place in Rwanda feels remote anymore, given the
level of development services across the country."

 

As coffee stops multiplied across Rwanda's highways, many began calling him
the "godfather" of countryside hospitality. He waves off the title with
humility: "Godfather seems like an exaggeration. If what I did inspired
someone to be bold enough to start their own thing, credit should go to our
country's enabling environment. It allows anyone to pursue their dream."

 

Still, the impact is undeniable. Today, travellers expect to find roadside
havens that did not exist a decade ago. "Jobs have been created, the
experience for people moving around Rwanda's countryside has improved, and
it's now normal for anyone to get a good meal, quality coffee, a clean
bathroom, and even shop for local produce along the way," Bashana says.

 

 

"Here in Kayonza, people can even stay in our guesthouse and explore the
district more. That's a lot of impact."

 

Looking ahead, his focus is on growth and refinement. "Much of what we're
doing still needs further innovation," he says. "The next phase will be
about fine-tuning what we have built and probably adding one or two new
projects with a similar approach."

 

For him, social entrepreneurship is not about choosing between profit and
people. "The two don't conflict--they complement each other," he explains.

 

"Any revenue gained in a social business helps pursue the desired social
impact. SMEs need about two years to stabilise, but in social business, you
probably need double that to ensure sustainability."

 

Beyond Rwanda, he is convinced Africa holds the world's greatest untapped
economic promise. "Africa is a giant--probably the only place left where
dreaming is still possible for everyone," he says. "When our people realise
their God-given right to prosper, we'll witness an economic miracle like
never before. Rural Africa, in particular, has the key to this miracle
because it holds immense untapped resources--both natural and human,
especially youth and women."

 

His advice to aspiring entrepreneurs is straightforward: start. "If you have
the passion, gather the information and tools you can, and just get started.
There will never be a perfect time. Learn, make mistakes, improve, and the
chances of success are high."

 

If he could advise his younger self, he adds, it would be: "Focus on
building strong teams above everything else."

 

Asked to envision rural Rwanda 10 years from now, Bashana doesn't hesitate:
"It will be the place where people go to witness Rwanda's economic
transformation and prosperity."

 

Read the original article on New Times.

 

 

 

 

Namibian Beef a Hit in Germany

Patrons at all Block House steak restaurants in Germany can dine on Namibian
beef.

 

The meat is globally renowned for exceptional quality, prized for being
free-range, grass-fed and sustainably produced in the country's vast natural
farmlands.

 

As of Saturday, Namibian rumpsteak is being featured as a monthly special at
the Block House steak restaurants, which is a prominent eatery chain with 42
locations throughout Germany.

 

Currently, Namibia holds the unique distinction of being the only African
country approved to export beef to both the United States and Europe,
underscoring stringent production standards and international reputation.

 

 

After two and a half years of groundwork, the availability of premium
Namibian has been expanded in Germany following an agreement that was
secured with Eugen Block Holding GmbH, one of that country's leading
owner-managed hospitality companies.

 

The company currently operates 47 Block House steakhouses across Germany, as
well as several locations of its Jim Block burger brand.

 

The agreement offers German food lovers a a true farm-to-table experience
that reflects Namibia's rich agricultural heritage and commitment to
quality.

 

A statement by the Namibia Investment Promotion and Development Board
(NIPDB) noted that the milestone agreement is the culmination of efforts to
secure a consistent supply of Namibian beef in the German market, through
collaboration between Namibian beef producers, South Trade GmbH and Eugen
Block Holding GmbH.

 

 

NIPDB supported the process as a facilitator, working alongside key
stakeholders to help secure the agreement.

 

The introduction of Namibian beef in Block House restaurants also aligns
with NIPDB's mission to promote Namibian products globally and highlight
Namibia's value proposition as a producer of trusted, safe and
premium-quality food products.

 

NIPDB further stated that by securing partnerships with major hospitality
brands such as Block House, Namibia continues to showcase its premium export
offering while creating sustainable opportunities for Namibian farmers,
processors and exporters.

 

"Namibian beef stands out not only for its quality, but for the values
behind it - being free-range, grass-fed, high animal welfare factors and
sustainably produced. We are proud to have helped bring this exceptional
product to one of Europe's most respected restaurant groups," said Valentin
Külbs, managing director of South Trade GmbH.

 

"We are always looking to offer our guests something special," said Markus
Gutendorff, CEO of Block House Restaurantbetriebe AG.

 

"Namibian beef brings both quality and a compelling story of origin. It's a
perfect fit for our brand and our customers," he added.

 

Read the original article on New Era.

 

 

 

 

Liberia: Ngafuan, Nyumalin Stress Fiscal Discipline, Local Empowerment

The Minister of Finance and Development Planning, Augustine Kpehe Ngafuan,
and his Internal Affairs counterpart, Francis Saah Nyumalin emphasized the
importance of strategic prioritization, local empowerment, and effective
implementation in the government's formulation of the 2026 national budget.

 

Speaking at the Executive Budget Hearing on Friday, Minister Ngafuan praised
the Ministry of Internal Affairs and officials at the county level for
maximizing limited resources, citing the government's efforts to align the
upcoming budget with the ARREST Agenda for Inclusive Development (AID), the
administration's national development blueprint.

 

 

Addressing Internal Affairs officials, Ngafuan remarked, "You are closest to
our people, which makes your empowerment crucial for achieving targets. The
budget we are crafting must align with the ARREST Agenda."

 

Ngafuan acknowledged that while the 2025 national budget had a significant
increase from the previous year (from US$788 million to US$880 million), it
still fell short of the total requests from ministries, agencies, and
commissions by over $2 billion. He emphasized the importance of prioritizing
efficiently and highlighted the need for better coordination in the budget
process to prevent delays in implementation.

 

"We are in a situation where demands are doubling or tripling what we have
to give," Ngafuan stated. "So, what do we do? We have to prioritize our
priorities. It's not just about how much; it's how well."

 

The finance minister emphasized efficiency, saying that some agencies
produce better outcomes with fewer resources, while others struggle despite
having more.

 

 

"Those who use the little well justify getting more. Your ministry has shown
results. There are still challenges, yes, but we acknowledge the progress,"
he added.

 

He also called for better and earlier coordination in the budget process to
avoid implementation delays, adding that the government aims to submit the
national budget to the Legislature before October 31 and secure passage
before the new fiscal year begins.

 

The Internal Affairs Minister, however, commended the improved cooperation
between the Finance Ministry and spending entities, noting the positive
shift towards more transparent engagement. He recognized the Ministry of
Finance for its responsive approach to meeting the needs of the Ministry of
Internal Affairs, including internal reallocations to fund key programs like
land governance initiatives.

 

"During my seven years in the Legislature, I don't recall a time when this
kind of transparent, open engagement with spending entities happened,"
Minister Nyumalin said. "I commend the Ministry of Finance for this
approach."

 

 

He acknowledged that while the Ministry of Internal Affairs had a "tight
budget," internal reallocations enabled them to fund key programs that
initially lacked budgetary support -- notably, land governance initiatives.

 

"Through internal shifting, we were able to support programs like the Land
Governance Support Program," Nyumalin stated. "Minister Ngafuan and his team
have done well to listen to our needs and respond within the constraints."

 

However, he stressed critical funding gaps remain, especially in salaries
and logistics for local government officials and traditional leaders.
Nyumalin outlined the burden of supporting: Over 200,000 local chiefs,
approximately 500 statutory district chiefs, and between 1,000 and 1,500
general town chiefs.

 

"These traditional leaders play a pivotal role in local governance. We can't
have them pretend to work while we pretend to pay them," he said pointedly.

 

The Internal Affairs Minister also expressed the need for more timely and
reliable disbursement of county development funds to empower local
administrations, reduce dependency on the central government, and
operationalize the government's decentralization strategy.

 

Both ministers underscored the crucial role of traditional leaders in local
governance and emphasized the necessity of more timely and reliable
disbursement of county development funds to empower local administrations
and advance decentralization efforts.

 

They pledged continued collaboration to enhance budget implementation and
service delivery nationwide, with Minister Ngafuan expressing optimism for
progress in the coming year. The Executive Budget Hearing continues as the
Ministry of Finance prepares to finalize and submit the draft 2026 National
Budget for legislative review.

 

"We haven't solved all the problems, but where we are today compared to
where we started shows clear progress," Ngafuan concluded. "Next year must
be better than this year -- and we need your plans, your honesty, and your
partnership to make it happen."

 

Read the original article on Liberian Observer.

 

 

 

 

Liberia: Senators' 'Secret Trip' to Arcelormittal Sparks Uproar

A political storm has engulfed the Legislature following revelations that a
Senate delegation toured ArcelorMittal Liberia's (AML) concession in Nimba
County without the knowledge or participation of any Nimba lawmaker,
including Senator Nya Twayen, who sits on the Senate Committee on
Concessions and Investment. The visit has sparked accusations of secrecy,
rebuttals from the senators involved, and renewed scrutiny of AML's record
in Liberia's mining heartland.

 

On September 19, Senator Twayen took to Facebook to accuse AML of gross
violations of its Mineral Development Agreement (MDA) and lawmakers of
allowing themselves to be wined and dined on a "luxury tour."

 

 

"Taking some Senators and Representatives for luxury tour of AML concession
area does not negate the fact that you are in gross violation of the Mineral
Development Agreement," Twayen wrote. "Until the people of Nimba and Liberia
benefit as per the terms and conditions laid out in the agreement, you are
doomed to be sued or doomed for nonrenewal."

 

He also alleged that AML had misrepresented its investments, citing
testimony that a plant once valued at US$1.4 billion was in fact worth only
US$250 million.

 

 

Most strikingly, Twayen said he was blindsided by the lawmakers' presence in
Nimba. "Unbeknownst to me as member of the Concession Committee and the
Nimba Legislative Caucus, ArcelorMittal has more than 25 lawmakers (Sen/Rep)
visiting Nimba County for a secret meeting as of this post," he declared.

 

Senate committee response

 

The following day, September 20, the "Joint Legislative Committee on MDA
Compliance" issued a lengthy press statement from Ganta, rejecting Twayen's
claims.

 

 

"There is nothing clandestine about legislators going to see, first-hand,
the conditions of a major concession that is critical to our nation's
economy and people," the Committee said.

 

Signed by Senator Numene T. H. Bartekwa of Grand Kru, chair of the Senate
Committee on Concessions and Investment, and Senator Simeon Taylor of Grand
Cape Mount, the release accused Twayen of a "reckless campaign of
misinformation."

 

The delegation -- which included Senators Saah Joseph of Montserrado, Joseph
Jallah of Lofa, Botoe Kanneh of Gbarpolu, Simeon Taylor of Grand Cape Mount,
Numene Bartekwa of Grand Kru, and Thomas Yaya Nimely of Grand Gedeh --
insisted that their mission was a fact-finding oversight visit. They
acknowledged AML's lapses but emphasized "constructive engagement" rather
than "acrimonious hostility."

 

 

"Sidelining Nimba unacceptable"

 

Twayen fired back, insisting that the so-called "Joint Legislative Committee
on MDA Compliance" had no legal standing. "There are only two Legislative
Joint Committees: Public Accounts and Modernization (which I chair)," he
said. He called on Senate Pro Tempore Nyonblee Karnga-Lawrence and House
Speaker Richard Nagbe Koon to investigate the "surreptitious trip."

 

Adding to his claims, he alleged that AML had failed to attend a scheduled
meeting with the Inter-Ministerial Concessions Committee, opting instead to
host senators in Nimba. "Gone are the days of corporate mischiefs at the
expense of our people," he vowed.

 

Representative Nyan G. Flomo, Secretary-General of the Nimba Legislative
Caucus, condemned what he described as the deliberate exclusion of Nimba
lawmakers.

 

"As a member of the Caucus, I'm deeply troubled that a process toward
renewing the Mineral Development Agreement of ArcelorMittal Liberia would
appear to deliberately exclude members of the caucus of the most affected
county from meaningful participation," he said.

 

Flomo reiterated the caucus's core principle: "There must be no discussion
of renewing or expanding ArcelorMittal Liberia's concession agreement until
the company has demonstrated and fully complied with all outstanding
obligations under the current MDA."

 

He also called for "an immediate, transparent, and independent audit" of
AML's compliance, arguing that lawmakers should not "expose themselves to
manipulation."

 

Sen. Saah Joseph concedes

 

On local radio in Ganta, Senator Saah Joseph admitted that it had been a
mistake not to include Twayen and the Nimba Caucus in the visit. He denied
holding a closed-door meeting with AML but confirmed that the company
presented PowerPoint slides on achievements and gave a tour of facilities
including a vocational school and housing projects.

 

But a first-hand tour of Yekepa by our reporter paints a different picture.
Much of the once-bustling mining town remains in ruins. Estates in areas T,
S, F, O, N, and parts of Rare still dilapidated. Makeshift structures dot
the town, safe drinking water is limited to workers receiving sacks of
sachet water, and Yekepa's streets remain unpaved and without lighting.

 

Unlike during the LAMCO era, there is no functional mini-power plant or
modern water system. Workers complain of poor medical care, with minor cases
often referred to county hospitals. Housing shortages force some staff into
hotels in Ganta, while many others commute from Sanniquellie.

 

Shadows of the past

 

Community suspicions deepened when some recalled how, in 2006, lawmakers
allegedly received 100 pickups in connection with concession negotiations.
"The visit last week of the lawmakers is said to have created a dark cloud
over the revision of the MDA," one resident told the Observer, "with many
speculating that AML may have bought the lawmakers."

 

Senator Saah Joseph himself has been linked to contracts with AML, including
fleets of buses and trucks reportedly hired by the company to transport
workers and other haulage functions. The Senator's business relationship
with the company presents a clear conflict of interest in light of the
upcoming negotiation of the third amendment of the AML's mineral development
agreement with the Government of Liberia.

 

The lingering question

 

Yet, the core issue remains unanswered: if this was an official oversight
mission, why were no Nimba lawmakers -- representatives of the host county
most directly impacted by AML's operations -- invited or officially
informed?

 

This omission has fueled doubts not only about the sincerity of AML's
engagement but also about the Legislature's transparency. For communities
long burdened by the social and environmental costs of iron ore mining, the
optics of senators touring new housing sites while Yekepa still lies in
ruins has only deepened mistrust.

 

ArcelorMittal has been in Liberia since 2005 and renegotiated its concession
in 2007. Yet its record remains contested -- from unmet social development
commitments to disputes over rail access. President Joseph Boakai's
administration, under Executive Order 136, is pushing for a multiuser rail
regime. AML has resisted, drawing criticism for blocking Environmental and
Social Impact Assessment teams from accessing the corridor.

 

For Senator Twayen, Rep. Flomo, and many in Nimba, this is about much more
than corporate compliance. This is about whether Liberia's largest postwar
investment can finally deliver on its promise of development.

 

For the Senate delegation, the mission was an act of oversight, not secrecy.
But the exclusion of the host county lawmakers has left a shadow hanging
over their visit -- and raised sharper questions about who really benefits
when Liberia's lawmakers and concessionaires sit at the table.

 

Read the original article on Liberian Observer.

 

 

 

 

 

Liberia, IAEA Seal 5-Year Strategic Partnership

Liberia and the International Atomic Energy Agency (IAEA) have formally
signed their second Country Programme Framework (CPF), a five-year plan for
technical cooperation that will use nuclear science and technology to
support Liberia's development goals from 2026 to 2030. The signing took
place on September 17, 2025, between Liberia's Minister of Agriculture, Dr.
J. Alexander Nuetah, and IAEA Deputy Director General, Mr. Hua Liu.

 

The signing which took place at the 69th Regular Session of IAEA General
Conference, taking place from September 15 to 19 at the Vienna International
Centre in Austria, where Dr. Nuetah, served as the country lead, supported
by the Executive Director of the Environmental Protection Agency (EPA), Dr.
Emmanuel K. Urey Yarkpawolo, and Ambassador Extraordinary and
Plenipotentiary of Liberia to Germany, H.E. Younger Telewodah, who is also
Liberia's Permanent Representative to the IAEA. Other members of the
delegation include Rafael Ngumbu, Director of ERRS at the EPA.

 

 

A CPF is the frame of reference for the medium-term planning of technical
cooperation between a Member State and the IAEA, identifying priority areas
where the transfer of nuclear technology and technical cooperation resources
will be directed to support national development goals.

 

Between 2026 and 2030, the CPF identifies five priority areas: radiation
safety and nuclear security, Food and agriculture, Health and nutrition,
Energy and industry, and Water resources and the environment.

 

The signing of the new CPF marks a significant renewal of Liberia's
partnership with the IAEA, of which it has been a Member State since 1962.
While Liberia has a long history with the IAEA, its engagement declined
during the years of civil conflict. The signing of this CPF, along with
Liberia's recent accession to six international legal instruments and a
historic visit from the IAEA Director General in 2025, signals a renewed
commitment to the peaceful use of nuclear technology.

 

 

This new framework ensures that technical assistance is precisely targeted
to projects that will have a lasting impact on the health, food security,
and overall development of the Liberian people. It provides a roadmap for
the country to leverage cutting-edge science and technology to meet its
development goals.

 

In a landmark moment for the long-standing partnership between Liberia and
the IAEA, the agency's Director General, Rafael Mariano Grossi, visited the
country for the first time in more than 60 years in July of this year. Mr.
Grossi's two-day visit aimed to strengthen technical cooperation and
underscored the IAEA's commitment to supporting Liberia's peaceful use of
nuclear science in key development areas.

 

 

A central theme of Mr. Grossi's visit was addressing Liberia's growing
public health challenge: cancer. According to Ministry of Health data,
Liberia recorded more than 3,800 new cancer cases in 2024, leading to nearly
2,700 deaths. Despite this, the country lacks a fully equipped radiotherapy
facility. Grossi's visit was a significant step toward making a national
radiotherapy center a reality, a key milestone in the new CPF.

 

"This is not just about equipment," Grossi stated. "It is about saving
lives. We want to help Liberia build its first cancer treatment center." The
IAEA has already developed a comprehensive proposal for the center and is
committed to training Liberian health professionals, including women and
youth, in radiological safety and medical physics through scholarships and
training programs.

 

Mr. Grossi's visit reinforced this commitment. He praised Liberia for its
efforts to draft and enact a national nuclear law and establish an
independent nuclear regulatory body. These measures, also prioritized in the
new CPF, are crucial for ensuring the safe and secure use of nuclear
technologies.

 

The partnership extends beyond healthcare to other vital sectors. The IAEA
is supporting Liberia's agricultural programs through techniques like
mutation breeding, which helps boost crop yields and enhance food security.
Additionally, the new CPF will focus on improving national energy planning
and using isotopic techniques to monitor water resources, which are impacted
by environmental issues like deforestation.

 

Mr. Grossi's visit culminated in discussions with President Joseph Nyuma
Boakai, where they explored how nuclear science could support the
government's ARREST Agenda for Inclusive Development. The visit, a
diplomatic and technical milestone, solidified the path forward for Liberia
to leverage peaceful nuclear applications for a safer and more prosperous
future.

 

Read the original article on Liberian Observer.

 

 

 

 

 

Morocco: Revolut in Talks With Morocco's Central Bank On Market Entry

British neobank Revolut has held talks with Morocco's central bank, Bank
Al-Maghrib, about a possible entry into the local market. The discussions,
held in early August, explored gaps in current banking services and consumer
needs, according to officials.

 

 

Revolut, valued at $65 billion in July and Europe's most valuable fintech,
would make Morocco its first African base if it proceeds. The company is
known for its freemium model, offering low-fee services in markets where
traditional banks rely heavily on commissions.

 

Bank charges in Morocco can reach 1,000-2,000 dirhams ($95-$190) annually,
according to the National Federation of Consumer Associations. Remittances
from Moroccans abroad totaled more than 117 billion dirhams ($11.4 billion)
in 2024, also subject to fees.

 

Regulatory gaps may pose hurdles. Current consumer protection and data
privacy laws lack provisions for chargebacks, breach notifications, and
cross-border safeguards common in Europe and the U.S.

 

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


 

Key Takeaways

 

 

Revolut's potential arrival could reshape Morocco's retail banking market,
where commission income remains a key revenue source. According to Bank
Al-Maghrib, fees made up 14% of Moroccan banks' net income in 2024, or
nearly 10 billion dirhams. While declining as a share, this remains
significant for incumbents such as Attijariwafa Bank, BCP, and BMCE, which
declined to comment on Revolut's interest. Regulators have already taken
steps to reduce costs for consumers, banning charges for electronic bill
payments in a bid to boost digitalization and financial inclusion, with the
banking rate at 54% in 2024. Revolut could appeal strongly to younger users
and to Moroccans abroad sending remittances, where cost savings would be
substantial. But adoption will depend on how Moroccan regulators address
gaps in fraud protection and data privacy, areas where local law lags global
standards. For consumers, Revolut could offer cheaper alternatives; for
banks, it could trigger a shake-up.

 

Read the original article on Daba Finance.

 

 

 

 

 

Nigeria: Tax Laws - How Tenants Can Access 20 Percent Rent Relief of
N500,000

The Federal government through the Nigeria Tax Act (NTA) has brought about
sweeping reforms in the property sector as tenants can now redeem 20 per
cent of their rent as rent relief of up to N500,000

 

Daily Trust reports that On August 8, 2023, President Bola Tinubu
inaugurated the Presidential Fiscal Policy and Tax Reforms Committee led by
Taiwo Oyedele to drive reforms in Nigeria's tax system

 

Two years down the line, the Committee has come up with new Tax policies for
the country which was passed by the National Assembly, signed by the
president and later gazetted on 10th September 2025.

 

The four new tax laws aimed at overhauling its tax system and boosting
revenue from January 1, 2026.

 

 

They are Nigeria Tax Act, Tax Administration Act, Nigeria Revenue Service
Act, and Joint Revenue Board Act replace over a dozen outdated statutes.

 

Highlight of the Act include exemption of individuals earning up to N800,000
annually from personal income tax and maintain VAT exemptions on food and
education.

 

However, High income Nigerians will face new progressive rates up to 25 per
cent on incomes above N50 million, with global income, capital gains on
assets including crypto, and non-cash benefits now taxable.

 

Also, small businesses with turnover below N100 million will pay no
corporate tax or capital gains tax but must register with the Corporate
Affairs Commission and use e-invoicing. Larger firms will keep paying 30 per
cent corporate tax, with a possible cut to 25 per cent for key sectors.

 

 

Multinationals face a 15 per cent minimum effective tax rate and new levies
on undistributed offshore profits.

 

The federal government says the changes protect the poor while shifting the
tax burden to wealthy individuals and big corporations.

 

Consequently, Section 30 sub section 26 of the Nigeria Tax Act has now
provided succor for rent payers as they can now access 20 per cent of their
rent provided that the 20 per cent is not above N500,000

 

Also, the rent relief of 20% of their annual rent can only be redeemed if
the actual rent paid is declared accurately.

 

However, this benefit is exclusive to tenants as homeowners are not eligible
for any form of housing-related tax relief under the new rule.

 

Daily Trust understands that the new tax administration system is designed
to be more favourable to low and middle-income earners .

 

How it works

 

Checks by Daily Trust show that the Law allows tenants to deduct 20% of
their annual rent from their taxable income, but with a maximum deduction of
N500,000.

 

 

This means you can get relief on 20% of your annual rent, up to a cap of
N500,000 or lower.

 

For instance, if your annual rent is N1,500,000, you can deduct N300,000
(20% of N1,500,000), because it's less than the N500,000 cap. However, if
your rent is N3,000,000 annually, you can only claim N500,000, as that is
the maximum allowed, despite the 20% calculation being N600,000.

 

This cap ensures that high-income earners do not benefit disproportionately
from the new rent-based deduction.

 

Who is qualified for rent relief?

 

The Act provides that the rent relief is exclusively for tenants who pay
documented rent. Therefore, homeowners, individuals in rent-free
accommodation, and those without verifiable rental agreements do not
qualify.

 

The government replaced older relief mechanisms with this rent-based
deduction to target housing expenses for individuals with recurring rental
costs.

 

However, despite the rent relief, other deductions remain valid. These
include Pension contributions under the Pension Reform Act, National Housing
Fund (NHF) among others

 

What the Law says

 

Section 30 sub Section iv of the NTA states that "20% of annual rent paid,
subject to a maximum of N500,000, whichever is lower, provided that the
individual accurately declares the actual amount of rent paid and other
relevant information as may be prescribed by the relevant tax authority ;
and (b) "total income" means total income as specified in section 28 of this
Act. 31. Deduction shall not be allowed under this Part to any person for a
year of assessment, unless claimed in writing in such form as the relevant
tax authority may prescribe

 

"The relevant tax authority may require a claimant to a deduction under
section 30 (2) (a) of this Act to produce such documentary evidence as may
be necessary in support of any claim and in the absence of such evidence, or
where such evidence is inadequate, the relevant tax authority may refuse to
allow the deduction or such part of the amount claimed,"

 

Other highlights of the law for real estate players

 

Other highlights of the Law says Homebuyers and renters benefit from this
law through value added tax (VAT) exemption on land and property sales,
including interest in land and rent of residential properties. This has the
potential of lowering construction cost and, by extension, house prices.

 

The Law further highlights that stamp duty exemption on lower-rent leases of
less than NGN 10 million monthly while for developers and construction
firms, the good news is also in the lower costs on input materials due to
VAT exemption on real estate.

 

Also, it highlights cost reliefs by lower with-holding-tax (WHT) rates from
2.5 percent based on rental value to 2.0 percent for local contractors,
while foreign contractors pay 5 percent.

 

In the new tax regime, investors are to enjoy WHT exemption on dividend
distributions from REITs which improves returns and attracts investor
capital.

 

It's a relief for rent payers - HDAN

 

Meanwhile, reacting to the development, the Executive Director at the
Housing Development Advocacy Network Barr. Festus Adebayo welcomed the
development saying it is a relief for rent payers

 

"It is a huge relief for rent payers because we had engaged with the tax
committee and told them that we want the Law to be a relief to us in the
housing sector and they didn't disappoint

 

"We like the fact that they are taxing the rich and giving some relief to
the poor because there is no harm in taxing the rich

 

"In fact we want the Law to even extend to taxing those completed and
abandoned buildings owned by the rich because if you know they will tax your
property that is completed but not in use, you will find a way to be
judicious," he said.

 

Read the original article on Daily Trust.

 

 

 

Rwanda: Women Entrepreneurs Take Center Stage At Uci Fan Zone

In the bustling fan zone of the UCI Road World Championships, it's not just
cyclists capturing the spotlight. A vibrant community of women entrepreneurs
has turned the global sporting event into a stage for Rwanda's creativity
and business spirit.

 

Their stalls tell stories--of resilience, innovation, and pride. From
handmade crafts to gourmet dishes and skincare essentials, these women are
using the moment to showcase not just products, but Rwanda itself.

 

For Axelle Shema of Touch of Rwanda, the opportunity feels transformative.

 

"The whole world is watching," she said with a smile, arranging baskets on
her stand. "We hope people will support products made in Rwanda. For us,
this is about representing our country with pride."

 

The fan zone is more than a marketplace; it's a global exhibition. Leslie,
General Manager at Food Staff, called it a game-changer.

 

"It literally feels like being on a world stage. We're working alongside
major vendors and connecting with new clients. This kind of visibility is
crucial for growth."

 

That sense of pride runs deep for Barbara Testa of Golosa Italian Pastry and
Coffee Shop, who, along with her partner, has made Rwanda home.

 

 

"We believe in Rwanda and its strength," she said. "This is our second home,
and we want people to see what we can offer--not only today, but every day."

 

At Soleluna Restaurant, co-owner Andrea Breazzano was equally enthusiastic.

 

"As you know, Soleluna is known for the best pizza. Being part of the UCI is
an opportunity to share our products at such an important event."

 

The fan zone is also about cultural exchange. Ethiopian sisters Selam and
Blen Tesfalem, founders of Quick Bites, say the event is as much about
community as commerce.

 

"It's amazing to be part of this historic time for Rwanda and Africa," they
said in unison. "We look forward to welcoming customers, sharing our food,
and showing Rwanda's hospitality. Welcome to Kigali--we're happy to have you
here."

 

 

For others, the event provides a practical way to meet visitors' needs.
Maria Gratia Ingabire of Maison Beauté saw the Championship as a perfect
moment to highlight her skincare line.

 

"This is the time when people need protection from the sun. We're proud to
show that products people know internationally are also made and available
here in Rwanda."

 

Walking through the fan zone, one feels the pulse of Kigali's
entrepreneurial spirit. The women behind each stand aren't just selling;
they're storytelling. They represent a Rwanda eager to connect with the
world on its own terms--through craft, cuisine, and creativity.

 

As the roar of bicycles echoes through Kigali's streets, another kind of
race is unfolding quietly in the fan zone. It's the race to prove that
Rwanda's women-led businesses belong on the global stage--and they're
sprinting ahead with confidence.

 

Read the original article on New Times.

 

 

 

 

Nigeria: Govt's N330bn Poverty Payment Claim, a Fact or Fiction?

When the Federal Government announced with much fanfare that it had
disbursed a colossal N330 billion in cash transfers to poor Nigerians, I
paused in disbelief. Where, exactly, is the evidence of this money?

 

The Yoruba socio-cultural group, Ìgbìnmó Májékóbájé Ilé-Yorùbá, has openly
challenged President Bola Tinubu to publish the names of the supposed
beneficiaries of the N330 billion. The group alleged that those who
benefited were largely members of the ruling All Progressives Congress
(APC), dismissing the government's claim as propaganda.

 

The irony becomes sharper when set against the stark numbers. As of 2024,
the World Bank estimated that 56 per cent of Nigerians, about 129 million
people, live below the national poverty line. Poverty wears a harsher face
in the rural areas, where three out of every four dwellers (75.5 per cent)
are poor, compared to 41.3 per cent in urban centers. By multidimensional
standards, 63 per cent of Nigerians, or about 133 million people, are poor.

 

And yet, against this grim backdrop, the government claims to have poured
N330 billion into the hands of the poor. Last Wednesday in Abuja, the
Minister of Finance and Coordinating Minister of the Economy, Wale Edun,
proudly declared that 8.1 million households had benefitted under the
National Social Safety Net Programme (NASSP). He explained that the
initiative was funded through an $800 million World Bank facility and
implemented by the National Social Safety-Net Coordinating Office (NASSCO).
According to him, payments were made digitally into bank accounts and mobile
wallets to ensure transparency and prevent fraud.

 

 

On paper, it all sounds tidy and impressive. But let's strip this claim
bare. N330 billion is no small change. Spread even thinly, it could pay
N50,000 each to over 6.6 million households, enough to put food on their
tables, pay some school fees, or restart small businesses battered by
inflation. If that kind of cash injection truly happened, Nigeria's poorest
communities would not be as invisible in relief as they are today. Prices in
local markets would show a ripple of improved demand, children's school
attendance would rise, and testimonies of beneficiaries would ring louder
than government press statements. But none of this is evident.

 

The federal government leans heavily on the "social register," a database
that supposedly identifies poor households. Yet, this register has long been
criticized as flawed, exclusionary, and riddled with ghost entries. Millions
of genuinely poor Nigerians in remote villages have no National
Identification Number (NIN), no Bank Verification Number (BVN), and no
digital trail. This makes it easy for fraudulent names to make the list
while the truly vulnerable remain locked out.

 

The truth is, impact speaks louder than announcements. If N330 billion
genuinely coursed into the veins of Nigeria's poorest, it would not need
defending; it would be visible in fuller kitchens, busier markets, and
brighter schools.

 

Until the Federal Government provides verifiable data, independent audits,
accessible records, and open beneficiary lists, this N330 billion claim
remains a story that stretches the limits of believability. Nigerians
deserve not just figures thrown into the air, but proof that public funds
are reaching those for whom they are intended. If not proven, the claim
remains yet another mirage of relief in a nation where poverty continues to
ridicule government pledges.

 

Read the original article on Daily Trust.

 

 

 

 

Nigeria: Economists, Analysts React to Nigeria's Good Governance Ranking

Economists and policy analysts have reacted to the recent ranking of Nigeria
in the good governance index where the country performed below average, even
as it fails to be among the top five countries in Africa.

 

Nigeria was recently ranked 116th in the 2025 edition of the Chandler Good
Government Index (CGGI), a global benchmark that measures the effectiveness
and capability of national governments.

 

The report, released by the Chandler Institute of Governance (CIG), reveals
Nigeria's struggles across key governance indicators and its failure to
feature among the top five African countries.

 

 

About CIG

 

The Chandler Institute of Governance (CIG) is an international non-profit
organisation headquartered in Singapore. It works with governments to build
capabilities through training, hands-on projects and partnerships, and
knowledge creation and sharing.

 

The Chandler Good Government Index, according to the institute, "shows why
investing in strong government capabilities is vital to securing positive
outcomes for citizens."

 

The latest report assesses countries based on seven broad pillars with
Nigeria's performance showing deep structural governance challenges.

 

The country placed 110th in Leadership and Foresight, 112th in Robust Laws
and Policies, 114th in Strong Institutions, 89th in Financial Stewardship,
114th in Attractive Marketplace, 112th in Global Influence and Reputation,
and 120th in Helping People Rise.

 

Despite a relatively better standing in Financial Stewardship, Nigeria's low
scores in other areas illustrate the steep task facing policymakers in
improving governance and strengthening public institutions.

 

 

Nigeria misses Africa's top 5

 

Across Africa, Mauritius, Rwanda, Botswana, Morocco, and South Africa
emerged as the top five performers, reflecting their relatively stronger
governance frameworks and institutional resilience.

 

Of the 28 African countries ranked, only Tanzania and Rwanda showed notable
improvements between 2021 and 2025, while most others, including Nigeria,
dropped in position.

 

"Countries in Africa have seen mixed performance across the CGGI pillars.
The region's average score for Strong Institutions has improved, while those
for Financial Stewardship, Global Influence & Reputation, and Helping People
Rise, have declined, with the remaining two pillars recording flat
performance. Of most concern is Financial Stewardship, which has experienced
the most sustained decline, as fiscal envelopes tighten and government debt
burdens bite across the region," the report added.

 

 

The CGGI ranked the following African countries in its 2025 edition: Angola,
Benin, Botswana, Burkina Faso, Cameroon, Côte d'Ivoire, Ethiopia, Ghana,
Kenya, Madagascar, Malawi, Mali, Mauritius, Mozambique, Namibia, Nigeria,
Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Uganda, Zambia, and
Zimbabwe.

 

What analysts are saying

 

Experts and analysts who spoke with Daily Trust said the report reflects the
situation of the country and said it is a clarion call for the leadership to
do better.

 

Dr. Jide Ojo, a public affairs analyst, said the report didn't come to him
as a surprise, saying it is just a reflection of the country's situation.

 

According to him, Nigeria has never measured up in terms of good governance
which explains why Nigeria has not performed e the Mo Ibrahim

 

He said, "When you talk about good governance, do we actually expect to rank
top with the level of what currently goes on in the country in terms of
dearth of dividends of democracy, rising cost of living, high level of
corruption, and human rights abuses all over the place.

 

"It's a reflection, it's unfortunately the reflection of who we are. I don't
know about this chandler report, but remember that the Mo Ibrahim Index too
has never ranked Nigeria in any high rating. And that's why no Nigerian
leader, either past or present has ever won the Mo Ibrahim Prize for Good
Governance."

 

'We need to calibrate governance system'

 

He added, "But I should say it's a work in progress, really. It is going to
be like that for a very long time. Flip-flop, some three steps forward
because in the real sense of it, when you look at governance system in
Nigeria, we need to actually calibrate it.

 

"It's not just the federal government. We have a three-tier governance
system in Nigeria. And while the federal government may be pulling its
weight in certain respects, you could see that the emperors at the state
level have really not helped matters.

 

"And in any event, when you see the issue around security and welfare, which
Section 40, subsection 2b of the Constitution reads to be the cardinal
purposes of government, that the security and welfare of citizens shall be
the primary purpose of government.

 

"When you look at what now happens across the states, across local
governments, and among the three arms and three tiers of government, you
will find that whatever Chandler has published is a true reflection of who
we are.

 

"People in government may want to debunk that but the reality is when we say
good governance, this is our 26th uninterrupted 4th republic and we have
seen transitions from one party to another, from one government to the other
but rather than things improving, it has been moving from bad to worse."

 

"If you look at the poverty index, the poverty rate is higher, the cost of
governance is increasing, the human rights abuse is outrageous, the welfare
of citizens is secondary, even the elites, many of them would need a
battalion of soldiers not even police to escort them to their country homes.
So what kind of country are we? We are not at war, so the situation is very
dire, we just live in hope for a better tomorrow. So I see it as a call to
action but a true reflection of the current situation of things and it can
get better.

 

"This is a challenge to the 11,082 political office holders in the country,
it's a call to action for all of us to double down on those things that will
make life easier for the ordinary citizen."

 

A top economist at Al-Hikmah University, Ilorin, Dr. Lawal Wasiu Omotayo,
said Nigeria has not done well in the area of institutional reforms, judging
from institutional indicators, despite some of the policies the government
claims are working.

 

According to him, unless institutions are given proper attention, Nigeria
may not be able to bridge the gaps in governance.

 

He explained that good governance indicators are key to building effective
systems, but Nigeria is clearly lagging behind on the Kaufmann and Kraay
governance index.

 

"The irony is that Nigeria is ranked the second most prayerful country in
the world, yet it is also among the most corrupt according to Transparency
International, because of weak governance indicators.

 

"Two of the most important indicators are voice and accountability, and
quality of service. But how many people's voices are really being heard in
Nigeria and what is the quality of service delivery", he queried.

 

He said, "In one of my recent publications, I examined the relevance of
financial sector deepening and discovered that the quality of service
delivery is comatose.

 

"Service providers responsible for ensuring electricity supply to
small-scale enterprises are not performing their roles. As a result, many
small businesses generate their own power, while some of the big companies
that should be driving GDP growth are leaving the country due to governance
failures.

 

"The reasons for such rankings are not far-fetched and are in the public
domain. Our electoral system cannot boast of producing credible elections
and leaders. For how long will we continue to condone vote buying? The
country is like a vehicle with flat tyres, no horn, and a drunk driver. Such
a scenario takes us nowhere", he stated.

 

The economist added, "We are not even among the 100 most transparent
countries in the world. Politicians loot our commonwealth and take it
abroad, while institutions responsible for accountability operate
selectively. How many public officeholders have truly been brought to book?
Nigeria is in a complete coma, and all the governance indicators point
directly to weak institutions. It is therefore not surprising that countries
like South Africa and Morocco, with far smaller populations, are ranked
ahead of Nigeria. Ordinarily, they should not even be competing with us. The
capital base of just three banks in South Africa is more than Nigeria's
total GDP, simply because they operate in a workable environment."

 

Dr. Omotayo added that Nigeria's macroeconomic indicators such as GDP,
inflation, and exchange rate, which should ordinarily strengthen the
country's outlook, are struggling for survival, noting that the nation does
not even have a functional price control system and has become heavily
import-dependent.

 

He observed that although the present administration may argue that it is
performing well, policy lags mean the populace is not impacted immediately
since there are no quick fixes in macroeconomics, and there are also no
strong austerity measures to cushion the long-term effects of such policies.

 

He said going forward, once a problem is identified, the solution is already
halfway found if there is political will, even though it may not be
immediate.

 

He added, "An import-driven economy thrives on finished products, but
production reduces unemployment, broadens the tax net, and reduces crime.
Manufacturers must be given a conducive environment, free from excessive
taxation that discourages infant industries. Only then will we see reduced
interest rates. Nigeria's currency is the naira, so why should the exchange
rate be a determining factor for our economy?

 

"As an oil-dependent nation, we import refined products and take prices from
the international market. We have no real say in platforms like BRICS,
unlike South Africa which has domestic refining capacity. All our refineries
must work at full capacity to end the endless cries over exchange rates.

 

"The cost of governance has also become a serious burden, with bloated
appointments and large entourages at the expense of the masses. We must
critically examine this and reform our institutions. Agencies like the EFCC
and others must be upright and independent, not under the control of the
government of the day. It is unacceptable that a sitting governor can be
suspended without consequences due to the absence of judicial reforms.
Global indices like the corruption perception index, political risk
indicators, and those from Freedom House capture these failings.

 

"When our institutions are properly strengthened, governance indicators will
improve. Another challenge is financial deepening. The CBN continues to
raise monetary policy rates, now around 27 percent, worsening inflation and
making financial accessibility and borrowing difficult. This has a bandwagon
effect on the entire economy," he stressed.

 

On his part, a financial scholar, Professor Gafar Ijaya attributed Nigeria's
poor rankings and governance challenges to greed, which he said cuts across
both leaders and followers.

 

He argued that although the collection and analysis of data for global
rankings may sometimes be subjective, perception plays a significant role in
economic assessments.

 

"Overall, the ranking may be right or wrong, but governance and leadership
are about attitude, which is central to all the parameters used. Nigerians
often lack the right attitude. At home, people misbehave, but outside the
country, they comply, including academics and elites. The unfortunate
reality is that greed has eaten deep into our fabric. How could someone own
ten cars and billions of foreign currency stashed away in tax havens, as if
they will never die?

 

"The greed is excessive. We have seen cars rot away after their owners'
deaths, while people derive joy in merely sending their children abroad.
This is insanity. The development of China's human resources model in 1978,
with emphasis on character building and education, transformed the nation.

 

"The most important aspect of our lives which we have failed to build is
character. The last time Nigeria had leaders of strong character was in the
1960s, when our nationalists initiated the Nigerian project. Unfortunately,
the military accused them of corruption, removed them, and ended up
bastardising the economy while institutionalising greed.

 

"This ranking is largely a perceptional study, but it is also a reflection
of reality. Greed is killing Nigeria, both leaders and followers are
neck-deep in it. Until there is a paradigm shift, this society will not
thrive, not in this generation," he said.

 

Read the original article on Daily Trust.

 

 

 

 

Nigeria: Crude Oil Imports Hit Record High As Dangote Refinery Reshapes
Trade Flow

Nigeria has recorded a sharp increase in its crude oil imports by 26.5 per
cent to 5,665,602 metric tons in the first half of 2025 (H1'25), from
4,478,413 metric tons in the corresponding period of 2024.

 

The development was attributed to the impact of the 650,000 barrels per day,
bpd Dangote Petroleum Refinery, which imported crude oil from many nations,
including the United States, Brazil, Angola, and Equatorial Guinea.

 

However, Financial Vanguard's quarterly analysis revealed a mixed picture,
indicating that in Q1'25, crude imports stood at 2,400,553 metric tons, 30
per cent lower than the 3,037,209 metric tons recorded in Q1'24, according
to fresh data from the Nigerian Ports Authority, NPA.

 

 

But in Q2'25, crude oil imports surged to 3,265,099 metric tons, 126 per
cent more than the 1,441,204 metric tons posted in Q2'24.

 

 

The Dangote Refinery started operations on May 22, 2023 and refining diesel
and aviation fuel in January 2024 after receiving its first crude in
December 2023.

 

Since then, the refinery has imported many shipments of crude oil into
Nigeria while exporting cargoes of petroleum products to the global market.

 

Specifically, the nation exported 998,500 metric tons of Premium Motor
Spirit (PMS), also known as petrol in H1'25, representing a 7.45 per cent
decline, compared to the 1,078,912 metric tons in H1'24, according to NPA.

 

Low output impacts domestic crude supply -- Reports

 

In its Domestic Crude Oil Supply Obligation, the government had planned to
produce 2.06 million barrels per day, bpd, including Condensate, during the
period.

 

 

Of the 2.06 million bpd planned output, 770,500 bpd, about 37 per cent was
to be supplied to the domestic refineries, including Dangote Petroleum
Refinery, to enable them sustain operations.

 

However, NUPRC disclosed in its reports titled 'Crude Oil and Condensate
Production' that the nation produced 1.737 million bpd, 1.671 million bpd,
1.603 million bpd, 1.683 million bpd, 1.657 million bpd and 1.697 million
bpd in January, February, March, April, May, June and July 2025,
respectively.

 

It maintained that a total of "67,657, 559 barrels were delivered to local
refiners between January and August 2025."

 

Bulk of crude dedicated to future contracts -- CPPE

 

In his reaction, Chief Executive Officer, Centre for the Promotion of
Private Sector Enterprise, CPPE, Dr. Muda Yusuf, said Dangote Refinery's
reliance on foreign crude was a result of Nigeria's constrained domestic
supply.

 

 

He explained that much of Nigeria's crude output had been committed through
forward sales agreements to international buyers, leaving limited
availability for local refiners.

 

He said: "Over time, a significant portion of our crude has been sold
through forward contracts, with payments collected in advance to finance
refinery turnaround maintenance and other expenditures. That arrangement has
limited the volume of crude available locally.

 

"Don't forget, much of Nigeria's oil production is structured through joint
ventures with International Oil Companies, IOCs, which limits unilateral
domestic allocation. These are the realities Dangote Refinery is facing."

 

More vessels deliver crude oil, load refined products -- Consultant

 

On his part, a Maritime analyst and consultant, Oluwabunmi Ogunjimi, noted
that while the refinery had not only significantly added value to Nigeria's
oil and gas industry, it had contributed to government revenue through the
payment of ship dues and other statutory taxes.

 

Ogunjimi said Dangote has the potential to become the biggest revenue source
for the Nigerian Ports Authority, particularly through the payment of
pilotage dues, given the massive sizes of vessels calling at the nation's
waters.

 

He explained that before the establishment of Dangote Refinery, crude oil
exploration and the logistics of refined products brought little or no
shipping value. However, the refinery has since transformed the dynamics of
the shipping sector.

 

He said: "Let us look at it from the perspective of the fact that before
nothing was being exported as far as petroleum products are concerned, we
were still exporting crude. A lot of our feedstocks have been contracted.

 

"What Dangote has done is that he has created a downstream industry here
because the whole idea of crude oil coming here is economic activities down
the value chain, starting from shipping, meaning that more vessels are
coming here to deliver crude oil and load refined products.

 

"These vessels pay ship dues, towage fees, pilotage due and other taxes. You
will be shocked to know that Dangote Petroleum Refinery is now one of the
major revenue earner for NPA because the vessels that call at our waters are
huge, Very Large Crude Carrier, VLCC, and ship dues are paid based on the
size of the vessels.

 

"Nigeria did not even had the capacity for Dangote's Refinery, you know he
is using Single Buoys Mooring, SBM, underground pipes which is about 30
kilometres from the refinery to the vessels offshore to transport crude oil
and 30 kilometers backward. Crude comes in, it is refined and it goes out to
the global market.

 

"Either way, Dangote is creating economic activities in the shipping sector,
if you consider the shipping sector, the economic activity is unbelievable,
both in and out. Remember that these vessels that come to Nigeria would have
had no business coming to Nigeria in the first place.

 

"He is providing shipping activities that come with commercial contents,
more ships, tankers are coming here to deliver crude, providing jobs,
increasing ship movements, increasing our tonnage and value for the
International Maritime Organisation, IMO, so it is a win-win for Nigeria.

 

"In IMO, one of the ways you are ranked is through your tonnage. So, you can
imagine the vessels bringing in crude oil to the vessels coming to load
refined products and what Dangote produces, is to international
specification."

 

We are seeing favourable trade balance, foreign exchange -- MEMAN

 

Similarly, Chief Executive Officer of the Major Energy Marketers Association
of Nigeria, MEMAN, Mr. Clement Isong, noted that Nigeria's importation of
crude was not unusual, as even major oil-producing nations engage in similar
practices.

 

According to him, "Dangote Refinery sources part of its feedstock locally.
However, since its demands cannot be met, Dangote has to import additional
crude to bridge the gap."

 

Prospect of increasing output

 

In an interview with Financial Vanguard, weekend, the National President of
the Oil and Gas Service Providers association of Nigeria, Mazi Colman Obasi,
said: "Exploration and production of crude oil take medium and long time.
Not much can be done on a short term. The government and International Oil
Companies, IoCs are currently executing major projects. But they would take
many years to complete and put on stream.

 

"This means that the nation and other parties should not expect a dramatic
increase in oil output immediately. But there is nothing to worry about
because crude oil remains an international commodity, which nations,
including Nigeria should be free to export and import in times of need.
Remember, Nigeria used to import heavy crude to process locally. It is not a
crime to import crude oil."

 

However, the government disclosed that it has "launched Project 1 million
Barrels which is expected to favourably impact the national production.
NUPRC is leveraging the capacity of upstream operators to meet the target
daily production of Two Million, Five Hundred Thousand Barrels (2,500,000
Bopd) in the short term."

 

It added: "This strategic initiative aligns with Nigeria's commitment to
bolstering its domestic refining capacity and ensuring the sustainability of
its oil industry. The first half of 2025 witnessed increased synergy between
local refineries and producing companies, setting the stage for a more
robust and self-reliant petroleum landscape in Nigeria."

 

Read the original article on Vanguard.

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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