Major International Business Headlines Brief ::: 09 December 2025

Tue Dec 9 11:31:53 CAT 2025

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Major International Business Headlines Brief :::  09 December  2025 

 <mailto:info at bulls.co.zw> 

ü  Namibia: Namra Commissioner Warns Against Bribes

ü  Nigeria: CBN Licenses 82 BDCS Under New Guidelines, Signals Stronger
Forex Market

ü  Nigeria: NDPHC Completes Maintenance of Geregu Plant, Restores 450mw to
National Grid

ü  Nigeria: Global Upstream Oil Capital Expenditure to Hit $504bn in 2026 -
Report

ü  Nigeria: Govt to Streamline Tax Reforms, Inaugurates National Policy
Implementation Committee

ü  Zambia: Can Zambia Capitalise On Intensifying Great Power Rivalry?

ü  Kenya: Cyberattacks Down 82pc but Threat Still There, Ca Warns

ü  Nigeria: CBN Reduces Number of Licensed BDCS to 82 Under Revised
Guidelines

ü  Gambia: Govt Rolls Out Landmark Machinery to Modernise Agriculture

ü  Gambia: Govt Targets Economic Stability, Growth As 2026 Budget Priorities

ü  Somalia: Somali Prime Minister Congratulates Nation On International
Civil Aviation Day

ü  Nigeria: Implementation of ISA 2025 Will Drive Nigeria's $1trn Economy -
Expert

ü  Africa: South Africa and Pakistan - Countries Brought to Their Knees By
Elite Capture and Economic Paralysis

ü  Malawi Secures 50mw Power Boost As DPP Govt Instructs Ministry of
Finance, Reserve Bank to Priotise Moma Payments

 <mailto:info at bulls.co.zw> 

Namibia: Namra Commissioner Warns Against Bribes

Namibia Revenue Agency (Namra) commissioner Sam Shivute warns that customers
who offer bribes to agency employees will be arrested.

Speaking during a meeting with small business importers in Windhoek on
Monday, Shivute said Namra enforces a zero-tolerance policy against
corruption with strict disciplinary action for staff. However, customers
will not be spared.

"Namra has a zero-tolerance policy against corruption. Employees will be
punished but customers will be arrested," he said.

He added that one of the agency's strategic objectives for the 2026/2027
financial year is to improve service delivery.

"Last month we developed our strategic plan for 2026/2027. In that strategic
plan, we came up with about eight strategic objectives and one of those is
to improve service delivery," he said. "We want to improve service to our
stakeholders and clients, including tax payers."

Shivute urged agents to speak openly about the challenges they face, saying
the agency can only move forward in true partnership.

"We do not want for us to say this is how we provide the service but for us
to genuinely and sincerely listen to your challenges," he said.

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.

Nigeria: CBN Licenses 82 BDCS Under New Guidelines, Signals Stronger Forex
Market

The Central Bank of Nigeria (CBN) has confirmed the issuance of final
operating licenses to 82 Bureaux De Change (BDCs) under its revised 2024
Regulatory and Supervisory Guidelines, ushering in a new era of transparency
and resilience in Nigeria's retail foreign exchange market.

In a statement signed by Acting Director of Corporate Communications, Hakama
Sidi-Ali, the apex bank said the licenses took effect from November 27,
2025, and only operators listed on its official website are authorised to
conduct business. The CBN stressed that operating without a valid license
constitutes a punishable offence under Section 57(1) of the Banks and Other
Financial Institutions Act (BOFIA) 2020.

The licensing milestone follows the CBN's recapitalisation drive, which
raised minimum capital requirements in May 2024 to N2 billion for Tier 1
BDCs and N500 million for Tier 2 BDCs, up from the previous N35 million
threshold. The reforms, according to the Bank, are designed to strengthen
oversight, curb illicit financial flows, and ensure that only
well-capitalised operators participate in the market.

It states: "The Central Bank of Nigeria (CBN), in exercise of its powers
conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020,
and the Regulatory and Supervisory Guidelines for Bureaux De Change
Operations in Nigeria 2024 (the Guidelines), has granted Final Licenses to
82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025.

"By this notice, only Bureaux De Change listed on the Bank's website are
authorised to operate from the effective date. While the CBN will continue
to update the list of Bureaux De Change with valid operating licences for
public verification on our website the Bank advises the general public to
avoid dealing with unlicensed Foreign Exchange Operators.

"For the avoidance of doubt, operating a Bureau De Change business without a
valid licence is a punishable offence under Section 57(1) of the Banks and
Other Financial Institutions Act (BOFIA) 2020. Members of the public are
hereby advised to note and be guided accordingly."

Read the original article on This Day.

Nigeria: NDPHC Completes Maintenance of Geregu Plant, Restores 450mw to
National Grid

The Niger Delta Power Holding Company (NDPHC) yesterday announced that it
has successfully restored additional 450MW generation capacity to the
national grid, following the completion of scheduled maintenance on the
Geregu National Integrated Power Project (NIPP) plant.

The four-week extended minor inspection, undertaken by Siemens Energy, was
executed to enhance the facility's operational reliability, performance, and
efficiency, thereby extending the plant's Equivalent Operating Hours (EOH)
and operational life span, a statement by the Head, Corporate Communications
and External Relations, Emmanuel Ojor, said.

Managing Director and Chief Executive of the NDPHC, Jennifer Adighije,
confirmed that in the last one year the company has recovered six previously
dormant gas turbines across the NDPHC fleet of gas turbines.

These, she said, include GT4 at the Calabar NIPP, GT1 at Omotosho II, GT1
and GT2 at Benin NIPP, GT4 at Sapele NIPP, and currently GT3 and GT4 at
Alaoji NIPP on standby for pre-commissioning after gas supply remedial
works.

According to her, these restored units collectively would have a cumulative
875MW additional capacity to NDPHC's mechanical available generation, adding
significant boost to national power generation capacity.

Adighije further announced the commencement of restoration works on the
225MW Gbarain NIPP plant, which has been out of service since 2020,
describing it as a major step toward recovering dormant national power in a
bid to commercialise the output of the plant to serve critical commercial
and industrial clusters within the Niger Delta region.

Despite persistent sector-wide challenges, NDPHC stated that it has recorded
several operational and financial milestones, including recovery of 110
containers with critical turbine parts and HRSG components abandoned at Onne
Port for over nine years.

Besides, it stated that it commenced the Light Up Nigeria - Agbara
industrial cluster project to connect the Agbara Industrial Estate to the
grid and a 10MW embedded solar project for an industrial area in Kano,
completion of key transmission and distribution projects in Borno and Delta
States, as well as the completion of Afam-Ikot Ekpene 330kV double circuit
transmission line.

Other success stories, it said, include recovery of over $10 million in
legacy debts from bilateral customers, securing $15 million in insurance
claims for the Alaoji plant fire incident, advanced engagements with NERC on
recovering NDPHC's investments in TCN's transmission expansion projects,
resolution of longstanding commercial issues with Accugas, leading to an
amendment of gas supply agreement which reduced government's exposure.

To strengthen accountability and staff welfare, the management of NDPHC said
it introduced a procurement benchmarking desk for streamlining procurement
practices, Computer-Based Testing (CBT) for enhanced staff performance
management, and a management support allowance to cushion the impacts of
fuel subsidy removal.

Meanwhile, to strengthen electricity supply in Abia State, the state
government, in partnership with the NDPHC, has commenced the construction of
a 7.5MVA, 33/11kV Injection Substation in Umuahia.

Governor Alex Otti , who performed the groundbreaking ceremony, described
the project as a transformative initiative that will significantly boost
power supply and enhance distribution reliability across the state. He noted
that the new infrastructure marked the beginning of a broader effort to
modernise Abia's power network.

The project is being executed by NDPHC under the NIPP and its scope includes
the construction of a 1km 33kV line, 1.2km of 11kV line, installation of two
300kVA distribution substations, and the provision of 2km of low-tension
line.

The governor further revealed that the state government has budgeted for an
additional 7.5MVA Injection Substation in the 2026 fiscal year, which will
raise the combined capacity in the Ogurube Layout area of Umuahia to 15MVA
once completed.

Adighije, represented at the event by Executive Director, Networks, Babayo
Bello reaffirmed the company's commitment to expanding access to reliable
and sustainable electricity nationwide. She said the Umuahia project
reflects NDPHC's mandate to empower communities and drive economic
development.

Read the original article on This Day.

Nigeria: Global Upstream Oil Capital Expenditure to Hit $504bn in 2026 -
Report

Abuja — Global Exploration and Production (E&P) Capital Expenditure (CAPEX)
has been projected to reach $504 billion by 2026, with Africa contributing
about $41 billion, driven by spending in offshore prospects, including in
Mozambique, Nigeria and Angola.

Besides, Africa's oil and gas production is expected to reach 11.4 million
barrels of oil equivalent per day (MMboe/d) by 2026, with Nigeria at the
forefront in terms of remaining recoverable resources, mainly located in the
Niger Delta region.

This was disclosed in the latest 'State of African Energy 2026 Outlook
Report' released by the African Energy Chamber (AEC).

However, the report stated that growing production will depend on a number
of factors, including access to opportunities, sub-surface success and the
ability of host governments to adjust terms and conditions to changing
investor appetites.

"African investors may benefit from the global rig market's surplus capacity
and declining rates, as low day rates are projected to persist through 2027,
potentially helping move a raft of projects forward depending on project
economics, contractual terms and risk.

"As explorers look to make needle moving discoveries, Africa's abundance of
immature and frontier basins are increasingly attracting exploration
drilling with potentially game-changing high impact wells...," the report
added.

According to the AEC report, ongoing and planned licensing rounds across
Africa provide significant opportunities for foreign investors over the
coming year, offering onshore and offshore acreage in both mature and
frontier basins.

As part of renewed efforts to attract investment, the trend toward more
favourable terms , it said, will continue, both through targeted incentives
as well as broadly revised contract terms.

The report stated that in the first half of 2025, global upstream Mergers
and Acquisitions (M&A) reached $51 billion, with Africa's deals totalling
$2.7 billion, notably including Vitol Group's $1.65 billion acquisition of
Eni assets in Côte d'Ivoire and the Republic of Congo.

That trend, it said, reflects the divestment of major oil companies from
mature assets into markets with significant upside, allow-ing independent
African producers to acquire these as-sets and grow their portfolios.

Stressing that above-ground risks to E&P in Africa vary from political
change and activism to insecurity and shifting investor landscapes, it said
that host governments are generally offering improved regulatory and
contractual frameworks to promote new investment, often coinciding with the
re-lease of blocks via bid rounds. "Algeria, Angola, Nigeria and Libya are
amongst those to have taken this approach," the report emphasised.

In the same vein, it stated that Africa's refined product demand is
projected to rise from 4 million barrels per day (bbl/d) in 2024 to over 6
million bbl/d by 2050, a 50 per cent increase.

The report pointed out that producing nations such as Nigeria, Angola, and
Libya are expected to attract a significant share of these investments,
driven by their substantial hydrocarbon reserves and established production
infrastructure.

While onshore spending will remain stable at around $22 billion in 2026,
offshore investment, according to the report, is expected to surge to $19
billion next year and grow at a 6.6 per cent compound annual growth rate
through the forecast period.

Read the original article on This Day.

Nigeria: Govt to Streamline Tax Reforms, Inaugurates National Policy
Implementation Committee

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale
Edun, has inaugurated the National Tax Policy Implementation Committee
(NTPIC) at the Federal Ministry of Finance in Abuja. The Committee,
established by President Bola Ahmed Tinubu, is chaired by Mr. Joseph Tegbe,
a renowned accountant and tax expert.

The committee has a mandate to drive the coherent implementation of ongoing
tax reforms, strengthen inter-agency coordination, deepen public engagement,
and ensure that the reforms enhance revenue generation while supporting a
more competitive and resilient Nigerian economy. A key priority is to ensure
broad public ownership of the reforms and build trust in the nation's tax
system through effective communication and transparent processes.

In his remarks, the Edun described the Committee's work as a significant
milestone in Nigeria's fiscal reform process. He emphasized the importance
of broad stakeholder engagement, inclusive consultation, and building public
confidence to ensure successful implementation of the reforms. Speaking on
behalf of the Committee, the Chairman, Mr. Joseph Tegbe, expressed
appreciation for the confidence reposed in the members and reaffirmed their
commitment to professionalism, transparency, and promoting shared ownership
of the reform process. He assured that the Committee will work diligently to
deliver outcomes that strengthen Nigeria's fiscal sustainability and foster
trust in the nation's tax system.

Read the original article on This Day.

Zambia: Can Zambia Capitalise On Intensifying Great Power Rivalry?

To advance development while safeguarding its sovereignty, Zambia must
navigate competition from China, the EU and the US.

Diplomatic overtures and strategic deals in Southern Africa have set the
tone for a packed international itinerary in the neighbourhood recently.
While South Africa's November G20 Summit grabbed global attention, Zambia
was being thrust into a global power rivalry between Beijing, Brussels and
Washington.

Chinese Premier Li Qiang visited Zambia to cement a US$1.4 billion deal to
revamp the Tanzania-Zambia Railway Authority (TAZARA), a critical artery
linking Zambia's mineral wealth to global markets.

At the same time, Zambia was being courted by the European Union's (EU)
Global Gateway agenda, which is mobilising US$2.3 billion in sustainable
development for the Lobito Corridor. And by Washington's rebooted health
partnership, a US$1.5 billion five-year programme to bolster disease
prevention, health-system capacity and maternal and child health services.

This sudden diplomatic outreach highlights Zambia's growing strategic
importance. It must use this to advance its development and foreign policy
priorities without compromising its sovereignty and national interests.
Infrastructure-led growth, environmental stewardship, and sustainable
development must be carefully balanced.

Each actor pursues distinct identities - although all of them put Zambia's
mineral wealth at the centre of their relationships with Lusaka. But in
their development approaches, China typically shows infrastructure prowess,
while the EU focuses on sustainability and governance. President Donald
Trump's America-first policy is anchored in Washington's greater value for
money.

This moment offers a compelling lens to examine how Zambia, an
asymmetrically weaker state geopolitically, can optimally manage the
complexities of 21st-century geopolitical interests while mitigating
superpower rivalry risks.

The TAZARA project, originally built in the 1970s, epitomises China's
infrastructural diplomacy in Zambia. The railway is a Cold War relic turned
critical artery for copper and cobalt exports from Africa's second-largest
copper producer, which passes through Dar es Salaam, Tanzania.

Over two decades, China has solidified its foothold by building airports,
acquiring mines and financing infrastructure, ensuring mineral resources
flow on China's terms.

More than a transit route, TAZARA symbolises Beijing's industrial vision,
connecting Zambia's mineral exports to global markets via Dar es Salaam,
backed by Chinese financing, technology and operational oversight.

It supports China's efforts to secure critical mineral supply chains for
global tech industries, including its growing electric vehicle sector,
keeping Zambia firmly within Beijing's geopolitical calculus in its Belt and
Road Initiative prism.

However, this promise is tempered by environmental concerns linked to
Chinese industrial operations, notably recent chemical spillages
contaminating Zambian rivers. Zambia must address the tension between
infrastructure-driven growth and environmental sustainability with China to
protect communities and natural assets.

While successive Zambian governments have long called for revitalising both
TAZARA and the Lobito Corridor, real momentum has come only in the past four
years as geopolitical competition intensified.

TAZARA's revamp follows the United States (US)-led Lobito Corridor Project
launched less than five years ago, reinforced by former president Joe
Biden's 2024 Angola visit, cementing Washington's strategic interest in
linking the Central African Copperbelt to the Atlantic.

Li Qian's visit was met with the US Embassy reminding Zambians that after
TAZARA opened, Washington had to rehabilitate a 'prematurely decrepit'
railway system.

In the post-US Agency for International Development era, Washington has
recalibrated its engagement, moving beyond traditional aid towards strategic
partnerships. The $1.5 billion five-year grant to support Zambia's health
sector (despite a US$50 million aid cut in May over corruption charges)
signals resilience and a recognition of the value of soft power.

(This as Zambia's citizens face punitive tourist visa rules to enter
America, paying bonds of up to US$15 000.)

Contrastingly, the EU's involvement via the Lobito Corridor offers an
alternative paradigm, emphasising transparency, governance reforms and
sustainable investment standards. At the November EU-Lobito Corridor
Business Forum in Lusaka, Zambian and European leaders focused on building
partnerships in energy, agriculture and local mineral value addition, seen
as vital for Zambia's future.

While the EU's approach is less about rapid infrastructure rollout and more
about fostering institutional capacity and equitable economic benefits, it
risks being overshadowed by China and the United States' scale and speed.
Nevertheless, this governance-first model aligns with emerging global
demands for responsible investment, potentially positioning the EU as a key
normative actor in Zambia's development.

Lusaka faces myriad choices, including a growing cast of emerging powers
such as Israel, Qatar's US$19 billion investment interest and private sector
interests from global banks and African business leaders like Aliko Dangote
and Tony Elumelu. It must shape terms of engagement rather than be swept up
in great-power competition.

Its smartest foreign policy path is strategic hedging. It should keep
multiple options open while striking deals that deliver tangible benefits at
home, from industrial growth and job creation to stronger environmental
safeguards, without tying itself to any single partner.

Its positive external interest is partly driven by Zambia's removal from the
default list by S&P Global Ratings, which upgraded its credit rating due to
significant progress in debt restructuring, better fiscal discipline, and
growing investor confidence.

Zambia's economic growth is projected to reach over 6% in 2026, driven
primarily by recovery and expansion in mining and agriculture, supported by
increased copper production and efforts to diversify the economy. However,
it needs to recover from a climate-induced energy crisis that negatively
impacts economic development.

For Zambia, these overlapping interests translate into a rare strategic
opportunity and a heightened responsibility. The country is equidistant from
the Atlantic and Indian oceans and has a connected regional transport
system.

This pivotal geographic position, combined with its rich mineral endowment
and track record of peace and stability, enables it to negotiate terms that
enhance local value addition, technology transfer and environmental
protection.

President Hakainde Hichilema's foreign policy is anchored in two pillars -
peace, security and stability; and economic diplomacy. Lusaka must integrate
a clear national development strategy into its foreign policy, explicitly
defining its strategic interests based on the current context.

This involves identifying key ministries like foreign affairs and
international trade, similar to South Asian models, to coordinate,
strengthen and balance foreign engagements while enhancing domestic value.

Achieving this requires improved scenario planning, regulatory capacity and
environmental oversight through a well-aligned and updated foreign policy.

That means taking what's best from each partner: harnessing Chinese
infrastructure financing, insisting on governance and sustainability in line
with EU standards and integrating health and social investments offered by
the US. This will allow Lusaka to nimbly navigate shifting geopolitical
currents, shaping external engagements to advance national priorities and
safeguard its ecological and societal well-being.

Zambia's ability to balance external interests and channel them towards
homegrown priorities will determine whether global power competition becomes
a catalyst for resilient, inclusive development - or entrenches new
vulnerabilities.

David Willima, Researcher, Maritime, ISS Pretoria

Zenge Simakoloyi, Research Officer, Africa Peace and Security Governance,
ISS

Read the original article on ISS.

Kenya: Cyberattacks Down 82pc but Threat Still There, Ca Warns

Nairobi — Kenya recorded a plunge in cyber threats in the first quarter of
the financial year, with attacks falling 81.6 percent to 842.3 million
incidents, new data from the Communications Authority (CA) shows.

The decline follows a spike of 4.6 billion threats in the previous quarter.

Despite the sharp drop, regulators say the threat environment remains
volatile, with organisations still exposed to vulnerabilities exploited
through outdated systems, weak passwords, and poor cyber hygiene.

"The National KE-CIRT/CC detected 842.3 million cyber threat events during
the quarter," the CA notes.

"Advisories increased to 20 million due to regular system updates, access
controls and hardening of security tools."

System vulnerabilities accounted for the bulk of detected threats 776.5
million cases even as malware, brute force and DDOS attacks registered
double-digit declines.

The shift shows attackers increasingly targeting weak entry points in
enterprise systems rather than broad, high-volume attacks.

Advisories issued by the national cyber response centre jumped 15.5 percent
to 19.95 million, signalling heightened intervention to guide organisations
on patching weaknesses, enhancing firewalls and tightening authentication
processes.

The numbers highlight a sector that is stabilising but still under pressure
as digital adoption accelerates across government, finance, telecoms and
e-commerce expanding both opportunity and exposure for cyber criminals.

Read the original article on Capital FM.

Nigeria: CBN Reduces Number of Licensed BDCS to 82 Under Revised Guidelines

The Central Bank of Nigeria (CBN) has granted final licences to 82 Bureaux
De Change (BDCs) to operate with effect from Nov. 27.

A statement issued in Abuja on Monday by Mrs Hakama Sidi-Ali, CBN's Acting
Director, Corporate Communications Department, stated that the exercise was
in line with its powers conferred under the Bank and Other Financial
Institutions Act (BOFIA) 2020.

According to Sidi-Ali, it is also an enforcement of the Regulatory and
Supervisory Guidelines for BDC Operations in Nigeria 2024.

"By this notice, only BDCs listed on the Bank's website are authorised to

operate from the effective date.

"The CBN will continue to update the list of BDCs with valid operating
licences for public verification on our website (www.cbn.gov.ng).

"The Bank advises the general public to avoid dealing with unlicensed
foreign exchange operators," she said.

She said that operating a BDC business without a valid licence was a
punishable offence under Section 57(1) of the BOFIA 2020.

She advised members of the public to note and be guided accordingly.

The News Agency of Nigeria (NAN) recalls that at one point there were about
5,690 BDCs operating across Nigeria.

But on March 1, 2024, the CBN revoked the licences of 4,173 BDC operators
for regulatory non-compliance. After that revocation, the number of licensed
BDCs dropped to around 1,517. (NAN)

Read the original article on Vanguard.

Gambia: Govt Rolls Out Landmark Machinery to Modernise Agriculture

The National Food Security Processing and Marketing Corporation (NFSPMC) on
Friday launched motorised groundnut screening machines and digital payment
devices in a landmark effort to modernise the country's groundnut value
chain.

The ceremony, held at the Corporation's Banjul headquarters under the
leadership of President Adama Barrow and attended by Agriculture Minister
Dr. Demba Sabally, brought together senior officials, secco presidents,
farmer cooperatives and hundreds of producers who hailed the move as a major
breakthrough for the sector.

Speaking at the launch, Dr. Sabally described the initiative as a "major
advancement" in the government's drive to strengthen food security and boost
farmer livelihoods. He said the new equipment aligns with the Ministry's
mechanisation agenda and the President's vision to transform agriculture
into a more efficient, technology-driven sector.

"This marks a new level of support for our farmers," the minister said. "The
machines and digital systems will improve quality, reduce losses, and ensure
farmers receive payments safely and quickly. It is a clear demonstration of
our commitment to modern agriculture."

Managing director of the National Food Security Processing and Marketing
Corporation, Muhammad Njie, echoed similar sentiments, calling the
initiative a turning point in the Corporation's reform and digital
transformation programme. He said the new equipment will significantly
reduce post-harvest losses, improve nut quality and ensure farmers earn
better prices.

"Our mandate goes far beyond buying and selling," Njie stated. "We are
transforming the entire chain from the farm gate to the market so that
Gambian groundnuts can compete globally while farmers gain more value from
their produce."

The motorised screening machines, to be deployed across strategic seccos
nationwide, will replace manual sieving and introduce standardised grading
at the community level for the first time. Njie said this will drastically
cut losses that often exceed 20 percent and ensure cleaner, better-graded
nuts.

The introduction of Point-of-Sale (POS) devices is expected to digitise all
farmer payments this buying season, eliminating risks associated with cash
transactions and improving transparency through electronic records. Njie
called the move "financial inclusion in action," revealing that NFSPMC has
signed an MoU with Wave The Gambia to enable instant, fee-free transfers
directly into farmers' digital wallets.

He thanked Minister Sabally, secco executives and farmers for their
continued commitment.

"These machines and devices are for you," he told the crowd. "Without your
hard work, there is no groundnut sector and no food security."

Njie also announced a nationwide training programme to ensure proper use and
maintenance of the new equipment.

He also stated that the launch forms part of The Gambia's broader efforts to
promote mechanisation and digital agriculture under the National Development
Plan. With groundnuts remaining the country's top agricultural export and a
livelihood for more than 200,000 rural households, the initiative he said is
seen as a decisive step toward boosting productivity, increasing farmer
incomes, and reinforcing national food security.

Read the original article on The Point.

Gambia: Govt Targets Economic Stability, Growth As 2026 Budget Priorities

The minister for Finance and Economic Affairs, Hon. Seedy Keita, has
unveiled the introductory outlook of the 2026 Budget, painting a picture of
cautious optimism as the global economy slows but The Gambia pushes forward
with renewed economic momentum.

Keita noted that the world economy is becoming increasingly fragmented and
protectionist, with global growth projected to slip from 3.3 percent in 2024
to 3.1 percent by 2026. Despite this global slowdown, The Gambia's domestic
economy is showing stronger performance. "Real GDP is estimated to grow by
5.9 percent in 2025, up from 5.6 percent in 2024 well above the Sub-Saharan
Africa average."

According to the minister, this growth is driven by improved macroeconomic
stability, better agricultural productivity, rising tourist arrivals, steady
remittance inflows, and government investments aimed at closing the
infrastructure deficit.

He said inflation, once a major concern, is easing. The tight monetary
policy rate of 17 percent maintained by the Central Bank since August 2023
has contributed to inflation dropping from 10.0 percent in September 2024 to
7.0 percent by October 2025. "The Dalasi has also stabilized, with its rate
of depreciation slowing significantly across major currencies."

Keita credited President Adama Barrow for championing domestic resource
mobilisation reforms, which continue to push tax revenue above target.
"Tax-to-GDP is expected to reach 12 percent in 2025 and 13.2 percent in
2026, though still below regional and OECD averages. The government's
long-term aim, under the Domestic Resource Mobilization Strategy, is to
reach the Sub-Saharan average."

He added infrastructure remains at the heart of public expenditure. "Despite
fiscal pressures, the government has completed Phases I and II of the OIC
Road with 35 percent domestic funding. Major road projects Kiang-West
(87km), Nuimi-Hakalang (85km), and the ongoing Kabbada stretch (102km) have
all been supported from domestic resources. Nationwide, a total of 355km of
priority roads are under construction."

In agriculture, Keita underscored that the government is providing
large-scale support to reduce production costs and boost yields. This
includes D900 million in subsidies for crop financing and fertilisers, as
well as free high-yield seeds. "The National Food Security, Processing and
Marketing Corporation has also received D300 million in equity investment to
strengthen its operations."

"A substantial portion of national spending continues to go toward
stabilizing the electricity sector, which received D1.3 billion in subsidies
in 2024, with D1.0 billion allocated for both 2025 and 2026. Despite tight
fiscal conditions, Keita assured that vital programs and projects will
continue in 2026.

The fiscal deficit for the 2026 budget is projected to narrow to 1.0 percent
of GDP, down from 1.3 percent in 2025, signaling the government's push for
consolidation, debt sustainability, and easing pressure on private-sector
credit."

Unveiling the guiding theme, improving the well-being and quality of life of
Gambians, Keita said the 2026 budget focuses on three core goals: sustaining
macroeconomic stability, deepening structural reforms, and strengthening
public financial management.

"Human capital sectors Health, Education, and Agriculture will receive D18.6
billion, representing the highest allocation at 35.3 percent of the entire
budget."

Gov't rolls out landmark machinery to modernise agriculture

Read the original article on The Point.

Somalia: Somali Prime Minister Congratulates Nation On International Civil
Aviation Day

Mogadishu, Somalia — Somali Prime Minister Hamza Abdi Barre has
congratulated the Somali public and the country's civil aviation sector on
the occasion of International Civil Aviation Day, highlighting the
significant progress Somalia has made in airspace management, flight safety,
and global connectivity.

Speaking on the occasion, Prime Minister Hamza said the day offers an
opportunity to reflect on Somalia's achievements in revitalizing civil
aviation, a sector that has played a key role in boosting the country's
economy, restoring stability, and demonstrating national capacity in
building critical infrastructure.

In 2023, Somalia achieved ICAO's Air Navigation Services (ANS) Level A, the
highest international standard, reflecting major improvements in safety,
service delivery, and compliance with global aviation regulations.

The Somali government has also implemented international civil aviation
security regulations, enhancing confidence both domestically and
internationally. The Prime Minister noted that the federal government has
modernized the country's travel system, introducing an Electronic Travel
Authorization (eTA) in September 2025.

Prime Minister Hamza extended his congratulations and appreciation to the
Somali Civil Aviation Authority, the Ministry of Transport and Civil
Aviation, domestic and international airlines, and all personnel involved in
advancing Somalia's aviation sector.

Read the original article on Shabelle.

Nigeria: Implementation of ISA 2025 Will Drive Nigeria's $1trn Economy -
Expert

A capital market expert over the weekend has hinted that Nigeria's ambition
of becoming a $1trillion economy by 2030 can only be realised through the
strategic, disciplined, and collaborative implementation of the Investments
and Securities Act (ISA) 2025.

Speaking at the 2025 conference of the Capital Market Correspondents
Association of Nigeria (CAMCAN) in Lagos, Group Managing Director of GTI
Capital, Abubakar Lawal, stated that the ISA 2025 must transition from a
policy document into a practical instrument for driving national economic
growth.

He was represented at the event by the Managing Director of GTI Capital, Mr.
Kehinde Hassan.

Lawal stressed that clarity, consistency and synergy among regulators,
operators and market stakeholders are vital if the Act is to serve as the
bedrock of Nigeria's trillion-dollar ambition.

According to him, the country has reached a critical phase where fragmented
efforts and isolated initiatives can no longer be accommodated.

He noted that the implementation of ISA 2025 must be aligned with the
Revised Capital Market Master Plan to prevent policy dissonance and
institutional overlap.

"What Nigeria requires now is a unified roadmap, one that integrates ISA
2025 into the broader architecture of the nation's economic vision," he
said.

Lawal maintained that with disciplined execution, cross-institutional
cooperation, sustained public education, and responsible innovation, Nigeria
could not only meet but surpass its $1trn economic target while achieving
long-term socio-economic benefits.

He added that coordinated action would position the country as a continental
and global model for innovation-driven and inclusive growth.

Describing ISA 2025 as a transformational reform, he said the legislation
offers more than regulatory rules, providing structure, tools, and
opportunities for national development. However, he cautioned that even the
best-crafted laws remain ineffective without intentional follow-through.

He urged regulators to apply fairness and foresight, while operators embrace
innovation anchored on responsibility.

Lawal also underscored the need for widespread investor education to unlock
the Act's transformative potential. Awareness efforts, he said, must reach
all regions to ensure that investors understand their rights, entrepreneurs
recognise new opportunities, and the general public is aware of protections
embedded in the new regulatory regime.

Highlighting key reforms within ISA 2025, he noted the recognition of
digital and virtual assets, classification of investment contracts as
securities, expansion of eligible issuers, establishment of specialised
exchanges, broadening of non-interest instruments including sukuk,
strengthening of commodities exchanges, and enhancement of the Securities
and Exchange Commission's regulatory powers.

He said these reforms collectively support the $1 trillion economic agenda
and significantly enhance youth inclusion, especially through digital asset
recognition.

With over 60 per cent of the population comprising young people, Lawal
described Nigerian youths as digital natives whose creativity and
technological fluency can drive the next phase of economic growth.

ISA 2025, he said, gives this demographic legitimacy and meaningful
engagement within the financial system.

He concluded that if Nigeria executes the reform era with unity and
determination, the nation would not only reinvent its economy but inspire
the African continent, demonstrating what is possible when national ambition
is matched with decisive action.

Read the original article on This Day.

Africa: South Africa and Pakistan - Countries Brought to Their Knees By
Elite Capture and Economic Paralysis

In the ongoing quest to understand South Africa's political and economic
stagnation, it may be helpful to look at other postcolonial states that have
travelled further along the path of independence. This may help clarify the
stagnation question that citizens, politicians and economists are grappling
with.

Much of the analysis of postcolonial Africa and Asia has identified poor
leadership, authoritarianism and misguided economic policies as determinants
of stagnation. These factors do matter. But they do not fully explain why
some new independent states collapsed into dysfunction while others achieved
growth. The deeper question is how institutions are built, sustained or
destroyed.

South Africa's stagnation is not the complete absence of growth or
democracy, but the inability to convert political freedom and economic
potential into sustainable and inclusive growth manifesting in quality of
life for the majority.

The World Bank calls this an incomplete transition. In its 30 years of
democracy review report, the South African Presidency concluded that the
economy was performing below its full potential, unemployment was high,
poverty levels were persistent in pockets of broader society and inequality
levels were stubbornly high and racially biased.

As we read in the World Bank's Africa's Pulse report, these challenges
continue to trouble most of the countries on the continent.

I have encountered this in my economic governance capacity building work in
government and through my affiliations with local and Asian universities.
There is common concern about deteriorating statecraft and the weakening of
institutions.

In that connection, this essay is framed as a comparative reflection. It
situates Pakistan alongside Ghana, Malaysia and Singapore, then turns to
former Pakistani civil servant and now academic Ishrat Husain's book,
Governing the Ungovernable. It is a detailed case study of institutional
decline.

A former governor of the central bank of Pakistan and long-time government
advisor on public sector reform, Husain offers an authoritative framework
against which we can understand the performance of other post-colonial
states. I use this framework to mirror South Africa, showing how elite
capture, institutional weakness and cycles of reversal explain its present
stagnation.

I chose Pakistan because its story of "ungovernable" institutions is similar
to that of South Africa, compared to Singapore, whose success story is
determined by the performance of its institutions.

Ungovernabilty in Pakistan

Husain identified ungovernability as a key determinant of Pakistan's
stagnation. By ungovernability he does not mean complete disorder (although
there is too much political instability in Pakistan). He uses the term to
describe a state where institutions exist but fail.

Pakistan, he writes, developed

a well entrenched system in which political, bureaucratic, business and
professional elites collaborate in extracting rents at the expense of the
larger society (p. 41).

Every major crisis could be traced back to this governance deficit (p. 43).
Need we add, in many post-colonial states in Africa and Asia, institutions
are either still being formed or they do not exist.

Institutions that should deliver services instead serve rent-seeking. Tax
authorities, utilities and the police used their discretion for private gain
(pp. 70-72). Elites blocked reforms because they benefited from dysfunction.
Even when reforms began, they were quickly undone.

Ungovernable thus means institutions exist in name but not in substance.

Husain identifies coalitions that benefit from weakness and resist reform.

Political dynasties dominate parties without internal democracy, using
legislatures as platforms for patronage (p. 134).

The military intervened in 1958, 1977 and 1999, stunting civilian
institutions (pp. 140-144).

Bureaucrats exploited their powers for rent extraction (p. 155).

Business and landed elites resisted taxation and defended subsidies (pp.
160-165).

Law enforcement was crippled by bribery and political appointments:

Law and order is bound to suffer when police officials are appointed...
rather than professional competence. (p. 172).

Together, these groups made Pakistan ungovernable in practice.

Husain points to several interlocking causes: the vacuum after the death of
Mohammed Ali Jinnah, Pakistan's first governor-general (1947-48) (pp.
22-24), repeated military dominance (pp. 140-144), weak dynastic parties (p.
134), corruption across key sectors (pp. 70-80), cycles of reform and
reversal (pp. 112-115), entrenched patronage networks (pp. 180-182), and a
systemic governance deficit undermining taxation, energy, law and service
delivery (pp. 200-210).

South Africa reflects these same patterns

South Africa's political and economic stagnation can be defined as a
prolonged period in which the state struggles to generate growth, reduce
inequality and renew governance capacity, despite the presence of democratic
institutions and economic potential. This challenges the theory of South
African exceptionalism, as we witness the same trend of political and
economic elites whose decisions result in the capture of institutions and
the destruction of public value.

In South Africa, the role of economic and political elites is central to
understanding institutional fragility. The Zondo Commission of Inquiry into
State Capture (2018-2022) revealed how networks of political leaders, senior
bureaucrats and business elites colluded to systematically weaken public
institutions for private gain.

State-owned enterprises such as Eskom, Transnet and South African Airways
were targeted through corrupt procurement, inflated contracts and political
patronage, undermining their ability to deliver services and support
economic development. The commission showed that elite capture distorted the
functioning of key accountability institutions including the National
Prosecuting Authority and law enforcement agencies, which were compromised
to shield powerful individuals from scrutiny.

These practices eroded public trust, drained fiscal resources and entrenched
political stagnation. Testimonies from the ongoing commission led by retired
judge Mbuyiseli Madlanga are echoing stories told at the Zondo Commission,
and now, like in Pakistan, showing the "ungovernability" of the criminal
justice system.

Like in Pakistan, the police and the National Prosecuting Authority are
politicised and weakened. The army, once a regional force, has declined
under shrinking budgets and skills shortages. Immigration is compromised by
incoherent policy, corruption at the Home Affairs department and porous
borders. Local government is the weakest link, condemned by poor leadership,
incompetence and failing services.

Therefore, in the South African case, ungovernability or institutional
weakness cannot be explained solely by colonial legacies or structural
constraints, although they do matter because the apartheid regime was
corrupt. Ungovernability has been actively produced and perpetuated by
elites who hollowed out institutions designed to safeguard democracy and
development. They became machines of rent-seeking instead of agents of
national development. They subverted the will of the people for the will of
the elites who undermine accountability.

As in Pakistan, the institutions exist but fail. They are captured by
elites. Reforms begin but rarely last. Why?

The comparison is instructive. Ghana fell into coups. Malaysia survived but
with uneven governance. Pakistan allowed patronage to corrode its
foundations. South Africa shows the same symptoms: revenue shortfalls,
energy collapse, transport paralysis, policing failures, weakened defence,
porous borders and failing municipalities.

Singapore deliberately built strong institutions and prospered.

Some answers

Husain warns against "sweeping reforms that collapse at each election cycle"
(p. 245). Instead, he calls for "selective, sequenced and incremental
reforms that enjoy broad consensus" (p. 246). The implication for South
Africa is clear.

Political settlements must be reset so that institutions serve citizens
rather than factions. Core institutions must be restored: courts, revenue
authorities, utilities, police and prosecutors. Coalitions must be built
around national goals of security, growth and fairness (p. 252).

Comparative lessons are instructive. Singapore shows the rewards of
disciplined governance, while Malaysia illustrates the limits of partial
reform. Above all, renewal will take decades, as decay did (p. 260).

>From Pakistan's partition in 1947 to Ghana's independence in 1957, from the
separation of Malaysia and Singapore in 1965 to South Africa's democratic
transition in 1994, post-colonial states have combined early promise with
the test of institution-building. Some passed, others faltered.

Husain's book shows that ungovernability is not chaos but the hollowing out
of institutions until they exist only on paper. South Africa mirrors this
reality.

The case of Pakistan also defies the idea that cultural or religious
homogeneity guarantees cohesion and growth. Despite greater uniformity than
many of its neighbours, Pakistan has struggled to sustain unity and
development. Cohesion and growth, as Husain's analysis confirms, are not
products of identity but of politics. They depend on the presence of a
developmental elite able to mobilise all productive forces in society, on
effective institutions that secure delivery and accountability, and on
coalitions that bring legitimacy to the national project while managing
contradictions. Without these, even homogeneous nations fragment.

For South Africa, the lesson is clear. The future will not be saved by
appeals to "organisational renewal" that leading political parties speak
about, cultural unity or new slogans about reforms. It will be built through
the deliberate reconstruction of institutions, the cultivation of
developmental leadership and the forging of coalitions that sustain
legitimacy across political cycles. And it requires stronger instruments of
accountability and consequence management.

Only through such long and patient work can the country move from being
ungovernable in practice to governable in fact.

Busani Ngcaweni, Director: Center for Public Policy and African Studies &
Visiting Professor, China Foreign Affairs University, University of
Johannesburg

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

Malawi Secures 50mw Power Boost As DPP Govt Instructs Ministry of Finance,
Reserve Bank to Priotise Moma Payments

Malawi is on the brink of a major power breakthrough as the country prepares
to start importing 50 megawatts (MW) of electricity from Mozambique from
February 2026, in a move set to significantly ease the crippling load
shedding that has battered households and businesses.

Minister of Natural Resources, Energy and Mining, Hon. Dr Jean Mathanga,
disclosed the progress after inspecting works at the Phombeya Substation in
Balaka, where she confirmed that the Mozambique-Malawi Interconnector
Project (MOMA) is now in its final stages of completion.

Crucially, Dr Mathanga revealed that the project is now firmly backed
financially, following strong assurances from the Minister of Finance and
the Reserve Bank of Malawi that the required monthly payments will be
prioritised.

"This 50MW will go a long way in easing the burden of load shedding that
Malawians are experiencing. I have also received firm guarantees that the
US$5 million monthly obligation needed to access this power will be honoured
without disruption," said Dr Mathanga.

She stressed that energy is the backbone of economic growth, and government
is treating the MOMA project as a national economic lifeline, not just an
electricity deal.

The importation of the 50MW is expected to stabilise Malawi's power grid,
support industries, revive struggling businesses and restore productivity
that has been lost due to persistent blackouts.

ESCOM Acting Chief Executive Officer, Engineer Sinosi Maliano, confirmed
that the 50MW supply has already been secured under an existing Power
Purchase Agreement (PPA) with Mozambique.

"This is an immediate and realistic gain. While discussions for higher
imports have taken place, the current 50MW is guaranteed and will make a
tangible difference in reducing load shedding nationwide," said Maliano.

The MOMA project connects Matambo Substation in Mozambique to Phombeya
Substation in Malawi through 218 kilometres of high-voltage transmission
lines, marking one of the most strategic power investments in Malawi's
history.

Once operational, the interconnector is expected to boost national energy
security, strengthen investor confidence, and accelerate industrial growth,
especially in manufacturing, tourism and mining.

The project also signals renewed momentum in Malawi's regional energy
integration and long-term power stability strategy, bringing fresh hope to
citizens who have endured years of unreliable electricity supply.

As February 2026 draws closer, all eyes are now on ESCOM, the Ministry of
Energy, Treasury and the Reserve Bank to translate these assurances into
uninterrupted power -- and finally turn the page on Malawi's long-standing
load shedding crisis.

Read the original article on Nyasa Times.

 Invest Wisely!

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Company

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Date & Time

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GetBucks

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Econet

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Fidelity

TSL

FMHL

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