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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=916 style='width:687.2pt;border-collapse:collapse'><tr><td width=910 colspan=4 valign=top style='width:682.8pt;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='text-indent:33.35pt;line-height:106%'><span lang=EN-US><a href="https://bullszimbabwe.com/"><span lang=EN-ZW style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_3" src="cid:image001.png@01DAABFF.434645E0"></span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#002060'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span lang=EN-US><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Bullszimbabwe.com </span></b></a></span><b><span lang=EN-US 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style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><span lang=EN-US><a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><b><span style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'>WhatsApp</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'> </span></b></span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com?subject=Unsubscribe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Unsubscribe</span></b></a></span><span class=style30><span lang=EN-US style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#1F497D'>Major International Business Headlines Brief::: 22 May 2024 </span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US> <o:p></o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoListParagraphCxSpFirst style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;line-height:115%;background:white'><b><span 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style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: Fuel Price Rises By 176.02 Percent to N701.24 Per Litre - NBS<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Seychelles and Botswana to Collaborate On Agriculture, Education and Tourism Projects<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tanzania: Domestic and Foreign Investments Spur Eco-Growth<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tanzania: Who Has Power Over CEOs, BOT or Owners?<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: CBN Raises Benchmark Interest Rate<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Africa: Gwede's Slippery Story Explains Lack of Mining Investment<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Malawi: Paramount Holdings Awarded As Malawi's Most Reliable Construction Company<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Namibia Loses More Than N$5b Through Natural Resources<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: Navy Hails Personnel for Tackling Oil Theft, Increasing Production<o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal align=center style='text-align:center;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> 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</v:shape><![endif]--><![if !vml]><a href="https://www.cloverleaf.co.zw/"><img border=0 width=612 height=358 src="cid:image003.jpg@01DAABFF.434645E0" align=left hspace=12 title="" v:shapes="Picture_x0020_4"></a><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ethiopia's Economy Poised for 7.9 Percent Growth in Current Fiscal Year, Reports Minister Fitsum Assefa<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Addis Ababa — Ethiopia's economy is on track for robust 7.9% growth in the current fiscal year, according to Minister of Planning and Development Fitsum Assefa.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Highlighting the nation's progress during a press briefing yesterday, Fitsum outlined significant achievements across agriculture, industry, and the service sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to the minister, the nation has achieved a substantial increase in agricultural productivity over the last nine months, with an additional harvest of 100 million quintals of major crops relative to the same period in the previous fiscal year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Particularly in wheat cultivation, Ethiopia cultivated wheat on four million hectares of land in the previous dry and belg (minor) seasons. The size of the land under cultivation increased to 6.5 million hectares this fiscal year, which she indicated resulted in a yield of over 80 million quintals of wheat.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Additionally, rice production saw a dramatic increase, soaring from eight million quintals to 38 million quintals during the same period, according to the minister.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The industry sector also demonstrated notable improvements, as indicated by Fitsum.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The average capacity utilization of manufacturing industries climbed to 56% this year, up from less than 50% in the preceding year, which she said "signals a resurgence in industrial productivity."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Contrary to official assertions, a recent publication by Addis Standard sheds light on the challenges faced by owners of major industries, notably concerning deficits in foreign exchange, financial resources and raw material shortage.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Solomon Mulegeta, the general manager of the Ethiopian Association of Basic Metals and Engineering Industries, told Addis Standard that a considerable segment of metal industries are operating at a capacity of less than 40% of their potential.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The service sector, particularly the digital economy, has experienced significant progress over the past nine months. "Digital transactions have increased by an additional four trillion birr this year compared to the previous year," Minister Fitsum reported.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to the minister, the country's capacity to generate foreign currency has also shown improvement.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In the past nine months of the current fiscal year, merchandise exports brought in $2.5 billion, service exports contributed $5.8 billion, foreign direct investment (FDI) accounted for $2.8 billion, and remittances totaled $3.5 billion.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Except for merchandise exports, Fitsum disclosed that service exports increased by 7.3%, remittances by 7.4%, and FDI by 4% during the period.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>These achievements, according to Minister Fitsum, are strong indicators that Ethiopia is positioned for a 7.9% economic expansion in the current fiscal year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite the optimism expressed by officials, the economic growth forecasts by the International Monetary Fund (IMF) paint a more moderate picture for Ethiopia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>As outlined in the IMF's economic projections released in November 2023, Ethiopia is anticipated to achieve a real gross domestic product (GDP) growth rate of 6.1% by the conclusion of 2023, with a further growth rate of 6.2% predicted for 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Addis Standard.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Liberian Government Approves Rice Price Increase Amid Importers' Pressures, Pledges Focus On Local Production<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Monrovia — The Government of Liberia (GOL), through the Minister of Commerce and Industry Amin Modad, has announced that it has agreed to a request from importers to increase the price of a specific brand of rice on the local market, describing the rice industry as a "cartel."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Rice is Liberia's staple food.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Major importers of the commodity have been playing politics and threatening shortages if the government does not agree to a price hike due to the 20% export tax extended by India on parboiled rice.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>FrontPage Africa has gathered that the rice importers have written to the Ministry of Commerce and Industry, proposing a minimum price of US$20 per 25kg bag of parboiled rice. They argue this increase is necessary to offset the rising cost of importing rice to Liberia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Addressing the Ministry of Information, Cultural Affairs and Tourism (MICAT) regular press briefing in Monrovia on Monday, May 19, Minister Modad disclosed that in February this year, the government received a communication from rice importers citing several previous communications addressed to the past government, requesting an increase in the price of rice on the local market from US$17 to US$20.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, the importers claimed that a 20% surcharge is being levied on the commodity by the Indian government.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"India imposed a 20% surcharge on parboiled rice, which has impacted the price of rice. Additionally, they (rice importers) cited the war in Ukraine and issues in the Middle East that also impacted freight, insurance, and timing."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Following the request, Minister Modad disclosed that the government requested a three-month grace period from the rice importers to assess all issues surrounding the need for an increment.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad said the government's request was intended to ensure that the right decision was made for Liberians.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We also negotiated with them that our priority is to reduce the cost. If we were to consider all the issues they raised to increase the price of that particular rice, we obligated them to ensure that there were several varieties of rice on the market that would be sold for US$16 or less. They committed to do so."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, the government also emphasized that rice production remains a priority under the Boakai-led administration to promote food sufficiency during the meetings held with the importers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He pointed out that instead of increasing the rice price from US$17 to US$20, the government negotiated with the importers to reduce the cost to US$16.75 as a "temporary measure for a new government."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad added that while the government and the importers agreed on the US$16.75 reduction for a 25 kg bag of rice, the ministry was verifying the facts supporting the importers' request for an increase to US$20.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the surcharge was increased to about 24% on parboiled rice, which led to rumors of a shortage of the commodity on the Liberian market, contradicting the government's commitment to ensuring no shortage of basic commodities, including rice.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, importation permits were given to additional importers to prevent the shortage of the nation's staple food.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"During this time, we also, in our effort to ensure that Liberians participate in all sectors, granted IPDs to three or four new Liberian enterprises to expand the importers of rice."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad claimed that the first consignment of rice, under the Unity Party-led government, arrived in the country on April 22 this year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Since the importation, vessels bringing in rice have faced constraints at the port, causing importers to incur extra fees for storage.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, the ministry is currently working with authorities of the National Port Authority (NPA), Liberia Revenue Authority (LRA), and APM Terminals to address the situation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Our team has broken down the cost of rice, solicited invoices from India and other countries, and invited distributors to bring in new importers who can supply rice at a competitive price. It is a difficult process. The rice industry is like a cartel. So far, we have not been able to get any rice at a competitive price."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Reasons for Increment Verified<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad said the government has verified all the points made by the rice importers as reasons for the price hike, noting that some costs can be reduced domestically, and they are working on that.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Last week, he disclosed that the government received a communication from importers stating they have adhered to the previous agreement with the government, but the high cost of freight prevents them from continuing to sell at US$16.75.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We had several meetings with them (rice importers) over the last few days. As the President has emphasized, there is no other way around this rice issue and self-sustainability unless we are able to grow rice."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad observed that financial and global issues continue to affect the stability of rice prices in Liberia, causing market prices to fluctuate.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ruling Out Subsidy<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He maintained that while there have been suggestions for the government to provide subsidies to rice importers, the strategy, which was partially applied by the immediate past government, is not the solution.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We did our calculations--even if we give the rice importers a US$0.75 subsidy per bag, which amounts to US$9M a year--our recommendation to the President, which he supports, is that amount should be dedicated annually towards local rice production."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad stressed that with that amount, the government can empower local farmers to produce rice, instead of giving money to importers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"So, from US$20, we have made the hard decision to increase the rice price to US$18.50 starting tomorrow. In our discussion with them, this is predicated on the continuation of the duty imposed by the Indian government."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the government will not hesitate to reduce the price of rice following a reduction in the surcharge, subsiding of other global factors, and a reduction in charges at the Freeport and shipping agencies for the benefit of the citizens.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Not All Rice Prices Increased<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, the increment of the price of rice to US$18.50 is restricted to the 5% Indian parboiled rice and does not affect other brands of rice on the market.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The increment doesn't impact any other rice on the market. Our Inspectorate will be very vigilant to ensure that rice importers do not capitalize on this to increase the price of white rice or the 10% or 25% Indian parboiled and other rice varieties."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said importers have also brought other varieties of shorter-grained rice that will remain at US$16 for a 25kg bag.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Modad pointed out that the importation of acceptable rice varieties would be increased by the importers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Our aim, as mandated by the President, is to ensure that while we cannot control the external factors impacting rice or foodstuffs, we must provide varieties for our people. If you cannot afford the US$18.50, you must have a cheaper, good-quality alternative. We made the hard decision to ensure that there is no shortage of rice on the market."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Local Production<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He stated that as part of the ARREST agenda, the government is willing to invest in local rice production, but processing and packaging remain major concerns.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the government would set up a processing facility at the Industrial Park to be operated by a Consortium of Liberian Enterprises to process, package, and sell locally produced rice on the market.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, the government has already committed US$200,000 to start the process, with a commitment to increase allocations in the future.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- FrontPageAfrica.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa: There Is an Alternative to Costly, Carbon-Emitting Chemical Fertilisers<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa's soils are not merely depleted but in crisis, and decades of reliance on chemical fertilisers and pesticides have exacerbated the problem.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>At the recent African Union (AU) Fertilizer & Soil Health Summit in Nairobi on 7-9 May, African leaders unveiled the new 10-year Fertilizer and Soil Health Action Plan 2023-2033. Designed to maintain soil fertility and ensure soil health across the continent, the roadmap adopts an approach that combines both chemical and organic fertilisers with improved seeds and agrochemicals.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The plan aims to "significantly increase investments in the local manufacturing and distribution of mineral and organic fertilizers, biofertilizers and biostimulants" and to "triple fertilizer use from 18 kg/ha in 2020 nutrients to 54 kg/ha in 2033".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Aspects of the 10-year action plan suggest a shift from quick chemical fixes to sustainable practices that enhance biodiversity, regenerate the land, and empower local communities. However, while this hints at a more hopeful imagined future, policymakers at the Nairobi summit largely skirted around the deeper issues at stake. The focus remained narrowly on the production and distribution of predominantly chemical fertilisers, while largely neglecting their broader social, economic, and ecological impacts.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>While the spotlight was on increasing fertiliser use, for instance, the sustained health of the soil that feeds us was all but overlooked. Our soils are not merely depleted - they are in crisis. And decades of reliance on chemical fertilisers and pesticides have not only failed to address this crisis but have exacerbated it, leading to acidification, erosion, and loss of essential microbial diversity. This damage calls for a radical rethink of the use of nitrogen fertilisers and our agricultural practices. We need to move beyond adding more fertilisers towards healing the soil.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Nairobi summit also ignored another elephant in the room: the massive carbon footprint of conventional fertiliser production. The extensive use of chemical fertilisers is also intricately linked to the fossil fuel industry. Worldwide, agriculture is the second-largest source of climate change pollution - and the manufacture and application of fertilisers play a significant part in that. It is notable that Africa is being urged to triple its fertiliser use at a time when the rest of the world is being encouraged to reduce reliance on these carbon-intensive inputs. Chemical fertilisers exacerbate the very crisis they seek to mitigate.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Another way<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Fortunately, there are alternative solutions. Take RODI Kenya, which has become a beacon of innovation in agriculture and soil science. This agency has pioneered the large-scale production of solid and liquid biofertilisers and organic soil amendments. These products are made from locally available ingredients, offering significant benefits to thousands of small-scale farmers who are no longer reliant on costly and polluting imported alternatives. Last year alone, RODI Kenya produced 10,000 tonnes of biofertilisers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The revenues from this enabled the organisation to support and train many more farmers in adopting agroecological practices, which present another set of solutions to agricultural challenges. Agroecology integrates indigenous knowledge with modern science to create resilient, self-sustaining agricultural systems. This approach empowers communities, particularly women, by promoting biodiversity, nurturing land regeneration, and fostering economic resilience.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The health of Africa's soils and the future of its agriculture hinge on our ability to listen -- to the land and to each other. The oversights in Nairobi reflect a broader systemic issue: a disconnect between high-level policy initiatives and the lived experiences of African farmers, many of whom are women and whose voices are seldom heard in such forums. As we implement the 10-year action plan, let us cultivate a fertile ground for discussions that include all stakeholders, particularly those who work the land day in and day out.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>By embracing agroecological principles and recognising the integral role of women in agriculture, we can ensure a thriving, sustainable future for all of Africa. Let us nurture our soil, not merely to produce crops, but to sustain life in all its diversity. As we face the challenges of climate change, let us not repeat the mistakes of the past. Instead, let us forge a new path that respects our environment, empowers our farmers, and secures a sustainable future for all. The 10-year plan offers an opportunity for Africa to lead by example, showing the world that it is possible to address food security and environmental sustainability together.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa: President Ruto Roots for Local Manufacturing of Vaccines in Africa<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Atlanta, U.S. — President William Ruto is rooting for the local manufacturing of vaccines in Africa.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said coronavirus pandemic exposed the acute state of the continent's pharmaceutical production.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>President Ruto said during this trying time, Africa was denied timely access to Covid-19 vaccines.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We suffered (greatly) from this vaccine nationalism," he stated.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He was speaking on Monday at the Centre for Disease Control (CDC) Headquarters in Atlanta, Georgia, United States of America.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He also witnessed the signing of three key MoUs.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>One between CDC and Kenya Medical Research Institute that will deepen partnership on the cutting-edge research to answer the most important public health questions of our time and launch of the Applied Science Hub<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The second pact focussed on the collaborative efforts between the Ministry of Health and the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) in developing a Sustainability Roadmap for Kenya's HIV Programme which is slated for completion in December.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Also signed was the joint proclamation between CDC and Kenya that ushers in the operationalisation of the Kenya National Public Health Institute to strengthen health security globally.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The President maintained that solid research will boost Africa's capacity to locally produce vaccines.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He lauded the United States of America for being Kenya's true ally in healthcare.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said Kenya will broaden its partnership with the U.S. beyond health infrastructure, research and the tackling of infectious diseases.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We want to work closely, transform the U.S.-Kenya health cooperation, for the wellbeing of everyone."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The President, who is America for a three-day State Visit, earlier spoke at the Jimmy Carter Library and Museum and toured The Martin Luther King, Jr. Centre for Nonviolent Social Change.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He paid homage to Martin Luther King Jr. and Jimmy Carter, stating the two left behind a lasting legacy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We are reminded of the impact that individuals can have in shaping history and advancing democracy and justice."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Later on, the President met the Kenyan Diaspora where he insisted that the Government will keep engaging with Kenyans abroad.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He pointed out that the Government has intensified diaspora registration and mapping for skills and expertise.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We are developing the Global Labour Market Strategy that targets safe, secure and orderly placement of Kenyans in employment opportunities abroad," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He argued that the Government is fast-tracking Bilateral Labour Agreements to expose Kenyans to a diverse and broad range of opportunities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Capital FM.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: Tinubu Emplacing Policies, Programmes to Reshape Economy - Ngelale<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>President Bola Tinubu has continued to put in place measures aimed at reshaping the economy of the country since assuming office in May 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this to the News Agency of Nigeria on Tuesday in Abuja, on the anniversary of the administrations in office.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ngelale said that the measures taken so far are legendary because they are what past governments refused to take and one that would ensure continuity and outlast the administration.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Nigerians understand that this president, in his first days in office, dealt with the reform of the fuel subsidy regime, dealt with the reform of the financial markets, particularly with respect to the unification of the foreign exchange rates.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"He put an end to the type of incessant and really ravaging, round tripping we were seeing within the sphere of the Central bank of Nigeria. But then again, of course, sometimes when you stop the bleeding, it's not seen as an achievement.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"But there's a reason many others refused to do what this president has now done. This is why the president has been roundly commended, not just locally but internationally for the reforms he has put in place," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The presidential adviser said Tinubu was not unaware of the impact of the reforms on the lives of the citizens and has embarked on a broad scope of economic intervention to alleviate the plight of the citizens.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said one of such measures was the Medium, Small, and Micro Enterprises (MSME) interventions and capitalisation including the N200 billion for all segments of the business population operating in the country.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Specifically, N50 billion in grants. These are not loans. This is not money our people will pay back, but N50 billion in grants being paid to over one million Nano businesses equitably distributed across all local government areas of the federation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Approximately 1,290 Nano businesses have been given N50,000 grant through that scheme per local government. In addition to that, you have the N150 billion in the form of single digit interest rate loans being provided to hundreds of thousands of MSMEs across all states.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Again, equitably distributed N75 billion being given in loans of up to N1 million, whereas another N75 billion is being given to large scale manufacturers. These are industries that are employing up to 1,000 Nigerians per industry.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We are giving them loans, single digit interest rate, with a moratorium of about five years at about N1 billion each. So the interventions of business have been very important," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The presidential spokesman said Tinubu did not also leave out the development of infrastructure across the country in various sectors.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said that these investments were aimed at having a ripple effect among people that operate along the value chain segments of such infrastructures.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ngelale explained that the past one year has also seen significant interventions in the area of accelerating power performance especially with the Siemens Energy agreement and others in the provision of off grid power.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said that Siemens was into the end to end modernisation of the nation's power transmission grid to ensure enhanced quality and quantity of power supply to corporate and individual consumers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"A situation in which disadvantaged Nigerians are losing their appliances, microwaves, television sets, refrigerators, freezers, because of this kind of equivocating power current. You recognize that this thing is actually costly to Nigerian families, and it has to be resolved.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"So sometimes you would even find that when you have this kind of equivocating power supply with the damage that it does to appliances and the like, and obviously the pocket of our people, what you end up finding is that they actually just want to turn the lights off.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"So the Siemens deal with the issue of quality of supply, ensuring that when Nigerians receive their light, whether it's 6 hours, 12 hours or 24 hours, that whatever they're receiving is quality electricity supply," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ngelale added that the president has dedicated one billion dollars for the off grid power through capital formation and mobilisation from multilateral institutions dealing with the supply of off grid solar home systems.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said that this would be allocated to primary health facilities, rural communities, and rural farms in order to cut about 50 per cent of post-harvest loss in the country because the produce could not reach the markets.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Vanguard.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>TVET Impact Story - Nyandarua National Polytechnic<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Partner Spotlight – The Nyandarua National Polytechnic<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nyandarua National Polytechnic has been on a steady rise since its inception in 2006. Originally founded as an institute of science and technology, it was elevated to a National Polytechnic in 2020. Located in Nyandarua County, seven kilometers from Nyahururu Town, the institution boasts a vibrant community of 3,000 students across nine academic departments: Agriculture, Applied Science, Liberal Studies, Electrical Engineering, Mechanical Engineering, Hospitality, ICT, Business Studies, and Building and Civil Engineering. Beyond academics, the institution also has non-academic departments like Guidance and Counselling, Industry Linkages Office, Performance Contracting, and Quality Assurance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Under the Young Africa Works in Kenya-TVET program, Nyandarua National Polytechnic has partnered with Canadian institutions Cégep Saint-Jean-sur-Richelieu, Collège Communautaire du Nouveau-Brunswick, and Humber College. Together they have pioneered competency-based education and training (CBET) courses within the Department of Agriculture that complement local business needs and demand for skilled workers. These are Agriculture Extension Level 4, Horticulture Production Levels 4 and 5, and Horticulture Processing Levels 4, 5, and 6.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The first cohort of students enrolled in the Agriculture Extension Level 4 course are currently on a three-month mentorship at local farms. Twenty-one-year-old Kevin Gakambi and 21-year-old Elizabeth Wanjiru Wambugu were drawn to the course's hands-on learning approach. Their training includes the washing, feeding, and milking of dairy animals. Additionally, they have honed their skills in planting beans, maize, and potatoes, gaining valuable insights into the cultivation process and grading techniques. To round out their comprehensive learning experience, they've also been instructed in the art of harvesting sunflowers, which are used in the production of oil and cattle feed.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Agriculture Extension Level 4 course is tightly aligned with the needs of the job market. Through the Industry Linkages Officer, the institution invited employers to form the Industry Advisory Committee (IAC). This committee has played a pivotal role in enhancing the curriculum, sourced from the TVET-Curriculum, Development, Accreditation and Certification Council (CDACC), ensuring its relevance and effectiveness. Catherine Waruguru Kang'ara, an Assistant Supervisor at Bendor Farm, located in Thika, is a member of the IAC. She stresses the importance of consulting employers as they know well the industry needs, requirements, and the specific skills in demand. The IAC members serve as key contributors in not only shaping the educational landscape but also in providing valuable opportunities for student attachment and future employment.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Thanks to the collaboration with their Canadian counterparts, Nyandarua National Polytechnic has effectively developed learning materials that include occupational standards and assessment tools. The course training is further supported by the procurement of essential equipment, such as hand tools, a feed mixer, a 4,000-square-meter drip irrigation system, and two spacious greenhouses measuring 10 by 24 meters each. These greenhouses boast an irrigation tank and a drip irrigation system.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Anticipating further enhancements, the institution is set to receive a soil laboratory, a horticulture preparation room, and a state-of-the-art smart class. Additionally, the team has undergone extensive training in the areas of gender equality as well as communication, marketing, and outreach. Fueled by optimism, they believe that these newfound skills will play a pivotal role in bolstering enrollment numbers for January 2024, as well as enhance the staff's skills to become better trainers of their current students.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The benefits of the CBET curriculum are already evident among both the teaching and non-teaching staff at Nyandarua National Polytechnic. In an impactful initiative, several trainers participated in a capacity-building workshop facilitated by the Kenya School of TVET (KSTVET) in early 2023. These knowledgeable trainers then shared their newly acquired skills and competencies with their colleagues, adopting the role of "Trainers of Trainers" to empower the entire team. This approach represents a significant shift, transforming the mindset of trainers from a formerly theoretical approach to a more practical and hands-on methodology. This transformative process is not limited to a select few; it is being systematically disseminated to other teaching and non-teaching staff by the KSTVET. This ensures that Nyandarua National Polytechnic aligns seamlessly with the Ministry of Education's directive for all TVET institutions to transition to CBET curriculum, addressing the crucial skills gap among the youth.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Elizabeth's and Kevin's journeys in the Agriculture Extension Level 4 course have been incredibly rewarding. The knowledge and skills obtained from the institution and while on attachment have enabled them to dream big. Having been brought up on a farm, Elizabeth's decision to pursue agriculture was a no-brainer. She witnessed first-hand how the food grown was able to sustain her family and even get her and her siblings through school. She hopes to further her education to the highest level and is intent on starting a poultry business to support her studies. Kevin is keen on rearing chicken and fish, while continuing his current studies. He is particularly interested in black soldier fly farming – a cost-effective and sustainable practice that produces larvae than can be used as fertilizer and feed.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>If Kenyan TVET institutions continue to grow skilled trainees like Kevin Gakambi and Elizabeth Wanjiru Wambugu, employers like Catherine are hopeful that this and other CBET graduates will emerge stronger and make a significant impact in the thriving agriculture sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: Fuel Price Rises By 176.02 Percent to N701.24 Per Litre - NBS<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The national average retail price of Premium Motor Spirit, PMS, otherwise known as petrol increased year-on-year, YoY, by 176.02 percent to N701.24 per litre in April 2024 from N254.06 per litre recorded in the corresponding period of 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>On a month-on-month, MoM, basis, an increase of 0.64 percent was recorded from N696.79 per litre in March 2024<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The National Bureau of Statistics, NBS, report on Premium Motor Spirit (Petrol) Price Watch for April 2024 showed that Kogi State topped the price chart at N797.78, followed by Nasarawa and Zamfara States with N778.89 and N754.29, respectively.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, Lagos, Niger and Ogun States emerged the states with the lowest retail price for the product at N602.55, N633.75 and N647.14 respectively according to the NBS report.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This comes as the average retail price of Automotive Gas Oil (diesel) increased year-on-year YoY, by 68.01 percent to N1415.06 in April 2024 from N842.25 recorded in April 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>On a month-on-month MoM, basis, an increase of 5.51 percent was recorded from N1341.16 per litre in March 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The report stated "the top three State with the highest average price of the product in April 2024 include Taraba State with N1742.46 , Bauchi State with N1669.63 and Borno with N1652.61.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Furthermore, the states with the lowest prices were, Niger State with N1023.00, Kogi State with N1152.50 and Adamawa State with N1257.50.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Zonal representation of average price of diesel showed that North East zone has the highest price of N1553.80 while North Central Zone has the lowest price N1307.21 when compared with other Zones.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Vanguard.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Seychelles and Botswana to Collaborate On Agriculture, Education and Tourism Projects<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Seychelles and Botswana will continue collaborations in agriculture, education, and tourism, said the newly accredited High Commissioner of Botswana.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Chandapiwa Nteta presented her credentials to Seychelles President Wavel Ramkalawan on Tuesday at State House.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The new high commissioner expressed her wish to gain Seychelles' support from the international community "as Botswana has some issues with our diamonds."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>An import restriction imposed by the Group of Seven (G7) on Russian diamonds earlier this year will have a detrimental impact on Botswana's diamond trade. Okavango Diamond Company in Botswana has asked the G7 countries to reconsider the second phase as it will impact diamond producing countries such as themselves and raise the price of ethical diamonds.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nteta met the Minister for Foreign Affairs and Tourism, Sylvestre Radegonde, and among the subjects discussed were trade, investments and connectivity, especially the signing of the Bilateral Air Service Agreement.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to the Foreign Affairs Department, Radegonde pointed out that both countries share a very good bilateral relationship where fruitful exchanges have been made. These include Seychellois teachers pursuing their tertiary education in Botswana and teachers from Botswana working in Seychelles' state schools.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>To date, over 50 teachers graduated from the University of Botswana and around 20 teachers from Botswana were sent to Seychelles to teach in various primary and secondary schools.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Botswana is interested to learn from Seychelles' experiences in dealing with victims of substance abuse and rehabilitation process, Seychelles is keen to learn more from Botswana's agricultural success," said the Foreign Affairs Department.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The two diplomats also discussed matters relating to regional engagements and organisations in which both countries are members.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>While in Seychelles, the high commissioner will also call on the Minister for Education, Justin Valentin, the Commissioner of Police, Ted Barbe, and other high level officials.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Botswana and Seychelles, an archipelago in the western Indian Ocean, established diplomatic relations on September 30, 1988.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Seychelles News Agency.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tanzania: Domestic and Foreign Investments Spur Eco-Growth<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>ACCORDING to the Bank of Tanzania, economic growth in Q1-24 is estimated at 5.1 per cent, backed by increased domestic and foreign investments.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This was underpinned by the notable private sector credit growth which remained in double digits for the last two years. Headline inflation saw a slight increase of 10bps in the year ending April 2024, standing at 3.1 per cent, from 3.0 per cent in March.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite the slight increase, inflation remains with the central bank's target range of between 3.0 per cent and 5.0 per cent. Stable inflation stems from stabilised food prices as the non-core inflation stood at 1.4 per cent, 50bps higher than February.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Unprocessed Food Index saw a slight annual deflation of 0.5 per cent in April from 0.6 per cent in March and 0.1 per cent in February. However, the index saw a 1.0 per cent inflation on a monthly basis, down from 1.9 per cent for March 2024 due to seasonal movements.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The period between February and April is historically known to have the highest monthly food inflation being far from harvest seasons.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Considering the weight and significance of food products in the consumption basket of the Tanzanian community, along with significance of agriculture as a sector in the balance of payment, employment, and its share to GDP, the government has been taking a number of initiatives to improve the agriculture sector and domestic food security, partially leading to the recent stability in food prices.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Some of government's initiatives include providing a 1.0tri/- agriculture facility at the central bank available to commercial banks, to lend to the sector at less than 9.0 per cent since 2021. In the same vein, the Bank of Tanzania further waived the statutory minimum reserve requirement for credit extended to agricultural activities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The government also provided subsidies in agriculture inputs such as fertilizers to alleviate input prices during the pandemic and global supply shock experienced since the end of 2021. Moreover, in 2023, the Ministry of Agriculture oversaw the establishment of the Tanzania Agriculture Insurance Consortium (TAIC) which is a collaboration between the government, agriculture stakeholders, and insurance companies.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The primary objective is to empower farmers against the risks surrounding agricultural activities, while simultaneously attract financing into the sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Furthermore, in his budget speech, the Minister for Agriculture hinted on the Ministry finalizing talks with NBC Bank in regards to the National Food Reserve Authority (NFRA) issuing a Food Security Bond so as to ensure sufficient domestic food supply.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite this being a notable development for the sector, and a demonstrator of how capital markets can be utilized for economic development, generation of NFRA's cashflows for debt service is a crucial question to be poised, so as to avoid addition of debt burden. We wait for the final structure of the programme.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>While non-core inflation was minimal, energy inflation was flaming as the Energy, Fuel and Utilities Index went up 9.3 per cent in the year ending April 2024, the highest pace among all inflation consumption basket segments. This follows rising fuel prices following geopolitical tensions in the Middle East and Europe. Notably, the index's annual inflation rose from 5.1 per cent in December 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Energy inflation is backed by the 16 per cent approximated increase of domestic fuel prices as published by EWURA. On a monthly basis prices went up 1.7 per cent and 4.0 per cent since the beginning of the year. The annual increase is echoed by the 11 per cent global crude oil price increase according to Trading Economics.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Global fuel prices have seen slight volatility in the last few weeks as increased global supply suppresses prices, while geopolitical tensions, especially in the middle east push prices higher. Core inflation stood at 3.9 per cent, highly influenced by personal care, social protection, and miscellaneous goods and services segment which was up 7.5 per cent in the year ending April.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Other influential segments in the core inflation were Transport (4.35 per cent) lifted by the rise of fuel prices, and Restaurants and Accommodation Services segment (4.05 per cent) as tourism sours following the government's promotion and continued recovery from the pandemic.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite subdued inflation, the Bank of Tanzania raised the central bank policy rate (CBR) by 50bps to 6.0 per cent in April, as a pre-emptive measure against lingering inflationary pressures mostly stemming from persistent foreign exchange challenges facing developing countries.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Federal Open Market Committee (FOMC) in the meeting held on 1st May 2024, maintained interest rates at 23-year high amid stubborn inflationary data in February and March. This is contrast to expectations in the beginning of the year when markets anticipated at least three rate cuts in 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite elevation of the CBR by the Bank of Tanzania, it is still the lowest rate in the region, demonstrating relatively subdued inflation and diversified sources of foreign inflows. Moreover, the central bank has suppressed Treasury yields throughout the month of April, by accepting less than target amounts, despite hefty oversubscriptions, especially in the long-term tenor auctions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Suppression of Treasury yields is crucial in the maintenance of sufficient liquidity in the banking sector as government's efforts to encourage investments have elevated the demand for credit, while the overall loans to deposits ratio remains above 90 per cent for the last eight quarters.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The demand for credit is demonstrated by the banking sector performance which saw the overall net loan portfolio grow by 22 per cent y-o-y in Q1- 24 while total assets went up 17 per cent. Similarly, the overall net profit for the quarter grew by 51 per cent compared to Q1-23.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Daily News.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tanzania: Who Has Power Over CEOs, BOT or Owners?<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>THE issue of chief executive officer (CEO) performance is undoubtedly a hot research topic in the management literature and has been investigated from various perspectives.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>One of the contention issues in the country is the CEO's tenure where the central bank puts a cap of ten years. On this issue, there are two schools of thought one supporting the Bank of Tanzania (BoT) saying the 10-year limit has more benefits than disadvantages and others urging that CEOs need a lengthy period to implement their vision and turnaround corporates. Some studies show that over time, CEOs develop strong experience in how to lead the organisation and how to be successful in a given industry.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Experience may allow a more efficient and effective management approach, even when the environment is changing A study 'Exploring the Relationship Between CEO Characteristics and Performance' conducted by three Spanish scholars shows a strong correlation between CEO longer tenure and high financial performance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"CEO's tenure in the firm appears to be an important factor," showed the study findings of Josep Garcia-Blandon, Josep M Argilés-Bosch and Diego Ravenda. The three are from IQS School of Management, Universitat Ramon Llull, Barcelona, Spain; Department of Accounting, Universitat de Barcelona, Barcelona, Spain; and Department of Accounting, Toulouse Business School, Barcelona, Spain respectively. "Specifically, long-tenured CEOs show stronger financial performance, though weaker environmental, social and governance (ESG) performance," the study showed.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Additionally, the Wall Street Journal also wrote recently an article discussing the correlation between companies with CEOs in a position for longer than 15 years and their stock prices within that same time frame.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The results showed that out of 28 companies with CEOs who had been in their position for longer than 15 years, 25 saw their total shareholder return exceed the S&P 500 index performance during their time.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>During the CRDB's 29th Annual General Meeting last week former Prime Minister Fredrick Sumaye suggested that BoT reconsider the regulation limiting bank CEOs' tenure to a maximum of 10 years. Vertex International Securities Research and Analytics Manager Beatus Mlingi said the ex-PM proposal opens a critical dialogue about continuity vis-a-vis change in leadership.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"On one hand," Mr Mlingi said, "extending a CEO's tenure beyond 10 years could be beneficial, especially if the CEO has a clear, long-term vision and a proven track record of driving growth and stability," he told Business Standard yesterday. In the banking sector, where trust and strategic consistency are paramount, retaining a successful CEO could provide the necessary stability and confidence for sustained performance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"This is particularly relevant for leading banks like CRDB and NMB, which together hold assets exceeding 25tri/-, a critical aspect for the country's economic stability. "The continuity in leadership can capitalise on a CEO's established relationships, deep institutional knowledge and strategic foresight," Mr Mlingi said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>On the other hand, he said, the regulation limiting CEOs' tenure to 10 years is designed to foster innovation and prevent stagnation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Change at the top can bring fresh perspectives and new strategies, crucial for adapting to evolving market conditions," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He urged that the prolonged tenure of a misfit CEO could lead to complacency, inefficiency, and a potential decline in performance, harming the bank's long-term interests.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"A balanced approach would involve a robust succession plan ensuring that potential future leaders are groomed well in advance. "This not only provides a pool of capable leaders but also ensures a smooth transition, minimising disruption," Mr Mlingi said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Additionally, successful CEOs could be transitioned into consulting or advisory roles, leveraging their experience without being at the helm, thus maintaining strategic continuity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In cases where an exceptional CEO's tenure might need an extension, it should be considered a last resort, contingent upon rigorous evaluation and the absence of suitable successors. Mr Sumaye's advice, the Vertex Manager said, particularly for heavyweights like CRDB and NMB, could be invaluable in scenarios where stability and sustained vision are critical, ensuring the banks' continued growth and stability in the country's financial landscape.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Orbit Securities Financial Markets Specialist Ammi Julian said revisiting the BoT's CEO cap tenure "is a good idea" because bringing about a productive reform requires a long time.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"There is a time when an institution is lucky to find a very good leader, but it loses him due to periods of leadership ceasing, thus leading the institution or company concerned to lose its vision," Mr Julian said: "The issue of quality and operational prowess and when the tenure will end, I think it may be under the shareholders/owners of the company or institution concerned," Mr Julian said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, the central bank maintained that the CEOs tenure cap matters since the country is not short of talented staff and the new ones will bring in new vigor and innovations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In its banking and financial Institutions (Corporate Governance) regulations published in November 2021, the central bank among its objectives, set standards for corporate governance, processes and structures for the banking industry.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The regulations are meant to promote and maintain public confidence in banks and financial institutions and provide directors with guidance for the proper discharge of their duties.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Daily News.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: CBN Raises Benchmark Interest Rate<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Central Bank of Nigeria (CBN) Tuesday increased the benchmark interest rate by 150 basis points, moving it from 24.75 per cent to 26.25 per cent, in response to rising food inflation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The benchmark interest rate, also called MPR (monetary policy rate) can be considered the interest rate the CBN uses to lend to banks who then lend to customers at a higher rate.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The increase in MPR was announced at the end of a two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Olayemi Cardoso, the governor of the CBN, announced that the MPC voted to retain the asymmetric corridor around the MPR at +100 to -300 basis points<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The committee also voted to retain the liquidity at 30 per cent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to him, the key focus of the meeting remains to achieve price stability by effectively using tools available to the monetary authority to rein in inflation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Inflation<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Data from the National Bureau of Statistics indicates that the headline inflation rate in April rose to 33.69 per cent, up from 33.20 per cent in the previous month, mainly driven by rising food prices.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In April 2024, the year-on-year food inflation rate soared to 40.53 per cent, representing a rise of 15.92 percentage points from the 24.61 per cent recorded in April 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mr Cardoso said the MPC noted that the inflationary pressure continues to be driven largely by food inflation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The committee last reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure-related constraints along the line of distribution network, security challenges in some food producing areas and exchange rate pass-through to domestic prices for imported food items.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the committee was faced with the option of either continuing with policy tightening or holding to observe the impact of previous rate hikes.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He stated that after thoroughly reviewing the risks and the near-term inflation outlook, the balance of risks indicates the need for further policy tightening to enhance the benefits achieved from prior rate increases.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He announced that the next MPC meeting would be held on 22 and 23 July.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Before the latest MPC meeting, some financial experts told PREMIUM TIMES that they foresaw an increase in the benchmark interest rate.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I think that they will raise the rate by another 100 basis points given the position of the inflation rate," Ayodeji Ebo, MD/Chief Business Officer of Optimus by Afrinvest, said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Also, Olumide Adesina, a financial analyst at Quantum Economics, said that the central bank will maintain high interest rates to make naira-denominated assets more appealing.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The apex bank will keep rates elevated for the straight 11th time, to amplify the attraction of naira-denominated assets<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The highest price is to stabilize the Nigerian FX market and boost confidence in the naira while buying some time for the fiscal side," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Premium Times.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Africa: Gwede's Slippery Story Explains Lack of Mining Investment<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Department of Mineral Resources and Energy has admitted it has not yet even signed a service level agreement with the companies chosen to provide a new mining cadastral system. In February Minister Gwede Mantashe boasted to a large international audience of investors at the Cape Town Mining Indaba that the consortium that will build the system had been chosen. He then gave himself 12 months which he said would be used to ensure the system would be properly implemented. He talked generalities but gave the clear impression that a deal had been done.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>His announcement back then came after months during which he gave the public to understand that the mining applications data was being corrected prior to being loaded onto a new system.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Now we are told that three and a half months have gone by, and the most basic agreement has not yet been signed. The fact that there are not even agreed terms of reference will strengthen the belief that this government's word is not to be trusted. Perhaps it is deliberately dragging its feet because it does not want to reveal how many connected cadres own mineral rights. It seems highly unlikely that we will have a functioning and credible cadastral system by February next year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The consequences of this for South Africa's mining industry have been underlined by the latest report on mining 'investability' drawn up by the internationally respected Fraser Institute. It shows South Africa is still in the bottom 30% for attractiveness for mining investment.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Minerals Council has estimated that clearing a backlog of more than 3,000 mining rights could unlock about R30bn in investments. That would provide thousands of South Africans with a livelihood.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mantashe has no urgency to get that done or to ease the lives of South Africans. At best this is due to his sloth and indolence but it's also likely it down to his desire to protect his comrades.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Voters need to remember that when they go to the polls.- DA.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Malawi: Paramount Holdings Awarded As Malawi's Most Reliable Construction Company<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The country's leading National Product Magazine (NPM) has awarded Paramount Holding Limited (PHL) as most reliable construction company in Malawi due to its work efficiency.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company was awarded on Saturday, May 18, 2024 in the capital Lilongwe during the launch of NPM's 105 edition.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Paramount Holding is one of contractors Malawi government through Ministry of Education awarded for the construction of the prestigious Inkosi ya Makosi M'mbelwa University's (IMMU) formerly known Mombera University which was abandoned for years after former President Peter Mutharika presided over the project's ground-breaking ceremony in 2015.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>PHL recognition comes barely two weeks after Business In-Deals Magazine (BIM) on Friday, May 3 this year named Paramount Holding as the best Malawi's Yamaha products Importer and seller.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Receiving the award, PHL Executive Director Prakashi Virjl Ghedia minced words by attributing the recognition to hard working staff members at the institution.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ghedia says, "The continuous and numerous recognitions just show how efficient our company is in quality service delivery to both public and private sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I dedicate the award to my working team which does not sleep to get work done in time. We therefore are assuring the general public of total commitment towards quality service delivery".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In her remarks, Minister of Labour Agnes Nyalonje alongside Trade Minister Sosten Gwengwe who graced the event lauded the PHL for great role is playing in construction industry by offering jobs to many Malawians.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The ministry is impressed with PHL workforce offered to Malawians by creating and providing jobs to our citizens. This fosters economic stability," lauds Nyalonje.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Echoed the same, Trade Minister Gwengwe assured local and international companies for conducive environment towards business boom for maximum revenue collection.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Gwengwe however emphasized the need for company to invest more in value-added production for export that generates much needed forex.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In his remark, NPM Director Arthur Chinyamula said the event gives an opportunity to companies, individuals showcasing products through continental media platform.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Chinyamula disclosed that the magazine has gone SADC level whereby regional companies are embracing the publication.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The Product Magazine is now a regional publication that companies from Zambia, Mozambique, Zimbabwe, Kenya are showcasing their products in the paper. This just shows how reliable we are becoming," lauds Chinyamula.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In the 105th edition of Product Magazine features President Lazarus Chakwera, Malawi successful entrepreneur and businessman Thomson Mpinganjira, Mozambique President Nyusi and other notable business gurus in the region.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Nyasa Times.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Namibia Loses More Than N$5b Through Natural Resources<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Namibia lost over N$5 billion in recent years to illicit financial flows due to the exploitation of its natural resources, Namibia Revenue Agency (Namra) commissioner Sam Shivute says.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He addressed the 39th Regional Steering Group and 30th Governing Council Meetings of the World Customs Organisation East and Southern Africa (WCO ESA) at Swakopmund yesterday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Shivute said these illegal financial activities were depriving the country of vital funds needed for national development.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We are now aware that illicit financial flows (IFFs) are really happening in Namibia. There are people making money here and finding means to take the money outside Namibia," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Shivute said loopholes are being closed as Namra collaborates with other experts and international bodies such as the United NationsDevelopment Programme and Tax Inspectors Without Borders.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I can safely say it's more than N$5 billion worth of IFFs, but the final figures are yet to be confirmed, and the Cabinet will be properly briefed as well.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We have evidence, and we've seen it in our work. Those who have been doing it must just know it has to stop," he warned.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Shivute said Namibia welcomes investors who reinvest in Namibia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We are ready to fight and to help protect the financial integrity and the financial architecture of our beautiful country," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Shivute said Africa is losing on average over US$50 billion (about N$910 billion) a year to IFFs.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the African Continental Free Trade Area agreement has the potential to drastically increase intra-African trade and lift millions out of poverty.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We now have the opportunity to be open to a market of 1,3 billion people," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>To realise the benefits of this agreement, Shivute called for enhanced trade facilitation and regional integration.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"For this initiative to be successful, customs administration is a very strong pillar."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Shivute pointed out practical barriers such as customs regulations that hinder trade within Africa.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Most of the tariffs and customs duties that have to be waived have already been agreed upon, but we need to work with all stakeholders to ensure that everyone is aware of what is expected of them."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Erongo governor Neville Andre at the event said: "As we discuss issues of strengthening cooperation at our borders and improving systems, let us think of creating opportunities for young people and supporting women through trade between our neighboring countries.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Only then can we proudly say we are moving towards the Africa we want."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Larry Liza, the director of the WCO ESA's regional office for capacity building, raised a critical issue often overlooked in the customs agenda - the well-being and mental health of customs officials.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Namibian.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigeria: Navy Hails Personnel for Tackling Oil Theft, Increasing Production<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nigerian Navy has recorded remarkable feats in the fight against oil theft since "Operation Delta Sanity" was re-launched in January 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The service said the arrest of several suspects and vessels had led to an increase in Nigeria's oil production and export.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The chief of policy and plans, Rear Admiral Joseph Akpan, at a press briefing heralding the Navy's 68th Anniversary in Abuja on Monday citing Organisation of Petroleum Exporting (OPEC) records said Nigeria's crude oil export rose to 1.28 million barrels per day (bpd) in April from 1.23 million bpd in March.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He attributed the feats to personnel doggedness and government's commitment to fleet renewal and other platforms.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to the Navy, some of the arrested vessels included MT KALI, MT SWEET HARBOUR SPIRIT, MT SAISNIL, MV TOKITO, MT VINILLARIS and MT SWEET MIRI, among others.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said, "Under the current NN leadership, the NN has attained the highest state of operational readiness in the discharge of its constitutional roles. In particular, the fight against Crude Oil Theft has been a huge success under the auspices of OPERATION DELTA SANITY which was re-launched in January 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"In the nine months of its existence, the operation has led to the arrest of various suspects and vessels involved in COT. Some of these vessels include MT KALI, MT SWEET HARBOUR SPIRIT, MT SAISNIL, MV TOKITO, MT VINILLARIS and MT SWEET MIRI, among others. This has impacted positively on Nigeria's crude oil production.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Akpan also said the Navy has established an operational base in Enugu to curb insecurity ravaging many parts of the South-East.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the Navy had taken delivery of new platforms including two helicopters and was expecting the delivery of another before the end of the year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Akpan said, " In terms of fleet renewal, the NN has taken delivery of various platforms which have supported its Anti-piracy, Ant-COT, Anti-IUU and Anti-illegal drug trafficking among others. Notably, the NN has taken delivery of its second offshore survey vessel, 2 x 32m FPBs, and 2 x Helicopters. The NN is On the activities lined up for the service's 68th anniversary, Akpan said a special Juma'at prayers will be held on Friday and an interdenominational church service on Sunday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He added that Medical Rhapsodies and Naval Officers' Wives Association activities will be held simultaneously on May 27, 2024 in some NN host communities across commands.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>- Leadership.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:106%;background:white'><span lang=X-NONE style='mso-fareast-language:EN-ZW'> </span><i><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Courier New";color:black;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: +263 71 944 1674 | +27 79 993 5557 </span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Email: </span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com/blog"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter (X): @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span><span lang=EN-US><a href="http://www.facebook.com/BullsBearsZimbabwe"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:33.35pt;line-height:106%'><span lang=EN-US><img border=0 width=278 height=115 id="_x0000_i1026" src="cid:image004.png@01DAABFF.434645E0"><!--[if gte mso 9]><xml>
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</xml><![endif]--></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2024</span></strong><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Company</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Event</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Venue</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='color:#1F497D'>Old Mutual Zimbabwe</span><span lang=EN-US><o:p></o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;color:#1F497D'>AGM</span><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;color:#1F497D'>22 May 2024 | 3pm</span><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US>Nampak<o:p></o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'>EGM (to approve the change of auditors to Axcentium)<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US>Virtual<o:p></o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'>23 May 2024 | 9am<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'>Africa Day<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'>25 May 2024<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>CBZH<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>GetBucks<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>EcoCash<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Padenga<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>RTG<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Fidelity<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>TSL<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>FMHL<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:99.35pt'><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoBodyText align=center style='margin:0cm;margin-bottom:.0001pt;text-align:center;line-height:105%'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_2" src="cid:image005.jpg@01DAABFF.434645E0"></span></a></span><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'>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 constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and d from third parties.</span></i><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-GB style='mso-fareast-language:EN-ZW'> (c) 2024 Web: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span lang=EN-GB style='mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-GB style='mso-fareast-language:EN-ZW'> Email: </span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com"><span lang=EN-GB style='mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></a></span><span lang=EN-GB style='mso-fareast-language:EN-ZW'> Tel: +27 79 993 5557 | +263 71 944 1674</span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=bottom style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p></div></body></html>