10 August 2022
Eastern Africa
Banking Sector Registers Better Performance in Various Variables: National Bank Governor
Ethiopia needs to enhance use of biopesticides, agriculture experts said. Agricultural researchers at a workshop organized by WorldVeg on the challenges and opportunities of biological pest and disease control in Ethiopia said biopesticides are effective and environmentally sustainable alternatives to synthetic pesticides. Read More

OVID Group Working to Alleviate Housing Shortage in Ethiopia: CEO
OVID Group announced that it is working in partnership with housing development sector stakeholders in Ethiopia with a view to alleviating housing shortage in the country. Read More

Nigeria Takes Lessons from Ethiopia in Avocado Production, Senior Nigerian Gov’t Advisor Says
The visit of Nigeria delegation to Ethiopia has served to take lessons from the country in Avocado production and empowering of local farmers, Nigerian Senior Government Advisor said. Read More

Banking Sector Continues to Grow Despite Various Challenges: Governor
The banking sector continued to register growth despite various challenges such as COVID-19, conflict, and the Ukraine-Russia crisis, Governor of the National Bank of Ethiopia, Yinager Desie said. Read More

Civil Servants Take KES 6.2 Billion Home Loans in State Scheme
The State issued civil servants KES 6.2 billion (approx. USD 52 million) in loans to build or purchase houses by June last year as the government mortgage scheme picked up. Read More

CBK Warns Supplier Loan Defaults Spike after Polls
The Central Bank of Kenya (CBK) has warned that regime changes at both national and county levels could delay payments of pending bills for supplies or works delivered, leading to an increase in bad loans for lenders with outstanding loans. Read More

Pension Fund NSSF Buys Additional KES 140 Million Shares in KCB Group
The State-controlled National Social Security Fund (NSSF) raised its stake in listed lender KCB by 3.33 million shares in the second quarter of this year, taking its total outlay on the bank’s stock to KES 11.5 billion (approx. USD 96 million). Read More

Kenya’s New Vehicle Exports Rise 55 Percent in Half-Year
New vehicle dealers exported 137 units to the regional market in the half year ended June, marking a 55.6 percent jump from the 88 units they delivered to neighbouring countries the year before. Read More

Optimism as Stalled USD 12 Million Agric Project is ‘Put Back on Track’
The construction of a previously stalled USD 12.2 million centre of excellence for agriculture mechanisation project is being revived, according to the Rwanda Agriculture and Animal Resources Development Board, and it could be completed by end this year. Read More

Varsity Students Bubbling with Inventive Science-Related Business Ideas
Three projects by students from the University of Rwanda were recently recognized as promising and innovative business ideas that need funding. Read More

Beekeepers Weigh in on How to Boost Honey Production
With honey production still low in the country compared to demand, beekeepers are suggesting different ways to help fix the deficit. Read More

Exim to Prioritize Kigoma as Regional Business Hub
Exim Tanzania Bank has planned to make good use of its presence in Kigoma to stimulate the growth of business in countries surrounding Lake Tanganyika. Read More

Mpanda Surpasses Revenue Collection Target
The Mpanda Municipal Council in Katavi Region has surpassed its revenue collection goal after achieving 104 percent of its projection for 2021/22. Read More

M&P Pushes for Industry Development Legacy
Maurel Prom Tanzania (M&P Tanzania) continues to demonstrate its commitment to supporting the growth of the country’s energy sector through its natural gas operation in the last two decades. Read More

OTAFIIRE: IDs Expire in 2024, Everyone to Apply for New One
The National Identification and Registration Authority (NIRA) will start a new round of the national identity card registration exercise for all Ugandans in June next year, as the current IDs expire in 2024. Read More
Northern Africa
Algeria’s Foreign Policy: Facing a Crossroads

The ongoing war in Ukraine, with its recrystallization of allegiances, can provide Algeria the opportunity to return from a shift towards Russia and China back to a more balanced relationship with great powers. Read More

Trans Saharan Gas Pipeline: A Turning Point For Nigeria’s Gas Export
The recent Memorandum of Understanding, MoU, signed by Nigeria, Algeria and Niger Republic, to facilitate a 4,000-kilometer Trans-Saharan Gas Pipeline has rekindled hope for export of Nigeria’s huge gas potentials. Read More

Saudi Investment Fund Agrees to Buy 25 Percent of MOPCO

The Saudi Egyptian Investment Company, a subsidiary of the Saudi Public Investment Fund, agreed to buy 25 percent of the shares of the Misr Fertilizer Production Company (MOPCO) at a premium price of 25 percent over the stock price on the stock exchange, according to the Eastern Economy website which quoted a government official, who requested anonymity. Read More

Egypt Studies Establishment of Factory for Railway Cars with Spanish “Talgo”
The Ministry of Transport and the National Egyptian Railway Industries Company signed a cooperation protocol with the Spanish company “Talgo” to study the establishment of a factory to manufacture railway passenger cars locally. Read More

El Nasr, Engineering Companies Merged into Single Entity for Electric Vehicle Production
The extraordinary general assembly of El Nasr Automotive Manufacturing Company, affiliated to the Metallurgical Industries Holding Company, has approved a decision to merge the Engineering Automotive Manufacturing Company with El Nasr company with a view to producing electric vehicles. Read More

Egypt's Strategic Reserve of Commodities "Safe", Wheat Sufficient for 7.3 Months: Ministry
The Egyptian Stock Exchange announced the implementation of the compulsory purchase offer submitted by the UAE company Chimera Investment, to acquire a majority stake in the shares of Beltone Financial Holding Company. Read More

Global Oil Prices Fall to Pre-Ukraine War Levels
Oil prices are showing signs of easing as they have dipped to a five-month low marking a return to pre-Ukraine war levels. Read More

Sound Energy Seeking Co-Investor for Tendrara Gas Operation in Morocco
The British energy company Sound Energy is looking to partner with another investor to carry out phase II of the Tendrara and Anoual gas exploration permit in North Eastern Morocco. Read More

Spanish Outlet: Morocco, Germany Are Valuable Trading Partners
Morocco has become a valuable trade partner for Germany, according to Spanish news outlet Atalayar. Read More

Added Value of Morocco’s Agriculture Sector to Drop by 14 Percent in 2022
Morocco’s Ministry of Agriculture and Fisheries is expecting the added value of the country’s agriculture sector to drop by 14 percent by the end of this year. Read More
Southern Africa
House Approves MWK 20 Billion Loan for M5
Parliament approved a Bill for the government to borrow USD 20 million from the Opec Fund for the rehabilitation of the M5 stretch in Nkhotakota District. Read More

Minister Drums Up Support for Hospitality Industry
The Natural Resources College under the Lilongwe University of Natural Resources (Lunar) has called on the government to come up with a legal framework that will govern the issues of toxins in crops in the country. Read More

SADC National Planning Entities Decry Economic Woes
Chairperson for the Southern African Development Community (Sadc) National Planning Entities Thomas Chataghalala Munthali has complained of macro-economic and budgetary challenges that the Russia- Ukraine War has exerted on member countries but has called on nations to harness opportunities arising from the crisis. Read More

Media Houses, Operators Cry Foul over Macra Tariffs
Minister of Information and Digitisation Gospel Kazako has called on Malawi Communications Regulatory Authority (Macra) to address challenges facing the communications sector. Read More

South Africa
Digital Identities Present Opportunities for Brands
Consumers are increasingly immersing themselves in the digital world and a growing number of brands are listening and entering this space. The result is an abundance of business opportunities. Read More

Mdakhi Aims to Have Safe Space to Empower Women
The need to launch the Agenda Women Summit in 2017 arose from founder Nomndeni Mdakhi's journey of entrepreneurship of not having enough spaces for women to access information or mentorship to grow. Read More

South Africa Hosts Ms Heritage Global Competition Beyond Ramp
At least 55 beauty queens from all over the world will descend on South Africa for this year’s Miss Heritage Global competition next month.  Read More

South African Lender Nedbank posts 26 Percent Jump in Interim Profit
South African lender Nedbank Group NEDJ.J said its interim profit increased by more than a quarter, as the economy regained momentum despite challenges. Read More
Government Lauds Catholic Relief Services’ Electrical Vehicle
Minister of Green Economy and Environment Collins Nzovu has commended the Catholic Relief Services (CRS) for taking a lead in promoting the use of low carbon emissions electric vehicles. Read More

Afreximbank Plans USD 300 Million Fertiliser Plant
African Import- Export Bank (Afreximbank) will provide USD 300 million finance for the establishment of a fertiliser plant in Zambia that will have an installed capacity in excess of 1.5 million tonnes per year. Read More

SeedCo Develops Maize Variety for Drought Conditions
To avert the effect of climate change that not spared the agriculture sector, SeedCo Zambia has developed a drought resistant seed which will enable farmers in the country to increase their yields.  Read More
Western Africa
Ghanaians to Pay More for Cement as Product will sell at GHC68 Per Bag from Next Week
The manufacturers of cement in the country have attributed the increase in price to the rise in the cost of operations due to the massive depreciation of the cedi to the dollar. Read More

WhatsApp Banking is a Game Changer for Financial Institutions – Perry Addo-Quaye
Perry Addo-Quaye, Regional Director at Network International, a leading digital payment solutions provider, is confident WhatsApp banking is the game changer that will present traditional financial institutions the opportunity to improve on financial inclusion and provide services to the underbanked. Read More

WASP Digital Collaborates with Alibaba Cloud to Promote Technological Innovation in Ghana
WASP Digital has announced that it has partnered with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group to bring advanced cloud computing services to the local businesses and nurture the digital talents in Ghana.  Read More

We Expect BoG to Hike Policy Rate by Further 1.5 Percent – Standard Bank
Africa’s biggest bank, Standard Bank, expects the Bank of Ghana to increase its policy rate by between 1.0 percent and 1.5 percent. Read More
IMF Study Sees Changing Fertility Patterns Amid Concern over Nigeria’s Rising Population
Coming on the heels of a growing concern about Nigeria’s rising population, a new study by the International Monetary Fund (IMF) highlights “new fertility facts” that are challenging old theories on the relationship between childbearing, years of education and income level. Read More

FG, World Bank Stake USD 700 Million to Mitigate Environmental Degradation
The Federal Government, in collaboration with the World Bank, has embarked on a USD 700 million Agro-Climatic Resilience in Semi-Arid Landscapes project against environmental degradation in Nigeria. Read More

Improved Metering Pushes Discos’ Revenue up by 44.50 Percent
The total revenue collected by the electricity distribution companies in 2021 stood at NGN 761.17 billion (approx. USD 1.8 billion), an increase of 44.50 percent over the NGN 526.77 billion (approx. USD 1.3 billion) they collected in 2020. Read More

Diesel Hike: NRC Reduces Lagos-Ibadan Trips by 67 Percent
The hike in diesel price has forced the Nigeria Railway Corporation to reduce the number of trips on the Lagos-Ibadan Train Service by about 66.67 percent. Read More
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