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- Following unresolved differences between
lawmakers on the equity share for the host oil communities, the Senate has
finally passed the harmonised Petroleum Industry Bill (PIB). The harmonised
bill is rumoured to have adopted the Senate's recommendation of 3.0% equity
stake for host communities.
- The Federal Executive Council (FEC) has
approved the award of a contract to Dangote Industries for the construction of
five roads totalling 274.9km at the cost of N309.0bn to be advanced to the
company's tax credit.
- The Central Bank of Nigeria (CBN) has
announced that the N15.0tn Infrastructure Corporation of Nigeria will commence
operation in third quarter of this year. Infraco is targeted at bridging the
huge infrastructure gap in the country.
- The Major Oil Marketers Association of
Nigeria (MOMAN) and the Petroleum Marketers Association of Nigeria (DAPPMAN)
have kicked against the restriction of petroleum import license to a limited
number of refiners as spelt out by the proposed Petroleum Industry Bill (PIB).
According to the unions, the decision of the proposed bill was against the
principle of fair play for a major resource that the country largely depended
on, noting that it was dangerous.
- The African Agricultural Technology
Foundation (AATF), in collaboration with relevant research institutions in
Nigeria, has developed a new rice variety which could increase yield by 20.0%
and significantly boost the food security agenda of the federal government. The
Nitrogen Efficient Water Efficient Salt Tolerant (NEWEST) rice type, achieved
through genetic engineering, will be a game changer in the production of the
grain, helping to significantly reduce importation.
- The Senate has turned down a fresh
request from the Federal Ministry of Works and Housing seeking approval for
projects captured in the $434.7m borrowing plan of the Federal Government.
- Ghana and World Bank have signed the second
additional financing agreement worth $200.0m for the country's Covid-19
financing, bringing the total to $430.0m. This agreement is geared towards
Ghana's COVID-19 Emergency Preparedness and Response Project, which is aimed at
preventing, detecting, and responding to threat posed by Covid-19, as well as
strengthen national systems for public health preparedness across the country.
- Ghana's inflation rate inched up to 7.8%
y/y in Jun-2021 compared to 7.5% recorded in May-2021, driven by price pressure
from food items and transport. Food contributed 41.8% to the overall inflation
while transport's contribution increased from 16.5% in May-2021 to 18.1% in
- The Bank of Ghana (BoG) has disclosed
that the country is set to commence the piloting of its electronic currency by
Sept-2021. According to the Deputy Governor of the bank, the introduction of
the Central Bank's Digital Currency (CBDC) is imperative as the pandemic has
quickened the drive to a cash-less economy and is likely to shape post-covid
- Following a recent bilateral agreement on
climate protection signed by Ghana and Swiss State Secretariat for Economic
Affairs (SECO), the country's Cocoa Board (COCOBOD) is set to benefit from
irrigation facilities that will help increase yield. The investment drive will
ensure year-round production and harvest of the cash crop.
- The House of Representative passed the Special Budget for Fiscal Year 2021 to the tune of $342.2m. The introduction of the special national budget covering the periods July-December 2021, is part of the Government of Liberia's plan to transition into a January-December fiscal year. It was noted that Road, Health and Education topped the priority list.
- Liberia is set to benefit $350.0m from the $650.0bn fund set aside by the International Monetary Fund (IMF) to help poor countries. The amount is expected to boost the country's reserve and support economic growth through infrastructure investment in post-covid era and support fight against Covid-19 through vaccinations.
- The Central Bank of Liberia (CBL) is working on a two-year plan to build a mobile wallet across network. The goal is to be less reliant on cash and rely more on the digital space for transactions.
Francophone West Africa
- According to French Ambassador, Jean-Cristophe Belliard, France is set to provide 268,000 doses of the AstraZeneca vaccine to Ivory Coast. The vaccines are expected today, Friday 16-Jul.
- Former Ivory Coast presidents, Laurent Gbagbo and Henri Konan Bedie have united against current president Allasane Outtara, in a bid to "work for a return to a definitive and durable peace in Ivory Coast".
- Senegal is experiencing an unprecedented
surge in Covid-19 cases as new cases of the virus surged to an all-time high of
733 cases on Wednesday. According to authorities, c. 25.0% of tests carried out
came out positive. This signals that the 3rd wave of the pandemic is garnering
pace in the country.
- Senegal will begin local manufacturing of
Covid-19 vaccines for deployment in the country as well as throughout Africa.
The production project's steering committee has committed to making the first
vaccination delivery in Q1-2022. With this program, 300 million vaccine doses
are projected to be produced.
- InTouch, a Senegalese fintech upstart,
has raised undisclosed capital from CFAO. Mobility54, TotalEnergies and
Worldline also participated in the round.
- The Export Import Bank of India announced
the provision of a $35.3m loan to Senegal for a power transmission project in
the Southern region of Senegal, through the Ministry of Economy, Planning and
Cooperation of the Republic of Senegal.
- Local investors in Kenya have bought
additional Sh11.0 billion KCB stake since Covid-19 struck last March,
tightening their grip on Kenya's largest lender in the wake of foreign investor
exits. Latest regulatory filings show that local individual and institutional
investors such as pension funds have added 245.7m shares or 7.7% stake.
- The UAE-based business intelligence and
investment firm, Investera, has launched operations in Kenya that will see it
guide foreign investors seeking to invest locally and link local firms to
foreign opportunities. The entry is through a partnership deal with their local
counterparts, Investera Plus Africa. The firm will provide market research, due
diligence, investment advisory and financial intelligence services to
investors, businesses, and entrepreneurs.
- Businesses in Kenya are poised to benefit
from new Microsoft solution, starting from this month. With focus on small and
medium-sized businesses, which seeks cost-effective, streamlined systems that
will make their transition seamless, Microsoft said its cloud-based business
management solution, Dynamics 365 Business Central, would enable them cope with
gaps created by the pandemic.
- The International Monetary Fund (IMF)
will pause funding to Kenya under the three-year $2.4bn programme agreed in
Feb-2021 should the country's three-month average inflation breach Central Bank
of Kenya (CBK) targets.
- The economy of Uganda suffers as second
lockdown looms due to increase in number of Covid-19 cases. This second
lockdown is poised to throw the economy, especially small-scale businesses
further into uncertainty. Key sectors in the country like tourism are
continuing to be battered even when the government still allows international
tourists to come in but retains a ban on domestic tourism.
- The Electricity Regulatory Authority
(ERA) has reduced power tariffs for July until September across different
consumer categories. In a statement issued, ERA attributed the reduction to the
consumer price index, the appreciation of Uganda Shilling against the dollar by
3.3%, the fall in fuel prices and the energy generation mix. According to the
new tariffs, domestic consumers will pay Shs250.0 for the first 15 units under
the lifeline tariff and thereafter, pay Shs747.5 for the next units purchased.
- The National Institute of Transport (NIT)
has agreed with Airbus Company to be its first training centre in Africa. This
was unveiled after receiving aircraft engineering equipments as support from
- The Minister for Information, Technology
and Communication, Dr. Faustine Ndugulile, has said 94% of Tanzanians have been
reached by telecommunication service through the Universal Communication Fund
- The Minister of Finance, Mwigulu Nchemba,
has advised the chairman of the Islamic Foundation, Aref Nahdi, to liaise with
his office to come up with regulations to support Islamic banking in the
- Investors from Slovakia, owners of
ROKOSAN Company, are set to construct a â‚¬20.0m factory in the industrial park
of Bugesera District, that will produce 'organic fertilizers' from poultry feathers,
cattle hooves and horns. A delegation team from Slovakia visited the country to
install the foundation stone at the site for construction along with
presentation of cooperation opportunities between Slovak and Rwandan
- Rwanda and the Abu Dhabi Fund for
Development (ADFD) signed a concessional loan agreement worth $15.0m to
rehabilitate roads that connect the Southern and Western provinces. The funds
will be used to rehabilitate 22.0km of road on Rambura - Nyange road section of
the ongoing Rubengera-Muhanga road upgrading project works.
- SAPREF, South Africa's largest crude oil
refinery, declared a suspension of its operations due to the civil unrest in
the country and disruption of supply routes in and out of Kwazulu-Natal. The
unrest had forced suppliers of materials critical to the operations of the
country's major refinery to suspend deliveries due to safety concerns for their
staff and damages to their vehicles on the roads.
- The Shoprite Group is working to restock
and rebuild affected stores in KwaZulu-Natal and Gauteng where unrest erupted
earlier this week. The company said that it would re-open stores for business
in these areas as soon as it is safe for both customers and employees.
- South Africa has signed an agreement with
United Nations Development Programme (UNDP) to upskill youth and women in
skills relevant to the automotive industry.
- South Africa's retail sales performed
well (rose by 2.1% m/m) in May: however, containment measures, as well as
rioting and looting in some provinces, pose significant downside risk.
- South Africa's mining sector production
declined by 3.5% m/m in May, which followed a revised monthly increase of only
0.2% in April.
- Portugal donates 50,000 vaccine doses to
the Government of Angola as part of its commitment to provide at least 5.0% of
its vaccine batches to Portuguese-language African countries (PALOPs).
- The Economic Commission of the Council of
Ministers approved a plan to improve the business environment in Angola. This
plan consists of a list of key activities, to be carried out until Apr-2022,
which aims to improve the country's position in the Doing Business ranking,
published by the World Bank.
- Angola's central bank expects to keep the
benchmark interest rate unchanged for the rest of the year after raising it to
a record high (from 15.5% to 20.0%) earlier this month to curb inflation.
- Namibia Wildlife Resorts (NWR) has opted
to reduce its employees' basic salaries and working hours from August to keep
the company afloat over the short term. This comes because of the negative
effects the Covid-19 pandemic has had on the tourism industry and the local
- Omusati regional governor, Erginus
Endjala, has called on young people in the region to treat agriculture as a
lucrative business. He highlighted that northern Namibia has the potential to
be a food basket to many communities. The governor said this to encourage his
region's detachment from communal farming and migration to a level of
- Despite negative pressure in revenue
collection caused by COVID-19, Zambia Revenue Authority (ZRA) has exceeded its
target by over K10.0bn after collecting over K45.0bn in the last six months
from the projected K30.0bn.
- The Industrial Development Corporation
(IDC) has injected K684.0m into Nitrogen Chemicals of Zambia (NCZ), out of
which K638.4mn is working capital support to produce fertilizer and K45.6mn for
the procurement of a fertilizer blending plant. the injection will assist NCZ
move to a self-sufficient status and effectively compete with the private
sector in the supply of fertilizer and diversify its revenue.
National Traders and Marketers Association of Zambia (NATMAZ) is happy with the
presidency pronouncement that markets will not be closed during the Covid-19
- The Reserve Bank of Zimbabwe (RBZ) raised
$1.2bn in the latest Treasury Bills (TBs) issuance, which was held 9th-July.
The monetary authorities were seeking $870.0mn, but bids totaled $1.2bn. This
oversubscription shows the marketâ€™s growing confidence in the government paper,
as declining inflation has worked to improve yields. Funds being raised through
the TB issuances are aimed at financing Government projects in line with the
2021 National Budget that 3.0% of the funds will be sourced from the
- Econet Global subsidiary, Distributed
Power Africa, has clinched a deal to install solar panels at 15 Total Zimbabwe
service stations across the country. This is part of Total's initiative to
install solar-powered service stations across 57 African countries to create a
portfolio of low-carbon businesses that will account for at least 20.0% of the
energy conglomerate's trading by 2040.
- According to data from the Ministry of
Finance (MINIFI), the number of taxpayers in Cameroon's taxpayer directory grew
from 89,741 to 140,000 between 2015 and Apr-2021, representing an increase of
- The Bank of Central African States (BEAC)
in its Jun-2021 economic report stated that it expects the CEMAC region to
consolidate on expected 1.3% y/y economic expansion for 2021. According to the
report, the CEMAC region will expand 2.7% in 2022, 2.2% in 2023, and 2.9% in
- According to the Minister of Economy,
Alamine Ousmane Mey, Cameroon has signed a loan agreement worth XAF6.4bn with
the Kuwait Fund for Arab Economic Development (FKDEA), to partially fund the
construction and equipment of the annex building of the Mbalmayo regional
- The Minister for Mines, Gabriel Dodo
Ndoke has announced that mineral water producer, SANO can now resume operations
and sell its products in the Cameroonian market, after close to six months of
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