BUSINESS - The African Mirror

Jun

23

2021

Nigeria president asks lawmakers for funds for COVID-19 vaccines, military

BUSINESS

Nigeria's president has asked parliament to approve 895.8 billion naira ($2.18 billion) as an extra-budgetary provision to fund the purchase of COVID-19 vaccines and military equipment, according to a letter seen by Reuters. The government in February said it will draw up a supplementary budget to cover the cost of COVID-19 vaccinations, for which no provision was made in the 2021 finance bill adopted in December. Nigeria had planned to spend 13.6 trillion naira ($33.10 billion) in 2021, a 21% rise from the previous year. "The availability of COVID-19 vaccines and the procurement terms were still uncertain at the time…

Jun

21

2021

By The African Mirror

Africa’s infrastructure sector heats up, pipeline “worth $2.5 trillion”, say reports.

BUSINESS

bird NEWSROOM AFRIC'S infrastructure sector has enjoyed the fastest year-on-year growth rate in a decade, according to a study released in April that focused on investment value and the distribution of projects across 54 African countries. The Africa Infrastructure Development Index (AIDI) by the African Development Bank (AfDB) shows that Seychelles led the continent in terms of value for money with an impressive 96.73 points out of the possible 100 points in 2020, compared with the 73.82 points it scored 10 years earlier. Egypt and Libya scored 88.39 and 82.97 points respectively during the period under review, compared with 56.57…

May

08

2021

By The African Mirror

Mali 2021/2022 grains output forecast to rise 9.4%

BUSINESS

MALI expects to produce around 11.3 million tonnes of grains in the 2021/2022 farming season, a 9.4% increase compared with the previous season, a forecast from the West African country's agriculture ministry showed on Friday. The ministry said it expected abundant rainfall, a 5% increase in cultivated areas, an expanded use of farm machineries and fertilisers, and spending of around 312 billion francs CFA ($578 million), to help boost production. Maize and rice, the main crops, will account for around 66.4% of the output, which could enable the country meet its needs. 2020/2021 2019/2020 Millet 2,079,82 1,921,171 Sorghum 1,651,125…

Jun

18

2021

By The African Mirror

IMF says Zimbabwe economy to grow 6%, deep reforms needed

BUSINESS

THE International Monetary Fund forecast that Zimbabwe's economy would grow 6% this year, almost double its initial projection, but said debt restructuring and other reforms were needed to create the conditions for a lasting recovery. The Fund said higher agriculture output and improved power generation and manufacturing activity meant its previous estimate of 3.1% had been superseded. "An economic recovery is underway in 2021," it said in a statement late on Wednesday after a two-week virtual meeting with local authorities. The IMF's new projection is also higher than the 3.4% growth forecast by the World Bank last week, while President…

May

06

2021

By The African Mirror

Chocolate makers trace more cocoa beans to ensure ethical sourcing

BUSINESS

MAYTAAL ANGEL CHOCOLATE and cocoa companies are tracing where more of their cocoa beans come from, as pressure mounts on them to buy beans from growers who are not linked to deforestation or human rights abuses, data from the World Cocoa Foundation (WCF) shows. The industry group said companies can now trace or locate the origin of 74% of the beans in their direct supply chain in top cocoa producer Ivory Coast, and 82% of their directly sourced beans in No. 2 producer Ghana. Directly sourced cocoa accounts for about half the beans that cocoa and chocolate companies source, while…

May

05

2021

By The African Mirror

Pfizer bets on COVID-19 vaccine demand for years, sees sales of $26-billion in 2021

BUSINESS

MANAS MISHRA and MICHAEL ERMAN PFIZER Inc yesterday raised its forecast for 2021 COVID-19 vaccine sales by more than 70% to $26 billion and said demand from governments around the world trying to halt the pandemic could contribute to its growth for years to come. The company said it expects by the end of this month to file for full approval of the vaccine for people over the age of 16 in the United States, where it is currently only authorized for emergency use. It also expects to hear soon from U.S. regulators on the expansion of the vaccine's emergency…

Jun

17

2021

By The African Mirror

South Africa launches steel industry master plan

BUSINESS

AFRICAN MIRROR REPORTER SOUTH Africa’s steel industry, the multi-billion sector which is one of the pillars of one of Africa’s biggest economies, has produced a historic masterplan, designed to help it grow and create jobs. Ebrahim Patel, SA’s Minister of Trade, Industry and Competition, Ebrahim Patel and industry stakeholders from the steel and metal fabrication sector have signed a Master Plan for the sector. The Master Plan, which has been developed in consultation with all stakeholders from the industry – including primary steel producers, downstream steel players, met fabricators and organised labour – provides a blueprint for the industry to…

May

04

2021

By The African Mirror

How COVID-19 hit people globally in the pocket

BUSINESS

NITA BHALLA ONE in two people worldwide saw their earnings drop due to the coronavirus, with people in low-income countries particularly hard hit by job losses or cuts to their working hours, research showed on Monday. U.S.-based polling company Gallup, which surveyed 300,000 people across 117 countries, found that half of those with jobs earned less because of COVID-19 pandemic disruptions. This translated to 1.6 billion adults globally, it said. "Worldwide, these percentages ranged from a high of 76% in Thailand to a low of 10% in Switzerland," said researchers in a statement. In Bolivia, Myanmar, Kenya, Uganda, Indonesia, Honduras…

Jun

16

2021

By The African Mirror

Nigerian growth lags Africa, poverty rising, says World Bank

BUSINESS

NIGERIAN economic growth has resumed after the COVID shock but is lagging the rest of sub-Saharan Africa, with food inflation, heightened insecurity and stalled reforms slowing growth and increasing poverty, the World Bank has said. Presenting its six-monthly update on development in Africa's most populous country, the organisation gave a GDP growth forecast for Nigeria of 1.9% in 2021 and 2.1% in 2022, compared with 3.4% this year and 4.0% next year for sub-Saharan Africa. Lead economist for Nigeria Marco Hernandez said inflation, especially in food prices, was exacerbating poverty and food insecurity. Food accounted for almost 70% of Nigeria's…

Jun

15

2021

By The African Mirror

EXCLUSIVE-Galp says it won’t invest in Rovuma until Mozambique ensures security

BUSINESS

SERGIO GONCALVES PORTUGAL’S Galp Energia, a partner in an Exxon Mobil-led gas consortium in Mozambique, will not invest in onshore plants there until authorities guarantee security and social stability, which may take time, CEO Andy Brown told Reuters. This marks a second setback to Mozambique's hopes to develop a major LNG gas hub in the coming years after TotalEnergies suspended its own, separate LNG project in the country. Attacks by militants in northern Mozambique's Cabo Delgado region, near the $30 billion Rovuma liquefied natural gas project, have forced hundreds of thousands of people to flee the area. The Mozambican government…