Corporate Council on Africa News Updates

(Posted 02nd June 2022)

U.S.-AFRICA RELATIONS
US Set to Pursue Other Means of Trade with Kenya Despite the Delayed Free Trade Deal 
The Kenyan Wall Street
The US government is looking beyond a delayed trade deal with Kenya to expand commercial ties between the two countries amid Nairobi’s mounting frustration with Washington’s slow pace to conclude the deal… Read more>>

Somali president, top US diplomat speak over the phone
Anadolu Agency
President Hassan Sheikh Mohamud held a telephone conversation Wednesday with US Secretary of State Anthony Blinken and thanked Washington for its “continued” support, according to a statement by the Somali president’s office… Read more>>

AGRIBUSINESS
Nigeria to get 105,000 Tons of Fertilizer Raw Material from Russia, Canada
Nigeria Channels TV
This is according to the Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Mister Uche Orji, who disclosed this at the ministerial press briefing at the State House on Thursday.

He stated that the Russia-Nigeria potassium link has been re-established in spite of the ongoing Russia-Ukraine war. The expected Russian and Canadian potassium used for blending fertiliser is also part of efforts to ramp up production of the commodity in time for use by farmers in the current farming season… Read more>>


Africa risks stagflation due to pandemic, Ukraine War – AfDB
Reuters
Africa risks sliding into stagflation – a cycle of slow growth and high inflation – as it battles the lingering effects of the pandemic and rising fuel and food prices caused by the Ukraine conflict, the African Development Bank (AfDB) said on Wednesday… Read more>>

World Bank pledges $30 billion for fragile countries, especially ones in Africa
The Africa Report
The World Bank plans to cushion the effects of rising food prices by funding initiatives in the agriculture, nutrition, social protection, water and irrigation sectors…. Read more>>

SA’s trade with Africa surpasses exports to EU block
SA News
Deputy Minister of International Relations and Cooperation, Alvin Botes, has told a sitting of the National Assembly that South Africa’s exports to Africa have surpassed those to the European Union in 2021… Read more>>


ENERGY
South Africa Needs $250 Billion to Transition Away from Coal
Bloomberg
South Africa, the world’s 13th-biggest source of greenhouse gases, will need to spend $250 billion over the next three decades closing down its coal-fired power plants and replacing them with green energy, according to a study… Read more>>

Nigeria’s First Presidential Power Initiative to boost capacity to 25,000MW by 2025The Africa Report
With the global shift to clean and renewable energy, oil-producing Nigeria is in the eye of the storm as oil giants begin to exit its shores… Read more>>


HEALTH
Senegal President sacks health minister after hospital fire killed eleven babies
CNN
Senegalese President Macky Sall has fired his health minister as the country mourns eleven babies killed by a fire at the neonatal ward of a hospital in the western city of Tivaouane…. Read more>>

Africa CDC warns on vaccine hoarding amid monkeypox outbreak
Reuters
The acting director of Africa’s top public health agency said on Thursday that he hoped vaccine hoarding, as seen by wealthier nations during the COVID-19 pandemic, would not be repeated with the current monkeypox outbreak… Read more>>


INFRASTRUCTURE
Ethiopia Tweaks Rules to allow Foreign Banks and Fintechs
The Kenyan Wall Street
The National Bank of Ethiopia has began tweaking the country’s banking regulations in a move aimed at allowing foreign banks and Fintechs to start operations in the country…. Read more>>

Currency Slump, 132% Inflation No Cause for ‘Panic’ in Zimbabwe
Bloomberg
Zimbabwe is taking steps to tackle an inflation rate that’s jumped to 132% after its currency slumped, Finance Minister Mthuli Ncube said… Read more>>


ICT
Covid accelerates drive to digitize African business
Financial Times
The growing importance of technology in Africa is evident from the first FT-Statista ranking of the continent’s fastest growing companies: the sector is second only to financial services for the number of businesses listed… Read more>>


TOURISM
Things are looking up again in Africa’s tourism sector
DW Akademie
Africa’s tourism industry all but disappeared during the pandemic, but since the start of 2022, travelers are returning to the continent… Read more>>

Tourism Minister Engages United States Africa Development Foundation for Youth and Women’s Enhancement
Concord Times
As a conduit for job creation and development, the Minister of Tourism and Culture Dr. Memunatu Pratt has engaged United States Africa Development Foundation President and CEO Travis Adkins in Washington DC, requesting to work together to change the face of poverty in Africa…Read more>>

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