NEWS: 06.02.2022


June 2, 2022

Europe Looks to Africa for Energy Security

As Europe takes action to reduce imports of Russian gas, the continent's leaders have been looking to Africa as an alternative energy supplier. New deals have been signed with Algeria, Angola, Congo and Nigeria. Europe's interest is good news for African energy producers after the struggles resulting from the pandemic and years of low prices. However, one potential issue many gas-rich countries may face are capacity problems with the inability to readily satisfy European demand.

Zimbabwe seeks allies to allow international ivory trade

According to conservationists, elephants double the capacity of their parks in Zimbabwe. Zimbabwe is home to a quarter of Africa's elephants and one of the few growing populations of the large land mammal in the world. Zimbabweans are trying to find allies to legalize the international trade in ivory. Unlike other regions where poachers have wiped out the species mainly for ivory, Zimbabwe's population is growing by 5 percent a year. Organizations fighting the legalization of the trade warned legitimization sends a dangerous signal to poachers and criminal organizations that elephants are commodities and that the ivory trade could resume, thereby increasing the threat to the species.

Nigeria eligible for preferential trade market by United States of America

According to the United States of America Ambassador to Nigeria, Mary Beth Leonard, Nigeria will continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act (“AGOA”). Leonard noted that during the AGOA eligibility review, the US government acknowledged the progress Nigeria has made to diversify and strengthen the market-based economy, reduce poverty, reform the power sector, raise electricity tariffs and implement the Nigeria Economic Sustainability Plan.

Fashion sector in Nigeria accounts for over 1/3 of total e-commerce revenue

Dr.Yakusak shares available records that show the fashion sector, including textile and footwear sub-sectors, remains the second largest contributor to Nigeria’s Gross Domestic Products after food, beverages and tobacco- according to latest Statista 2020 figures. Dr. Yakusak hopes to create an innovative e-commerce platform that will connect the creative industry to the International market now that there is more emphasis on e-commerce around the world.

Digitalization: Helping African businesses rise

According to Mahmood Al-Bastaki, digitalization has a strong potential for robust, sustained, and inclusive economic growth. As Africa continues its transition to a digital economy, new technologies are positively disrupting sectors, resulting in the creation of new products, services, and jobs. Digitalization is an enabler of e-commerce and provides many benefits to small and medium-sized enterprises that can help them integrate more easily into global markets.

Egypt set for high-speed rail system with backing from Germany’s Siemens

A new high-speed rail line is coming to Egypt, with developer Siemens Mobility. It will connect 60 cities across the country and travel from the Red Sea to the Mediterranean. According to Siemens Mobility, the electrification of the network will reduce carbon emissions by 70 percent when compared to making trips by bus or car. The International Energy Agency described rail as being “one of the most energy-efficient transport modes.” It does, however, rely heavily on oil.

EVENTS- 06.02.2022

"Comparative perspectives between Civil and Common Law." International Arbitration in Mauritius. Port Louis Waterfront, Mauritius. 7-8 June, 2022.

"Africa CEO Forum Annual Summit." Jeune Afrique Media Group. Abidjan, Côte d'Ivoire. 13-14 June, 2022.

"Negotiating and Drafting Bilateral Investment Treaties by African Countries." African Arbitration Association. Virtual. 23 June, 2022.

"Redefinition of Agriculture: Economy" Invest Africa. Virtual. 29 June, 2022.