October 27, 2022
Black South Africans change landscape of once white-only wine industry
According to AfricaNews and the South African Wine Industry Transformation Unit, more Black South Africans are starting to break barriers in the country's renowned wine industry. The increasing number of black entrepreneurs often face a lack of resources. Even for organizations like the S.A. Wine Industry Transformation Unit, it is difficult to divide resources between candidates. However, this new generation of Black winemakers are persevering in the country.
Nigerian LNG declares 'force majeure' over widespread flooding
According to AfricaNews, Nigeria LNG, a liquefied natural gas-producing company has declared force majeure because of widespread flooding that has disrupted supply. The company said all of its upstream gas suppliers had also declared force majeure. Ninety percent of Nigeria’s foreign exchange and about half of the country's budget are derived from the export of fossil fuels. However, organized theft and infrastructural challenges have led to a loss of the majority of its oil revenues, forcing the nation to keep taking out loans to service its hefty budget.
Kenya Wants to Relook Rail Network Deal With China
AllAfrica shares that Kenya wants to renegotiate a multibillion-dollar loan from China that was used to build a major railway. Transport Minister Kipchumba Murkomen told lawmakers that Kenya is up to date on its payments but cannot continue with the current 20-year schedule. Murkomen said the country will have to ask for an extended period to pay, especially in regard to the loans used to build what is known as the Standard Gauge Railway.
Africa-focused law firm expands into Guinea and Togo
John W Ffooks & Co (JWF), an independent law firm focused on francophone Africa, has expanded into Guinea and Togo via a double merger with local firms. The firm advises on a range of mostly transactional matters in mining, oil and gas, banking and finance, telecommunications, mergers and acquisitions, stock market listings, real estate and employment. With the mergers, it now works across 17 countries covering the bulk of francophone Africa, including Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Republic of the Congo, Gabon, Ivory Coast, Mali, Niger and Rwanda.
Saudi Arabia pledges billions in South African investment
Robert Li from African Law and Business shares that the Saudi Arabian and South African governments have announced agreements detailing the Middle East kingdom’s investment in South Africa’s energy, health, environmental and infrastructure sectors. The agreements underlined the importance that such investments adhere to environmental protocols defined under the United Nations Framework Convention on Climate Change and the Paris Convention, to mitigate the effects of climate change. A statement from the Saudi government said they will, “ensure that any challenges to the development of economic relations between the two countries are addressed.”
Taiwan’s trade with Nigeria soars by 200%
Taiwan’s Ambassador to Nigeria and Representative, Taipei Trade Office, Andy Yih-Ping Liu, said Taiwanese investors are looking to expand their footprint in Nigeria with local plants instead of focusing only on exporting to Nigeria. According to Liu, Taiwan could make Nigeria a hub for steel pipe where it would reach other African markets. He added that there was a need for the Nigerian government to renew the trade agreement it had with the country to create a safer investment climate for Taiwanese companies in Nigeria and Nigerian companies operating in Taiwan.
Kenya supermarkets reject offer to buy South Africa’s Game stores
Sam Kiplagat from the Business Daily shares that South African retail giant Massmart did not find domestic buyers for its 14 Game stores in Kenya, Uganda, Tanzania, Ghana and Nigeria after putting them up in the market last year. The planned exit of retailer Massmart will add to the growing list of firms from Southern Africa to close shop in Kenya. South African shops struggled to survive the cut-throat competition as deep-pocketed newcomers such as French retailer Carrefour and Quickmart battled for the market.
Uncovering Ivory Trafficking In Rwanda
With over 55,000 legal crossings daily, "Petite Barrière" is described as the busiest land border between Rwanda and DR Congo. In remote villages across the transborder region, the ivory tusks smugglers are diverse. Conservation experts believe that today's trade of wildlife products across the East African region has shifted from physical markets to online marketplaces where traffickers apply e-commerce business models and use encrypted messages to evade detection by law enforcement. In order to detect smugglers, Rwanda may have to go digital as well.
"Capacity Development Workshop for Sudanese SMEs and Officials Responsible for Export Promotion." UN Economic Commission for Africa. Khartoum, Sudan. 18-22 December, 2022.