NEWS – 3.10.2022

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March 10, 2022

What the Russia-Ukraine Conflict Means for African Economies

Russia and Ukraine are major wheat, sunflower, aluminum, and nickel producers. Both countries play key roles in the world's supply of raw materials destined for industrial and food sectors. Since the crisis between Russia and Ukraine erupted, the global prices of wheat, sunflower or oil crude have reached unprecedented levels. African nations, which have been trading with Russia for years, could be left short of supplies.

UK and Norway Back South African Renewable Investor

A South African investment company will have an extra ZAR 600 million to put into the country’s energy transition, following an agreement with European state finance houses. United Kingdom and Norwegian development finance institutions CDC Group and Norfund plan to invest ZAR 600 million (USD 39.6 million) in South African energy investor H1 Capital. H1 is a Cape Town-based, black-owned investment company which focuses on renewable energy projects.

NESG and AERC Advocate Sectoral Reforms to Aid Industrialization

The Nigeria Economy Summit Group (NESG) has called for sectoral reforms in manufacturing, trade, education, health, and ICT to encourage industrialization, strengthen the value chain, and promote inclusive growth in Nigeria. This was announced by NESG Chief Executive Officer, Laoye Jaiyeola, in Abuja, at a workshop by the African Economic Research Consortium (AERC) and the NESG themed “Sectoral Development: Assessing the conditions that drive youth unemployment in key sectors of the Nigerian economy.”

CBK Lifts Freeze on Bank Lending Rates After IMF Notice

The Central Bank of Kenya has begun approving lenders’ applications to increase the cost of loans based on customer risks, setting the stage for expensive credit for small traders and workers in the informal sector. Equity Bank is the first lender to publicly reveal that the CBK approved the risk element in its lending formula, pricing its loan at between 13 and 18.5 percent compared to the current average of 13.5 percent.

Sustainable African Recovery from Pandemic Requires Genuine International Cooperation

President of the UN Economic and Social Council (ECOSOC), Collen Vixen Kelapile, implored Africa’s development partners to act on the mantra of cooperation and multilateralism as the continent recovers from the COVID-19 pandemic. Mr Kelapile was speaking at a presentation on Africa’s sustainable recovery from the COVID-19 crisis and implementing the Sustainable Development Goals (SDGs) and Agenda 2063. The event is part of the African Regional Forum for Sustainable Development (ARFSD) in Kigali, Rwanda.

Why South Sudan Failed to Integrate into EAC Customs Union

Disparities in policy, legal, and regulatory frameworks are some of the issues highlighted in a report showing why there is very little progress made in integrating South Sudan into the East African Community Customs Union ever since the country joined the six-member bloc six years ago. South Sudan applied to join the EAC in June 2011, shortly after gaining independence from Sudan.

Mobilizing Domestic Financing Key to Improving Africa’s SDG Performance

African countries need to move forward on financing to improve their performance on the Sustainable Development Goals and Africa’s transformation Agenda 2063, according to panelists at a session held to highlight progress made at regional and sub regional levels in the implementation of Agenda 2030 and Agenda 2063 in the context of the COVID-19 crisis. The session was held at the opening of the Eighth session of the Africa Regional Forum on Sustainable Development (ARFSD 2022) on March 3 in Kigali, Rwanda.

Kenya and Zimbabwe Form Seven Pacts to Boost Investment

Kenya signed seven bilateral agreements with Zimbabwe even as President Uhuru Kenyatta joined the push for the removal of Western sanctions sapping the economy of the Southern African nation. During talks held at State House in Nairobi, Kenya and Zimbabwe signed the bilateral agreements, all memoranda of understanding (MOU) on political and diplomatic consultations, tourism and wildlife conservation, and civil aircraft accidents and serious incidents investigations. Others were on women empowerment and community development, youth affairs, cooperatives and sports and recreation activities.

Africa in United Affirmation to Achieve Sustainable Development

African countries recommitted to achieving Sustainable Development Goals by building better through investing in green growth to unlock the continent’s development opportunities. Confirming Africa’s capacity to drive sustainable development, African governments reaffirmed commitment to meeting the SDGs at the 8th Session of the African Regional Forum on Sustainable Development (ARFSD), held in Kigali, Rwanda, 3-5 March 2022.

EVENTS – 3.10.2022

AVCA 2022 Conference.AVCA and Invest Africa. Dakar, Senegal. 25-29 April 2022.

Investing in African Mining Indaba.” Cape Town, South Africa. Mining Indaba. 9-12 May 2022.