Africa Top10 Business News

1Somalia is Open for Business

Somalia Open for Business

On its path to transforming its petroleum industry and attract the attention of new investors, Somalia has made significant progress in recent years. This year, the country passed a new petroleum law which enabled it to make progress in exploration and development, and attract interest from oil and gas majors. Minister invites investors to enter the country’s exploration and development industry. Rich in hydrocarbons and possessing a favorable geological structure, Somalia holds huge opportunities for investors looking to enter the East African market, said the country’s Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed at the Africa Oil & Power conference. 

SOURCES: AFRICA OIL & POWER

2[OPINION] There’s a Gas Demand that is Occurring in Africa

Gas Demand Africa

Exxon Mobil has taken another step toward the creation of Africa’s largest liquefied natural gas facility — a project so sweeping that it will have implications for both the continent’s and the world’s energy landscape. The $33 billion enlargement of Mozambique’s Rovuma LNG complex will transform the country’s $15 billion economy, create thousands of jobs, give government more money to work with, and raise people’s standard of living. If these reserves are exploited effectively, experts predict that Mozambique could become the world’s third largest LNG exporter, increasing Africa’s roughly 8 percent share of global gas exports. At the same time, it will position Mozambique as a key supplier to African countries wishing to use gas to stabilize their unreliable electrical power grids — a continent-wide problem that has hurt African economic growth for decades.

SOURCES: AFRICAN BUSINESS MAGAZINE

3There’s a Blockage in the Renaissance Dam Project

Renaissance Dam Project

Ethiopia is condemning an Egyptian proposal for water allocation amid tense negotiations over the countries’ use of Nile River waters. In an Oct. 5 statement, the Ethiopian government called Egypt’s conditions for filling the massive reservoir of the Grand Ethiopian Renaissance Dam “unjustified” and disruptive to “the positive spirit of cooperation.” The countries disagree about how to divert water from the Nile. Ethiopia’s proposal calls for the reservoir to be filled over four to seven years, a slower pace than the two-to-three-year time span the country says it could pursue. But on Aug. 1, Egypt submitted a counterproposal that would require Ethiopia to receive approval at various points, a step Egypt said is necessary to avoid droughts. Ethiopia rejected the conditions, saying they reflect colonial-era laws that don’t account for the rights of upriver countries.

SOURCES: VOA

4Where Are The Highest Paying Jobs In Africa?

Paying Jobs In Africa

Thanks to growing economies and the improving political situation in many African countries, Africa now has plenty of job opportunities to explore. Different countries have their own main economic activities, which largely determines what kinds of job opportunities are available locally. The entry of large multinational companies into Africa has further opened up a competitive job market that is constantly in search of top talent from across the continent, as well as across the globe. Some of the key factors to consider when moving for better job opportunities include: security, cost of living, economic growth and inflation, ease of accessing work permits or visas, job promotion prospects, employment income taxation regime, and remuneration benefits among others. Before beginning to make applications or accepting a job offer from a foreign country, you need to have factual information to better assess the suitability of a job.
 

SOURCE: AFRICA.COM

5Africa’s First Smartphone Factory in Rwanda

Smartphone Factory in Rwanda

Mara Phone, a smartphone by the pan-African conglomerate Mara Group, has opened its first factory in Rwanda as the company hopes to pioneer a brand of African-made smartphones. Located in Kigali’s special economic zone, the factory employs over 200 people to manufacture high-tech smartphones for the local market and further afield. With two models on sale for $159 and $229, the Android phones are hoping to compete with Asian manufacturers like Tecno and Samsung who currently dominate Africa’s markets. Smartphone penetration in Rwanda currently stands at around 15% with the most basic Tecno and Samsung models sold at $40 and $70 respectively. The bulk of the market is characterised by feature phones which use USSD technology to access digital services; a general trend across the continent.
 

SOURCE: FAST COMPANY

6Zimbabwe’s Dark and Difficult Times

Zimbabwe's Dark times

Zimbabwe has raised its average electricity tariff by 320 percent to ramp up power supplies at a time of daily blackouts. The Zimbabwe Energy Regulatory Authority (ZERA) said it had approved an application by Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to raise the tariff. ZERA said the tariff rise was necessary after inflation soared – the International Monetary Fund (IMF) says it was about 300 percent in August. Zimbabwe introduced an interim sovereign currency – the Real Time Gross Settlement dollar or Zimdollar – in February which quickly fell prey to black market speculation. Consumers seem set for more price increases after the energy regulator said that, starting November, the power utility would index its tariff to the US dollar to enable it “to recover from inflation and exchange rate changes”. The new tariff would allow ZETDC to raise money to repair its generators, as well as pay for imports from South Africa’s Eskom and Mozambique which cost $19.5m every month, the regulator said.

SOURCE: AL JAZEERA

7Dangote in a Hard Place With Operations in Tanzania

Dangote

Dangote Cement is locked in a dispute with the government of Tanzania – its most profitable market in the first half of this year – over the company’s failure to fulfill a regulatory obligation. The Nigerian-based cement maker last week was accused of not filing its operations report with the Tanzania Investment Center according to government regulations. From September 30, the company was given a seven-day ultimatum to tender the document but reports suggest it has failed to do so. It is through the report that TIC and the government would get to know of the Dangote Cement’s project history, plans for expansion, taxes paid, profits, challenges, and recommendations. Dangote had previously experienced issues with President John Magufuli’s administration over tax on diesel imports to run its plant and a ban on coal import. At some point last year, the firm suspended its operations, citing technical problems and high production costs.
 

SOURCE: VENTURES AFRICA

8Equatorial Guinea’s Economy Under Threat

Equatorial Guinea’s Economy

New currency controls enforced by the Bank of Central African States (BEAC) could ruin the oil and gas industry in the Gulf of Guinea. Equatorial Guinea, a small West African member of the Organization of the Petroleum Exporting Countries, derives more than 90% of its foreign revenues from its oil and gas industry. The BEAC rules introduced in June are aimed at bringing order to a monetary bloc awash with petrodollars which, owing to lax controls, often end up in offshore bank accounts after bypassing local economies completely. Businesses say the restrictions are causing dire currency shortages and delaying transactions. The minister, Gabriel Obiang Lima, said they were jeopardizing investments by multinational energy companies in Equatorial Guinea’s oilfields.
 

SOURCE: REUTERS AFRICA

9AfDB President Up for Re-election

AfDB President

Nigeria’s President Muhammadu Buhari has nominated Akinwumi Adesina for re-election as the president of the African Development Bank (AfDB).“We have gone some way climbing the steep mountainside of Africa’s development, yet there’s still much way to go until we reach the mountaintop,” he said. Adesina said he worked hard during his four years as president of the AfDB and intends to keep up the good work. The former Minister of Agriculture and Rural Development in Nigeria also shed light on some of the achievements the organization has recorded so far, which includes “providing 70 million people with improved agricultural technologies to achieve food security.” Upon his inauguration as the 8th elected leader of the Bank Group, Adesina set down a new five-point agenda, popularly known as the High 5s. The High 5s include Light Up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the people of Africa.

SOURCE: VENTURES AFRICA

10Educating Batswana about Modern Farming Practices

Educating Batswana

Amanda Aminah Masire’s firm, Greenhouse Technologies is plugging the gap between farmers and government with a company that provided everything from consultancy to cucumber seed. Between 2013 and 2018, Greenhouse Technologies’ “horticulture in a box” solution helped 430 Botswanans to become farmers. In the process, she’s reduced the country’s reliance on imported fruits and vegetables to the tune of 2,100 acres of productive land. Masire owes her success to wrapping up a sizable chunk of the horticulture value chain. Masire is determined to stay several steps ahead of the competition, she outlines plans to incorporate beekeeping, integrated livestock farming, the internet of things, fish farming, steel-bending and pollination by drone into her business offerings. And she plans to expand the model to other African countries.

SOURCE: OZY

ADC Editor
ADC editors curate, aggregate, and produce news and information for Africa. Contribute stories by sending an email to media@africa.com.