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Afreximbank Targets SMEs with US$400mn Loan

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The African Export-Import Bank (Afreximbank) has signed a US$400mn term loan facility with the China Development Bank (CDB) which aims to improve access to trade finance for SMEs on the continent.

Afreximbank says it will deploy the facility to smaller companies involved in trade, both externally and within Africa, as well as those engaged in productive sectors. Because the facility is provided by CDB at relatively low pricing, it says it can transfer that financial advantage to end beneficiaries.

The facility has a seven-year tenor and will be distributed directly by the Cairo-headquartered multilateral financial institution or through local financial intermediaries, it adds.

“African SMEs continue to struggle to access adequate and affordable financing for growing their businesses,” Afreximbank says.

Afreximbank Signs $825m Deal With NEXIM Bank

The difference between demand and supply for financing facilities in Africa is estimated to total around US$81bn a year, according to the African Development Bank.

UN research has found limited company information and perceived high risk among lenders, as well as a low level of digitisation, mean African SMEs are often unable to obtain trade finance facilities at affordable rates.

The facility – the fourth time CDB has collaborated with Afreximbank – will also strengthen ties between Africa and China, notes Benedict Oramah, the institution’s president and chairman of its board of directors.

“It will also enable our two institutions to achieve our respective mandates and developmental outcomes, which include job creation, increased economic activity and increased extra-African trade with China,” he says.

Though China’s development finance institutions have historically provided significant support to Africa, there are signs lending has been scaled back in recent years.

A February study found the CDB and Export-Import Bank of China committed a combined total of US$10bn in support in 2020 and 2021 – down from more than US$37bn during the previous two years.

Minister Issues 30-Days Ultimatum To Illegal Miners

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Nigeria’s Ministry of Solid Minerals Development have issued 30 days ultimatum to illegal miners in the country to join registered co-operatives of artisans or face the law.

The Minister of Solid Minerals Development, Oladele Alake issued the ultimatum at a press briefing in Abuja where he also made known his agenda for the sector.

According to the Minister, the presence of illegal miners in the industry has been harmful and creates an insecure environment for international investors.

“There is a consensus among all stakeholders in the industry that the most pernicious obstacle to the security of the investment environment is the massive presence of illegal miners. It is quite understandable that mining activities are like a second occupation for many farmers and traders in areas where deposits are found.

Nigeria’s Minister of Solid Minerals Development Orders Illegal Miners To Vacate Sites

 “Let me declare that the Ministry is giving such persons 30 days grace to join a miners’ co-operative or find another vocation to do. On the expiration of the period, the full weight of the law will fall on anyone seen on a mining site without a determinable status. This message will be interpreted into Nigerian languages and broadcast on the radio to ensure no one is ignorant of this directive,” Alake said.

As a follow up to the ultimatum, the Minister added that there will be an enforcement by security agencies in the sector to arrest illegal miners.

“From October, a rejuvenated security regime will become active in the solid minerals sector. This will include the Mine Police, sourced from the Nigeria Police and specially trained to detect illegal mining and apprehend offenders. The new Mines Surveillance Security Task Force will coordinate the Mines Police and pro-actively address high risk incidences of breach of Mining Laws. The Federal and State governments will also be encouraged to allocate the prosecution of cases against illegal miners to competent courts,” he said.

Alake noted that the Ministry would continuously review the standard operating procedures for engaging communities within mining licenses in order to improve relations between the communities and mining licensees.

While listing out the transformation agenda plan of President Tinubu’s administration for the Solid Minerals Sector, the Minister stated that the Ministry would work towards the incorporation of the Nigerian Solid Minerals Corporation.

Alake further explained that other areas of focus will be to enter joint ventures with mining multinationals, gather Big Data on specific seven priority minerals and their deposits, and establish 6 Mineral Processing Centres to focus on value-added products.

He added that the Ministry would embark on a comprehensive review of all mining licenses in the country and a total overhaul of mining licenses.

Currency Swap Will Reduce Reliance On Dollars – Economist

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A former Director-General of West African Institute for Financial and Economic Management, WAIFEM Prof. Akpan Ekpo has urged the CBN to take the currency swap agreement with the Peoples Bank of China on board, to reduce reliance on dollars for trade.

“This is the time to implement the Nigeria-China currency swap so that we don’t put all our eggs in one basket.

“So Nigerians who are dealing with China should deal with Chinese currency or with naira not with dollar or euro; that will reduce the pressure on dollar or pound.

Currency Swap Agreement: CBN Repays 5.10bn Yuan

He urged the Federal government to revisit the currency Swap agreement which both countries signed few years back, especially in the face of growing exchange rates.

“This is the time to take it very seriously; the Federal Government signed the agreement, it was done briefly then we didn’t know what happened again.

“If you look at the global trend, emerging markets by the BRICS are trying to trade with bilateral currency to downplay the importance of dollar, euro or pound because these currencies are not theirs and they can’t print them.

“So, if we can now implement the Chinese Yuan-Naira swap, it will be very helpful for business trade.’’

Gov. Soludo Promises To End Illegal Tax Collection

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The Governor of Anambra State, Professor Chukwuma Charles Soludo has assured manufacturers, importers and exporters in the state of absolute support and freedom from illegal tax and revenue collectors.

The event which had the theme: From Import to Industrialisation for Export, was held at the International Convention Centre, Awka, the state capital.

Governor Soludo promised that reforms are on course to make sure that the processes for approvals in Anambra State Investment Promotion and Protection Agency ANSIPPA, is sped up without bottlenecks, pointing out that his government is also taking a second look at facilities in the agency to ensure existence of “multiple doors” for easier access by prospective investors.

Soludo stated this at a business interface with manufacturers, importers, and exporters in the state to discuss ways in which leading industrial brands will be established in Anambra, organised by the State Ministry of Industry led by its Commissioner, Christian Udechukwu.

Soludo cited the present administration’s huge agenda in agriculture including the palm and coconut revolution which will ultimately create a new ecosystem around the state. He further revealed that government is building up its land bank, pointing out that they are also making efforts to ensure that the processing time for acquiring land C of O gets down to 72 hours.

While assuring that government will create road markings to differentiate red zones from free Zones for motorists, he stated that government will address the issue of abuses by ARTMA officials including taking another look at their fines, though bearing in mind that what they are doing is for the overall interest of the public.

House Speaker Condemns Tax Incentive Abuse

Soludo disclosed that discussion is ongoing to explore the possibility of generating power using gas, promising that by December, Upper Iweka will wear a new look and become the safest place to make Anambra a true investment destination.

Speaking at the event,the Commissioner for industry, Christian Udechukwu stated that the made in Anambra Export policy Initiatives will give the state a huge share of the African continental market.

Speaking further, the Commissioner said, “made in Anambra Export policy will grow Anambra industries, and transform the state economy, especially with Industrial parks, Industrial clusters, Free Trade Zones, Export Emporium, and Pharmaceutical processing zones.”

He urged the participants to collaborate with his ministry, in industrialising the state and to expect full support from the Soludo led administration.

He also revealed government’s vested interest in attracting more investors to develop the state and achieve more growth routes.

For their part, the participants raised issues militating against them to include Monday sit-at-home, bad roads in and around Onitsha, especially Owerri Road, difficulty in processing VISA, difficulty in procurement of C of O, insecurity, touting, revival of the Onitsha Seaport, among others.

They suggested to government to look into security and erect CCTVs at Upper Iweka, Bridge Head, Borromeo, Nkpor Junction and other entry points, establishment of integrated trade platform, facilitated by the state, provision of incentives for more people to go into industrialization, creation of a contributory scheme for manufacturers for greater impact.

CBN To Issue N1.21trn Treasury Bills in Q4

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The Central Bank Nigeria (CBN) plans to issue a total of N1.21 trillion treasury bills in the fourth quarter (Q4) of 2023 as the same amount will be maturing between September and November, this year.

Africa’s largest economy’s big bank disclosed this in Nigeria’s treasury bills programme calendar released on its website.

The amount to be issued in the last quarter of the year is 6.14 percent higher than N1.14 trillion issued in the second quarter of this year.

A breakdown of the treasury bills programme to be issued in the next three months, which represents the amount that would mature during the same period, consists of a total of N23.98 billion for 91-day tenor, N31.26 billion for 182-day and N1.15 trillion for 364-day tenors.

The CBN issues Treasury Bills twice in a month to help the Federal Government fund its budget deficit, support banks in managing liquidity in the system and curb inflation.

Nigeria’s Government Saves N10Trn Treasury Single Account Since Establishment

Nigeria’s headline inflation accelerated to 24.08 percent in July 2023, from 22.79 percent in the previous month, according to the National Bureau of Statistics (NBS).

The CBN noted in its monthly economic report for the first quarter of 2023 that activities increased in both the Nigerian Treasury Bills (NTBs) and the Federal Government of Nigerian (FGN) bond segments due to higher yields and inflation expectations.

At the auctions, NTBs worth N1.28 trillion, N4.89 trillion, and N1.58 trillion were offered, subscribed and allotted, respectively, relative to N972.99 billion, N2.65 trillion, and N852.93 billion in the preceding quarter.

A breakdown showed that longer-term securities (364-day) accounted for N4.52 trillion (92.6 per cent) of the total subscription, revealing investors’ preference for longer-tenorred instruments because of higher yields and inflation expectations.

Similarly, the total amount of FGN bonds offered, subscribed, and allotted at N1.08 trillion, N2.60 trillion and N1.99 trillion was higher, compared with N400.00 billion, N650.47 billion and N516.80 billion, respectively, in the preceding quarter. The bid and marginal rates stood at 14.3 (±3.3) and 15.0 (±1.0) per cent, compared with 16.3 (±2.8) and 15.4 (±0.9) per cent, respectively, in the preceding quarter.

Tinubu’s Administration Will Tackle Inflation- Minister

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun says inflation is a key issue that President Tinubu’s administration will systematically deal with to allow flow of investment into the country.

The Minister gave this assertion during a meeting held with the Nigerian President and the Nigeria Economic Summit Group, NESG , at the State House, Abuja.

Tinubu Optimistic We’ll Overcome Economic Challenges

Edun asserts that the upcoming 2023 summit of the NESG in October will create opportunity for interactions that would go a distance in addressing the persisting inflation in the country.

He added that key players in the private private sectors will give more outlook on ways to achieve rapid sustained and inclusive government in Nigeria.

According to him, “Interaction with your Ministers and players in the sector will speak to how we can get to rapid sustained and inclusive growth which is your vision for Nigeria.”

Enugu To Boost Commerce With Investment Roundtable

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Enugu State Government on Friday, began the process of boosting its’ commerce, industry, and trade through its Enugu Investment Roundtable.

The theme of this roundtable, “Leveraging Public Private  Partnerships” was purposefully chosen to align with Governor Peter Mbah administration’s vision to accelerate sustainable economic transformation with the private sector at the helm.

Therefore, this roundtable, marks a new beginning for long-term partnerships and cooperation for shared prosperity, which will catalyse a sustainable, resilient, and prosperous Enugu state.

Addressing participants at the roundtable investment summit, governor of Enugu state, Peter Ndubuisi Mbah recalled that Enugu State had historically led South-eastern peers in economic performance and served as the de facto capital of the region.

“Prior to the civil war, Enugu’s rich coal mines were the engine of the nation’s economy. Our abundant mineral resources supported a thriving iron and steel industry in Enugu, while our limestone deposits enriched cement plants, and the automobile manufacturing industry continues to thrive in our state“. Mbah noted.

Enugu Govt. Partners Ethiopian Airlines To Train Youths

“Enugu’s fertile lands have blessed us with rich palm plantations and the best cashew species in Nigeria. Cotton and sorghum grow on our fertile lands, and our Ose Nsukka can be found in almost every Nigerian home.

“Our state lends itself naturally to ecotourism. You will find the best ecotourism sites as well as a variety of historic and recreational sites here. From the Udi Hill, from which the majority of Enugu can be seen, to mysterious caves and waterfalls, and potential conservation centres such as the Pine Forest and the 2,500-hectare Milliken Forest reserve.

“Enugu’s start-up ecosystem currently ranks fourth in Nigeria and ninth in West Africa, and the state is home to six (6) fully accredited universities. Because of our vast natural gas reserves, Enugu bears the responsibility of playing a critical role in ensuring Nigeria’s just green economy transition”. The governor said.

Enugu State is the beating heart of Southeast Nigeria and a vital trade and investment gateway into the region. Enugu State is the natural gateway between the South-eastern region, Northern Nigeria as well as the rest of Africa.

Enugu is a market brimming with potential and opportunities, thanks to these unique blends of competitive advantages.

Before discussing how his administration plans to implement its integrated sector strategy, the governor briefly discuss his deliberate efforts to ensure Enugu is safe and secure.

The governor lamented that for more than 20 years,

residents’ biggest problem has been getting access to water, which has put a heavy financial burden on them.

“From the current level of 2,000 cubic metres,

we have produced 20,000 cubic metres of water so far. We aim to produce 60,000 cubic metres and reticulate it to every home before my 180 days in office.

As part of our social sector strategy, we will actively modernize our water resource systems to guarantee that both urban and rural residents have access to clean water and sanitation facilities.

Meanwhile, final Doing Business Index report ranked Enugu as the 9th best state in the nation for the process, time, and cost of registering a property, and as the 3rd best state in the nation for the process, time, and cost of starting a business.

The roundtable attracted  the British Deputy High Commissioner to Nigeria, Jonny Baxter, World Bank Nigeria Country Director, Shubham Chaudhuri, the Regional Chief Operating Officer, African Export-Import Bank, (AfriExim) and Chief Economist and Vice President African Development Bank (AfDB), Prof Kevin Urama.

Others are the Deputy Director, Investment – United Kingdom Department for Business and Trade, Morayo Adekunle, Chief Executive Officer, Infrastructure Credit Guarantee Company, Chinua Azubuike, among other investment partners.

Exploring Madagascar’s Andringitra Massif With Over 1,000 Species Of Plants

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The Andringitra Massif, which forms also the Andringitra National Park, is a granite massif that is approximately 64 km (40 mi) long, and it is located in the Haute Matsiatra Region in the central part of the Republic of Madagascar.

As the massif stretches, the width varies, especially in the center where it gets up to the maximum of 10 km (6 mi) in width.

Being part of a relatively geologically-stable area, on solid precambrian ground, the Andringitra Massif is considered to be formed by a sudden volcanic event.

With sharp cliffs and rises, as well as several volcanic formations, the area was declared as a national park in 1999 which nowadays is managed by the Madagascar National Parks Association.

Due to the importance, it was adjoined with the Rainforests of the Atsinanana, which together were inscribed in 2007 on the UNESCO World Heritage List.

Covering an area of about 31,160 hectares (77,000 acres), the altitude is between 700 meters (2,300 feet) and 2,658 meters (8,720 feet) above the sea level.

Being somewhat known as a hiking destination, there are plenty of spectacular views in all directions, and the very well developed hiking trails and interesting local villages, it is not so known place for visitors, as there are around 3,000 ones per year.

Treated as one of the most biologically diverse places in Madagascar, there are certain endemic species, such as over 1,000 species of plants, 100 species of birds, and 55 species of frogs.

In addition, there are over 50 species of mammal, among which can be found 13 species of Madagascar’s symbol, the lemur.

Throughout the history, the massif played important role for the local Betsileo people who were hiding here from the plain during raids conducted by the Sakalava or the Merina.

Today, the local population that lives around Andringitra Massif usually grows rice, coffee, sugar cane, fruit trees, and they also practice cattle breeding.

Considering that there is a very long history from the locals here, the massif together with the national park most likely shall become one of the most visited places in the country, as it is booming with flora, fauna and cultural elements of Madagascar.

2020 California Wildfire: U.S. Sues Southern California Edison Over Negligence

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TOPSHOT - A law enforcement officer watches flames launch into the air as fire continues to spread at the Bear fire in Oroville, California on September 9, 2020. - Dangerous dry winds whipped up California's record-breaking wildfires and ignited new blazes, as hundreds were evacuated by helicopter and tens of thousands were plunged into darkness by power outages across the western United States. (Photo by JOSH EDELSON / AFP) (Photo by JOSH EDELSON/AFP via Getty Images)

The U.S. government has sued Southern California Edison, accusing the Edison International (EIX.N) unit of negligence that caused the 2020 Bobcat Fire, which burned close to 180 square miles (466 sq km) in one of the largest wildfires ever in Los Angeles County.

In a complaint filed in Los Angeles federal court, the government said the fire began on Sept. 6, 2020 when a poorly maintained tree contacted power lines, igniting vegetation on a branch that then fell to the ground, spreading the fire.

SCE and Utility Tree Service, a contractor also named as a defendant, knew for “months” before the fire that the tree posed a danger but did nothing to address it, the complaint said.

The government is seeking to recoup more than $121 million, representing property and natural resources damages and costs to fight the fire, and double or triple damages for harm to timber, trees and underwood.

SCE said it would be inappropriate to discuss the case outside of court. “Our thoughts remain with the people who were affected by the Bobcat Fire, who lost homes and vehicles and were evacuated,” spokesman Reggie Kumar said.

Utility Tree Service did not immediately respond to requests for comment.

Located in and around the San Gabriel Mountains and the Angeles National Forest, about 50 miles (80 km) northeast of Los Angeles, the Bobcat Fire and was among the larger fires in California’s record-setting 2020 wildfire season.

It burned more than 114,577 acres (46,368 hectares), destroying 171 structures and 178 vehicles and before being contained after about 2-1/2 months.

The government said many campgrounds and more than 100 miles of trails remain closed to the public.

It is common for utilities to be sued over wildfire damage, though many lawsuits are filed privately.

Pacific Gas & Electric (PCG.N) filed for bankruptcy protection in 2019 after being blamed for a series of northern California wildfires in 2017 and 2018.

Hawaiian Electric (HE.N), meanwhile, now faces multiple lawsuits over last month’s Maui wildfires.

The case is U.S. v Southern California Edison Co et al, U.S. District Court, Central District of California, No. 23-07254.

Hurricane Idalia: President Biden Surveys Storm Damage In Florida

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U.S. President Joe Biden visits Suwannee Pineview Elementary School, during his tour of Hurricane Idalia storm destruction in Live Oak, Florida, U.S., September 2, 2023. REUTERS/Evelyn Hockstein

President Joe Biden traveled to Florida on Saturday to survey the destruction from Hurricane Idalia and comfort victims of the storm, but he did not meet Governor Ron DeSantis, a potential presidential rival, who opted not to come.

Biden, who praised DeSantis during the visit, said he was not disappointed by the governor’s absence and said DeSantis had helped plan the trip.

DeSantis’ spokesperson said on Friday the governor had no plans to meet Biden, saying “the security preparations alone that would go in to setting up such a meeting would shut down ongoing recovery efforts.”

Biden took an aerial tour and received a briefing from local officials and first responders in Live Oak, a town that was hit hard by the storm. He saw houses with fallen trees on them and said no one “intelligent” could doubt that climate change was happening.

But politics hung over his trip. The president, who has spoken to DeSantis multiple times this week, had said on Friday they would meet in person. The decision by the governor caught the White House off guard.

“No, I’m not disappointed. He may have had other reasons… But he did help us plan this. He sat with FEMA and decided where we should go, where would be the least disruption,” Biden told reporters, while standing in front of a damaged house.

Biden said he was pleased that Senator Rick Scott, a Republican former governor of Florida, had come despite their disagreements on many issues. Scott, a supporter of former President Donald Trump, wore a hat that said “Navy” on the front and “45” on the back. Trump was the 45th U.S. president.

DeSantis, 44, spent the day about 50 miles (80 km) south, touring small communities along Florida’s Gulf Coast, according to his official schedule.

Responding to an earlier question on Saturday on what had happened to the meeting, Biden had told reporters: “I don’t know. He’s not going to be there.”

DeSantis is running for the 2024 Republican presidential nomination to oust Biden from the White House, but trails Trump in opinion polls. Biden, 80, is running for re-election.

Biden and DeSantis have spoken regularly this week about the storm, which pummeled Florida’s Big Bend region with Category 3 winds of nearly 125 mph (200 kph). On Wednesday, the president said politics had not crept into their conversations.