Author: Padili Mikomangwa

• Nigeria is pioneering the journey towards getting a strong foothold in the carbon credit market.
• The nation is aligning as part of continental effort under the African Carbon Markets Initiative (ACMI) that aims to mobilize up to $100 billion carbon credits per year by 2050.
• During the COP29 talks, Canada and Nigeria announced an alliance to create an innovative carbon credit model to support Abuja’s economic and ecological development. 

The African continent is facing increasing climate change impacts that are increasingly chocking the life of its struggling economies. With policymakers running out pf options to counter the economic slide, the emergence of the African Carbon Markets Initiative (ACMI) offers innovative options that could help unlock the continent’s carbon credit potential. A number of countries such as Nigeria are emeging as pioneers in tapping the gains that carbon markets present.

At this year’s United Nation Climate Change Conference of Parties …

• The Democratic Republic of Congo (DRC) has the world’s largest Coltan deposits of key minerals which Apple uses to make electronic devices.
• The government of the DRC is accusing Apple of using “illegally exploited” minerals extracted from its rich minerals controlled by rebels.

What if I told you that, your valued, expensive and widely cherished smartphone from Apple (iPhone) might cost more than its sold in child labour’s lives.

Coltan, key mineral in making mobile phones and laptops is largely found in DR Congo and tech giants – including Apple could be directly or indirectly involved in aiding child labour deep in Congo mines.

Media reports show that people across the developed world are boycotting the newly released iPhone 16. Protesters from London to Tokyo are demanding accountability over exploitation in mining that is used to extract the key element used in making the very phones sold across the globe.…

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• Legal disputes as Tanzania settled with Winshear Gold Corp Canadian mining company, ending up paying $30 million following a dispute over the expropriation of its SMP Gold project in Southwest Tanzania.
• After breaching treaty Tanzania is liable to pay Australian mining firm Indian Resources Limited at least $109 million in damages.
• Tanzania began taking the trend of legal battles to the mainstream in the past years.

By July 2023, Tanzania had lost five cases related to the bilateral investment treaties, and these cases cost the East African government millions of dollars, according to the Tanzanian Trade and Investment Coalition (TATIC).

For instance …

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• UK paid Rwanda $307 million as part of a migration deal and more were set to come. 
• With new Prime Minister Keir Starmer, the Rwanda migration plan stands dissolved, leaving Kigali with millions.
• Presient Paul Kagame and his government say there is no obligation to refund the money.

It is not a big deal if mere mortals break their promises at some point, but not for a nation like Rwanda getting cold feet when it comes to refunding $307 million intended for a scrapped migration deal. On July 9, the Rwandan government said a multi-million-dollar migrant deal with Britain that was scrapped by the current Labor government led by Prime Minister Keir Starmer contained no stipulation about refunding monies already wired to Kigali.

The plan was kinetic as it saw Britain paying Rwanda $307 million since the scheme was announced in April 2022, and consequently, Rwandan President …

• The construction took over 20 years and bears a processing capacity of 650,000 barrels per day 250,000 per day of gasoline and 100,000 of diesel.
• The Dangote oil refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.

Dangote Oil Refinery

Aliko Dangote, Nigeria’s and Africa’s wealthiest man ambition to foster energy reliance in his motherland and the region at large might be at risk. The giant oil refinery which is said to possess the potential to end decades-long gasoline trade from Europe to Africa worth $17 billion a year.

Concerns and tensions are high as a myriad of issues emerged before and since the $ 20 billion refinery came to life. According to various news reports, including the BBC and Reuters, the construction began in 2016 and started producing diesel and aviation fuel in January this year as petrol is expected to …

• According to the Turkish Energy Minister, Turkey will have exclusive rights for search and production when we find oil in these areas.
• Turkey and Somalia signed a defense and economic cooperation agreement during the Somali Defence minister’s visit to Ankara 
• In March Somalia inked an oil and gas deal with Turkey which officials mentioned would foster cooperation in the exploration and exploitation of the deposits.

Somalia and Turkey Oil Deal

Despite being torn apart by civil war, Somalia’s geo-seismic studies have shown the war-torn country may have at least 30 billion barrels of oil and gas reserves.

Inching towards stability and fostering civil rest amid Islamic insurgents posing a threat to peace and harmony, Somalia’s newly discovered oil and gas deposits could be the nation’s breakthrough.

Although the resources take time to develop – exploration usually takes three to five years and production can only begin after the latter is …

• Tanzania Investment Centre (TIC) targets to register 1,000 investment projects in 2024
• The government of Tanzania is also revising the immigration law to draw diaspora investors.

Tanzania Investment Centre (TIC)

From changing harsh taxing practices to revising the foreign direct investment environment – the Tanzania Investment Centre (TIC) is significantly making notable efforts to make the East African nation investor-friendly.

On Tuesday, July 16, TIC displayed its ambitious goal of attracting nearly $10 billion in capital investments in 2024.

The new target comes seven months later after the government of Tanzania introduced a new campaign to increase investment to around $14 billion attributed by locals.

Tanzania’s investment trajectory took an uplift witnessing 504 projects worth $5.2 billion in 2023 an increase from $3 billion previously.

According to TIC executive director, Gilead Teri, the ambition eyes building impressive growth in foreign and domestic investments for five consecutive years, factored by favourable …

• On May 1st, 2024, Tanzania launched the first test run of its state-of-the-art electric train.
• Tanzania Railways Corporation’s General Manager Masanja Kadogosa highlighted the project’s significance in fostering economic growth and enhancing transportation efficiency throughout Tanzania and Eastern Africa.
• Tanzania has purchased 10 sets of locomotives and coaches from the Hyundai Rotem Company of South Korea.

Electric train in Tanzania

Tanzanians now can travel a distance of nearly 200km within one hour and 40 minutes, a significant travel time and a long awaited as the nation ushers in transformative railway structures worth $10 billion.

On May 1st, 2024, Tanzania launched the first test run of its state-of-the-art electric train, Standard Gauge Railway (SGR) from the nation’s commercial pulse Dar es Salaam to its capital Dodoma.

Then came the second experience on July 15th, when the first electric train, transporting ,400 passengers from the coastal city of Dar es Salaam …

• Results show that long-serving Paul Kagame has floored his challengers, garnering 99% of the presidential vote.
• This move gives Kagame a new 7-year term, and another chance to solve the persistent Rwanda-DRC conflict.
• Rwanda-DRC conflict has evolved into one of the world’s worst humanitarian crises in the world.

Rwanda Elections

Early results show that President Paul Kagame has beaten his challengers, garnering a jaw dropping 99.1 percent of the presidential votes cast on Monday, July 15, 2024. Kagame, who has been at the helm of Rwanda’s governance since 1994 secured victory by a similar margin in 2017.

His main challengers Democratic Green Party’s Frank Habineza and independent Philippe Mpayimana got 0.53 percent and 0.32 percent of the vote respectively.

According to Rwanda’s National Electoral Commission, about nine million people out of a population of 14 million were registered to vote. This represents an increase of two million voters compared to …