Monday, April 15

Industry and Trade

DRC Joins Organisation of Southern Cooperation
  • DRC Joins the Organisation of Southern Cooperation after depositing the Instrument of Acceptance
  • Secretary-General Manssour Bin Mussallam received the Instrument of Acceptance.
  • The OSC, aimed at fostering cooperation and development among Southern Hemisphere countries

The Republic of the Congo has consolidated its full membership status of the Organisation of Southern Cooperation (OSC) by depositing the Instrument of Acceptance by Daniel Owassa, Ambassador of the DRC to Ethiopia and Permanent Representative to the African Union.

Secretary-General Manssour Bin Mussallam received the Instrument of Acceptance at a handover ceremony yesterday at the OSC Headquarters in Addis Ababa.

The Republic of the Congo is a founding member of the OSC. The depositing of the Instrument of Acceptance signifies the completion of the full membership process by countries in the Global South.

Read Also: SkyPower, AFC, and DRC join forces for $2.3Bn Green Giant project

H.E. Bin Mussallam said the occasion marked the beginning …

Read More
Red Sea Shipping Disruptions
  • Red Sea shipping disruptions by Houthi rebels stemming from the Israel -Palestine dispute in the Gaza Strip.
  • Simultaneously, transits around the Cape of Good Hope are up by a nearly similar amount in the same period.
  • Since the first attack in November last year, data shows the numbers have risen to about 68 as of March 12.

The East African region is still at risk of future global shocks as continued Red Sea shipping disruptions and attacks on cargo vessels by Houthi rebels could likely dent the current ease in the cost of living in Kenya, with analysts predicting an increase in fuel prices.

This is likely to negate the calmness in inflation witnessed in the past three months, when the country recorded a decline in fuel and some food item prices, bringing down the level of inflation to 5.7 per cent in March.

The attacks that are stemming from …

Blue economy
  • Kenya looks to rise on its estimated $38.4 million blue economy investments to grow sector revenue to $921 million annually. 
  • Africa, with its vast coastline and rich marine resources, is poised to harness the immense potential of the blue economy.
  • BlueInvest Africa is a business-to-business event that aims to catalyse the growth of Africa’s blue economy through strategic investments.

The Kenyan government is looking to ride on its estimated $38.4 million (KES 5 billion) investments in the blue economy initiatives to increase revenue to $921 million (KES 120 billion) annually.

This will be a threefold increase from the current $288.6 million (KES 37.6 billion) that the state generates from the blue economy.

The Cabinet Secretary in the Ministry of Mining, Blue Economy & Maritime Affairs, Salim Mvurya, said that part of the plan was to map the fisheries’ infrastructure across the country.

“We want to increase the revenue to Sh120

Electric Bus Production in East Africa
  • Electric bus company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up electric bus production in East Africa.
  • The investment, split between CFAO Kenya and Mobility54, will help accelerate the scale-up of BasiGo’s manufacturing and delivery of electric buses in Kenya and Rwanda.
  • CFAO Group is building e-mobility ecosystem in East Africa by investing in green mobility startups through Mobility54.

Electric bus company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up electric bus production in East Africa. The investment, split between CFAO Kenya and Mobility54, the …

Kenya and Tanzania fight against counterfeits
  • Kenya and Tanzania are working together to reintroduce the 2011 Anti-Counterfeiting Bill that collapsed at the East African Legislative Assembly.
  • This law envisaged the region working under the East African Customs Act on Anti counterfeits regulations.
  • The renewed partnership opens avenues for law enforcement agencies to develop innovative approaches and strategies in the fight against counterfeits.

The East African region is planning to set a common standard on goods across the block in the latest push against counterfeiting with Kenya and Tanzania leading the line. The latest push follows an earlier attempt under the 2011 Anti-Counterfeiting Bill that collapsed at the East African Legislative Assembly. This forced the region to operate under the East African Customs Act on Anti counterfeits regulations.

However, Kenya and Tanzania have now revived the push to reintroduce the 2011 legislation. Kenya’s Anti-Counterfeit Authority (ACA) and the Fair Competition Commission (FCC) of Tanzania have announced joint …

if oil disappeared tomorrow
  • If oil disappeared tomorrow, thousands of petroleum-based products would vanish with it.
  • If oil disappeared tomorrow, it would be catastrophic for health services everywhere.
  • If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted, and industrial production would crimp.

If oil disappeared tomorrow, there would be no more jet fuel, gasoline, or diesel. Internal combustion engines, automobiles, trucks, lorries, and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.

There would be no point in calling emergency services. Most ambulances, fire engines, police cars, rescue helicopters, and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would

Nala Money Benjamin Fernandes
  • Nala Money has Payment Service Provider licenses in several countries, including its founder’s home, Tanzania.
  • In 2020, Africa’s e-payments industry, across domestic and cross-border payments, generated approximately $24 billion in revenues, of which about $15 billion was domestic electronic payments.
  • Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 per cent per year, reaching around $40 billion by 2025

“Little did I know that if a European-based client of mine could have subscribed to Nala Money, I would have received $100 more to my fee.  Unlike Nala, the money order service I use has a low exchange rate and is somehow unconventional.”

This testament is not a promotion or a boost for the latter but an admission of facts and experiences Tanzanians who might receive remittance often or once could face.

Nala, started by Tanzanian youth Benjamin Fernandes in 2017, aimed to increase economic opportunities for …

Uganda National Oil Company
  • The Uganda National Oil Company (UNOC) is directly importing petroleum products from Vitol Bahrain, aiming to reduce reliance on Kenyan firms and mitigate high fuel prices. 
  • UNOC’s direct importation and sale of fuel to OMCs in Tanzania and Uganda is a significant step towards fostering stronger regional ties, promoting economic growth, and ensuring energy security. 

Uganda National Oil Company (UNOC) has started the sale of petroleum products to oil marketing companies in both Uganda and Tanzania.

This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This maneuver signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms.

Breaking New Ground: Uganda National Oil Company Direct Importation Deal

For years, Uganda’s fuel supply chain was heavily dependent on Kenyan OMCs. However, …

East Africa's economic growth
  • Tanzania and Rwanda are warming up to set up second official border post.
  • Currently, Rwanda is the third largest user of Dar es Salaam port.
  • More than 80% of Rwanda’s cargo goes through the port of Dar es Salaam.

The push to foster EAC integration appears to be moving in a positive direction with Tanzania and Rwanda taking steps to enhance one of East Africa Community (EAC) pivotal goal, regional trade.

A top Tanzanian envoy has announced plans to open a new border post with Rwanda, as part of ongoing measures between the two countries to scale up the movement of labour, goods and services providers.

Tanzania’s Minister of Foreign Affairs and East African Cooperation, January Makamba,  made the announcement at the end of his four-day state visit to Rwanda.

The Minister revealed that the proposed border crossing will be set up in Tanzania’s Kyerwa district in Kagera Region and …

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