Thursday, June 13

Industry and Trade

Intra-regional trade in Africa

Intra-regional trade in Africa serves as the backbone of economic transformation. East African Community (EAC) member states are increasingly trading with one another and with other African countries. At the same time, they reduced their trade with other continents like Europe, Asia, and other parts of the world, shaping the intra-regional trade in Africa’s dream projected to boost commerce and livelihoods on the continent.

The seven countries in the region (as of 2023) increased their trade with the rest of Africa by $584.6 million to $4.3 billion in the fourth quarter of 2023, a 14 per cent rise compared with a similar period in 2022, according to the latest data by the EAC Secretariat.

Cross-border trade within the region also recorded a 12 per cent rise, from the previous year’s $2.6 billion to $2.9 billion in last year’s Quarter 4, indicating rising trade within the region over the year.

During

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Guinness Nigeria
  • Singaporean firm Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria PLC.
  • Tolaram has significant and extensive operations and a 50-year presence in Nigeria.
  • Diageo will also remain in the country through its wholly owned international premium spirits business built to serve a wider geographic reach across West Africa, with Nigeria as one of the main operational hubs.

In a major shake-up in Africa’s beverage industry, Guinness Nigeria has announced that Tolaram, a Singaporean company, has signed an agreement to acquire UK-based Diageo’s 58.02 per cent shareholding in the company. This acquisition is set to be completed in 2025, subject to regulatory approvals in Nigeria.

In the deal, Diageo will retain ownership of the Guinness brand, and it will be licensed to Guinness Nigeria for the long-term, enabling its continued growth and development in the country under the stewardship of Tolaram.

Abidemi Ademola, Guinness Nigeria’s secretary and legal director disclosed …

Flight Capacity in 2024
  • Flight Capacity in 2024 increased by 6 per cent increase in available seats, rising from 15.1 million in May 2023
  • In Kenya, the Kenya Civil Aviation Authority (KCAA) is leading efforts to validate draft aviation regulations aimed at enhancing safety and efficiency
  • ASK combines the capacity of an airline’s fleet with the distance those planes fly, providing a comprehensive measure of available passenger capacity over a given period.

African Airlines witnessed a 6 per cent increase in available seats, rising from 15.1 million in May 2023 to 15.9 million in May 2024, attributed to introducing new routes and increased flight frequencies.

This comes at a time when the aviation industry experienced a dynamic start to 2024, grappling with a multitude of challenges and opportunities.

African Airlines Association’s (AFRAA)’s latest data shows high demand for Available Seat Kilometers (ASK) across all regional flights.

“Despite ongoing post-pandemic hurdles, the airline sector sustained

Africa Private Capital Deals
  • Africa private capital deals fell to to 450 deals in the past one year.
  • The continent’s total private capital deal value stood at $5.9 billion, the fourth largest value on record since 2012.
  • Decline in Africa private capital deals marked the continent’s steepest year-over-year decline in volume in 12 years.

Africa recorded a 28 per cent year-over-year (YoY) decline in the total private capital deal volume for the first time since 2016, falling to 450 deals. This downturn is attributed to the global economic turmoil, which led to inflation spikes and the devaluation of continental currencies.

In Kenya and Nigeria for instance, the Shilling and the Naira plunged to historic lows in 2023, while in Egypt, a shortage in foreign currency led to increased controls over its usage in the country.

According to the 2023 African Private Capital Activity Report, the depreciation of local currencies and the depletion of foreign …

African food systems
  • The urgency to transform African food systems is not solely an agricultural or economic imperative but a moral, social, and ecological one.
  • Africa is confronted with a heavy crisis of malnutrition, poverty, inequality, and unemployment. Food affordability and access are unevenly distributed, and gaps widen even further.
  • Improving the performance of the food system is critical if we are to sustainably feed nearly 10 billion people by 2050 while raising farmer incomes, protecting them from climate change, and helping them to thrive.

Africa, a continent of great potential, stands at a crossroads. Africa has most of the world’s most fertile lands, immense resources, and a growing young population. However, it remains paradoxically entangled in the danger of food insecurity and malnutrition.

Challenges such as climate change, post-harvest losses, poor farming technologies, and inadequate supply chains persist. The urgency to change African food systems is not solely an agricultural or economic …

AIM Congress 2024
  • AIM Congress promises to be a melting pot of insights, strategies, and opportunities aimed at shaping the future of global investment.
  • The congress has carved a niche for itself as a premier investment platform dedicated to fostering collaboration and driving innovation.
  • The Innovation and Technology Track will delve into the latest trends and innovations across various domains, including artificial intelligence, the Internet of Things, smart agriculture, and bockchain technology.

The anticipation is building as the AIM Investment Summit 2024 gears up to host over 450 dialogue sessions, featuring 900 speakers and experts from around the globe. In collaboration with over 330 local, international, and global partners, this event promises to be a melting pot of insights, strategies, and opportunities aimed at shaping the future of global investment.

Twenty-four of these partners step forward as supporting sponsors of the main conference, lending their expertise to provide participants with invaluable insights, best …

AIM Congress 2024
  • AIM Congress will be hosted by Abu Dhabi, with the support of the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development (ADDED) as lead partners.
  • The Gold Sponsors for the event are Saud Bahwan Group, Jordan’s Ministry of Investment, and Moroccan Investment and Export Development Agency.
  • The Silver Sponsor for the event is Ajman Chamber of Commerce and Industry.

As the Annual Investment Meeting (AIM) Congress 2024 draws even closer, the spotlight is on the outstanding partnership efforts that have fueled its success over the years. With the event slated to take place between May 7 to 9 in Abu Dhabi, the United Arab Emirates, AIM Congress highlights its long-standing partnerships with esteemed organisations.

In partnership with over 330 local, regional, and international partners, the 2024 AIM Congress is committed to enhancing global economic growth by promoting investment opportunities and facilitating meaningful communication …

Kenya-Ethiopia trade relations
  • Kenya-Ethiopia trade relations have been on the rise in the past 27 years, with Kenya having the upper hand. 
  • Ethiopia, on the other hand, recorded an increase at an annualised rate of 23.7 per cent.
  • During the Meeting Kenyan investors also undertook exhibitions showcasing some of their products.

Kenya and Ethiopia have renewed the push to streamline the bottlenecks that are hampering trade growth between the two states. A delegation of the National Assembly to the Kenya-Ethiopia Trade and Investment Mission held in Addis Ababa, Ethiopia, has rooted for the speedy removal of bottlenecks hampering cross-border trade between both Nations.

Kenya and Ethiopia have engaged in bilateral trade across multiple sectors, including agriculture, manufacturing, energy, and services, with the balance of trade hugely in favour of Kenya. In 2022, Kenya exported $95.1M (Sh12.8billion) to Ethiopia, mainly Palm Oil $12.4M (Sh1.7billion), Metal Stoppers $7.95M (Sh1.1billion), and Yeast $6.92M (Sh934million).

This compares …

AmCham Business Summit 2024
  • Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
  • She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
  • AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.

The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.

This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.

Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …

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