Industry and Trade

  • Kenya’s Inflation drop was influenced by prices of key food commodities.
  • KNBS says the food and non-alcoholic beverage index, which represents 32.9 per cent of inflation measurement, dropped by 0.1 per cent within the period.
  • KNBS data adds that housing, water, electricity, gas, and other fuels’ index dropped by 1.3 per cent

Kenya’s inflation dropped to a record 24-month low in April to hit five per cent, the latest data from the Kenya National Bureau of Statistics show, as prices of key food commodities continued to fall.

This is the third month in a row that the index has dropped, from 6.9 percent in January to 6.3 per cent in February and 5.7 per cent in March, and now the five per cent last month.  The continued drop comes despite some price rises on some indices.

Major contributors to April’s year-on-year price rises included transport, food and non-alcoholic beverages, and …

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We all know the emergence of blockchain technology has transformed the landscape of finance offering new opportunities for social and economic empowerment globally.  What we fail to realize is that this is especially important in the developing world, where millions are unbanked, unemployed and underserved, yet nothing is being done. In light of this, under the aegis of the Humanity Protocol, a new venture is surfacing that seeks to change this space. Known as the Dream Play, the initiative seeks to provide income opportunities for African and Asian entrepreneurs, setting a new standard for sustainable employment.

A New Horizon for Entrepreneurs

Originally known as the Africa Startup League, the rebranded Dream Play, represents a significant evolution. As a platform for showcasing entrepreneurial skills it has morphed into a comprehensive ecosystem where young innovators will access jobs and create substantial economic impact. This transformation aligns with the broader goals of …

  • 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 …

  • Agriculture is one of the leading causes of climate change.
  • Without action, emissions from food systems will rise even further, with increasing food production.
  • Climate-smart agriculture offers a holistic approach to end food security.

It may surprise many that agriculture and its activities are, in fact, one of the leading causes of climate change. Agriculture is reported to be responsible for some of the highest emissions of greenhouse gases, making the sector one of the main contributors to global warming.

It strikes the environment with a double-edged sword, emitting greenhouse gases on one hand and destroying forests and marine ecosystems on the other.

According to the World Bank, agriculture is the primary cause of deforestation, threatening pristine ecosystems such as the Amazon and the Congo Basin. With the global population exploding, there is an inevitable need to increase food production, which can only be achieved by expanding agricultural activities.

This …

  • The Bimalab Africa program is an innovation that brings together insurance innovators, technology partners, insurance firms, investors, and regulators.
  • BimaLab Africa will expand its footprint to accelerate 55 insurtechs in 15 African countries.
  • The initiative is dedicated to tackling pressing issues such as climate change, health, and gender disparities in the sector.

The Bimalab Africa Insurtech accelerator program has received $600,000 (about KSh85.9 million) in funding to expand its operations across Africa. Following the fresh financing round by the Swiss Re Foundation, the program is now set to grow to cover 15 countries across the African continent from the initial 10 countries covered in the 2023 program.

The program offers hands-on venture-building support to high-impact Insurtech start-ups that improve the resilience of underserved and climate-vulnerable communities.

The initiative is dedicated to tackling pressing issues such as climate change, health, and gender disparities while also addressing the challenges micro, small, …

  • Irrigation in Africa has the potential to essentially double agricultural productivity.
  • In Sub-Saharan Africa, irrigation is a key factor in achieving food security, yet it remains vastly under-utilised.
  • FAO advises that each African country assess its irrigation potential as the basis for planning sustainable food production.

Irrigation in Africa has the potential to essentially double agricultural productivity, boosting output by up to 50 per cent. This optimistic evaluation is provided by the UN Food and Agriculture Organisation (FAO). However, even with this potential, FAO shares concerns that it is vastly underutilized, with agriculture in Africa remaining predominantly rain-fed.

“Although irrigation in Africa has the potential to boost agricultural productivity by at least 50 percent, food production on the continent is almost entirely rainfed,” reports FAO.

According to FAO data, the area under irrigation in Africa currently makes up just 6 percent of the total cultivated area. In Sub-Saharan Africa, irrigation …

  • Tanzania to earn $400 million annually from tobacco export/sells.
  • The country now ranks second largest tobacco producer in Africa after Zimbabwe.
  • Tobacco has no known health benefit. On the contrary, it causes disease, disability and premature death. Over 6 million people die globally every year from tobacco-related illnesses.

Tanzania has been ranked as the second-largest producer of tobacco in Africa, falling behind only neighboring Zimbabwe, even as tobacco’s toll worsens globally. The ranking comes after a bumper harvest in the year 2022/2023, as announced by Tanzania’s Minister for Agriculture, Hussein Bashe.

According to the minister, the country’s tobacco production has more than doubled over the last year alone to 122,858 tonnes in FY2023/2024 from 50,000 tonnes earlier.

As of December last year, the export value of tobacco stood at $316 million, and with the increase in output, the minister is confident that this year the country will attain its …

  • Shell Nigeria is selling off major stakes in the west African country.
  • Critics blame the government of Nigeria for allowing the sell at a time the oil giant is facing suits on oil spills.
  • Activists want Shell Nigeria to be held responsible for alleged decades of oil spills.

Shell Nigeria has sold off major stakes in the Western African country, sparking chatter that the move could be just a ploy to escape oil spill charges in the country. On the other hand, there is an argument that the Shell move is just a numbers game, a move to cut losses in troubled onshore Nigeria stakes in favor of its offshore investments.

Which of the two is true? Is Shell shedding off investments in on-land fossil fuels to redirect its resources to less-hassle offshore exploration, or is the British oil giant simply running away from oil spill charges?

Media has reported …

  • Ramadan fasting increases economic activities around the world.
  • The travel sector, especially airlines registers higher revenues during pilgrimage after Ramadan fasting.
  • Zanzibar has announced tax breaks for consumables during Ramadan fasting.

Every year, from the beginning of Ramadan fasting, Muslim faithful increase spending, travel more and invest significantly to celebrate the Eid vacation.

“As people’s mobility increases, the transport sector’s business also experiences a surge…as people spend the overall economy is stimulated,” explains Abdul Rashid an economist in Tanzania.

The economics of a country change during Ramadan and the months leading to and immediately after the Holy Month. This multiplier effect is felt throughout the world as the Islamic communities prepare, fast and observe the Holy Month.

Take Tanzania for example, the East African country is over 40 per cent Muslim, Ramadan fasting causes increased economic activities ranging from import and export of food, increased spending and pilgrimage related spending.…

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