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Browsing: Trade
- Since ascending to office in September 2022, President Ruto has remained relentless in his bid to boost Kenya’s agricultural productivity.
- Agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens.
- President Ruto has focused on implementing policies and programs to enhance productivity, improve farmers’ incomes, and ensure food security.
Agriculture as a bedrock of Kenya’s economic prosperity
Kenya has made impressive economic strides in innovation and entrepreneurship, private sector enterprise, infrastructure, and human skills development. However, agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens. The importance of agriculture has been highlighted in Kenya’s Vision 2030
Moreover, research has demonstrated that agriculture remains a major driver of economic prosperity for most African countries. In addition to driving economic growth, agriculture creates jobs for most rural communities and is essential …
United States officials and politicians have shown much interest and support for renewing the African Growth and Opportunity Act (AGOA) as its expiration date approaches in September 2025. The fate of this landmark legislation, which provides duty-free access to the US markets for some African countries, remains uncertain for the next 22 months but has significant implications for trade between the United States and Africa.…
Bamburi Cement PLC has announced plans to sell its Ugandan business to Sarrai Group, pending regulatory approvals. The Board of Directors of the cement maker has approved the sale of its stake in Hima Cement Limited, Uganda, amid declining profits.…
- The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy.
- Through the council, the Kingdom of Saudi Arabia plans to replicate various investments made in Pakistan, Indonesia, and India in Nigeria.
- Africa has increasingly become the subject of high competition between global economic powers.
Nigeria anticipates multi-billion-dollar “immediate” investment flows from the Kingdom of Saudi Arabia. This follows the signing of an agreement between the countries to establish a business council. The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy. These include technological advancements, telecommunications, energy, oil and gas, and agriculture.
The two countries resolved to restore the Nigeria-Saudi Business Council. Crown Prince Mohammed bin Salman Abdulaziz proposed the Business Council in 2019. However, the former president of Nigeria, Mahammadu Buhari, resisted the council.
“We expect to see significant investment flow immediately,” Abubakar …
With its immense potential and vast resources, Africa stands at a critical point in its economic growth path. While the continent has promising economic prospects, it also has significant challenges that have impeded growth. A concept known as "blended finance" has gained popularity in recent years as a viable answer to assist governments in overcoming economic challenges. As a result, it is vital to look into what blended finance is, how African economies can leverage its benefits and its crucial role in supporting sustained growth across the continent.…
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Financial knowledge remains paramount in an era in which increasingly complex financial products have become readily available to many. Governments in different countries have put more effort into expanding access to financial services. Consequently, the number of individuals with bank accounts and access to credit products is increasing.
Financial literacy remains crucial to personal and economic empowerment, enabling people to make sound financial choices and manage their finances effectively. Africa suffers from a significant shortage of financial literacy, which hinders its economic growth and development.…
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- Tanzania is using Sabasaba trade expo to foster the country’s industrial might.
- This year, over 180 foreign companies including some from China took part in the exhibition.
- Overall, Tanzania’s trade with the outside world is marked by export of minerals and agricultural produce.
Across Tanzania, no exhibition can outmatch the Sabasaba trade expo, a platform that the East African country is using every year to showcase investment potential.
“Sabasaba” which translates to “seventh day” in Swahili, denotes Dar es Salaam International Trade Fair (DITF) tradition of going down during the first week of July, typically starting on the 7th of the month. The expo serves as a platform for local and international businesses to showcase their products and services, fostering trade and economic development in the region.
Sabasaba trade expo promoting industries
It attracts a diverse range of exhibitors and visitors from various industries, including agriculture, manufacturing, technology, tourism, and …
Until the Biden Administration, US-Africa trade relations had remained remarkably consistent. Africa Growth and Opportunities Act (AGOA), in place since October 2000 through five separate US administrations, has been the ‘centrepiece’ of this consistency.…
A recent report has revealed that the ban on second-hand clothing, also known as mitumba, might not enhance Kenya’s textile industry as previously anticipated. The report commissioned by the Mitumba Consortium Association of Kenya (MCAS) on the Second-Hand Clothing Industry in the East Africa Community has cautioned against protectionism towards importing second-hand clothing.…
- Kenya’s President William Ruto is urging Africa to shift from exports of raw materials to industrial processing of goods. He says African economies must change tact to revamp import/export trade.
- Comesa bloc has a combined GDP of $805 billion and a global export/import trade in goods worth $324 billion.
- In a radical move, Dr Ruto calls for merging of Comesa, the East African Community, and the Southern African Development Community.
Kenya’s President William Ruto is calling on the Common Market for Eastern and Southern Africa (COMESA) member-state to embrace industrial processing of to boost the value of exports and in turn enhance Africa’s share of global trade.
In a radical shift that is also seeking to boost trade across Africa, Dr Ruto is also calling for the consolidation of trading blocs Comesa, the East African Community, and the Southern African Development Community.
Industrial processing to boost Africa trade
By joining …