Author: Albert Nangara

Italy’s Prime Minister, Giorgia Meloni, recently visited Libya to meet with the country’s Prime Minister Abdulhamid Dbeibah. The trip was an opportunity to address the two most pressing issues facing Italy and the European Union: energy and migration. During her visit, the largest single investment in Libya’s energy sector in over 20 years was signed, worth US$8 billion.

ENI CEO, Claudio Descalzi, signed the deal with Libya’s National Oil Corporation (NOC) to develop two offshore fields in Block NC-41, north of Libya. The deal is estimated to start pumping gas by 2026 and reach 750 million cubic feet per day. Meloni called the deal “significant and historic” and said it would help secure Europe’s energy sources.

Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields.

The project includes two gas fields, called “Structure A” and “Structure E” …

• Africa is a continent with a rapidly growing population and a developing economy. However, one of the major challenges that Africa faces is a lack of reliable and accessible electricity.
• Nuclear power generation is one of the options that could potentially solve Africa’s power problems, but it is also a controversial and complex issue.
• Nuclear power plants use heat from nuclear fission to produce steam, which then drives turbines connected to generators to produce electricity.

South Africa has been experiencing a series of constant rolling blackouts for the past few years. While load shedding may have become a norm in the country, it is not the only African country experiencing an energy crisis.

The struggle to keep the lights on is not unique to South Africa and can be described as a Cape to Lagos problem.

Zimbabwean citizens experience power outages that last up to 19 hours a day which …

• The UN report attributes this slowdown to the ongoing COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis.
• Africa has long been dependent on exports and foreign investment to drive its economic growth.
• The slow global economic growth also means that African countries will have less access to funding from international organizations like the World Bank and the International Monetary Fund (IMF).

The recent United Nations (UN) report on the state of the global economy has painted a dim picture in 2023, with slow growth projected for the global economy. The report attributes this slowdown to the ongoing COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis.

While the near-term economic outlook remains uncertain, the report forecasts a moderate pick-up of growth to 2.7 per cent in 2024. However, the report also states that “myriad economic, financial, geopolitical, and environmental risks persist.” This means …

• Unemployment is a significant problem in Africa, with many countries experiencing high rates of joblessness.
• The unemployment rate in Africa was 7.1 per cent in 2020, which is significantly higher than the global average. Youth unemployment in Africa is even more severe, with the youth unemployment rate at 12.9 per cent.
• Harnessing 4IR presents opportunities to address unemployment in Africa

The Fourth Industrial Revolution (4IR) has the potential to propel Africa’s economy and address one of its major challenges – unemployment. 4IR technologies, such as artificial intelligence, blockchain, and the Internet of Things, are creating new job opportunities and improving productivity in many sectors. However, harnessing 4IR to address unemployment in Africa requires overcoming some challenges.

What is the 4th Industrial Revolution?

4IR stands for the “Fourth Industrial Revolution.” It refers to the current trend of automation and data exchange in manufacturing and other industries, driven by the development of …

• The Monetary Policy Committee of the Bank of Mozambique (CPMO) has decided to keep its benchmark interest rate unchanged at 17.25 per cent.
• This decision was based on the prevalence of high risks and uncertainties surrounding inflation forecasts.
• Despite the uncertainties and risks, the CPMO remains optimistic that inflation will continue to fall in the medium term.  

The Monetary Policy Committee of the Bank of Mozambique (CPMO), meeting in Maputo on Wednesday, decided to keep its benchmark interest rate, the Monetary Policy Interest Rate (MIMO), unchanged at 17.25 per cent. This is the rate used by the central bank in its interventions on the interbank money market to regulate liquidity. The rate rose from 15.25 to 17.25 per cent last September.

In a press statement, the CPMO said the decision not to alter interest rates was due “to the prevalence of the high risks and uncertainties underlying the forecasts for …

• The United States has been working to increase its economic and political engagement with Africa in recent years.
• Yellen arrived in Dakar, fresh off a nearly three-hour meeting with China’s vice premier Liu He.
• The Biden administration is trying to counter China’s growing influence and infrastructure in the region by offering African countries an alternative path on economic and political security

US-Africa relations have been on the rise in recent years, and the recent visit by US Treasury Secretary Janet Yellen to Senegal has further solidified the commitment of the United States to expand economic opportunities for all in Africa.

Yellen’s visit to Senegal, which took place on January 18, 2023, was a clear demonstration of the importance the United States places on its relationship with Africa. During her visit, Yellen met with young entrepreneurs and business leaders, and delivered a speech emphasizing the potential of Africa’s young entrepreneurs and …

• Exports expanded from N$400 in 2020 to N$1.4 billion in 2022.
• The fact that Namibia is able to export to countries in Europe highlights the potential for Africa to expand its trade relationships with other regions of the world.
• This diversification is important for SADC region countries since it reduces reliance on a single commodity.

Namibia’s fruits and nuts industry has seen significant growth in recent years, with exports worth over N$1.4 billion between November 2021 and November 2022. This is a significant figure compared to imports, which were just shy of N$400 million. This export bill, although dominated by grape exports, shows that Namibia has a good market in Europe, especially in the United Kingdom, Germany, and The Netherlands.

Grapes and dates are considered the gold of the southern part of the country. However, there have been claims that producers are exploiting labor. Workers have constantly complained of late …

• Africa is heavily dependent on fossil fuels, which not only contribute to climate change, but also make the continent vulnerable to price fluctuations in the global oil market.
• Renewable energy projects in Africa, such as solar and wind power, are starting to gain momentum and are showing great promise as a solution to these challenges.
• Investing in renewable energy in Africa not only helps to address these challenges, but also brings a host of benefits.

As the world continues to shift towards a more sustainable future, Africa is emerging as a key player in the renewable energy sector. With vast stretches of land and abundant sunshine, Africa has the potential to harness the power of the sun and wind to generate electricity, creating economic opportunities and reducing dependence on fossil fuels.

Currently, Africa’s energy sector faces significant challenges. Many countries in the region lack access to electricity, with nearly 600 …

• The African diaspora is a diverse group, with communities found in countries all over the world, including the Americas, Europe, and Asia.
• The African diaspora can contribute to Africa’s GDP and development through investment, remittances, and the transfer of skills and knowledge.
• Diaspora investments also add significant value to African enterprise. The World Bank records over US$80 billion sent to and within Africa in 2020.

The African diaspora, the dispersal of people of African descent throughout the world, has had a significant impact on both Africa and the African diaspora communities. The transatlantic slave trade, colonialism, and other historical events have led to the dispersal of millions of people of African descent throughout the world. The experiences of people of Africans in diaspora communities have been shaped by these historical events and continue to be felt today.

The African diaspora is a diverse group, with communities found in countries all …

• Nigeria’s central bank has awarded the startup a PSSP licence, enabling it to operate as a payment solutions service provider within the country.
• This serves as a demonstration of the Nigerian central bank’s commitment to supporting fintech startups in the country.

Nigeria’s central bank, the Central Bank of Nigeria (CBN), has recently shown its commitment to supporting fintech startups in the country through its decision to award a Payment Solutions Service Provider (PSSP) license to fintech startup, Fincra.

This comes six months after the bank issued Fincra an approval-in-principle. This licence falls within the relatively new categorization of licences introduced by the apex bank in December 2020, which confers financial institutions the legal right to “engage in payment processing gateway and portals, develop payment solutions or merchant service aggregation and collections services”.

Founded in 2021 by Wole Ayodele, multiple-time founder and co-founder of the crypto exchange platform Quidax, Fincra was …