The Pan-African Economy in Brief: Thursday, December 6, 2018
AEC 2018 in Kigali: researchers advocate for the emergence of economic leadership: "On the first day of the African Economic Conference (AEC), which is being held in Kigali, Rwanda, from December 3 to 5, 2018, researchers called for the emergence of economic leadership on the continent to achieve successful integration. This intervention took place during a plenary session on the theme of Accelerating Inclusive Regional Integration. "Integration must not be an end, but a means to develop," said Victor Harisson, Commissioner for Economic Affairs of the African Union Commission. To achieve this, we need a Sector Development Plan, market capital and equity markets."..."
AfDB allocates $200 million for the deployment of off-grid solutions in rural areas: "The African Development Bank (AfDB) has just mobilized $200 million to support the Nigerian electricity sector. This funding will support efforts in the country to electrify rural areas, by facilitating the deployment of off-Grid solutions by private investors, as well as the implementation of electricity systems for federal universities. All these accompanying measures are implemented as part of the Nigeria Electrification Project (NEP) led by the Rural Electrification Agency (REA). They are part of the government's ambition to achieve universal access to energy by 2030..."
Africa50 invests in the Nachtigal hydroelectric power plant project: "Africa50, the Pan-African infrastructure investment platform, concluded on December 4 an agreement with the Cameroonian government by which it acquires half of its shares, or 15%, in the capital of Nachtigal Hydro Power Company (NHPC), the company in charge of the Nachtigal Hydroelectric Plant. The 420 MW Nachtigal power plant project will be built on the Sanaga River at the so-called Nachtigal Falls, 65 km northeast of Yaoundé. It includes the construction of the dam and hydroelectric plant as well as the construction of a 50 km transmission line..."
Quarterly decline in tobacco and tobacco products manufacturing activity: "This underperformance is explained in particular by the application, in July 2018, of the ECOWAS directive on the harmonisation of excise duties on tobacco. This resulted in an increase in the tax on the product and, in turn, in the selling price. In addition, on an annual basis, the "manufacture of tobacco and tobacco products" activity contracted by 10.5% and 10.0% respectively in the third quarter and cumulatively in the first nine months of 2018, particularly weakened by the overabundance of products of fraudulent origin on the market, following the application of anti-tobacco laws..."
Wheat production could reach 3 million bags in 2018: "In Kenya, the Cereal Producers Association (CGA) said it expects a wheat harvest of 3 million bags in 2018 compared to 2.7 million bags registered a year earlier, reports Businessdailyafrica. This year-over-year increase is the result of improved weather conditions in the Narok area, which provides more than 60% of the total volume, says Anthony Kioko, CGA's number one. The upturn should allow countries to reduce their imports and lower the price of the commodity on the local market, which is around 120 shillings for the 2 kg package compared to 110 shillings a few months earlier..."
Fairtrade will increase the premium and floor price received by cocoa farmers, starting in 2019: "The Fairtrade International certification label announced yesterday that it would increase the premium and floor price paid to cocoa producers by companies that commit to its system. According to Reuters, which reports on this process, the certification group will increase the minimum price of Fairtrade certified cocoa from $2,000 to $2,400 per metric ton, an increase of 20%. Similarly, the Fairtrade premium received by producers to finance community projects will increase from $200 to $240. The new prices will come into effect on October 1, 2019, the organization says. The decision of the group comes in a context where many observers consider that certification, while it displays virtuous principles, has not had the expected effect on the living conditions of operators..."
BW Offshore produces its first cargo of crude oil in the offshore Turtle field: "BW Offshore, a Singaporean operator of floating production storage and offloading vessels, provided information on the status of its project on Monday, December 3, two and a half months after the start of oil production in the Turtle Offshore field off the coast of Gabon. "In total, 550,000 barrels of oil have been transferred from the BW Adolo FPSO to an oil tanker that will transport crude oil to a refinery," it announced. The development of the oil field and the start of production on the Dussafu license were carried out within budget and on time, without any damage to man or the environment, according to the company listed on the Oslo Stock Exchange (where it is based)..."