90 days of January
Issue #136: As inflation continues to surge in the global market, the days ahead may be longer for some African economies than others.
Photo: Longer Days by David Gifford.
Hello Venturer,
The dreaded 90 days of January are finally coming to an end. It’s a relief how fast the days rolled by. But while some people had a great month, others have had it rough.
For instance, Sierra Leone’s new law allows women to own lands. Also, Sierra Leonean women can be appointed paramount chiefs, and the new law demands a 30% women representation in public and private offices. What better way to start the year?
But elsewhere in Egypt, inflationary pressures are taking a toll on the economy. Many citizens can no longer afford to buy quality food or chicken and the government is suggesting food and protein alternatives like lentil soup and chicken feet. These are symbols of extreme poverty in the country.
As inflation continues to surge in the global market, the days ahead may be longer for some African economies than others. Fingers crossed.
Ishioma Bello,
Staff Writer, Ventures Africa.
What’s new?
What is the significance of women owning lands in Sierra Leone?
Before this law, 83% of owned lands belonged to the family, with custom requiring the oldest male to hold the land in trust or with a paramount chief being the holder of communal land. This tradition prevailed because 95% of land in the country is owned by the customary law, which was the main law that governed the people. Read more.
Egypt’s runaway inflation is sparking a “chicken and the leg” controversy.
Then a controversy started when Egypt’s National Institute of Nutrition released a publication centred on budget-friendly protein-rich food alternatives. The menu included various meals, such as ‘koshari’ and lentil soup. But it was the chicken legs that caught everyone’s attention. Read more.
How some offshore companies defraud African governments.
Over the years, many so-called investors have left their countries with a calculated motive to prey on the greed of a few African leaders, leaving nations impoverished. On the other hand, super-wealthy Africans have taken a queue to create offshore companies through which they’ve defrauded their own countries. Read more.
Weekly Economic Index: China’s economy reopens and fuel scarcity escalates in Nigeria.
For close to three months Nigerians have experienced a persistent scarcity of fuel across the country. Nigeria’s escalating fuel scarcity has triggered a rise in the cost of fuel from N170/1ltr in November, to nearly N300/1ltr in many filling stations across the country. Read more.
Top sectors to invest in, in Africa.
Population projections have revealed that by 2100, one in three people on the planet will be born in sub-Saharan Africa, while a country like Nigeria will overtake China, becoming the second-largest country after India. Resources-wise, the continent harbours rare earth minerals pivotal for the future of global power systems. Read more.
What you should know about the Indorama, Nigeria-based urea plant feeding Brazil and India.
The IFL was formerly Eleme Petrochemicals Company Limited (EPCL), a petrochemicals complex that was once solely owned by the Federal Government of Nigeria. But in 2006, the government through the Bureau of Public Enterprise (BPE) successfully privatised the company. 75% of its shares were sold to Indorama Group. Read more.
Kenya’s “bottom-up” economic plan is increasing its borrowing appetite.
Treasury data shows that Kenya will cut borrowing for the next three financial years, including the Sh690 billion for the year ending June 2024. However, borrowing is set to surge as Kenya approaches the 2027 general election, increasing to Sh844 billion in the year ending June 2027, matching levels seen under the Kenyatta administration. Read more.
How much would escalating tensions between Congo and Rwanda impact economic growth and investments?
On Tuesday, January 24, Rwandan forces fired at an air-bound fighter jet belonging to the Democratic Republic of Congo (DRC or Congo). It said the plane had violated its airspace. Rwanda accused its neighbour of trespassing by flying across Rubavu. But Congo refuted the report, accusing Kigali of an act of war. Read more.
My Pivot Journal: Okoronkwo Kanno's “inevitable” roundtrip to product management
Okoronkwo Kanno (p.k.a Roncho) lives a protean lifestyle. He’s a writer, photographer, and mixologist “in training” who enjoys cooking. He became all these things through relatively simple exploration. But his primary opus — product management — has a different, more complex backstory. Read more.
Nigeria and its ironic economic realities.
Since, last November, Nigerians have had to struggle in queues to get fuel. Initially, it was not surprising as it is habitual for scarcity to happen especially since it was towards the end of the year. While it is not definite why this has sadly become a ritual, one can attribute it to oil marketers’ excessive hunger for a quick profit. Read more.
What is it like to run a handmade jewellery business in Nigeria?
Nigerians have an insatiable appetite for jewellery, and creating a local jewellery industry is imperative. After her jewellery production course, and eventually earning a master’s degree, Uzoamaka Ezeugwa returned to Nigeria to start a retail jewellery business called Zoya jewels in 2014. Read more.
The CBN’s rate hikes are not taming inflation
It’s unusual for Nigeria’s Monetary Policy Committee to start the year with a rate hike. The trend is usually to keep rates unchanged at inaugural meetings. A couple of days ago, the Central Bank of Nigeria (CBN) made its first decision of the year. It raised its monetary policy rate (MPR), which benchmarks interest rates, by 100 basis points (bps) to 17.5%. Read more.
Here are the most counterfeited products in Nigeria
In Nigeria, where over 70 million people live in extreme poverty, it is not surprising that the ridiculously cheap prices at which counterfeited products are sold make it desirable to many consumers who cannot afford to purchase the original product. Read more.
Holiday Jollof
Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. Click the image below to read.
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