African Trade Chamber

SEALEAD LAUNCHES UPGRADED ANIDEA SERVICE TO ENHANCE ASIA-EAST AFRICA TRADE LINKS SeaLead, a leading global shipping company, is set to strengthen trade connections between Asia, India, and East Africa with the launch of its upgraded ANIDEA service. The inaugural voyage of the Zhong Gu Zhu Hai will depart from Shanghai, marking the start of a new route designed to reduce transit times and improve reliability for shippers. The revamped ANIDEA service replaces the existing IDEA service, incorporating additional stops at key ports in China, India, and East Africa. The updated ANIDEA service offers a direct connection between the Far East, West India, and East Africa, effectively integrating cargo flows from East and South Asia to East Africa. This strategic move underscores the increasing demand for faster, more efficient logistics solutions in the region. It also aligns with SeaLead’s broader strategy to enhance its presence along vital global trade corridors. SeaLead’s Global Director of Trade Management, Doreen Yeo, emphasized the significance of the upgraded service, noting that ANIDEA will drastically reduce transit times and offer a reliable solution tailored to the needs of businesses in East Africa and beyond. This launch comes amid rising competition in the shipping industry as operators vie to capture growing trade volumes between Asia and Africa. #SeaLead #TradeLinks #LogisticsSolutions #AsiaAfricaTrade #ANIDEAService

NIGERIA AND BRAZIL SIGN MOU TO BOOST AGRICULTURAL SECTOR DEVELOPMENT WITH $4.3 BILLION INVESTMENT The Federal Government of Nigeria, through the Ministry of Agriculture and Food Security (FMAFS), has signed a significant Memorandum of Understanding (MoU) with Brazil's FGV - Fundação Getulio Vargas to foster private sector development in key agricultural sectors. The agreement, signed by FMAFS Permanent Secretary Temitope Fashedemi and FGV President Carlos Ivan Simonsen Leal at the G20 Leaders’ Summit in Rio de Janeiro, focuses on advancing fertiliser production, hybrid seed technology, and agricultural finance. The partnership aims to modernise Nigeria’s agricultural sector, leveraging Brazilian expertise in tropical agriculture. The collaboration builds on the Green Imperative Project (GIP), a $1.2 billion initiative between Brazil and Nigeria, conceived in 2018. Supported by Deutsche Bank, the GIP seeks to transfer agricultural technologies and knowledge over a 10-year period. Over the next five years, the project will provide technical and financial support to one agribusiness in each of Nigeria’s 774 local government areas, promoting sustainable development and economic growth. Fashedemi emphasized the transformative potential of the partnership, which is expected to attract $4.3 billion in private-sector investment. This collaboration marks a new phase of strategic partnership between Nigeria and Brazil, aiming to enhance food security and stimulate growth in Nigeria’s agricultural sector. #AgriculturalGrowth #NigeriaBrazilPartnership #PrivateSectorInvestment #FoodSecurity #GreenImperativeProject

NIGERIA'S ECONOMIC TIES WITH BRICS BLOCS STRENGTHEN, $1.27 BILLION INFLOW REPORTED Vice President Kashim Shettima has commended the growing economic relations between Nigeria and the BRICS nations, revealing that Nigeria received a remarkable $1.27 billion foreign capital inflow from the bloc by June 2024. This significant increase from $438.72 million during the same period in 2023 highlights the success of Nigeria's engagement with BRICS countries, fostering mutual trust and solidifying development partnerships. Shettima made this remark at the 2024 China-Africa Inter-Bank Association Forum, which took place for the first time on African soil. At the event, Shettima, represented by Aliyu Modibbo, the Special Adviser to the President on General Duties, emphasized the vital role of international financial collaborations in realizing Nigeria’s growth aspirations. He also acknowledged China’s position as Nigeria’s top trading partner, with bilateral trade reaching NGN 7.38 trillion by June 2024. The Vice President noted that President Bola Tinubu’s diplomatic efforts, including his September visit to China, have significantly enhanced Nigeria-China relations, culminating in the signing of five memoranda of understanding (MOUs), including initiatives under the Belt and Road Initiative. Additionally, financial institutions like First Bank of Nigeria Ltd. have been key in strengthening financial synergies across Africa and China. First Bank Group CEO Olusegun Alebiosu MD/CEO FirstBank Group highlighted the critical role of Chinese companies in driving growth and infrastructure across African economies, and revealed plans to expand FirstBank’s presence in China to support China-Africa cooperation and improve services for Chinese businesses in Africa. #NigeriaBRICS #EconomicGrowth #ChinaAfricaPartnership #ForeignInvestment #TradeExpansion

AFRICAN DEVELOPMENT BANK DISBURSES $1 BILLION TO WOMEN-LED ENTERPRISES IN EFFORTS TO CLOSE GENDER FINANCING GAP The African Development Bank Group(AfDB) has made significant strides in bridging the financing gap for women entrepreneurs, announcing the disbursement of $1 billion to women-led businesses across Nigeria and other parts of Africa. Dr. Abdul B Kamara, Director General of the AfDB’s Nigeria Country Department, revealed the bank’s ongoing efforts to address the $46 billion financing gap that limits women’s access to capital for their businesses. This initiative is aimed at empowering women and stimulating economic growth through targeted financial support. In addition to this substantial investment, Dr. Kamara highlighted the bank’s broader focus on gender inclusivity through products and policies designed to support women and youth. He emphasized the recent launch of a $100 million youth entrepreneurship investment fund in Nigeria, which aligns with the AfDB's commitment to creating access to markets and developing vital skills for women and youth entrepreneurs. The AfDB continues to promote gender equality as a key component of its development agenda across the continent. Eyong Beatrice, Country Representative for UN Women in Nigeria, also spoke about the growing commitment to advancing women’s rights and economic participation. She noted that Nigeria has made significant progress in gender-responsive budgeting and policy implementation. States like Kaduna have adopted procurement policies to ensure women have access to 30% of public contracts, with Lagos State set to follow suit. These efforts represent a collective push towards achieving gender equality and empowering women across Nigeria and beyond. #WomenEmpowerment #GenderEquality #Entrepreneurship #AfDB #InclusiveGrowth

SOUTH AFRICA'S STEEL SECTOR EYES GROWTH THROUGH INNOVATION AND VALUE-ADDED PRODUCTS South Africa’s steel industry is poised for a positive transformation, focusing on innovation and the creation of value-added products to overcome current challenges. Despite a 13% drop in demand and an increase in steel imports, Charles Dednam, Secretary General of the South African Iron and Steel Institute, remains optimistic. He believes the key to revitalizing the sector lies in moving away from basic steel production and focusing on more sophisticated products that meet the growing needs of both local and regional markets. Recent developments in Zimbabwe, such as the Dinson Iron and Steel Company ramping up its production, offer new opportunities for South Africa to enhance its competitiveness. Although the emergence of this new player in the Southern African Development Community (SADC) region presents some competition, Dednam views it as a driver for local steel producers to innovate and explore more value-added offerings. This, he argues, will allow South Africa to secure its place as a leader in the regional steel industry. Looking ahead, Dednam calls for clear and supportive government policies that foster beneficiation and value-added steel production. By creating an environment that encourages investment in downstream industries, South Africa can strengthen its steel sector, create jobs, and reduce reliance on imports. With the right policies in place, the steel sector can contribute significantly to the country’s industrialization goals and regional economic growth. #SteelIndustry #InnovationInSteel #ValueAddedProducts #SouthAfrica #EconomicGrowth

The Ethiopian Coffee and Tea Authority (ECTA) called for collective action to transform Africa's coffee sector during the Inter-African Coffee Organization (IACO) High-Level Policy Forum. Dr. Adugna Debela, ECTA’s Director General, emphasized the need to improve coffee quality, increase production, and export value-added products to maximize Africa's coffee potential. The forum also highlighted the importance of meeting global sustainability standards and tackling climate challenges. Ethiopia’s role in advancing coffee quality was praised, and stakeholders discussed ways to enhance the sector’s competitiveness and economic impact across the continent. #AfricanCoffee #SustainableAgriculture #CoffeeIndustry #EconomicGrowth #RegionalCollaboration

Namibia and Kenya have launched a bilateral Chamber of Commerce to strengthen trade and investment between the two nations. Announced in Windhoek, the chamber aims to create a conducive business environment, address market gaps, and connect traders. Chamber President Elvis Mboya emphasized its focus on supporting underserved markets and equipping businesses with resources to thrive.  This initiative positions Namibia and Kenya as strategic gateways to the Southern African Development Community Secretariat (SADC) and East African Community (EAC), promoting regional integration and advancing intra-African trade under the African Continental Free Trade Area (AfCFTA) Secretariat framework. #NamibiaKenyaTrade #IntraAfricanTrade #EconomicIntegration #RegionalPartnerships #BusinessGrowth

Ethiopia and Germany have reaffirmed their 120-year partnership during discussions between State Minister Mesganu Arga and German Special Envoy Wolfgang Dold. The talks focused on bolstering economic cooperation, advancing peace and security in the Horn of Africa, and deepening bilateral and multilateral ties. Both nations committed to strengthening collaboration on shared priorities, including technical and financial support for Ethiopia's development and regional stability. #EthiopiaGermanyRelations #GlobalPartnerships #HornOfAfrica #PeaceAndDevelopment #EconomicCooperation

Springfield Exploration and Production (SEP) Limited, alongside GNPC and GNPC EXPLORCO, has completed the successful appraisal of the Afina-1x well, confirming light oil and gas/condensate potential. The Cenomanian sandstone flowed at 4,500 bopd, while the Turonian reservoir demonstrated a flow potential of up to 12,000 boepd. This milestone reaffirms Springfield’s operational and geological capacity, paving the way for enhanced production and commercial development in Ghana's oil and gas sector. #OilAndGas #EnergyInGhana #SpringfieldE&P #AfinaDiscovery #SustainableEnergy

African investors gathered at African Export-Import Bank (Afreximbank)’s headquarters in Cairo to mobilize ahead of the Africa Investment Forum’s Market Days, set for December 4-6 in Rabat, Morocco. Organized by the African Development Bank and partners, the forum connects bankable projects with capital, driving investments in sectors critical to Africa’s development. This year’s focus includes $50 billion worth of deals across 22 countries, fostering industrial growth and intra-African trade under the AfCFTA framework. #AfricanInvestmentForum #MarketDays2024 #InvestInAfrica #AfCFTA #IntraAfricanTrade