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Nigeria and US Sign Minerals Investment Framework
Nigeria and the United States have signed an agreement aimed at increasing American investment in Nigeria’s mining sector. The framework, signed in New York on 23 September, covers geological data, mineral exploration and processing, infrastructure and technical capacity.
Nigeria estimates the value of its mineral resources at around $700 billion. The government wants more minerals processed in Nigeria rather than exported in raw form. No individual projects or investment commitments have yet been announced.
Nissan Switches South Africa Business To Imports
Nissan has stopped manufacturing vehicles in South Africa and shifted to imports, even as the government offers a 150% tax deduction for investment in electric and hydrogen vehicle production. The Japanese manufacturer sold its Pretoria plant to China’s Chery earlier this year. On 21 September, Nissan launched the Tekton SUV in South Africa, with the vehicles imported from India. Chery plans to restart production at the former Nissan plant in 2027.
South Africa exports about two-thirds of the vehicles it produces. Its EV manufacturing incentive has been available since March, while Toyota chose Thailand rather than South Africa to produce the electric version of its Hilux. If more electric models are allocated elsewhere, South Africa risks losing future production from one of its largest manufacturing and export industries.
Namibia Suspends Livestock Trade After FMD Outbreak
Namibia has suspended the movement, import and export of cloven-hoofed animals after confirming foot and mouth disease at a commercial farm in the Kharas Region. The farm is inside Namibia’s World Organisation for Animal Health recognised FMD free zone, where an outbreak had not previously been recorded.
Restrictions affect livestock and raw animal products, while the Meat Corporation of Namibia (Meatco) has suspended slaughter and further beef exports. Veterinary authorities are investigating the source and extent of the outbreak.
Tanzania Opens Locally Owned Bottle-Cap Factory
Tanzania has opened a TSh14 billion (est. $5.3 million) bottle-cap factory in Kigamboni. Simama Metal Crown, a wholly Tanzanian-owned company, says the plant can produce around 130 million metal caps a month for beverage manufacturers. It was officially opened on 23 September.
The government is encouraging drinks manufacturers to buy locally produced caps as part of its effort to reduce reliance on imported manufactured goods. The new plant gives beverage companies another domestic source for a basic packaging input.
Also This Week
Nigeria cuts interest rate to 23%
- The Central Bank of Nigeria cut its benchmark rate by 350 basis points, from 26.5% to 23%, on 22 September.
- August inflation had eased to 15.39%.
Bank Gaborone gets P80 million capital facility
- Capricorn Group approved a P80 million (est. $5.9 million) facility for Bank Gaborone after its non-performing loan ratio rose above 14%.
- The facility has not been drawn. Capricorn said borrowers linked to Botswana’s diamond industry were among those under pressure.
Liberia sets out carbon-market plans
- Liberia is developing carbon markets as part of a natural-capital strategy covering forests, mangroves, biodiversity and renewable energy.
- The government estimates the country’s natural capital at more than $30 billion and adopted its first National Carbon Policy this month.
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