Latest news with #intra-African
See - Sada Elbalad
9 hours ago
- Business
- See - Sada Elbalad
Egypt Secures Strategic Membership at ARSO
Taarek Refaat In a notable diplomatic achievement, Egypt has been elected to both the Board of Directors and the Standards Management Committee (SMC) of the African Organisation for Standardisation (ARSO), reinforcing its position as a regional leader in quality infrastructure and industrial development. Represented by the Egyptian Organization for Standardization and Quality (EOSQ), the country secured the prestigious seats during ARSO's 31st General Assembly, held this week with participation from 34 African nations — the largest attendance in the organization's history. The elections were fiercely contested, with only 12 countries earning seats on the Board and six selected for the influential Standards Management Committee. Egypt now joins an elite group of nations, including Burkina Faso, Cameroon, Rwanda, Uganda, and Zimbabwe, in shaping the continent's standardization roadmap through the SMC. Meanwhile, the Board of Directors now includes Egypt, Kenya, Morocco, Nigeria, Ethiopia, Tanzania, Zambia, and others. "This victory reflects the deep trust our African partners place in Egyptian expertise and our long-standing commitment to advancing quality systems across the continent," said Eng. Khaled Sofy, Head of EOSQ, following the announcement. Sofy credited the achievement to strategic national support, particularly from Vice Prime Minister for Industrial Development and Minister of Industry and Transport, Gen. Kamel El-Wazir, noting that 'Egypt's voice in regional and international quality platforms continues to grow stronger thanks to sustained government backing.' The General Assembly also saw several key milestones: The election of Botsile Kebapetse as ARSO's new President for the 2025–2028 term, succeeding Prof. Alex Dodoo. The admission of The Gambia as ARSO's 44th member state, signaling growing continental cohesion around unified quality standards. Egypt's new roles in ARSO are expected to enhance its influence on policy-making related to industrial standardization and technical regulations. Officials say this will play a pivotal role in accelerating intra-African trade, reducing technical barriers, and supporting the goals of Agenda 2063 — the African Union's blueprint for inclusive and sustainable development. 'Being at the heart of ARSO's leadership allows us not just to contribute but to help steer regional industrial policy in line with global standards,' Sofy emphasized. The outcome cements Egypt's reputation as a powerhouse in the standardization space, with broader implications for trade facilitation, product safety, and cross-border industrial cooperation across Africa. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
10 hours ago
- Business
- See - Sada Elbalad
Afreximbank's Assets Surge to $43.5 Billion
Taarek Refaat As his transformative tenure comes to a close, Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank), announced a monumental rise in the institution's assets, revenues, and impact over the past decade, as he officially steps down during the opening session of the Bank's 32nd Annual Meetings hosted in Nigeria. Speaking before stakeholders and dignitaries, Oramah revealed that Afreximbank's total assets and guarantees soared from $5 billion in 2015 to $43.5 billion in April 2025—a more than eightfold increase. Over the same period, total revenues jumped from $408 million to $3.24 billion, while net income surged by 700%, reaching $1 billion in 2024. Oramah, who has helmed the bank since 2015, reflected on a decade marked by crises and resilience. 'We were tested by shocks—from commodity price crashes and a global pandemic to geopolitical upheaval—but with strong shareholder support, we delivered," he said. Though stepping down, Oramah set an ambitious tone for Afreximbank's next chapter, forecasting that the bank's total assets and guarantees could exceed $250 billion within the next ten years. 'Today, Afreximbank is not just a bank—it is a continental shield in times of crisis and a catalyst for Africa's transformation,' he stated. Afreximbank's track record under Oramah's leadership has been marked by bold and responsive financial interventions across the continent and beyond. Between 2020 and May 2025, the bank invested $120 billion across Africa and the Caribbean, addressing urgent development and recovery needs. Over the past decade, it deployed a total of $155 billion in trade finance and economic support, solidifying its role as a financial backbone for African economies. During the 2015–2016 commodity price shock, Afreximbank disbursed $10 billion to support countries such as Nigeria, Egypt, and Ghana in meeting their trade-related debt obligations and stabilizing their foreign exchange markets. Amid the COVID-19 pandemic, the bank allocated $8 billion in assistance—including $2 billion specifically for the procurement of 400 million doses of Johnson & Johnson vaccines. In response to the geopolitical and economic disruptions caused by the Russia–Ukraine conflict, Afreximbank disbursed $50 billion between 2022 and 2023, further reinforcing its role as a crisis-response institution for the continent. Innovation in Payments and Trade Finance Since the launch of Afreximbank's proprietary "AfPAY" cross-border payment system in 2020, the bank has facilitated $68 billion in commercial payments across 61 African and Caribbean nations. Additionally, it supported $33 billion in trade finance through letters of credit and confirmation services in over 30 countries. These financial instruments have helped reduce Africa's dependency on foreign currency and streamlined intra-African trade in line with the African Continental Free Trade Area (AfCFTA) agenda. Shareholder equity has grown dramatically—from $1 billion in 2015 to $7.5 billion in 2025, while liquidity expanded tenfold from $450 million to $4.5 billion over the same period. As Professor Oramah exits his post, he leaves behind not just a stronger institution, but a symbol of African financial sovereignty and resilience. "It has been the honor of a lifetime to lead Afreximbank during these defining years," he said, thanking Nigeria for hosting what would be his final address to shareholders as president. His legacy, by all metrics, is one of exponential growth, bold leadership, and deep commitment to Africa's future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Business Insider
12 hours ago
- Business
- Business Insider
Nigerian billionaire, Dangote, sets ambitious goal with $2.5 billion fertilizer plant
Africa could become self-sufficient in fertilizer production within the next 40 months, according to Nigerian billionaire Aliko Dangote. Aliko Dangote projects Africa's self-sufficiency in fertilizer production within 40 months. Dangote fertilizer plant's planned expansion aims to boost production capacity and reduce reliance on imports. Enhancing local fertilizer production could address intra-African supply gaps and improve food security. Nigerian billionaire Aliko Dangote has unveiled plans to expand the $2.5 billion Dangote fertilizer Plant as part of a broader strategy to accelerate industrial transformation across the continent. The expansion, which will significantly boost production capacity, is aimed at reducing Africa's heavy reliance on imported fertilizer and improving self-sufficiency in agricultural inputs. "In the next 40 months, Africa will not import fertilizer from anywhere. We have a very aggressive trajectory right now. We want to put Dangote to be the highest producer of urea, bigger and higher than Qatar - give me 40 months," Dangote said at the annual Afreximbank meeting in Abuja as per Reuters Dangote's impact in Africa's fertilizer industry Africa currently imports over 6 million metric tons of fertilizer annually, a costly dependence that hampers agricultural productivity and exposes farmers to global supply shocks. According to a trade report by Afreximbank, the value of Africa's fertilizer exports in 2021 reached $8.9 billion, more than double the continent's imports of $3.7 billion—a surplus driven largely by North African producers. Morocco and Egypt alone accounted for $6.23 billion in fertilizer exports, representing over 70% of Africa's total and highlighting the region's growing significance in global supply chains. Fifteen African countries were net exporters of fertilizer that year, emphasizing the continent's potential to play a greater role in intra-African trade. However, key markets such as Ethiopia, Côte d'Ivoire, Zambia, Kenya, and the Democratic Republic of Congo remained heavily reliant on imports. As at today, Dangote's plant, already one of the largest in the world, has the capacity to produce up to 3 million metric tons of urea per year. According to Dangote, roughly 37% of the company's urea output is shipped to the United States, making the U.S. a key market. Beyond the U.S., Dangote also exports urea to other key markets such as Brazil, which has historically relied on Russian fertilizer supplies, as well as India and Mexico.
Business Insider
2 days ago
- Business
- Business Insider
Ghana ranks among top 6 African economies in Intra-African trade
Ghana accounted for nearly 6% of total intra-African trade in 2024, reinforcing its status as one of the continent's leading trading economies. Ghana achieved nearly 6% of total intra-African trade in 2024, highlighting its trading economy's prominence. Ghana's exports to African nations increased to $4.8 billion in 2024, reflecting a 17% year-on-year growth in its total merchandise export earnings. The country ranked sixth in intra-African export share and demonstrated progress in diversifying its export base towards higher value-added goods. This was revealed in the 2024 Africa Trade Report, released during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria. The figure represents a marginal increase from 2023 and encompasses both exports and imports with other African nations. Export growth and trade rankings According to the report, Ghana's total exports to African countries climbed to $4.8 billion in 2024, up from $3.5 billion in 2023. This gave Ghana a 3.8% share of the continent's intra-African exports, ranking sixth behind countries such as South Africa, Nigeria, and Congo. On the import front, Ghana's share stood at 1.7% of total imports from African nations. Overall, Ghana's merchandise export earnings reached $19.68 billion in 2024, reflecting a robust 17% year-on-year growth. The report commended Ghana's efforts in advocating for stronger African financial integration, particularly its support for African Union member states to channel 30% of their reserves into African Multilateral Financial Institutions. Trade diversification gains momentum The report also highlighted Ghana's progress in diversifying its export base. While mineral fuels remain a major export, Ghana is steadily shifting towards higher value-added goods by investing in industrial value chains and logistics infrastructure. This marks a gradual move away from primary commodities and towards manufacturing. In West Africa, Côte d'Ivoire maintained its role as a regional trade hub, importing crude oil (mainly from Nigeria) and re-exporting refined petroleum products to countries like Ghana, Burkina Faso, and Mali. These re-exports accounted for over 50% of Côte d'Ivoire's intra-African trade. Untapped export potential in West Africa The report estimated West Africa's unrealised intra-African export potential at $7.23 billion out of a possible $13 billion. Six key product categories represented $2.3 billion, or 32% of this gap: Processed food ($1 billion) Fish and shellfish ($0.4 billion) Fertilisers ($0.3 billion) Beauty products ($0.3 billion) Africa's Changing Trade Landscape Globally, Africa's share of world exports declined slightly from 3.5% in 2009 to 3.3% in 2024. Intra-African trade now constitutes just 14.4% of total formal trade on the continent, reflecting persistent external reliance and susceptibility to global commodity price swings. Nevertheless, the report identifies emerging prospects in the evolving trade environment, such as: Increased shipping traffic around the Cape of Good Hope Growing investments from Gulf and Asian economies Conclusion
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Egypt's CBE Governor Attends 2025 Afreximbank Annual Meetings
Taarek Refaat Hassan Abdullah, Governor of the Central Bank of Egypt, is taking part in the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held from June 25 to 27. The event gathers a high-profile lineup of heads of state, senior policymakers, investors, and economists from Africa, the Caribbean, and more than 80 countries worldwide. This year's theme — 'Building the Future on Decades of Resilience' — reflects the continent's ongoing efforts to transform its economic landscape through trade, innovation, and strategic partnerships. The meetings aim to accelerate intra-African trade and cross-border investment, strengthen South-South cooperation, expand public-private partnerships across critical sectors Governor Abdullah's participation underscores Egypt's commitment to regional financial integration and its growing leadership in African economic development. Among the prominent figures attending the summit: President Bola Ahmed Tinubu of Nigeria, Former President Olusegun Obasanjo Ambassador Albert Muchanga, African Union Commissioner for Economic Development, Trade, Industry, and Tourism, as well as senior ministers, central bank governors, and CEOs from across Africa and the Caribbean. The agenda features high-level policy panels and economic dialogues, including sessions led by Jeffrey Sachs, Columbia University, Kishore Mahbubani, National University of Singapore, as well as African business icons such as Aliko Dangote and Tony Elumelu Egypt's Strategic Role The governor is expected to emphasize Egypt's vision for financial inclusion, fintech innovation, and regional infrastructure financing, aligning with Afreximbank's mission to build resilient African economies. Egypt, one of the bank's founding members, continues to play a pivotal role in regional banking reform and cross-border payment systems, including the Pan-African Payment and Settlement System (PAPSS). As African economies navigate global uncertainty, rising debt burdens, and climate-related challenges, this year's Afreximbank meetings are seen as a critical forum for shaping a new financial architecture — one centered on self-reliance, digitization, and sustainable development. Egypt's presence — through Governor Hassan Abdalla — signals not only participation, but a strategic stake in shaping that future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
