UNICEF urges widespread immunisation following rising diphtheria deaths
The United Nations Children Fund (UNICEF) has urged an immediate widespread vaccination in the Northern part of Nigeria, following about 500 deaths from the breakout of diphtheria. The ongoing breakout started December 2022, with epicenter in Kano but also spread to Bauchi, Borno, Yobe, Katsina, Kaduna, and Jigawa. UNICEF and the Nigerian government have since imported 9 million doses of vaccination, with 4 million sent to Kano. Diphtheria, an acute bacteria disease that largely reflects in sore throats is worse amongst children that have not been vaccinated, estimated at 2.2 million in Nigeria.
Nigeria’s Labour Strike
The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), Nigeria’s largest trade unions has called for an indefinite strike starting October 3rd, two days after the country celebrates its 63rd anniversary of independence. It had a two-day warning strike in August, which was largely ineffective. The planned strike follows the removal of fuel subsidy by the government in June that has led to unprecedented rise in the costs of living, compounded by worsening exchange rate conditions. Meanwhile, the new Central Bank governor Yemi Cardoso has been confirmed by the Nigerian Senate and has announced it will narrow the work of the country’s apex bank compared to his predecessor Godwin Emefiele.
Uganda seeks Chinese Funding for Oil pipeline project
The Uganda government says it has turned to the Chinese to get the funding it requires to complete the East African Crude Oil Pipelines. The completion target is 2025. Meanwhile, the Nigerian National Petroleum Company (NNPC) says it expended N34.4 billion (US $43 million) to repair and manage pipelines in 18 months.
Tanzania faces power shortages
Reports from the Kenya Nation says Tanzania is facing power shortages until March 2024 due to drought and poor maintenance of its gas-powered plants. The Tanzania electric supply company (TANESCO) currently generates 1,990 MWs for the whole country but has a shortage of 400 MWs due to low inflow of water and maintenance issues. 65% of the national output is from gas. This is not the first time the country is facing serious power issues. There had been severe power outages in December 2017 and January 2022.
Nigeria’s NLC and TUC is encouraged to obey court order
Following the planned industrial action by two of Nigeria’s largest trade unions, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), the attorney general of the federation (AGF) and Minister of Justice Lateef Fagbemi, has urged the bodies to respect and obey court order. The country’s industrial court had ruled in June prohibiting any form of industrial action in relation to the removal of fuel subsidy. The AGF said that if the October 3rd strike goes ahead, it will be against a subsisting order of the court. Rather the trade union bodies should continue negotiations with federal government of Nigeria. However, most Nigerians can relate to this – court orders are rarely respected, including by the government.
IMF’s fiscal policy recommendations for developing economies
The International Monetary Fund (IMF) has urged developing economies, largely Sub-Saharan economies to improve on the capacity to collect taxes to improve government’s fiscal position. It urged these economies to concentrate on eliminating tax exemptions and reducing fiscal deficits. The IMF recommends improvement in tax collection in preference to reducing critical expenditure that would invariably lead to long term reduction in growth. In Nigeria, for instance, tax exemptions and waivers is estimated to cost the federal government in excess of N6 trillion. Meanwhile, Taiwo Oyedele, the chairman of Nigeria’s President Bola Ahmed Tinubu committee on fiscal policy and taxation has said they will improve on the measures to increase the taxes the rich pays for them to reach the 18% target of tax to GDP ratio set for 2026. The current ratio is 6%.
Market Roundup 29th September 2023
Oil futures slid about 2% on Thursday, as traders took profits after prices earlier soared to 10-month highs and some worried that high interest rates may weigh on western economies and oil demand. On its second to last day as the front-month, Brent futures for November delivery fell US $1.65, or 1.7%, to US $94.90 a barrel by 1:51 p.m. EDT (1751 GMT).
Market Roundup 28th September 2023
Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies. Brent crude futures closed up US $2.69, or 2.86%, at US $96.65.
Market Roundup 26th September 2023
Oil prices nearly flat in Monday trade as Russia relaxed its fuel ban, after earlier gains on a tighter supply outlook, while investors eyed elevated interest rates that could curb demand. Brent crude futures flat at US $93.37 a barrel while the U.S. West Texas Intermediate crude was down 25 cents at US $89.78.
Market Roundup 25th September 2023
Oil prices held steady on Friday but closed the week lower as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes. Brent futures settled 3 cents lower at US $93.27 a barrel.
