Connect with us

VenturesNow

Congo to grant Rwanda 12,000 hectares of exploitable land after new agric field concession

Published

on

In a move that is hoped to end the land dispute between the Republic of Congo and Rwanda and ultimately strengthen bilateral relations, the two East African countries have signed two memorandums of understanding and a concession agreement over agricultural fields.

President Paul Kagame of Rwanda is currently on a 3-day work visit to the Brazaville where he signed a series of MoUs which included the agricultural field concession.

According to the new agreement, although the duration of the concession has not been specified, Congo will reportedly grant Rwanda 12,000 hectares of exploitable land in at least three Departments in the south of the country.

With that move, land dispute between the East African neighbours might be reaching a lasting end as the two countries have enjoyed a smooth relationship lately as seen in their cooperation and aspirations in trade, security, partnership, and Covid-19 vaccination goals.

Rwanda and Congo enjoy cordial bilateral relations. The growth of bilateral ties as evidenced by the 2021 agreements to remove double taxation and visa requirements to ease trade between both countries. They also signed agreements regarding military, education, and land management at the time.

VenturesNow

Egypt’s November inflation drops to 25.5%, near 2-year low

Published

on

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

Continue Reading

VenturesNow

Nigeria creates N20bn consumer credit fund for domestic automakers

Published

on

In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.

Continue Reading

EDITOR’S PICK

Tech2 hours ago

Huawei launches cloud service in Nigeria

Global technology company, Huawei, has launched its first African hyperscale local cloud service in Nigeria, making it the first international...

Sports2 hours ago

FIFA officially confirms Morocco 2030 World Cup co-host

World football governing body, FIFA, has officially confirmed Morocco as the co-host of the 2030 world cup along with Spain...

Politics10 hours ago

Officials report fight between Somalia’s Jubbaland region, central govt

After Jubbaland staged an election against the advice of the Mogadishu administration, officials claimed on Wednesday that fighting had broken...

VenturesNow10 hours ago

Egypt’s November inflation drops to 25.5%, near 2-year low

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated...

Metro11 hours ago

10 persons on FBI wanted list arrested in Nigeria– FG

The Nigerian government has confirmed that at least 10 persons who were on the wanted list of the Federal Bureau...

Metro11 hours ago

Zambia: Ex-President Lungu alleges political manipulation after barring from 2026 poll

Former Zambian President, Edgar Lungu, has described his ban from participating in the 2026 presidential election by the Constitutional Court...

Metro1 day ago

Eight killed, scores injured in Egypt’s collapsed apartment building

At least eight people have been confirmed killed, while an unspecified number were injured after an apartment building collapsed on...

Tech1 day ago

SunCulture partners Turaco to empower Kenyan farmers with affordable climate insurance

Kenyan solar-powered irrigation solutions startup, SunCulture, has joined forces with leading mass-market insurtech company, Turaco, to launch a platform called...

Video1 day ago

Video: Nigeria’s Vice-President Shettima questions Badenoch’s migration stance

In this video, Nigeria’s Vice President, Kashim Shettima, lends his voice to the trending issue of migration in the global...

Musings From Abroad1 day ago

French army begins Chad pullout

Just two weeks after local authorities said they were terminating their defence collaboration, the French army announced that jets deployed...

Trending