VenturesNow

Zimbaqua Mine is ‘Breaking Bias’ in male-dominated mining industry in Zimbabwe. See how

Published

2 years ago

April 15, 2022

In what appears to be a first of its kind in Africa in a male-dominated industry like mining, Zimbabwe’s Zimbaqua mine is recruiting an all-female workforce.

The mine, which is located near Karoi, a town 200 km northwest of the capital Harare, is changing the lives of women in the region. providing relief to the plight of women in the region, most of which are unemployed.

The percentage of female employment as modeled by ILO estimate in Zimbabwe was reported at 1.891 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources.

“My family suffered a great deal before I joined the mine,” said Sylvia Mugova, a miner and mother of five. “My children were consistently suspended from school due to lack of fees. My husband does not work. We also take care of my mother-in-law. All I wanted was an opportunity to provide for my family, and mining has given me that.” Mugova said further.

“I no longer have to bother the father of my children because I am paying school fees for the two of my children who are in primary school,” said another female miner, Shupi Kabudura, 33, who became a miner after fleeing an abusive husband with her three children.

According to the Mine manager Rumbidzai Gwinji, “Zimbaqua is setting a new standard for mining. The project is elevating the community by providing solutions for women. The ladies no longer wait and hope that the husband will put a meal on the table. For single mothers, there is no better security than a reliable source of income. They can now take care of the children, send them to school and feed them. They are now stable financially,” she shared.

Related Topics:Featured Zimbabwe Zimbaqua Mine

Click to comment

VenturesNow

Nigeria’s Tinubu to present N27.5trn budget on Wednesday

Published

1 day ago

November 28, 2023

Ifeoluwa Dada

The Nigerian President, Bola Tinubu, will present the 2024 Appropriation Bill to a joint session of the country’s bicameral legislature, the National Assembly, on Wednesday.

The bill is an increase from the N26.01tn earlier considered by the council, according to the Minister of Budget and Economic Planning, Abubakar Bagudu, who confirmed the approval to State House correspondents after the close of FEC’s weekly meeting presided over by President Tinubu.

In addition, the minister disclosed that the government had projected N18 trillion in revenue for the fiscal year 2024. Bagudu stated that more information regarding the appropriation bill would be made public on Wednesday when the president brought it before a joint session of the National Assembly.

The minister stated that the Council was currently reviewing the Medium-Term Expenditure Framework, which was approved by the National Assembly.

Bagudu said, “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.

“The bill has an aggregate expenditure of N27.5tn which is an increase of over N1.5tn from the previously estimated, using the old reference prices.”

He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”.

With two key policy initiatives—halting the fiscal bleeding caused by petrol subsidies, and unifying the exchange rate—the Nigerian government, led by Bola Tinubu, has attempted to stabilise the economy of the nation. With its currency value declining even further and the cost of living rising sharply, the results have not been favourable.

VenturesNow

Nigeria’s cabinet approves $1billion AfDB loan

Published

2 days ago

November 27, 2023

Ifeoluwa Dada

Nigeria’s Finance Minister, Olawale Edun, confirmed on Monday that the Federal cabinet had approved a $1 billion concessionary loan from the African Development Bank (AfDB).

The coordinating minister of the economy said the loan would support financing the budget and improving foreign exchange supply.

“(Federal Executive Council) approved a $1 billion concessionary loan for general budget support and to be used to improve forex availability in the country,” Edun said.

“The $1 billion loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programs … in power sector, social inclusion and the fiscal policy reforms as a whole sector policy initiative.”

The Nigerian government under Bola Tinubu has sought to stabilize the country’s economy with two major policy actions: the removal of the fiscal bleeding through petrol subsidies and the unification of the exchange rate. The results have not been positive with the further fall of its currency value and sharp rise in cost of living.

Falling oil prices, large-scale crude oil theft, and the substantial amount spent on fuel subsidies are currently having an impact on Nigeria’s public finances as the country struggles with mounting debt.

The level of indebtedness in African countries is at its highest in more than a decade, largely due to the COVID-19 pandemic, Russia’s invasion of Ukraine, and skyrocketing inflation. African nations were forced to incur even more debt, and as a result, 21 low-income African nations are currently either insolvent or at great risk of experiencing debt hardship.