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Zambian authorities show concern over market abuses in energy sector. Here’s why

Published

2 years ago

March 20, 2023

Zambian authorities are concerned about market abuses and social injustices in the energy sector, specifically regarding renewable energy technologies.

The permanent secretary of the country’s Commerce, Trade, and Industry, John Mulongoti, made the position at the commemoration of World Consumer Rights Day where he revealed that the concern was born out of outcry by consumers over the low quality as well as high prices of energy-efficient and renewable energy technologies in the market.

According to Mulongoti “the energy sector is prone to market abuses and social injustices as evidenced by consumers’ concerns over the low quality as well as high prices of energy efficient and renewable energy technologies on the market.

“It is, therefore, my expectation that this event will not only provide an opportunity for increasing consumer awareness of their basic rights but also create a platform for consumers to air their concerns on market abuses and social injustices that they face as they access services from not only the energy sector but also other sectors as well,” Mulongoti said.

“You will agree with me that Zambia has not been spared from experiencing the adverse impact of climate change. We, therefore, need to hold hands together to mitigate this challenge.

“As we continue to enhance trade and investment for the growth of our economy, the government is cognizant of the need to ensure that economic growth happens in a sustainable manner,” Mulongoti said.

Mulongoti said the government will work to create resilient, climate-friendly economies in addition to advocating that both businesses and consumers embrace technologies and solutions that can help mitigate climate change.

The administration of President Hakainde Hichilema has made moves to focus on renewable energy, in January, state-owned power utility Zesco signed an agreement with the United Arab Emirates renewable energy company Masdar to develop solar projects worth $2 billion.

Zambia, like many other African countries, faces a myriad of environmental and socio-economic
challenges that include land degradation, deforestation, and regular droughts which shift to renewable energy strategy.

Related Topics:Energy Sector Featured Zambia

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Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”