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President Hichilema invites investments from Swedish businesses

Published

1 year ago

November 9, 2023

Hakainde Hichilema, the President of Zambia, has called on Swedish investors to consider multi-sectoral investment in the country.

The president requested it on Wednesday while entertaining a group of fourteen Swedish businesses at the State House. He said that in addition to extracting the nation’s resource endowments, the businesses ought to be processing them locally and working with Zambia’s private sector to add value.

Leading the 14 companies under the Swedish Ministerial Business Delegation was Mikael Lindvall, the Deputy Director General of Foreign Affairs, Africa Department.

“During our meeting, we celebrated the long-standing relations between our two countries and expressed our gratitude to Lindvall for organizing such a substantial business delegation,” he said.

Hichilema said the visit underscored the deepening connections between the two countries and their peoples.

“We also expressed our appreciation to Sweden for its support in the debt restructuring talks and urged them to continue supporting us as we work towards achieving our economic transformation agenda,” he said.

Hichilema continued, saying that the government’s primary goal of accelerating economic growth would be aided by the Swedish companies’ decision to invest in Zambia.

In light of Sweden’s renown for superior technology and solutions, Hichilema urged businesses to explore a range of Zambia’s economic sectors. To determine whether their models were appropriate for Zambia, he asked them to furnish the government with details regarding their previous global endeavours.

Since 1965, Zambia and Sweden have collaborated. Zambia has benefited greatly from Swedish development assistance over the years, ranking among the top recipients.

Related Topics:Featured President Hakainde Hichilema Zambia

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Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.

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

Published

2 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.”