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Zambia eyes Mauritius’ investment in its agricultural sector

Published

1 year ago

October 31, 2023

South African neighbours Zambia and Mauritius might be collaborating for mutual gains in the agriculture sector after the Zambia Development Agency (ZDA) urged its neighbour to invest in the space.

ZDA Director General, Albert Halwampa, at the official opening of the two-day Zambia-Mauritius Business Forum in Chongwe on Monday, said Mauritius should explore investments and take advantage of tax holidays in the agriculture sector, especially in the cotton value chain in the country.

Some of Zambia’s tax incentives in the agricultural sector include dividends payable to farmers that are tax-exempt for the first five years of operation, 15% income tax on farming profits, and capital expenditure on farm improvements that qualify for an allowance of 20% per annum for each of the first five years, among others.

Halwampa insisted that Zambia remained perfectly positioned to help Mauritius in the promotion of value chains in the mining sector, but so far trade between the two countries has been low, hence the need to do more to enhance investment.

“We are also promoting value chains in the mineral space. As you are aware, Zambia is ready in terms of minerals; we project to produce at least 3 million metric tonnes of copper in the next 10 years. You can see my opportunities stemming from energy, logistics, electric car batteries, and so on,” he said.

In 2020, Zambia tore up its tax treaty with Mauritius to become the latest African nation to cancel an agreement with one of the world’s leading offshore havens.

Director of Industry for Economic Development Board Mauritius, Geerish Bucktowonsing, stated during the same event that Zambia’s manufacturing potential remained unexplored and that the country hoped to explore it in various sectors. According to him, Mauritius felt confident enough to interact with Zambia because it was a member of the African Continental Free Trade Area and regional organisations like COMESA and SADC.

Bucktowonsing relished the partnership idea and expressed hope for a positive result. “We are so rich in natural resources. We are strong in value addition. This could be a good opportunity in developing partnerships with a view to conquering markets and selling in the region”, he stated.

Related Topics:Featured Mauritius Zambia

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

Published

34 minutes 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.”

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Tanzania tells IMF economy projected to grow by 6% in 2025

Published

2 hours ago

December 20, 2024

Ifeoluwa Dada

Tanzania’s economy is expected to grow by about 6% in 2025 from an estimated 5.4% growth in 2024, its finance minister and central bank governor said in a letter to the International Monetary Fund (IMF).

Some of the potential risks to the performance in the near term would include intensification of regional conflicts, increased commodity price volatility, a global economic slowdown and natural disasters related to climate change, Finance Minister, Mwigulu Nchemba, and Central Bank Governor, Emmanuel Tutuba, said.

Real GDP increased by 5.3% in 2023 from 4.7% in 2022, propelled by private investments on the demand side and manufacturing, construction, and agriculture on the supply side.

Strict monetary policy and moderate food and energy prices contributed to the decline in inflation from 4.3% in 2022 to 3.8% in 2023. In 2023, the Tanzanian shilling lost 8% of its value due to a lack of foreign exchange.