Category: Finance

Namibia joins the global beef industry’s loss by exporting 1 652 213kg of beef to various destinations during the first quarter of 2023, compared to 2 043 683kg exported during the same period in 2022.

According to the Livestock and Meat Industry Report released by the Meat Board of Namibia here Tuesday, 61.7 per cent of total beef exported during the period under review went to the Netherlands, 16.6 per cent to China, 11.0 per cent to South Africa, and 8.2 per cent to the UK, while beef exports to the Norwegian market accounted for only 2.3 per cent of total beef exports during this period.

The remaining 0.2 per cent was split between Angola and Botswana.

The report further showed that mutton exports climbed by 270.6 per cent in the first three months of 2023, owing mostly to increasing production quantities. A total of 158 634kg of mutton was transported to South Africa and 59 979kg to Norway.

Imports of meat and meat products fell considerably during the period under review, at 268 141kg in 2023, a 50.3 per cent decrease from 539 689kg imported during the same period in 2022.

It further stated that during the first quarter of 2023, a total of 35 694kg of mutton, primarily obtained from China and Australia in the form of offal products, were imported, compared to 123 471kg imported during the same time in 2022.

Year-on-year mutton imports fell by 71.1 per cent and this could be related to greater availability of offal, which typically accounts for the majority of imports and is now provided by local abattoirs as slaughtering improves, the report said.

Furthermore, the report stated that the marketing of livestock is expected to increase during the 2023 period, as farmers are expected to off-take their animals at a much higher rate to avoid losses due to unfavourable rainfall conditions expected during the remainder of the year.

Source: The Namibian Press Agency

Namibia has recorded a significant increase of 4.9 per cent in pork imports from the European Union (EU) in the first quarter of 2023.

A Livestock and Meat Industry report released by the Meat Board of Namibia here Tuesday indicated that local pork production met 31.5 per cent of domestic pork consumption requirements, while imports (including offal and processed goods) met the remaining 68.5 per cent.

It said pork imports for the first quarter of 2023 were primarily recorded from Germany at 52.8 per cent, Spain (24.5 per cent), South Africa (9.2 per cent), and the EU (13.4 per cent).

A total of 2 223 415 kg of pork was imported during the first three months of 2023, compared to 2 120 551 kg imported during the same period in 2022.

The huge increase in pork imports from the EU market is due to the foot-and-mouth disease outbreak in South Africa, which has required a shift as an alternative.

The move has been associated with large retail price increases as a result of import tariffs charged based on the Southern African Customs Union (SACU) common external tariff schedule, it read.

It further said that the Pork Steering Committee, at its meeting on 13 February 2023, resolved to keep the ceiling price at the December 2022 level of N.dollars 51.03/kg in line with the Pork Steering Committee resolution of 18 February 2020, as a risk mitigation approach.

The higher of the calculated ceiling price and the fixed level N.dollars 51.03/kg will be maintained until a new suggested pork ceiling price is implemented, it added.

Source: The Namibian Press Agency

The Deputy Minister of Labour and Employment Creation Hafeni Ndemula has expressed concern that there are some employers who still do not pay their employees the minimum wages set for their respective sectors.

Ndemula, at the commemoration of International Workers Day at Swakopmund on Monday, stressed that there is still an alarming number of workers being paid low wages that cannot provide for a decent standard of living.

“It is regrettable to say that, despite Namibia’s sound labour laws, there are still employers who opt to operate without following the statutory labour standards,” he noted.

Additionally, the deputy minister has expressed great concern that not all employers ensure and provide a safe and healthy working environment for their workers, which should be employers’ top priority towards employees.

“Employers should review and improve the wages of their workers on an annual basis. I am also able to inform you that the ministry is working to bring the National Minimum wage into force as soon as possible, however, it should be noted that the minimum wage is only a floor for wages and does not mean maximum wage,” he said.

President of Namibia Public Workers Union (NAPWU) Evans Mashwahu noted the need to review existing laws in order to ensure that deductions from workers’ salaries are affordable and do not leave them in worse financial positions.

“Furthermore, there is a need to address laws such as section 70 on collective agreements and 76, which supports the no work no pay principle.

This principle penalises workers participating in legitimate industrial action and undermines their right to bargain collectively,” he expressed.

Mashwahu noted that laws and policies should instead promote a culture of dialogue and cooperation between employers and employees.

Erongo Governor Neville Andre Itope emphasised the importance of a strong trade union movement and cordial relationships between stakeholders in the Labour sector.

The day was commemorated under the theme; ‘Workers united in ensuring productivity for national economic growth and guarding against unfair labour practices in the world of work’.

Source: The Namibian Press Agency

President Hage Geingob has paid tribute to workers for the crucial role they play in advancing socio-economic development and shared prosperity for the Namibia people.

Geingob in a statement on the occasion of the annual International Workers Day on Monday said the fight for freedom in Namibia has its origins in the demands of workers for fair labour practices and better working conditions for the black majority.

He said during the liberation struggle, Workers Day, was an occasion for the oppressed workers of Namibia to unite and sharpen their resolve to accelerate their fight against the Apartheid regime and to break the chains of oppression.

“Workers are a precious resource in the history and development of our nation,” he said, noting that 33 years after independence, working in a triumvirate that includes government, trade unions and the private sector, Namibia has made good progress in advancing workers’ rights, consistent with the letter and spirit of the Namibian Constitution as a foundation of the Namibian House.

“I urge all stakeholders to deliver on their mandate of upholding and protecting workers’ rights and interests by promoting sound labour relations and fair employment practices. In accordance with our processes, systems and institutions, employers should promote conducive working environments and fair benefits for workers,” he stated.

Geingob further called on stakeholders to engage in good faith in collective bargaining to mitigate the impact of the economic downturn on workers, noting that those bargaining for workers’ rights should at all times resolve labour disputes in a spirit that advances the interests of the country.

Geingob also highlighted that as the world is rapidly changing, and with it the future of work, through the intensification of the Fourth Industrial Revolution (4IR), Robotics, the Internet of Things (IoT) and Artificial Intelligence, more demands are placed on Namibian workers to retool and reskill.

“By establishing the 4IR Task Force in 2021, which has since completed its work by making recommendations to prepare Namibia for the 4IR, I urge the private sector and trade unions to accompany the Namibian government in preparing workers for the future of work,” he said.

The Head of State went on to say that government remains conscious of the fact that unemployment disproportionately affects the youth and the unskilled and assured that it will continue to create a conducive environment for jobs to be created.

To succeed in that endeavour, the private sector must be a major driving force in reducing unemployment, which is an important pillar in the fight against poverty.

The day was held under the theme, ‘Workers United in ensuring productivity for National Economic Growth and Guarding against Unfair Labour Practices in the World of Work’.

Source: The Namibian Press Agency

Investors from the United Kingdom (UK) and Türkiye said they have recognized huge investment potentials available in Ethiopia, of which they will soon engage in the spheres of agriculture and energy sectors.

‘Invest Ethiopia 2023,’ international investment forum held in Addis Ababa from 26th April to 28th 2023 under the theme “Invest and Grow in Ethiopia – Land of Attractive Investment Opportunities,” had brought together many global companies.

Approached by ENA, British and Turkish investors said that the investment opportunity in Ethiopia is absolutely enormous particularly, in agriculture and energy.

In its Homegrown Economic Reform Agenda as a pathway to prosperity, notable

investment promotion is one of the priorities in the structural transformation of the Ethiopian economy, it was learned.

More importantly, the government’s growth strategy calls for structural reforms designed to strengthen the private sector and increase investment as an approach to accelerate Ethiopian prosperity.

Accordingly, foreign investors described Ethiopia as top of the African continent for Foreign Direct Investment (FDI.)

As Ethiopia is emerging from a two-year long conflict and taking a bold decision to stabilize the political and economic situation, the country is preferable for business and investment, said British Mark J Lumsden Taylor, at MHA MacIntyre Hudson, specialized in agriculture and finance.

“As I heard from your Governor of the National Bank of Ethiopia (NBE), the currency stability and inflation stability seems to be under control. The other was the war which the country is now stabilizing from a political perspective. More importantly, there is an appetite from Ethiopia that it wants investment in this country. I would say before five or six years ago that wasn’t the same.”

Taylor added Ethiopia is seeking to work with international business and the country is reforming its regulatory as well as bureaucracy for conducive investment.

He also revealed that his company is dealing with the Ethiopian Investment Commission (EIC) to engage in the agriculture sector.

“What we want to do is we’re working with agriculture particularly, in the coffee market, and in avocados, and completely change the market. We have our charity arms…but agriculture is primary,” he stated.

Taylor also went on as saying: “I suppose secondarily, if this goes well, we’d like to look at financial services as an organization.”

As a result, his company will certainly invest in the agriculture sector in the near future in the southern part of Ethiopia and he pledged to provide charity service to the young population.

“We’re looking to bring certainly to the southern part of Ethiopia initially to drive economic growth, economic prosperity, but also make a difference to the children in Ethiopia as well. We are also going to push a percentage of it (revenues) back into the schools that we have built to support the young people so they can get better skills, better ability to contribute to the economy of Ethiopia.”

When asked about the investment potential of Ethiopia, the investor described the country as impressive: “an almost incredible investment destination.”

“This is a country where people perceive Ethiopia is not what Ethiopia is. It is a totally different, country to what the perception is outside. I urge other investors to make connections with senior Ethiopian officials or partners and build relationships.

The people of Ethiopia are some of the best people I have met in my entire career and I’ve been around the world and I’ve seen all sorts of different traditions, different cultures, and this is one of the best I’ve met,” he underscored.

Phil Gaffney, Commercial Director of EcoStim, a UK based company said on his part he has recognized of huge investment opportunities in Ethiopia, specially, in the agricultural sphere.

Gaffney added his company, EcoStim, manufactures and distributes natural Complex Plant Biostimulants to the agricultural market; also products to enable growers within agriculture to get better yields.

For him, Ethiopia’s investment in the agriculture sector and its workforce is found to be more attractive and profitable.

Ethiopia can provide to the world impressive investments, our specialty and our interest is in agriculture. I was also incredibly impressed with the quality of the workforce in the country, the director said.

He also appreciated the Ethiopian government for its commitment to supporting foreigners investing in Ethiopia. He also stated that Ethiopia is becoming the hub of global companies in recent times.

“If there is a global company looking on the continent, Ethiopia is at the very top of the list. (And for those where Ethiopia isn’t at the very top of the list, they haven’t done their research right,” he noted.

Muhamned Ciftci, the CEO and Founder of a giant Turkish based company in mining, construction and energy sectors said on his part that Ethiopia has potential in mining, energy and other investment options.

He is ready to initially invest 50 million US dollars in the energy sector in upcoming months.

“We are seeking some discussion with the government and I hope we will get results which enable us to bring much more Turkish investments in Ethiopia……. I found this country a very nice place. We are working in mining, tourism, medicine and construction. We have a factory for oil filters. We are planning to open our investment here. After a discussion we will immediately engage in the investment.”

Source: Ethiopian News Agency

Abuja Traders’ Association has asked the Inspector-General (I-G) of Police, Usman Baba, to order the arrest and prosecution of 30 police officers used by Urban Shelter Limited to supervise alleged illegally demolition of structures at Abuja shopping complex.

The association also drew the attention of the I-G to the arrest, intimidation and harassment of its executive officers by the police acting on the instruction of Urban Shelter Limited.

The traders made the allegations in a petition to Baba dated April 28, 2023, through their counsel, Chukwuma-Machukwu Ume, SAN.

Ume, who gave detail background of how the company, in flagrant disobedience to a subsisting court order, mobilised the officers, allegedly tagged to be fake, to give protection to the demolition of the structures at the UTC, Area 7, urged the I-G to intervene.

“The said policemen arrived at the UTC, Area 7 Shopping Complex at about 5am on April 4, and gave a fake police protection to the illegal demolition team organised by Urban Shelter, in its efforts to demolish the complex.

“The fact that this illegal demolition done on the complex and its environs that day were all done by the illegal demolition team recruited by Urban Shelter and Abuja Metropolitan Management Council is axiomatic,” the petition read in part.

The lawyer called on the police boss not to allow the Nigerian Police Force to be used as a tool for promoting selfish interest of an agent provocateur.

He drew the attention of the police to the relevant provisions of its Act and the 1999 Constitution, which is to protect the society from acts of criminality, lives and property of citizens and apprehend offenders and preserve law and order.

“It is wrong for the Nigerian Police Force to lend itself as a tool for disobedience of court orders and manipulations by selfish persons.

“It is therefore demanding on your office to immediately take measures to prosecute the 30 perons impersonating your officers and those who aided them, that is Urban Shelter, as well as ensure that the officers of the Traders’ Association are not harassed,” Ume said.

Source: News Agency of Nigeria