Captains of Industry: ‘South Africa on the brink of a failed state’ — Sello Moloko

Captains of Industry: South Africa needs “brutal leaders” – Sello Moloko

Gauteng Government outlines Revenue Enhancement Strategy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa-820x461.jpeg" alt="" class="wp-image-416306" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107009208-16436733072022-01-31t234829z_1095580679_rc2jas9nycao_rtrmadp_0_health-coronavirus-usa.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People wearing protective face masks wait at a bus stop with a display of the current national debt amid the coronavirus disease (COVID-19) pandemic in Washington, January 31, 2022. Sarah Silbiger | Reuters</figcaption></figure>



LONDON — Global sovereign debt is expected to climb by 9.5% to a record $71.6 trillion in 2022, according to a new report,&nbsp;while fresh borrowing is also broadly set to remain elevated.



In its second annual Sovereign Debt Index, published Wednesday, British asset manager Janus Henderson projected a 9.5% rise in global government debt, driven primarily by the U.S., Japan and China but with the vast majority of countries expected to increase borrowing.



Global government debt jumped 7.8% in 2021 to $65.4 trillion as every country assessed saw borrowing increase, while debt servicing costs dropped to a record low of $1.01 trillion, an effective interest rate of just 1.6%, the report said.



However, debt servicing costs are set to rise significantly in 2022, climbing around 14.5% on a constant-currency basis to $1.16 trillion.



The U.K. will feel the sharpest effect on the back of rising interest rates and the impact of surging inflation on the substantial quantities of U.K. index-linked debt, along with the costs associated with unwinding the Bank of England’s quantitative easing program.



“The pandemic has had a huge impact on government borrowing – and the after-effects are set to continue for some time yet. The tragedy unfolding in Ukraine is also likely to pressure Western governments to borrow more to fund increased defense spending,” said Bethany Payne, portfolio manager for global bonds at Janus Henderson.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/imf-chief-says-fed-rate-hike-could-throw-cold-water-on-global-recovery/">IMF chief says Fed rate hike could ‘throw cold water’ on global recovery</a></h3>



Germany has already vowed to ramp up its defense spending to more than 2% of GDP in a sharp policy shift since Russia’s invasion of Ukraine, along with committing 100 billion euros ($110 billion) to a fund for its armed services.



New sovereign borrowing is expected to reach $10.4 trillion in 2022, almost a third above the average prior to the Covid-19 pandemic, according to the latest global borrowing report from S&amp;P Global Ratings published on Tuesday.



“We expect borrowing to stay elevated, owing to high debt-rollover needs, as well as fiscal policy normalization challenges posed by the pandemic, high inflation, and polarized social and political landscapes,” said S&amp;P Global Ratings credit analyst Karen Vartapetov.



The ongoing conflict’s global macroeconomic repercussions are expected to exert further upward pressure on government funding needs, while tighter monetary conditions will increase government funding costs, the report highlighted.



This poses a further headache for sovereigns that have thus far struggled to reignite growth and cut reliance on foreign currency financing, and whose interest bills are already substantial.



In advanced economies, borrowing costs are expected to rise but likely remain at a level that will allow governments time for budget consolidation, S&amp;P said, offering governments time for budget consolidation and focus on growth stimulating reforms.



<h3 class="wp-block-heading" id="h-opportunities-for-investors">Opportunities for investors</h3>



Convergence of monetary policy emerged as a theme during the first couple of years of the pandemic, as central banks cut interest rates to historic lows to help support ailing economies.



However, Janus Henderson noted that divergence is now emerging as a key theme, as central banks in the U.S., U.K., Europe, Canada and Australia look to tighten the policy strings to contain inflation, while China continues to try to stimulate the economy with a more accommodative policy stance.



This divergence offers opportunities for investors in short-dated bonds that are less susceptible to market conditions, Payne suggested, highlighting two locations in particular.



“One is China, which is actively engaging in loosening monetary policy, and Switzerland, which has more protection from inflationary pressure as energy takes up a much smaller percentage of its inflationary basket and their policy is tied, but lagging, to the ECB,” she said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/key-people-from-the-fed-just-spooked-the-markets-heres-what-they-said/">Key people from the Fed just spooked the markets — here’s what they said</a></h3>



Janus Henderson also believes shorter-dated bonds look attractive at present relative to riskier long-term ones.



“When inflation and interest rates are rising, it is easy to dismiss fixed income as an asset class, particularly since bond valuations are relatively high by historical standards,” Payne said.



“But the valuation of many other asset classes is even higher and investor weightings to government bonds are relatively low, so there is a benefit in diversifying.”



What’s more, she argued, the markets have mostly priced in higher inflation expectations, so bonds bought today benefit from higher yields than they would have a few months ago.



Correction: The headline on this story has been updated with the correct figure for global government debt.

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Global government debt set to soar to record $71 trillion this year, new research says

Africa’s Business Heroes EP2: A surprise text pushes the Heroes over the edge

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KLKFIIU4R5L7BLIL3XRC7LP2MM-820x429.jpg" alt="" class="wp-image-416302" width="820" height="429" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KLKFIIU4R5L7BLIL3XRC7LP2MM-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KLKFIIU4R5L7BLIL3XRC7LP2MM-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KLKFIIU4R5L7BLIL3XRC7LP2MM-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KLKFIIU4R5L7BLIL3XRC7LP2MM-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KLKFIIU4R5L7BLIL3XRC7LP2MM.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Equinor&#8217;s Johan Sverdrup oilfield platforms and accommodation jack-up rig Haven are pictured in the North Sea, Norway December 3, 2019. REUTERS/Ints Kalnins</figcaption></figure>



April 6 (Reuters)&nbsp;&#8211;&nbsp;Cash prices for key crude oil grades produced in the Middle East, Europe and the United States have slumped in recent weeks from record premiums to futures benchmarks, as refiners balk at higher operating costs and major economies get set to release a flood of oil from strategic reserves.



Crude benchmarks traded in spot markets around the world are often predictive of the direction of global futures prices. Right now, declining premiums for grades from the Middle East, the North Sea and west Texas all suggest that the decision from big consumers to release crude reserves is having a dampening effect on prices, offsetting some of the anticipated loss of Russian exports.



In recent days, the premiums for Middle East benchmarks Dubai, Oman and Murban crude have fallen to a third of their early March peak. North Sea&#8217;s Brent and Forties are down 80% to 100% from when the United States banned Russian oil imports after the Feb. 24 invasion of Ukraine. U.S. grades like Mars sour are weakening as the U.S. reserve releases more medium heavy sour crude into the market.&nbsp;CRU/MCRU/EBFO-BRT,&nbsp;BFO-FOT



The International Energy Agency has warned that the world may lose 3 million barrels per day of Russian crude and oil products starting in April. Russia exports between 4 and 5 million bpd, making it the second-largest crude exporter behind Saudi Arabia.&nbsp;IEA/M



To cover that loss, the United States announced its largest-ever release from the Strategic Petroleum Reserve (SPR) at 1 million bpd for six months from May, or about 180 million barrels, the third such release in six months. Other IEA members agreed on Friday to release oil following a March 1 release.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VY1RT&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL2N2VZ01A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">WEAK DEMAND FOR NORTH SEA, AFRICAN OIL</h2>



Since Russia&#8217;s invasion, which it terms a &#8220;special operation&#8221;, world futures markets became increasingly backwardated &#8211; where current prices trade at much higher levels than later-dated futures contracts, a sign of tight near-term supply.



But of late, buyers have balked at paying those record prices, instead drawing down inventories. That has led to an overhang in the West African oil markets, traders said.



&#8220;Refineries are cautious and shopping around to the last minute; SPR certainly makes the market a bit less strained over the next six months and, of course, there are worries of demand destruction,&#8221; a senior European trader said.



West African crude offers slipped again on Tuesday as Asian buyers had largely filled their requirements for the trading cycle and European buyers held off as supply overhangs lingered, traders said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/oil-markets-hit-multiple-milestones-after-russia-sanctions/">Oil markets hit multiple milestones after Russia sanctions</a></h3>



Supplies from top exporter Nigeria were piling up, with an overhang of April and May-loading crude reaching at least 40 cargoes, they said.



Oil for April loading from Africa’s No. 2 oil exporter Angola has yet to sell out along with at least 10 cargoes for May, the slowest sales in years, due to poor demand from top buyer China, traders said. China recently extended a lockdown in Shanghai due to coronavirus infections.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VV2DB&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL2N2W3044&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



India has turned to cheap Russian Urals crude, reducing its demand for supplies from the Middle East and Africa, they said.



&#8220;It&#8217;s unclear if we are really facing tight supplies because Russian barrels are still flowing,&#8221; a Singapore-based trader said, adding that the United States may export more oil to Asia and Europe after the SPR release.



<h2 class="wp-block-heading" id="h-the-medium-sour-pickle">THE MEDIUM SOUR PICKLE</h2>



The U.S. SPR release is expected to pump more medium sour crude into the market, weighing on spot Mars crude, traders said. Mars Sour&nbsp;WTC-MRS&nbsp;is trading at a $3.05-per-barrel discount to U.S. West Texas Intermediate (WTI) futures&nbsp;CLc1, from a $1.25-per-barrel premium hit in late February.



Rising freight costs, however, are making U.S. exports less attractive, traders said.



Easing crude prices could encourage refiners to increase output to meet peak summer demand at a time when global diesel inventories are at their lowest levels in more than a decade.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VR1VF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Florence Tan in Singapore, Nidhi Verma in New Delhi, Shadia Nasralla, Alex Lawler, Julia Payne and Noah Browning in London, Stephanie Kelly in New York; Editing by David Gaffen, David Gregorio and Muralikumar Anantharaman)

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Global cash crude prices tumble from record premiums versus futures

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-820x547.jpg" alt="" class="wp-image-416298" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via  Amref Health Africa</figcaption></figure>



Deliveries of COVID jabs to Africa have been ramped up in recent months, but the poor provision of health services in rural areas threatens to undermine vaccination efforts.



While we urge rich countries to quicken the pace of vaccine distribution to Africa – which remains unpredictable and erratic – there must be simultaneous efforts to ensure that hundreds of millions of Africans living in villages and other remote areas are not overlooked as rollouts gain momentum.



Failure to do so will continue to leave countries in the region vulnerable to the virus and new variants, even if donors substantially boost deliveries of jabs to the continent.&nbsp;



Already, there are alarming signs of vaccine distribution inequalities within countries. In Kenya for example, 40-50% of people in urban areas are vaccinated, compared to less than 10% in rural parts of the country, according to health ministry data.



46% of Kenyan doctors are located in or around Nairobi, home to less than a fifth of the national population.&nbsp; It’s the same <a href="https://www.unaids.org/sites/default/files/media_asset/African2mCHW_en.pdf">picture</a> in Angola and South Africa. &nbsp;The rural shortages are exacerbated by health worker migration. Doctors choose to practice in Europe, the US, Asia and the Middle East, where they are better paid: 63% of newly-trained doctors in Africa end up practicing abroad.&nbsp;



The root of the geographic inequalities is the chronic underfunding of Africa’s healthcare systems.&nbsp; While the US spends $10,000 per capita on health, the corresponding figure in Africa is just $70.



We have fewer healthcare workers per population than anywhere else in the world. There are, on average, three physicians per 10,000 population, compared to ten times that number in OECD countries.



Too often in rural areas women end up giving birth without skilled medical assistance while children with&nbsp;pneumonia or malaria struggle to get treatment because the nearest hospital is too far away.&nbsp;



Logistical difficulties are also limiting COVID vaccination rollouts. And the problem is compounded by donor deliveries of consignments of vaccines with short expiry dates. Overstretched urban healthcare workers struggle to use them in time, never mind their more remote counterparts.&nbsp;



Clearly, as a priority, Africa needs more vaccines and certainly ones with longer shelf lives. But no less important, a large increase in the number of healthcare workers, especially in rural areas, is needed. The COVID19 Africa Commission, chaired by President&nbsp;Ramaphosa, is creating an Africa Health Workforce Task Team to evaluate the health workforce needs of the continent and set targets on how to bolster their ranks.



It’s a commendable initiative. But we are running out of time. Right now, we need urgent interventions to ensure more equitable distribution of COVID jabs, or risk seeing all the good vaccination work in towns and cities unravel as they succumb to new outbreaks originating in largely unvaccinated rural areas.



Encouragingly, there have been some innovative solutions driven by governments and civil society organisations.



In the US and much of Europe, pharmacists did most of the heavy lifting in vaccinating the population. In many African countries, only doctors and nurses are legally permitted to administer jabs, but Zimbabwe trained pharmacists to offer vaccinations.



At the same time, Amref has flown&nbsp;thousands of vaccines out of Nairobi to remote and insecure parts of Kenya. We also run outreach at health facilities on weekends for the vast majority of people too busy making a living the rest of week when routine vaccinations, including COVID vaccination, are offered.&nbsp;



In one Saturday, outreach in Kibera, the informal settlement in Nairobi, our team jabbed 350 people in six hours at a health centre that vaccinates a handful of people on a weekday. Taking vaccines to the people while paying attention to their lives makes good sense. &nbsp;



Ultimately, Africa needs to spend much more per capita on healthcare to begin to really address the urban-rural medical provision divide. We hope the Africa Health Workforce Task Team will provide valuable data on continent-wide needs.



Countries can also fill the urban rural gap by employing community-based health officers who would complement &nbsp;essential appropriate primary care services at the village level.&nbsp; There should be an expansion of mobile phone–based “telemedicine” and diagnostics that connect health workforce and rural communities.



In Rwanda and Ethiopia, community health workers from villages were trained to give primary care and refer people to higher health facilitiesfor serious illness. (<a href="https://www.economist.com/middle-east-and-africa/2016/09/15/an-african-trailblazer">source</a>). By 2016, there were 45,000 of these community health workers in Rwanda and 35,000 in Ethiopia.



At Amref, we have innovated mobile vans, which can be equipped with coolers to transport refrigerated vaccines, medicines and lab samples to and from faraway health clinics.



But, in the meantime, the international community must support and encourage local government and NGO initiatives to address current vaccine distribution inequalities. Individual interventions may be limited in scope but together they could significantly improve vaccination rates in rural areas.&nbsp;&nbsp;



Dr. Githinji Gitahi is Group CEO of Amref Health Africa. Charles Okeahalam is Chairman of Amref Health Africa&#8217;s international board of directors

Fridah-Mogoi-a-Clinical-Officer-at-Amref-Kibera-Health-Centre-checks-Derrick-Amwai-9-months-while-his-mother-Scovia-Kayege-holds-him-42

Rural health worker shortage threatens Africa’s COVID vaccine rollout

If there was any question about where the Federal Reserve stands on the key issue of the day — inflation — two important officials brought even more clarity on Tuesday.



Fed Governor Lael Brainard and San Francisco Fed President Mary Daly both issued comments that showed they both envision higher rates and, in the former’s case, an aggressive drawdown of the assets the central bank is holding on its balance sheet.



Investors didn’t particularly like what they heard, sending major averages considerably lower on the day and the 10-year Treasury yield to a new 2022 high.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON-820x461.jpeg" alt="" class="wp-image-416294" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107000703-1642089190411-gettyimages-1237699477-SENATE_BRAINARD_THOMPSON.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Lael Brainard, governor of the U.S. Federal Reserve, speaks during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, D.C., U.S., on Thursday, Jan. 13, 2022. Al Drago | Bloomberg | Getty Images</figcaption></figure>



“It is of paramount importance to get inflation down,” Brainard said during a Minneapolis Fed webinar. The Federal Open Market Committee, which sets interest rates, “will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting.”



The comments helped knock down a positive opening on Wall Street that ultimately turned into a nearly 1% loss for the Dow Jones Industrial Average. The more aggressive Fed chatter also comes as the 30-year fixed mortgage rate topped 5%, a key threshold which could slow the housing market.



<h2 class="wp-block-heading" id="h-we-re-not-going-to-let-this-go-forever"><a></a>‘We’re not going to let this go forever’</h2>



Later in the day, Daly said inflation running at a 40-year high “is as harmful as not having a job.” Speaking to the the Native American Finance Officers Association, she assured the group that the Fed is on the case.



“Most Americans, most people, most businesses, hopefully people in tribal nations, you all have confidence that we’re not going to let this go forever,” Daly said. “But if you don’t have that confidence, let me give it to you.”



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/markets-will-be-looking-for-clues-from-the-fed-ahead-as-historically-strong-month-gets-underway/">Markets will be looking for clues from the Fed ahead, as historically strong month gets underway</a></h3>



She assured those in attendance several times that interest rates are heading higher, though she added that she doesn’t think it will cause a recession.



Raising rates “is what is necessary to ensure that again, [you] go to bed at night, you’re not worrying about whether prices will be higher, considerably higher tomorrow,” Daly added.



The Fed already has enacted its first rate hike of the year, a 0.25 percentage point move in March. Markets expect increases at each of the six remaining meetings this year, possibly totaling 2.5 percentage points.



<h2 class="wp-block-heading" id="h-two-policy-doves"><a></a>Two policy ‘doves’</h2>



What made the two officials’ comments more striking is that they are considered to be in the camp of Fed “doves” — meaning that they usually favor low rates and less restrictive policies. That they both see a rather urgent need to tighten underscores how seriously the Fed is taking the threat.



Brainard’s voice carries a little extra heft in that she has been nominated to be vice chair of the FOMC, a position that makes her the top lieutenant for Chairman Jerome Powell.



Brainard said she expects the Fed’s $9 trillion balance sheet to “shrink considerably more rapidly” than was the case during the last rundown in 2017-19. In that episode, the Fed allowed $50 billion a month in proceeds from maturing bonds to roll off while reinvesting the rest. Her comments opened the door to what many economists expect to be a monthly roll-off around $80 billion to $100 billion.



Reducing the balance sheet “will contribute to monetary policy tightening over and above the expected increases in the policy rate,” Brainard added.



“Currently, inflation is much too high and is subject to upside risks. The Committee is prepared to take stronger action if indicators of inflation and inflation expectations indicate that such action is warranted,” she added.



Daly echoed the idea that the balance sheet reduction could start in May, adding that the Fed’s commitment to fighting inflation “will mean interest rates go up.”



“But inflation, what people are paying day in and day out is on the minds of everyone, they go to bed at night thinking about it wake up in the morning thinking about rent, transportation, gas prices, food prices, so we as a Federal Reserve are on a path to raise the interest rates,” she said.

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Key people from the Fed just spooked the markets — here’s what they said

Kenya’s pre-budget analysis for 2022

What Happens If There’s A Nuclear Attack

NGX fixed income market cap hits ₦21.4trn in March

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-820x517.jpg" alt="" class="wp-image-416282" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-820x517.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-1536x968.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Overberg, Caledon, Western Cape, South Africa. (Photo by: Peter Titmuss/Education Images/Universal Images Group via Getty Images)</figcaption></figure>



CAPE TOWN, April 5 (Reuters)&nbsp;&#8211;&nbsp;On South Africa&#8217;s Lancewood dairy farm, a GPS-guided tractor spreads cow manure across defined areas where tilling is banned and fertilizer used at a minimum, if at all.



Some 2,500 Jersey cows graze on a selection of plants, from chicory to lucerne (alfalfa), that have been planted for feed variety while helping preserve the soil&#8217;s nutrients.



Lancewood is among 40 dairy farms where South Africa&#8217;s first internationally certified carbon programme for the agricultural sector &#8211; known as AgriCarbon &#8211; is being piloted by Climate Neutral Group (CNG) to help curb greenhouse gas emissions.



Dairy farms have borne the brunt of criticism from environmentalists in the agriculture sector for releasing large quantities of methane and nitrogen that drive climate change.



&#8220;That&#8217;s how we&#8217;ve worked – doing minimal till and reducing our nitrogen on the soil for many, many years and that&#8217;s how we&#8217;ve reduced our costs on the farm to make the dairy very profitable,&#8221; Lancewood owner Mark Rubin told Reuters on his farm in the Sedgefield area of South Africa&#8217;s southern Cape region.



Lancewood has, for example, more than halved its nitrogen use per hectare per year in 2022 from 2018, according to research consultancy Trace &amp; Save.



Nitrogen in fertilizer can convert into nitrous oxide, a harmful greenhouse gas that can linger in the atmosphere for decades and is a better heat trap than carbon dioxide (CO2).



<h3 class="wp-block-heading" id="h-read-more-a-just-transition-for-africa-championing-a-fair-and-prosperous-pathway-to-net-zero">Read more: <a href="https://www.cnbcafrica.com/2021/a-just-transition-for-africa-championing-a-fair-and-prosperous-pathway-to-net-zero/">A Just Transition for Africa: Championing a Fair and Prosperous Pathway to Net Zero</a></h3>



AgriCarbon, introduced in 2021, draws on farm-generated data to reward farmers who adopt better farming methods, such as reduced tilling. The first verified carbon credits will be sold later this year with a potential 230,000 tonnes up for grabs, targeting mainly European companies, CNG officials said.



The National Treasury is eyeing a domestic carbon credit market of 10 to 20 million tonnes of CO2 a year, and has set a baseline price of between 115 rand ($7.97) to 120 rand per tonne for 2022, less than the $15 to $25 potentially on offer for AgriCarbon credits.



&#8220;They are attractive on the international market because they are nature-based sequestration credits,&#8221; said Gray Maguire, carbon project manager at CNG&#8217;s South African unit.



CNG is considering similar type initiatives for an estimated 33 million smallholder crop and livestock farmers in sub-Saharan Africa, with potential projects eyed in Malawi, Morocco, Kenya and Zambia, Maguire added.



Poor regulatory frameworks, inadequate financing and technical expertise has seen Africa lagging in adopting Clean Development Mechanism (CDM) projects, with the region accounting for 2.9% of the total number of CDM projects worldwide, United Nations Environmental Programme data shows.



But the tide might turn for Africa after a new global climate deal was clinched in November setting rules for carbon markets.



&#8220;There is a reason for optimism for the continent with a lot more focus now on other attributes of the credits (other) than emission reductions, namely sustainable development impacts,&#8221; Karen Olsen, senior researcher at UNEP&#8217;s Copenhagen Climate Centre said.



($1 = 14.4262 rand)



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and David Evans)

Overberg, Caledon, Western Cape, South Africa.

South African dairy farmers eye carbon credits while curbing emissions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-820x542.jpg" alt="" class="wp-image-416278" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Sand blows across a normally submerged area at Theewaterskloof dam near Cape Town, South Africa, January 20, 2018. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



April 4 (Reuters)&nbsp;&#8211;&nbsp;Cities are driving the human-caused climate change that threatens the global environment, but also offer hope.



That is the overriding message of a chapter devoted to cities in a major U.N. report on climate change released on Monday, providing city planners around the world guideposts aimed at avoiding climate catastrophe.



&#8220;The fact that cities are responsible for more than two-thirds of global greenhouse gas emissions means that if cities do something, they can solve two-thirds of the problem. So that&#8217;s pretty exciting,&#8221; said Karen Seto, a professor at Yale University&#8217;s School of the Environment and one of two coordinating lead authors of the report&#8217;s chapter on cities.



Many cities around the globe have taken action already. Mexico City has banned plastic bags. Minneapolis, Minnesota, eliminated zoning for single-family homes to promote density. Paris has outlawed diesel cars.



&#8220;Every city can do something, and not every city&#8217;s going to do the exact same thing,&#8221; Seto said. &#8220;Not every city needs to look the same. Not every building needs to be a high rise.&#8221;



Cities, particularly the small and medium-sized cities of Asia and Africa that will see the most growth this century, offer the opportunity reduce reliance on automobiles, employ environmentally friendly building materials, and capture stormwater runoff, according to the report&#8217;s experts.



Cities can become havens of urban forests, street trees and green roofs, which will not only sequester and store carbon but also induce a cooling effect that reduces energy demand and energy use for water treatment, said the report, the latest from the Intergovernmental Panel on Climate Change.



Urban density also avoids rural and suburban sprawl, which is less energy efficient and destroys natural habitats.



<h3 class="wp-block-heading" id="h-read-more-international-women-s-day-celebrates-the-contribution-of-women-and-girls-as-climate-solution-multipliers">Read more: <a href="https://www.cnbcafrica.com/2022/international-womens-day-celebrates-the-contribution-of-women-and-girls-as-climate-solution-multipliers/">International Women’s Day celebrates the contribution of women and girls as climate solution multipliers</a></h3>



&#8220;The 21st century will be the urban century, defined by a massive increase in global urban populations,&#8221; the report said, noting that 55% of the world&#8217;s population lived in urban areas as of 2018, a figure expected to jump to 68% by 2050.



At the same time, however, &#8220;the global trend of urbanization also offers a critical opportunity in the near term, to advance climate resilient development.&#8221;



The report focuses on mitigation, noting that alleviating climate change in cities will have an outsized effect on surrounding areas and help improve the mental and physical health of urban dwellers.



As with the global thrust of the&nbsp;<a href="https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_FinalDraft_FullReport.pdf" target="_blank" rel="noreferrer noopener">overall report</a>, the authors call on governments and industry to act with extreme urgency and make significant new commitments toward financing.



Urban areas generated 67% to 72% of carbon dioxide and methane emissions in 2020, up from 62% in 2015. Without any mitigation efforts, the raw amount of urban emissions could double from 2020 to 2050, the report said.



But with aggressive and immediate mitigation policies, urban greenhouse gas emissions could approach net zero by 2050.



As home to generally more prosperous people, urban cities emit more greenhouse gases.



Of the additional 2.5 billion people expected to live in cities by midcentury, 90% of the increase will take place in Africa and Asia, requiring more advanced economies and multinational companies to finance green development.



Capital will be needed to promote carbon sequestration, avoid emissions and reduced energy use.



Seto said she was optimistic because consumers and investors in the &#8220;global north&#8221; are demanding sustainability, and because the cost of new technologies such as photovoltaics and batteries for electric vehicles is going down.



&#8220;The cost of the status quo is worse than doing nothing,&#8221; Seto said.



(Reporting by Daniel Trotta; Editing by Donna Bryson and Leslie Adler)

AL7S4SYCZJOFXPTXK6EOICZ5MM

Cities driving climate change, but part of the solution -UN report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-820x615.jpg" alt="" class="wp-image-416274" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Residents of the Nigerien village of Zerma Dare sit in a camp for displaced people in the town of Ouallam, Niger, July 6, 2021. Picture taken July 6, 2021. REUTERS/Media Coulibaly/File Photo</figcaption></figure>



DAKAR, April 5 (Reuters)&nbsp;&#8211;&nbsp;West Africa is facing its worst food crisis on record driven by conflict, drought, and the impact of the war in Ukraine on food prices and availability, aid agencies said on Tuesday.



There are about 27 million people suffering from hunger in the region and that number could rise to 38 million by June, a 40% increase from last year and a historic high, said 11 international aid organizations in a joint statement.



Large swathes of West Africa, including parts of Burkina Faso, Mali, Niger and Nigeria, are facing Islamist insurgencies that have forced millions of people off their land. Along with Chad, those are the countries most affected by hunger.



The region has also seen worsening floods and droughts due to the effects of climate change, making it harder to farm. Cereal production in 2021/22 was down 39% year-on-year in Niger and 15% in Mali, according to West Africa&#8217;s Food Crisis Prevention Network.



<h3 class="wp-block-heading" id="h-read-more-west-africa-bloc-chairman-says-mali-s-coup-was-contagious">Read more: <a href="https://www.cnbcafrica.com/2022/west-africa-bloc-chairman-says-malis-coup-was-contagious/">West Africa bloc chairman says Mali’s coup was “contagious”</a></h3>



On top of that, global food prices have surged and trade has been disrupted due to Russia&#8217;s invasion of Ukraine. Border closures due to COVID-19 have also had a negative impact, the Food Crisis Prevention Network said.



&#8220;What is new and worsening is mainly all the displaced people and abandoned land because of conflict, but also we are witnessing new drivers,&#8221; said Assalama Dawalack Sidi, Oxfam&#8217;s regional director for West and Central Africa.



Six West African countries import 30-50% of their wheat from Russia and Ukraine, according to the United Nations Food and Agriculture Organization (FAO).



The Ukraine war also risks redirecting much-needed funding from the region, Sidi warned.



&#8220;Many donors have already indicated that they may cut funding for Africa to pay for refugees in Europe,&#8221; she said.



(Reporting by Nellie Peyton; Editing by Alex Richardson)

P54PX3A7AZOWTENG6W43MJOI7E

West Africa faces historic food crisis driven by conflict, price surge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-820x547.jpg" alt="" class="wp-image-413817" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>South African President Cyril Ramaphosa addresses a press conference after the G20 Compact with Africa conference at the Chancellery in Berlin, Germany August 27, 2021. Tobias Schwarz/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, April 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s national state of disaster, in place for more than two years in response to COVID-19,&nbsp;will&nbsp;end from midnight local time on Monday, President Cyril Ramaphosa said.



The national state of disaster has been the government&#8217;s main mechanism for managing the pandemic. Removing it will do away with the vast majority of remaining COVID-19 restrictions, aside from a few that will remain in place on a transitional basis, Ramaphosa said.



&#8220;While the pandemic is not over, while the virus remains amongst us, these conditions no longer require we remain in a national state of disaster,&#8221; he said in a televised address, referencing far lower rates of hospitalisation and deaths during the country&#8217;s fourth wave of infections.



South Africa, the continent&#8217;s most industrialised economy and the worst-hit in terms of reported infections and deaths, has been in an &#8216;adjusted level 1&#8217; lockdown, or the lowest of a five tier system since October.



<h3 class="wp-block-heading" id="h-read-more-south-africa-s-ramaphosa-eases-covid-19-restrictions-to-lift-economy">Read more: <a href="https://www.cnbcafrica.com/2022/south-africas-ramaphosa-eases-covid-19-restrictions-to-lift-economy/">South Africa’s Ramaphosa eases COVID-19 restrictions to lift economy</a></h3>



Amid criticism for not ending the state of disaster and maintaining some painful measures that weighed on the country&#8217;s struggling economy, Ramaphosa eased restrictions further in March.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VP5K4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The five-tier lockdown system, rules around isolation and access to old age homes, and the criminalisation of non-adherence to such rules will be among the measures&nbsp;ended&nbsp;when the state of disaster expires.



The transitional measures that remain in place, such as a requirement to wear masks indoors, rules for travellers and a directive that enables the payment of a special relief grant, will lapse after 30 days, Ramaphosa said.



After that, more permanent regulations, currently up for public consultation, are expected to help the government manage COVID-19 going forward.



Reported COVID-19 cases and deaths stood at over 3.7 million and 100,052 respectively as of Monday, according to authorities.



(Reporting by Emma RumneyEditing by Chris Reese and Alistair Bell)

MPF7BMV4R5MXDJET5ZICNYYGKY

South Africa’s COVID state of disaster to end at midnight -President Ramaphosa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



JOHANNESBURG, April 4 (Reuters) – South Africa’s rand steadied in early trade on Monday, struggling for momentum as a stronger dollar overshadowed Moody’s revision of the country’s outlook to “stable” from “negative”.



At 0635 GMT, the rand traded at around 14.6500 against the dollar, largely unchanged from Friday’s close.



The dollar made a firm start to the week, as the monthly U.S. jobs report indicated a strong labour market and is likely to keep the Federal Reserve on track to maintain its hawkish policy stance.



Higher rates in developed markets tend to drain capital from higher-yielding but riskier emerging markets such as South Africa.



<h3 class="wp-block-heading" id="h-read-more-markets-will-be-looking-for-clues-from-the-fed-ahead-as-historically-strong-month-gets-underway">Read more: <a href="https://www.cnbcafrica.com/2022/markets-will-be-looking-for-clues-from-the-fed-ahead-as-historically-strong-month-gets-underway/">Markets will be looking for clues from the Fed ahead, as historically strong month gets underway</a></h3>



On Friday, ratings agency Moody’s revised South Africa’s outlook to “stable”, saying the country’s improved fiscal outlook would help the government stabilise its debt burden over the medium term.



Investor focus was also on talk of more sanctions against Russia over its invasion of Ukraine.



“As we head into the new week, Russia is, yet again, in the headlines, as bans on Russian gas imports to Europe come under discussion by European leadership,” said Bianca Botes, director at Citadel Global.



While Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days. 



(Reporting by Olivia Kumwenda-Mtambo; Editing by Kirsten Donovan)

101416618-rand

South Africa’s rand steadies against stronger dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-820x547.jpg" alt="" class="wp-image-411707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Stack towers at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Friday, March 6, 2020. Aliko Dangote, Africas richest man, plans to spend more than his net worth of $13.5 billion building one of the worlds biggest oil refineries. Photographer: Tom Saater/Bloomberg via Getty Images</figcaption></figure>



ABUJA, April 3 (Reuters)&nbsp;&#8211;&nbsp;Dangote&#8217;s 650,000 barrels per day (bpd) oil refinery being built in Nigeria is due to begin production by the fourth quarter of 2022, Group Executive Devakumar Edwin said on Sunday.



&#8220;75% hydraulic testing &#8230; as well as 70% of electrical cable fitting have been completed preparatory to the completion of the refinery in the fourth quarter of this year,&#8221; Edwin said during a site tour with Nigeria&#8217;s Information Minister Lai Mohammed.



The refinery, being built at a cost of $19 billion in Lagos, has 4.74 billion litres storage capacity, Edwin said. He added that 75% of products will be moved by sea within Nigeria.



Africa&#8217;s richest man Aliko Dangote said in January he expected his oil refinery project to begin production by the end of the third quarter and reach full capacity by early 2023.<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U05YA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The project has been delayed by several years and the cost has shot to $19 billion from Dangote&#8217;s earlier estimates of $12 billion to $14 billion.



<h3 class="wp-block-heading" id="h-read-more-energy-transition-leave-us-out-says-nigeria-oil-minister">Read more: <a href="https://www.cnbcafrica.com/2022/energy-transition-leave-us-out-says-nigeria-oil-minister/">‘Energy transition? Leave us out,’ says Nigeria oil minister</a></h3>



Dangote, who built his fortune in the cement industry, first announced the intention to build a refinery in 2013, with the project expected to be finished in 2016.



The billionaire then moved the site to Lekki in Lagos, upgraded the size and said production would start in early 2020.



Despite being Africa&#8217;s biggest oil producer and exporter, Nigeria depends almost entirely on fuel imports after allowing its significant refining capacity of 445,000 bpd to become dilapidated over several decades.



Last month Dangote commissioned a $2.5 billion fertiliser plant, located within his refinery and petrochemical complex, which is already exporting urea to the United States, India, Brazil, Mexico and Argentina.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VP2QX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Mohammed said he witnessed a ship being loaded with urea for export to Argentina during the site visit.



(Writing by Chijioke Ohuocha; Editing by Emelia Sithole-Matarise)

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Dangote to complete Nigerian oil refinery in Q4 -executive

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South African dairy farmers eye carbon credits while curbing emissions

Cities driving climate change, but part of the solution -UN report

West Africa faces historic food crisis driven by conflict, price surge

South Africa’s COVID state of disaster to end at midnight -President Ramaphosa

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Dangote to complete Nigerian oil refinery in Q4 -executive

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Captains of Industry: South Africa needs “brutal leaders” – Sello Moloko

Gauteng Government outlines Revenue Enhancement Strategy

Global government debt set to soar to record $71 trillion this year, new research says

Africa’s Business Heroes EP2: A surprise text pushes the Heroes over the edge

Global cash crude prices tumble from record premiums versus futures

Rural health worker shortage threatens Africa’s COVID vaccine rollout

Key people from the Fed just spooked the markets — here’s what they said

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What Happens If There’s A Nuclear Attack

NGX fixed income market cap hits ₦21.4trn in March

South African dairy farmers eye carbon credits while curbing emissions

Cities driving climate change, but part of the solution -UN report

West Africa faces historic food crisis driven by conflict, price surge

South Africa’s COVID state of disaster to end at midnight -President Ramaphosa

South Africa’s rand steadies against stronger dollar

Dangote to complete Nigerian oil refinery in Q4 -executive

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