Newscast - Africa

President Muhammadu Buhari and Prime Minister Abiy Ahmed said that African growth and development will require strong, visionary leadership that caters to the needs of the people, and effectively strengthens institutions that encourage peaceful co-existence while providing disincentives to conflicts and coups.
The presidential media aide, Femi Adesina stated that at the meeting between both leaders, President Buhari commended the efforts of the Prime Minister in maintaining peace and unity in the country, and dedication to ensuring fairness and justice in development.
President Buhari urged the Ethiopian leader to stay focused on keeping the country together, in spite of the difficulties, assuring that Nigeria will continue to support efforts in peaceful co-existence and unity.

A Professor of Political Economy and management expert, Pat Utomi, says Nigeria needs a new political movement driven by ideas that can deliver the dividends of democracy to the masses.
Utomi also berated the ruling All Progressives Congress and the main opposition Peoples Democratic Party for failing to give Nigeria good governance.
He faulted the ruling political elites for poor performance while noting that there is a dire need for an alternative platform to deliver the dividends of democracy,
Utomi called for the inclusion of young Nigerians in the governance and decision-making process.

Facebook’s parent firm Meta plunged over $200 billion in stock value after results that raised doubts about the troubled social media giant’s future.
The firm predicted slower growth and even reported its first dip in daily users globally on the signature Facebook platform.
Shares have been down about 25 per cent since shortly after the opening in New York, resulting in a more than $200 billion hit to the company’s market value.
Facebook founder Mark Zuckerberg had some $25 billion in value wiped from his personal holding by the rout on Wall Street.

The Monetary Policy Committee of the Bank of Mozambique decided to leave the bank's main interest rate unchanged.
The Interbank Money Market Rate used by the central bank for its interventions on the interbank money market to regulate liquidity remained at 13.25 per cent.
The CPMO says the decision is based on the slight improvement in the prospects for domestic inflation over the short and medium-term, despite the worsening risks and uncertainties, notably those associated with fiscal pressure, with climate shocks, and with increased oil and food prices on the world market.
The domestic uncertainties included the extension and magnitude of the effects of Covid-19 on the economy while on the international scene shadows were cast by the worsening geopolitical tension in Europe.

Ministry of Foreign Affairs says major Energy Company of Russia keen to invest in Ethiopia.
The Ministry says that one of the major energy companies in Russia, Energy solutions, electrotechnical holding company ERSO, has shown interest to invest in the energy sectors of Ethiopia.
Ethiopian Embassy in Russia has briefed investment opportunities in the Energy sector in Ethiopia for company's management recently that led by Mr Goran Malbasic.

Mali has failed to meet debt payments of some $40 million in treasury bonds, blaming sanctions imposed on the country's military junta by West African bloc ECOWAS.
The Malian Economy and Finance Ministry says that recently imposed sanctions have prevented them from paying debt on treasury bonds totalling almost $5 million.
The agency that manages public securities in the West African CFA franc zone, issued three separate statements to investors this week stating that Mali has missed several payments totalling $40 million.
Both the Economic Community of West African States and the West African Economic and Monetary Union imposed sanctions on Mali last month after the country's military junta, which seized power last year, postponed elections.

West African regional bloc Ecowas will deploy troops to Guinea-Bissau to help stabilise the country after this week's attempted coup.
The bloc says the force will help prevent any attempted coups in future.
Ecowas deployed troops to Guinea-Bissau from 2012 to 2020 after a coup.
President Umaro Sissoco Embaló says that stability has been restored in the country after the failed coup.

Shell says it would delay expansion work at its Nigerian offshore Bonga field by another two years.
A report by S&P Global Platts, a financial indices provider, says the development was a major blow to Nigeria’s quest to grow its crude production after a series of technical and operational setbacks, quoting sources close to the project.
A senior official at NNPC told S&P Global Platts says there has been a delay in progressing with the tendering process for the Bonga Southwest field.

The House of Representatives has begun moves to transfer assets belonging to the defunct Nigerian National Petroleum Corporation to the newly established Nigerian National Petroleum Company Limited, in line with the Petroleum Industry Act.
The lawmakers set up an ad-hoc committee to ascertain the total inventory, assets, interests and liabilities of the NNPC before transferring it to NNPC Limited, to ensure a glossary accounting system.
Chairman of the committee, Hon. Kingsley Uju Chima, says there were plans to meet with the Chief Executive Officer of NNPC Limited, Mele Kyari.

The Economic Community of West African States has reiterated its commitment to democracy, saying it has decided to move in military force to stabilise countries under the threat of military take-over.
A communiqué at the end of the meeting strongly condemned the attempted coup d’état in Guinea Bissau and expressed solidarity with President Umaro Sissoco Embalo and the people of Guinea Bissau.
The sub-regional body also decided to maintain the military and police components of the ECOWAS Mission in The Gambia to consolidate stability in the country.
The communiqué also stated that the West African leaders decided to uphold the suspension of Burkina Faso from all ECOWAS institutions until the restoration of constitutional order.