Refinitiv Newscasts - Africa in Business: plastic and power

Vicat SA

07/07/2023 13:44

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_ygeowxo6&referenceId=tag:reuters.com,2023:newsml_RW510106072023RP1_930&pageId=RefinitivNewscasts
Source: Reuters

Description: From the potential benefits of China's germanium exports curbs
for Congo, to Senegal's plans to lure more foreign investment, David Doyle
brings you a round up of sub-Saharan Africa's business news.
Short Link: https://refini.tv/46CER5o

Video Transcript:

Here is what has been making the business headlines in Sub-Saharan Africa this
week:

Democratic Republic of Congo and South Africa have vowed to revive Congo's
giant Inga 3 hydroelectric project, as Pretoria looks for a solution to its
crippling power crisis. The $14 billion-scheme, harnessing the power of the
Congo River, has been repeatedly delayed by red tape and disagreement between
Congo and its partners.

Also, in DRC, state-owned Gecamines said on Thursday that it aims to produce
30 metric tons of germanium per year. That is after China announced export
curbs on Monday on some gallium and germanium products, causing concern among
companies in the semiconductor and defense industries. Gecamines Chairman Guy
Robert Lukama said some germanium could come to the market in October from a
plant that is nearing completion.

Tech industry metals have also been in focus in Zimbabwe, where China's
Zhejiang Huayou Cobalt has commissioned a $300 million lithium plant. It will
produce 450,000 metric tons of lithium concentrates a year.
Economically-struggling Zimbabwe is trying to consolidate its position as one
of the world's top battery metals producers.

Senegal's President Macky Sall is seeking to lure more foreign capitals in his
country with promises that difficult and repressive customs and tax rules
would be reformed. Plans include, he said, the digitization of trade and
investment protocols, better protections for investor rights, and tax breaks.

And finally, Nigeria's President Bola Tinubu has ordered the suspension of a
newly-introduced 10% tax on single-use plastics. Nigeria is one of the biggest
plastic polluters on the continent, contributing some 2.5 million metric tons
of plastic waste annually, according to official data. Some of which ends up
in the sea. But Tinubu's spokesman said the tax introduced in March was being
reversed to reduce costs for businesses and households