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4 African Business February 2024

Business Intelligence News

Ethiopia promises safety for African Development Bank staff

Reconstruction and recovery needs following the catastrophic flooding in eastern Libya last September are estimated at $1.8bn, according to the World Bank, UN, and European Union. The disaster impacted approximately 1.5m people – 22% of Libya’s population – in the coastal and inland cities that were hardest hit. The assessment found the greatest impact has been on housing, the environment, cultural heritage, transportation and the water sector. Over 18,500 houses were destroyed or damaged, equivalent to 7% of the countr y’s housing stock.

The African Development Bank Group and Ethiopia have agreed to normalise relations after the Bank pulled its international staff from the country. This followed a “serious diplomatic incident in which two international staff based in the Bank’s Country Office in Ethiopia were severely assaulted by security agents of the Government of Ethiopia,” the bank said. A “fruitful” visit by bank President Akinwumi Adesina to Addis Ababa, where he met the Prime Minister of Ethiopia Abiy Ahmed, led to formal apologies and a commitment by Abiy to investigate the incident and ensure accountabilit y and staff safety.

Libya needs $1.8bn for flood recovery and reconstruction

Development advisers propose Methane Abatement Bonds A report from development advisory firm AfriCatalyst says that methane emissions in Africa rose at an annual rate of 2% from 1990 to 2022, contributing a “staggering” 14% to total global methane emissions. Of African countries, 19 are responsible for 80% of the continent’s methane emissions, with Nigeria, Sudan, the Democratic Republic of Congo, and Egypt contributing half of the total. These emissions predominantly emanate from the agricultural sector (51%), energy production (35%) and waste management (14%). The firm envisions the issuance of African Methane Abatement Bonds to mobilise financing to support measures to reduce methane emissions.

Nigerian corruption commission raids Dangote headquarters

Nigeria’s Economic and Financial Crimes Commission (EFCC) raided the headquarters of Dangote Group, the country’s largest conglomerate, in an investigation into alleged favourable exchange rates deployed by former Central Bank of Nigeria governor Godwin Emefiele. Dangote Group dismissed the January visit, saying in a statement that it “appeared designed to cause us unwarranted embarrassment”, and arguing that no documents and files were taken in the raid as they were already in the investigator’s office. The EFCC has senr letteres to 52 firms seeking documents relating to foreign exchange practices. Emefiele, architect of Nigeria’s foreign exchange policy while CBN governor, was detained for six months until he was granted bail in December, and denies wrongdoing.

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