[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” background_color=”#ffffff”][vc_column][vc_column_text css=”.vc_custom_1620690206811{padding-top: 2vw !important;padding-right: 2vw !important;padding-bottom: 2vw !important;padding-left: 2vw !important;}”]Tanzania pledges to boost trade with Nigeria
The Tanzanian High Commissioner to Nigeria, Benson Bana, has pledged his government’s commitment to boost the volume of trade with Nigeria to promote intra-Africa trade. He also aims to increase tourism between the two countries as well as secure a trade mission for Nigeria to Tanzania. This move comes as China is becoming more involved with African affairs. Bana stated that one goal of this relationship is to promote intra-African trading and to inform African foreign policies and economic diplomacy. Read more about the High Commissioner’s pledge here.
Tanzania renewing ties with Kenya
Tanzanian president, Samia Suluhu Hassan, has also been looking to renew ties with neighbouring Kenya. She had a state visit to Nairobi in early May. Previously, there has been a period of economic rivalry and accusations of unfair trade practices between the two countries under Tanzania’s previous administration. After Hassan’s recent visit, both countries have agreed to waive these existing measures to increase investments into each other. They have also agreed to partner on a number of infrastructure projects. Read more about Hassan’s visit to Kenya here.
ICIEC providing insurance for Arab exports into West Africa
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will be providing insurance for a new financing deal, which will increase exports into West Africa from Arab countries. The deal marks the first time an Islamic Development Bank Group (IsDB) member has provided such level of support to a multilateral development bank. It is yet to be said which Arab nations will be a part of this deal. Read more about this deal here.
South African trade fairs better
A recovery in global goods trade and an average 30% rise in commodity prices over the past year have provided a much-needed uplift for the South African economy. the value of exports had risen to an all-time high in March. A steep increase in commodity prices has been the biggest contributor to South Africa’s much-improved trade fortunes. Metrics returning to pre-pandemic levels. Read more into South Africa’s financial forecasts here.[/vc_column_text][/vc_column][/vc_row]
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