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Egypt’s non-oil activity shrinks for 28th month as inflation soars

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A survey has shown that Egypt’s non-oil private sector activity shrank for the 28th straight month in March 2023 as import and currency restrictions and rising inflation continued to hurt business.

The S&P Global Egypt Purchasing Managers’ Index (PMI) edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity.

S&P Global economist, David Owen said “At 46.7, the headline PMI signalled a further solid deterioration in the performance of non-oil companies, driven by steep falls in activity and new business volumes.”

Despite the Egyptian pound’s half-depreciation since March 2022 and the completion of a $3 billion rescue package with the International Monetary Fund in December, Egypt still lacks foreign money.

According to the state statistics agency, headline inflation increased to a five-and-a-half-year high of 31.9% in February from 25.8% in January, while core inflation increased to 40.26%.

The sub-index for purchase prices increased to 64.3 from 63.9, and that for overall input prices increased slightly to 62.8 from 62.7 in February.

“Steep inflationary pressures and a drop in client demand continued to negatively impact non-oil businesses, chiefly through a sharp reduction in new orders,” S&P Global said.

The new orders sub-index fell to 44.3 in March from 44.7 in February, while that for output strengthened to 44.9 from 44.6.

“Output levels fell at a marked rate across the non-oil private sector during March, in part due to ongoing difficulties with accessing key inputs due to import controls and currency restrictions,” S&P Global said.

Inventories and employment levels also decreased, S&P Global economist David Owen said.

The sub-index for future output expectations improved to 54.2 from 52.5 in February, still near an all-time low.

“Despite picking up to a three-month high, the year-ahead outlook for activity was still among the weakest recorded since the series began in early-2012,” S&P wrote.

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Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

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Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

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Africa

Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry

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Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.

Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.

President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.

Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.

She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”

Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.

Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.

“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.

Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”

Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.

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Africa

Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso

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Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso

Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso

Human Rights Watch (HRW) revealed on Wednesday that jihadist groups in Burkina Faso have intensified attacks on civilians, particularly targeting those accused of collaborating with government forces or refusing to join their ranks.

The conflict, fueled by insurgents linked to al-Qaeda and ISIS, has plagued the West African nation for nearly a decade, spilling over from neighbouring Mali.

Under military leader Ibrahim Traore, Burkina Faso has recruited thousands of civilian volunteers, known as VDPs, to assist in the fight. However, this move has provoked increasingly violent reprisals from jihadist factions, leading to tragic consequences for local communities.

HRW documented seven attacks between February and June, resulting in the deaths of at least 128 civilians.

These assaults, including a massacre in a Catholic church and strikes on displaced persons camps, were attributed to al-Qaeda affiliate Jama’a Nusrat ul-Islam wa al-Muslimin (JNIM) and ISIS-linked Islamic State in the Greater Sahara (ISGS).

Witnesses claimed some attacks were motivated by civilians’ involvement with government forces.

“We are between a rock and a hard place,” a 56-year-old villager lamented, describing the dire situation faced by many.

HRW’s report also highlighted that some villagers were killed after being forced by authorities to return to areas previously overtaken by jihadists.

In response, Burkina Faso’s justice minister dismissed HRW’s claims of slow prosecutions, asserting that human rights violations by insurgents are being investigated.

The junta, which came to power following a coup in 2022, faces growing criticism for its handling of the crisis, with analysts noting a further deterioration in security under Traore’s leadership.

Despite Traore’s promises to restore stability, the conflict shows no signs of abating, with HRW citing the recent massacre in Barsalogho, where hundreds were killed, as one of the deadliest incidents in the country’s history.

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