Economy
UK to Boost Trade, Jobs in Tanzania
By Modupe Gbadeyanka
The United Kingdom (UK) has promised to sharpen its focus on economic development in the world’s poorest countries to help create the economic growth that will sustain rapidly growing populations, provide a long term solution to poverty and deal with the root causes of problems that affect Britain and Tanzania.
This pledge was made by the International Development Secretary, Priti Patel on Tuesday, January 31, 2017.
Over the next decade, a billion more young people will enter the job market, mainly in Asia and Sub-Saharan Africa. Africa’s population is set to double by 2050. This demographic challenge will add to the pressure of protracted crises and mass migration.
DFID’s first Economic Development Strategy sets out how investment in economic development will help developing nations speed up their rate of economic growth , trade more and industrialise faster, and ultimately lift themselves out of poverty.
By helping the world’s poorest countries grow their economies, this investment will help create the UK’s trading partners of the future, boost global prosperity and address some of the root causes of global issues such mass migration and instability that affect the UK.
Patel said, “There is no task more urgent than defeating poverty. The UK has a proud record of supporting people in desperate humanitarian crises, but emergency help alone won’t tackle the global changes we face.
“With dramatic increases in population across Africa and Asia, developing nations must act fast to create jobs and investment, which is why Global Britain is leading a more open, more modern approach to development through our economic development to help the world’s poorest countries stand on their own two feet.
“With the UK’s support, more people across Tanzania have the chance to get a job and build a brighter future for themselves and their families. The UK will continue to build this partnership between our two countries.
“Over the next decade a billion more young people will enter the job market. Africa’s population is set to double by 2050 and as many as 18 million extra jobs will be needed. Failure will consign a generation to a future where jobs and opportunity are out of reach; potentially fuelling instability and mass migration with direct consequences for Britain.
“Developing countries want to harness trade, growth and investment opportunities and Britain will lead the way to lift huge numbers out of grinding poverty to prosperity.”
“The department will work across government to increase the number and quality of jobs in poor countries, enable businesses to grow and prosper, support better infrastructure, technology and a skilled and healthy workforce.”
Patel further disclosed that the announcement builds on the UK’s existing work to drive economic development, which has helped almost 70 million people access financial services, over 6 million people improve their land and property rights, and improved access to clean energy for over 6 million people.
“Through the new Economic Development Strategy DFID will build the potential for developing countries to trade more with the UK and the world; create economic opportunities in fragile and conflict states where jobs and livelihoods are desperately needed; build partnerships with business – including Small and Medium Business (SMEs) – to make it easier for companies, including those in the UK, to invest in markets of the future; work closely with the City of London so it becomes the leading financial centre for the developing world; focus investment in job-creating sectors such as manufacturing, infrastructure and commercial agriculture to provide strong foundations for sustainable growth; use the UK’s voice in the World Trade Organisation (WTO) to argue for better and fairer trading rules; strengthen institutions, tackle corruption and help countries mobilise their own domestic resources to support their development; and continue to champion innovative private finance investment to stimulate growth, CDC will be at the heart of this.
Patel pointed out that the UK support to Tanzania is helping to Improve Tanzania’s main port and regional trade gateway to allow port capacity to double by 2023 and develop the transport corridors that Tanzania and the region need; connect more than 400,000 homes in Tanzania, Kenya and Uganda to solar power, providing 50 million hours of fume-free lighting a month and creating 2,500 jobs; and build over 1,230 km of rural roads. Rural communities now report better access to healthcare, schools and agricultural services.
By Adedapo Adesanya
MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to buy approximately 75 per cent of shares in IHS Holding Limited (IHS Towers) that it does not already own.
The move would give the South African telco full control of IHS, which is the leading independent tower operator in several of its key markets, providing colocation services and supporting the expansion of mobile networks in regions with growing demand for digital connectivity.
In a cautionary announcement to investors on Thursday, MTN confirmed it is considering a transaction to acquire the remaining stake in the New York Stock Exchange-listed IHS, following recent market speculation.
The potential offer price would be “at a level near the last trading price” of IHS shares on the NYSE as of February 4, 2025, a period when the stock has seen a sharp rise in recent months, reflecting renewed investor confidence in the sector.
No binding agreement has been reached, and MTN emphasised there is no certainty that the deal will proceed.
However, if completed, the transaction could materially impact MTN’s share price, prompting the company to advise shareholders to exercise caution in trading until further updates.
MTN already holds a significant stake in IHS and maintains a deep operational partnership across multiple African markets.
Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback deals, including a major transaction in South Africa in 2022 involving over 5,700 towers.
These arrangements allowed MTN to free up capital from infrastructure while securing long-term tower access via master lease agreements.
A full buyout would represent a dramatic strategic pivot for MTN, effectively bringing tower infrastructure back in-house after years of outsourcing to specialised operators like IHS.
MTN has previously voiced concerns about corporate governance at IHS, adding context to its cautious approach in the announcement.
If the deal falls through, MTN said it would continue exploring options to unlock value from its IHS investment, consistent with its disciplined capital allocation strategy.
The potential acquisition underscores the evolving dynamics in Africa’s telecom infrastructure sector, where operators weigh the benefits of owning versus leasing critical assets amid rising data demands and economic pressures.
By Adedapo Adesanya
For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange ended in the green territory, rising further by 0.77 per cent on Thursday, February 5.
Two price gainers helped the bourse to rally during the session, with the market capitalisation up by N16.87 billion to N2.197 trillion from N2.180 trillion and the NASD Unlisted Security Index (NSI) up by 3.18 points to 3,672 points from the 3,644.48 points in the midweek session.
The advancers’ group was led by Central Securities Clearing System (CSCS), which added N3.70 to sell at N48.67 per share versus the previous day’s N44.97 per share, and Afriland Properties Plc expanded by N1.01 to N15.01 per unit from N14.01 per unit.
It was observed that the alternative stock exchange recorded two price losers led by Geo-Fluids Plc, which further lost 51 Kobo to sell at N4.75 per share versus Wednesday’s closing price of N5.26 per share, and Industrial and General Insurance (IGI) declined by 6 Kobo to 59 Kobo per unit from 65 Kobo per unit.
During the session, the volume of securities transacted by investors slid by 51.9 per cent to 1.2 million units from 2.5 million units, the value of securities went down by 32.0 per cent to N12.0 million from N17.7 million, and the number of deals increased by 27.8 per cent to 23 deals from 18 deals.
At the close of trades, CSCS Plc was the most traded stock by value on a year-to-date basis with 16.2 million units exchanged for N659.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units traded for N117.8 million, and Geo-Fluids Plc with 12.3 million units valued at N79.1 million.
CSCS Plc remained the most active stock by volume on a year-to-date basis with 16.2 million units sold for N659.9 million, trailed by Mass Telecom Innovation Plc with 13.6 million units valued at N5.5 million, and Geo-Fluids Plc with 12.3 million units worth N79.1 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded another milestone after it further closed higher by 1.18 per cent on Thursday amid renewed confidence in the market.
The All-Share Index (ASI) crossed the 170,000-point threshold during the session as it added 1,975.18 points to the preceding day’s 168,030.18 points to settle at 170,005.36 points.
Also yesterday, the market capitalisation of Customs Street was up by 1,268 trillion to N109.129 trillion from the N107.861 it ended a day earlier.
The growth recorded during the session was powered 55 equities, which outweighed the losses recorded by 19 other equities.
Guinea Insurance expanded by 10.00 per cent to N1.43, Seplat Energy grew by 10.00 per cent to N7,370.00, RT Briscoe increased by 9.95 per cent to N11.49, Neimeth chalked up 9.90 per cent to close at N11.10, and Zichis rose by 9.89 per cent to N6.11.
At the other side, Deap Capital lost 9.62 per cent to trade at N6.20, Universal Insurance slipped by 9.43 per cent to N1.44, Haldane McCall declined by 9.09 per cent to N4.00, Red Star Express went down by 9.04 per cent to N15.60, and UPDC depreciated by 7.02 per cent to N5.30.
Business Post reports that the energy index was up by 4.68 per cent, the industrial goods improved by 0.79 per cent, the banking space grew by 0.64 per cent, and the consumer goods sector soared by 0.11 per cent, while the insurance counter lost 0.31 per cent.
Yesterday, market participants traded 713.0 million stocks valued at N22.3 billion in 46,104 deals versus the 694.8 million stocks worth N20.6 billion transacted in 42,095 deals on Wednesday, showing a spike in the trading volume, value, and number of deals by 2.62 per cent, 8.25 per cent, and 9.52 per cent, respectively.
Access Holdings sold 106.6 million shares valued at N2.5 billion, Chams transacted 44.5 million equities worth N201.3 million, Champion Breweries traded 44.5 million stocks for N774.3 million, Universal Insurance exchanged 34.8 million shares worth N53.6 million, and Deap Capital sold 22.7 million equities valued at N141.9 million.
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