🔅 Africa's Floating Gas Craze, How An Actor Reunited with Lost Brother While Shooting A Report
Plus, Nigeria's Cash Handout & A Dismal Report Card for SA's Education System
Photo of the day
Harare, Zimbabwe
Markets:
🔴 Nigerian SE: 67,206.16 (-0.02%)
🔴 Johannesburg SE: 70,578.25 (-0.44%)
— Ghana SE: 3,131.99 (0.00)
🔴 Nairobi SE: 89.82 (-1.32%)
🔴 US S&P 500: 4,191.23 (-1.33%)
🟢 Shanghai Composite: 2,974.11 (+0.40%)
Namibia's Central Bank: The Bank of Namibia is keeping its cool and sticking to its main lending rate of 7.75%. Why? To keep the Namibian Dollar tied to the South African Rand and support the country's economic growth. Inflation is on the rise, hitting 5.4% in September, but the central bank predicts it will slow down in 2024.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
When a Reporter's Story of Migration Becomes Personal: Actor Reunites with Brother on the Canary Islands
When Madrid-based actor Thimbo Samb went to the Canary Islands to report on the record number of asylum seekers arriving there, he never expected to find his own brother among them. But that's precisely what happened, and it was a rollercoaster of emotions for Samb as he had anxiously been waiting for news on his brother's fate, having been informed days prior by their mother that he had taken the risky journey of crossing the Atlantic by rickety boat from Senegal to Spain. (Samb's brother hadn't informed him of his plans, knowing Samb would disapprove.) Thankfully, his brother was one of the lucky ones who made it to land, and now Samb is determined to help him start a new life in Spain, saying that in many ways, he has it better than when he himself made the journey at 17 years old and had to feed off scraps in the streets. But let's not forget the challenges that still lie ahead: paperwork, finding a job, and dealing with racism. Every year, thousands of people take this dangerous route in hopes of a better future despite knowing the risks. But Samb understands why they do it, as he himself comes from a town where nearly everyone has lost a loved one or acquaintance along the way.
Africa's Floating Gas Craze: The Future is on the High Seas
Africa is taking to the sea with a surge of new floating gas projects. Eni, BP, and other players are leading the way, with countries like Mozambique and the Republic of Congo already shipping out their first-ever gas exports. The trend is only expected to grow, with 10.2 million tons per annum of new floating gas capacity predicted for Africa by 2027. Why the sudden love for floating facilities? Well, they're cheaper and quicker to build than traditional terminals, and they can avoid pesky community protests. Plus, with the energy transition in full swing, investors are more hesitant to put money into long-term projects. Floating gas offers a quicker turnaround, making it a popular choice for energy companies like Eni. FLNG technology makes the production, liquefaction and storage of natural gas possible at sea. LNG is transferred directly from the floating facility to specific carriers, for convenient shipping to countries around the world.
LGBTQ Birthday Party Raided in Nigeria, 76 Arrested
A birthday party for LGBTQ people in northern Nigeria was busted by the country’s paramilitary agency, leading to the arrest of 76 individuals. Apparently, the party organizer had also planned a same-sex wedding. This isn’t the first time LGBTQ Nigerians have been targeted—police recently raided a gay wedding and arrested dozens of people. Homosexuality is generally frowned upon in Nigeria and a 2014 law made it illegal, despite international backlash. The party was raided after a tip-off and 59 men and 17 women were arrested.
A Dismal Report Card for South Africa's Education System
As Nelson Mandela once said, education is the most powerful weapon to change the world. But it seems like South Africa's teachers may need a little extra training before they can wield it. A recent report commissioned by the Oppenheimer Memorial Trust dropped the bombshell that only 55% of Grade 6 teachers in South Africa can read at the level of Grade 4 children internationally. And that's not all—the report also revealed a severe lack of qualified teachers, with 80% of Grade 6 math students being taught by teachers who don't even have a grasp on the subject themselves. How did this happen? The report blames poor in-service training, questionable content knowledge standards, and changes in the curriculum without proper support for educators. The solution? More high-quality teachers and a focus on technology in the classroom.
Nigeria's Cash Handout
Last week, Nigeria started doling out $1.5 billion to 15 million struggling households in an attempt to ease the pain of rising food and fuel prices. Each home will get 25,000 naira ($31) for three months, which may seem like a nice chunk of change at the outset for some, but with the inflation rate at its highest in 18 years, it's more like a Band-Aid on a bullet wound. President Bola Tinubu is trying to boost the economy by scrapping fuel subsidies and letting the naira weaken, but that's just led to higher prices for everything from bread to bus fares. At least 61 million people are expected to benefit from the cash transfer.
Food for Thought
"There is no elephant that complains about the weight of its trunk. No elephant is burdened by the weight of its tusks."
— Kenyan Proverb