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National Hydrocarbons Corporation ( SNH) projections foreshadowing production of crude oil. Announcing to Cameroonians that it marketed fuel worth 16.86 million barrels of crude oil in 2017 as against 20.51 million barrels of crude oil in 2016. These figures merely represent 3.65 barrels between these two periods. According to the National Hydrocarbons corporation the fall at the of commercialization equally caused a fall in production. In detailed analysis, crude oil marketed by the National hydrocarbons Corporations include Kole ( sold in badges at the sum of 950.000 per barrel), Lokele(sold in badges at 650.000 per barrel) and Ebome( sold in badges at 400.000 per barrel.
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On January 17, 2018, Cameroon’s public treasury has issued CFA5 billion fungible treasury bills, with a 26-weeks maturity period, on the security market of Bank of Central African States (BEAC). This was revealed by an official statement of Alamine Ousmane Mey, the minister of finance.
For this operation, sixteen banks, accredited as primary dealers in CEMAC, were in the starting-block to help Cameroon raise the money.
On this market, Cameroon’s treasury bills compete with Gabonese securities. Indeed the same day, Gabon launched an operation aimed at raising CFA8.5 billion after the one initiated on January 3, 2018.
BRM
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The Kribi Sea port though shredded with controversy is another port that will ease the congestion witnessed at the Douala Water port. The Kribi Seaport was primarily constructed for the Chadian Crude oil to be transported via oil pipes, from Duba to Kribi. The Kribi Sea port stands a heavy risk becoming another white elephant project that will ridicule Cameroon.
Its inaugural is slated for the 1st of March 2018 by the Minister Delegate in charge of Transport. The port was constructed by a joint Chinese and French Tagged Cma-Cgm and group Bollare and another Chinese company tagged Chec. The Kribi Sea port stands to be a total misadventure because it was constructed without any exemplary environmental Impact analysis and comparing other projects of such magnitude in neighboring countries.
Nigeria has enlarged its Seaport facilities in Lagos, Calabar, Libreville in Gabon, Point Noir in Congo Brazzaville and Bata in Equatorial Guinea. All the Central African Countries formerly were making use of the Douala Seaport as a transit port for their goods.
Today the paradigm has changed but LA Republique Du Cameroun didn't have the clairvoyance to see and make alternative arrangements.
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Cameroonian exports of mahogany to Canada have more than tripled by the end of October 2017. This is revealed in a sectoral report of the International Tropical Timber Organization (ITTO).
The increase of exports of this variety of wood which is very popular in Africa is consecutive to the increase in shipments from many producing countries, those of Cameroon and Brazil mainly, the same source stresses.
In the United States, it is the imports of Sapelli, another well-known variety in Africa, which has contributed to Cameroon being ranked among the top suppliers of tropical timber to Uncle Sam during the period under review.
According to ITTO, Cameroon shares its leadership in terms of Sapelli exports to US with Congo, its neighbor which is also a member of the Central African Economic and Monetary Community (CEMAC).
Let’s note that since 2011, according to different reports from the National Port Authority, timber (both raw and sawn) is the top non-oil product exported by Cameroon, with volumes which, most of the time, exceed 50% of the total exports, crude oil excluded.
BIC
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On December 22, 2017, the National Anti-corruption Commission (CONAC) revealed the scale of corruption at Cameroon’s customs administration. This was disclosed in its 2016 report, published that day, in Yaoundé, the country’s capital.
The report showed that because of corruption and fraud practices, which are widespread within the sector, the public treasury has lost CFA1,246 billion between 2010 and 2015.
This represents about 75% of Cameroon’s public investment budget (PIB) in 2016 (CFA1, 500 billion). A substantial part of this amount results from inconsistencies between the figures declared by customs and monies actually paid to the public treasury.
CONAC‘s report also highlights the lavish lifestyle of Cameroon’s customs officers who live in a luxurious neighborhood in a suburb of Douala, the economic capital.
According to CONAC, 21 of these officers interrogated during the investigation, confessed to owning many buildings in Douala and other places as well as bank accounts with more than CFA134 million credit balance.
“The most famous” of these wealthy civil servants is a customs adjutant serving in Maroua, in the Far-North. Without revealing his name, the report indicates that he “is the owner of 13 villas, built on titled lands, a 5-story building, also built on a titled land, and 10 registered lands”.
To this large real estate properties, add “five 30-ton trucks, five 28-seats Toyota Coasters, two 18-seat buses and a car park full of world-class vehicles”.
BIC
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YAOUNDE, Cameroon, December 19, 2017/ -- The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IDB) Group (www.IsDB.org), signed a EUR 100 million syndicated agreement with the Government of Cameroon and Sodecoton as the Executing Agency for the export of cotton and the import of agricultural inputs. The Agreement was signed by HE Louis Paul Motaze, Minister of Economy, Planning and Regional Development, and IDB Group Governor for Cameroon, which took place at Yaoundé, Cameroon.
The financing is in line with Cameroon’s policy of promoting agricultural exports especially cotton. Sodecoton will ensure the distribution of the fertilizers, in addition to buy from farmers their raw cotton and process into cotton fiber for exporting. Cotton is one of the country’s main exports, and an important revenue generating vehicle for the country.
Mr. Abou Jallow, the special advisor to the CEO of ITFC and General Manager of Operations, ITFC commented, “ITFC approved a total financing of US$370.30 million for the Republic of Cameroon since its inception in 2008, and eighty (80%) of the approved financing went to the Agricultural sector. This financing is tailored to suit the financing needs of cotton farmers, and resembles ITFC drive to create impact on the people in our member countries.”
ITFC financing is a strong motivation for cotton growers to intensify production taking advantage of the ready market provided through the financing. This helps to support other small businesses linked to the cotton sector.
HE Louis Paul Motaze said, “This financing is directly providing means of livelihood to over 300,000 farmers and indirectly to over 3 million people in the North and Far-North regions of Cameroon by enabling the Government to provide the needed agricultural inputs to the farmers and ensure timely payment of cotton harvests of the farmers”
It is worth mentioning that Cameroon is one of the main oil-producing countries in Africa, thus in complementing the government’s Agricultural Support Program, ITFC is contributing to the government’s policy of diversifying the economy through the promotion of agriculture.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of 'Advancing Trade & Improving Lives'.
SOURCE
International Islamic Trade Finance Corporation (ITFC)
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Technology Article Count: 102
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