the show all tires on a passion to protect the environment yes that is the basis of this man's business. this is business africa. as well come to stem zimbabwe's worst economic crisis in a decade the country's central bank on wednesday renounced the pegging of its claws i can see to the so-called bond notes the so-called outs to the u.s. dollar zimbabwe began using bomb notes during shortages of hard cash a few years ago amid spiraling inflation some economists welcomed the move but critics say it's just a reintroduction of the good old zimbabwean dollar just without the name. zimbabwe began printing a cause i currency known as bono's to help fund its spending in two thousand and sixteen to zimbabwe bono it was pegged at par with the us dollar despite being traded at a discount electronically at the end of twenty eighteen the value of the ball notes plummeted on the black market. all notes were being traded around three quarters

lower than the official government trade many businesses closed and some retailers started offering different prices depending on the customer's method of payment by devaluing the cause like currency the government hopes to inject some confidence back into its economy. right. in the main. drive to see what you can do for. you you're going to write. it. in effect zimbabwe's government has admitted it's cause i currency is worth less and while that news could add more painful struggling zimbabweans experts say it could be a step in the right direction towards reform that could help the country reestablish a currency and help make the zimbabwean economy more predictable. let's look into this

a bit closer with in the studio is my colleagues to ponder chip chip on this new ball and other critics right that it's just the news about one dollar just not just with all the name well it's definitely a step towards perhaps as the new currency without they are right what is perhaps difference of course as the difference might be the fact they are measuring the ball know that they had was not actually in terms of value reflective of what it was on the streets that was the main problem as we heard in the report on the black market the bond know the zimbabwe longball no one selling for less than the official rate and now the government has gone on by you know releasing this new car and see basically as well. to say that the street value you know was maybe you know more what they have now so we'll see what happens now but in the end it's always about trust is it not yes of course when it comes to currencies a question of trust and this is what we've seen in zimbabwe in two thousand and

nine they got rid of the currency inflation rate was sky rocketing and then essentially the dollar became the gold to currency in zimbabwe but the problem with the dollar is the fact that zimbabwe trades a lot with south africa which is you know which has the rand and the rand you know depreciated against the dollar so they were earning foreign exchange in rounds and of course when the rand was depreciating against the dollar that meant that zimbabwe had even less dollar reserves so when they established their current just bowl note in twenty sixteen that didn't work because of course it was pegged to the dollar very briefly is it a good idea or just a step in the right direction where we go well we'll see what people do or what they respond like of course if they trust this new car and see the. dollars it's been cold then yes it is a step in the direction but they need those foreign reserves they need those dollar reserves in order to be able to support this new currency and they don't have that and that's where we probably have a problem. of you very much. creating jobs

is one of the biggest challenges in economies all over africa and if you count environmental protection and you get your classic two for the process one here's a young man from god the next business student who's doing exactly that and just throws another key ingredient into the mix to make it a truism says full for his own passion. this will soon be a table perfect for a corner so for example geoffrey goes to a lot of trouble with the paneling to cover the car tire underneath turning old into new it's the concepts that this young entrepreneur used to start his business i love my job i love what i. think. is the best and i have bought it for myself if not when it's not too i feel i'm part of the problem solving community jeffrey a boa collects car tires lying around the streets that helps to remove rubbish and prevents the tires from being burned he has

a constant supply it is workshop in the capital ankara he has his hands full the young entrepreneur has two employees and is training young people. customers really like the furniture. the only. part of it is that if mading. and i want to buy so i'm in two months i'll put. the furniture has its price from thirty to two hundred fifty dollars depending on size and design and the customers can also take a digital peek at all the products. found it is company five years ago when he was a business student at the university. sometimes i wake up with no money outside my pocket i mean every month it's my ropes and since i'm training deployed. and because i mean i would just training for that and what that's a why then to do anything but not. jeffrey wants to. expand his

business but he says he also wants to bring about real change when it comes to awareness of environmental protection in his country. nigeria is set to vote next week and half the last minute postponement of the elections last saturday and one man who will be said to emerge as a winner from the seventy three presidential candidates only two having a chance of victory one of them is the incumbent president. who has been in office since twenty fifteen and his main rival businessman and former vice president atiku abubakar the two men represent two very clear but different ideas state intervention versus privatization for how to optimize the country's main source of revenue which is of course oil which accounts for more than half of nigeria's revenues incumbent president bihari wants to revive the company or industry by forming public private partnerships while his main opponent wants to privatized

them entirely. now let's bring our correspondent increase in from lagos. to talk about this a bit more harvey's plan to revive the company or industry with public private partnership ships doesn't have merit and doesn't have significant backers. well it does definitely specially those who are currently profiting from the status quo and that includes a lot of the companies who are doing business with the nigerian government because you have to know almost all major all companies international companies who are active fear nigeria are forming joint ventures with the nigerian government has made it clear several times in the past that he sees the oil industry as crucial for the growth and development of the country and that he's not really interested in giving power away he has made some reforms to to avoid corruption that is rampant in the industry for example creating

a treasury single accounts to control the in and out flow of money into the n.n.p.c. of the national petroleum corporation but his critics say that up until now the oil industry is in transparent inefficient and still corrupt well is there what his opponent suggests radically privatized the auto industry is that the way forward. well that's what's next especially says the major opponent of the people's democratic party he has been the vice president of nigeria between one thousand nine hundred nine and two thousand and seven under president obasanjo and back then he oversaw the privatization of various state and cities in the telecommunications industry for example but also in the electricity sector according to him that would that helps to make those industries more efficient but his opponents they say that a lot of people that were close to at sequel back in the days suddenly became very rich i talked to article about it's a few days ago and this is what he had to say about the issue of privatizing the

n.n.p.c. the national petroleum corporation. fund believe that one of the most corrupt institutions not to do it is the reason then we have been going through the city yet we're going to be fine i mean if you hung over all these things would have been some of those would. be more development. how much of a role in general does the economy and the plans for the order just industry play in the upcoming elections then. i would say like unemployment of the economy where major topics during the election campaign the oil industry itself not so much but of course it's all correlated since ever since president obama do it we took office the economy has been going through a recession you can't fully blame him for that because he inherited a very oil dependent economy and the oil president was very low but what you can blame him for on this is what a lot of people do especially here in lagos the the commercial capital of the

country they say the reaction of the government was not appropriate they didn't manage to to fix all these problems and that's why unemployment rate for example went much much higher than it was before and many people here believe that this could play in the hands of his main contender. because he's not only a controversial longtime political. but he's also been a very successful businessman at home and abroad and there's many people who would say that the economy of nigeria could be actually in better hands with him so close race there in the elections in nigeria thank you very much senator increased in largo's for us. the german arms embargo against saudi arabia is causing bad blood between european partners british defense from systems was that it cannot service the saudi fleet of seventy two typhoon fighter jets without spare parts from germany the a's the lead industrial partner for the pan-european europhile the consortium and is responsible for and ensuring the maintenance and support of the

saudi you are a fighter fleet berlin's unilateral decision to stop exports to riyadh in the wake of the murder of journalist jamal khashoggi. supply lines and caused consternation within the consortium. and that's it from me and the team here at the business of africa for more business news on background stories also check out our website which is poised to. slash business also to follow us on facebook on twitter if you don't do now stay tuned for world news up next here on the w. right after this quick check on global markets.

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