Meta's acquisition of AI start-up Manus blocked

"Uganda's oil story is no longer just a promise — it's steel in the ground, wells being drilled, and processing facilities taking shape. But behind the headline numbers is a quieter revolution — local companies that started with nothing and can now lift 200 tons, move equipment across borders, and compete regionally. Our guest today is one of those witnesses — someone who has been inside this industry, moving the rigs, navigating the geopolitics, absorbing the shocks — and still believes the biggest chapter hasn't been written yet. This, he says, is just the tip of the iceberg."

Transcript

SPEAKER_01 0:03

Uganda's oil is coming, and the local companies that build themselves around it are ready to take on the continent. From over 2,300 cities in 178 countries, we're bringing the Good Morning Africa podcast. Good morning, Africa. Welcome aboard your pastor and everything business in Africa. I am Rither Dong. For more follow us on Twitter at the K Financial News, and you can find me at Rither Dong. Uganda's oil story is no longer just a promise. It's still in the ground, wealth being drilled, wealth being drilled, and processing facilities taking shape. But behind the headline, numbers is a quiet revolution. Local companies that started with nothing and can now lift 200 tons, move equipment across borders and compete originally. Our guest today is one of those witnesses, someone who has been in the industry, moving the rigs, navigating the geopolitics, absorbing the sharks, and still believes the biggest chapter is yet to be written. This, he says, is just a tip of the iceberg. Welcome to the podcast, Joffrey Baitwell, co-managing director of Three Ways Shipping.

SPEAKER_00 1:05

Indeed, this opportunity has enabled different companies to get or build capacity and competences in certain fields across engineering, logistics, uh maybe what we call uh catering and all the other related capabilities. So I think like three ways now, we are now looking at other opportunities across the region. And I think many UN companies are capable now of going out to the region, which we see other opportunities coming up, especially countries like Tanzania, Mozambique, Angola, Namibia. These are all countries with an industry coming into play. So I only hope that the government and those who make the key decisions can enable all these companies to go and stay themselves in these countries, create opportunities for Ugandans and also be able to bring home some forex out of their capabilities. But for sure, many companies have gone to very great heights in terms of what they can do across from the manufacturing side to service providers. Everyone knows the quality that is required, everyone knows what to do, and we've been sustaining what's going on right now. So that's a really key point. And to those who have not been able to participate, it's not the end because what has happened now is the industry has risked to an extent. There's a pipeline, there is a processing facility, there are players who can do the things. So what that means is that probably this could be the tip of the ice park, and uh the industry could be looking at greater heights. If you look at countries like Nigeria, likewise, we started off at the center level like we are, and gradually more finds were found and the industry grew big. Unfortunately, if we don't have offshore, but uh maybe the lakes could become offshore. But again, we could find oil in all these places, and those who have left who have been left out on this occasion, you have an opportunity now that you know what to do to position yourself for tomorrow. As a person witnessing events, I must say there's been significant progress uh registered. I'm sure many people said this earlier on across. So the story of first oil is for rail, it's going to happen. Uh, as they said, it's just a matter of when, but within this year. Uh, from what I see, ECOP the pipeline is almost done. Uh, 90%, the contractor was more than capable. Uh, on the drilling side, the many whales have been drilled, and we participate specifically in that area as three ways because we move the rigs and all the other equipment and chemicals and all the other things required to support drilling of oil. And I must say, we already moved many times, and each move represents a well path. And the whale path has so many wells. So, if you go to a whale part, you will find greater wells. So, to that point, I think sometimes when you hear from government, people doubt. But I'm a witness here, I can tell you, yeah, these wells have been drilled as stated. The CPFs across both sides, which are the processing facilities, are in play. Uh, a lot of work has been done in the last one year, in the last nine months across. Uh, I went to Terenga almost last year, the other year in December, and I went back this year in December. There's a big difference from what I see. The footprint is enormous, uh, a lot of equipment has been put and erected in place. So, anytime this thing is getting ready. That's the same story as Green Fisher. To also mention, of course, beyond all the things there are challenges. So, you might imagine we're just going downhill. No, we're not going downhill there. There are also so many challenges. Right now, we have the geopolitical situation which is affecting logistics across. We can't move in much from the Middle East into this part of the world. And as you also know, pricing of things is going up because of the uh uh changing uh oil prices. But these are some of the things people may not realize the people content with who are driving these projects. So there are always challenges, there are always things coming up across, even as who participate with our own challenges. So, again, it's not a walk in the park. Uh, if you want to participate in this industry, you also must be ready for a continuous stream of challenges. As a local Korea, indeed, this has provided us a good opportunity uh to scale ourselves up and also offer service and also learn a lot and build our capacity. Now, when you talk about logistics, we can do a lot. We can lift uh things almost 200 tons. We can uh and I'll tell you about logistics. Logistics, many times even now I don't downplay, but if you want to know the level of development of a country, the three things I can just tell you in logistics that you need to look out for. One, what's the biggest size of cray in the country? Before this industry came, I think many years ago, the biggest crane in Uganda was 25 ton, though the most common one. Now 50 ton comes in. 100 ton started to come in, 200 ton. Now we're talking of 300 to 500 ton cranes. Now, if you go to any country and you don't see a 300-500 ton crane, then you know the rule of industrialization is still what? It's still behind. But that's one indicator. Then we have what we call modular trailers. These are trailers with I don't know how many tires, 96 tires, sometimes 84 tires, 120. If you don't see them in your country going around, then you know, man, we are still stolen it. Honestly. But once you start to see a modular trailer around, you know the country is shifting, shifting years. And these things are now seen in Uganda. You see, you find a trailer which is 20 meters long, uh carrying something more than 30 meters or something like that kind. These are all good indications that some people in exploration is taking another level with another leap. So next time you see you're on the road, look out for some of these things and uh impress upon yourself.

SPEAKER_01 7:40

And a quick look at the markets. Global trade recorded a notable upswing in 2025, driven largely by strong manufacturing activity, which expanded by 11%, even as volatile commodity prices created an even performance across sectors. This is according to the latest Global Trade update, April 2026, titled Global Trade Growth Continues But Fragility Rises, released by the United States Conference on Trade and Development, ANCTED. The report highlights a year in which industrial goods, particularly machinery, became the main driver of global trade expansion. It also points to diverging trends across commodities with grains in some areas offset by weaknesses in energy-related trade. Nigeria's ongoing electricity sector reforms hinge on clearer regulatory frameworks and stronger coordination between federal and state authorities. This is according to a new report by Price Waterhouse Coopers PwC in its report titled Priority Actions for the Successful Evolution of Nigeria's Multi-Tier Electricity Market. The report counts as Nigeria continues its transition to its multi-tier electricity system with expanded roles for state governments and subnational regulators. PWC's analysis highlights growing policy and operational tensions as reforms deepen, particularly around jurisdiction, investment certainty, and market coordination. PWC argues that regulatory uncertainty and overlapping mandates between federal and state authorities remain one of the biggest risks to Nigeria's electricity reforms. The firm stresses that without clear rules, the transition to a decentralized electricity market could create confusion for operators and investors. Facebook owner Meta's acquisition of AI startup MANUS has been blocked by Chinese regulators. Announced in late December, Meta said the deal estimated to be worth around$2 billion at the time could see MANUS agents used to boost its own AI across its platform. But reports today said Beijing's National Development and Reform Commission had prohibited foreign investment in the deal, requiring the purchase involved to withdraw the acquisition transaction. It comes after months of scrutiny of Meta's acquisition of MANUS by Chinese regulators. MANUS has sought to set itself apart from rival AI developers with its claims. With what it claims it can be a truly autonomous agent. Thank you for always waking up with us. Good morning, Africa's Africa Financial. If you have suggestions or one check out more stories, don't forget to subscribe to Africa Finance and also Africa Financial.