VenturesNow

Algeria announces ban on food export amidst potential global crisis

Published

3 years ago

March 14, 2022

Amidst the possibility of a food outbreak of a global food crisis in connection with the ongoing Ukraine/Russia war, President Abdelmadjid Tebboune of Algeria on Sunday, signed off an order to ban exportation foods it imports, such as sugar, vegetable oil, pasta, semolina and wheat derivatives.

The announcement followed a meeting of the Council of Ministers.

The presidential decision means that not only Algerian economic operators are not allowed to export food products made from imported raw materials, but also they risk legal action in case of infringement.

In addition, the Algerian President asked the government to “continue to completely ban the import of frozen meat and to encourage the consumption of locally produced meat”.

The new step by Algeria came as other countries have begun measures to safeguard their food reserves amid a rising food crisis resulting from the Russian invasion of Ukraine last month, which has aggravated a global surge in prices of key commodities, including food and oil.

Bread and other wheat-based products are staples of the diet in North African countries, which have been hard hit by the fallout of the Russian invasion of Ukraine.

Russia and Ukraine provide many countries with most of their wheat and vegetable oil supplies.

Slamreportafrica.com reported last week that Egypt’s Prime Minister, Mostafa Madbouly, has announced that the country will diversify its sources of wheat to avoid relying on what he described as “specific sources” for this product.

Also last week, the richest man in Africa and chairman of the Dangote Group, Aliko Dangote of Nigeria, warned Nigerians to be prepared for an impending food crisis within the next two to three months.

Mr Dangote, then advised the government to immediately stop the ongoing export of maize abroad by some Nigerians, blaming the development on the ongoing conflict between Russia and Ukraine.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”