VenturesNow

Ivorian Foreign Minister discusses trade in Turkey, wants resolution committee for Ukraine/Russia war

Published

3 years ago

March 17, 2022

Ivorian Foreign Minister Kandia Camara, in Ankara on Tuesday, discussed trade opportunities with her Turkish counterpart Mevlüt Çavuşoğlu.

Camara, on the 8th day of her working stay in Turkey, met Çavuşoğlu where the officials discussed business and trade as they touched on ways to strengthen bilateral relations.

The Ivorian minister hinted the agricultural sector would experience significant transformations in the coming years, increasing investment opportunities if Turkey invests more than 200 million dollars in the West African country.

During a press conference, she addressed the war in Ukraine and called for the creation of an international conflict resolution committee: “It would be good if there were a committee bringing together the Foreign ministers of all regions of the world to anticipate potential conflicts between countries”

“That committee would travel from capital to capital, and gather the parties at war, bring them around the table to negotiate and find peaceful solutions through diplomacy, discussion, and dialogue. This is what you have succeeded in doing here in Ankara by inviting the foreign ministers of Russia and Ukraine”,she said further.

The Foreign Ministers also discussed health and education. Camara said the countries had signed a deal for Ivorian aspiring nurses and doctors to be able to come study in the transcontinental country.

“Turkey is the first country to which Ivorians go for medical care“.

She added, the two countries would discuss how to increase the number of scholarships Ivorian students could be offered to pursue their education in Turkey.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 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

3 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.”