Italy snubs Russia over Ukraine invasion, signs gas deal with Angola

Published

3 years ago

April 21, 2022

As one of the fall-outs of the Ukraine/Russia war, Italy has made move to look for alternative gas supply as the European country on Wednesday penned a deal with Angola to ramp up gas supplies.

A statement from the Italian foreign minister during the declaration of intent was signed to develop “new” natural gas ventures and to increase exports to Italy.

“Today, we have reached another important agreement with Angola to increase gas supplies,” Foreign Minister Luigi Di Maio said in the statement.

“Italy’s commitment to differentiate energy supply sources is confirmed,” said Di Maio at the end of a two-and-half-hour long visit to Luanda.

Russia’s invasion of Ukraine is forcing Europe to diversify its energy supply.

“Germany and Europe must now quickly make up for what they have missed over the last 20 years,” Stefan Liebing, chairperson of the German-African Business Association, said in a recent press release.

He advised Germany’s Economy Minister Robert Habeck to travel to African countries such as Algeria, Nigeria, Egypt and Angola, which could help free Europe from its dependence on Russian gas.

The Prime Minister, Mario Draghi reportedly want to add Angola and Congo-Brazzaville to a portfolio of suppliers to substitute Russia, which provides about 45 percent of Italian gas.

“We do not want to depend on Russian gas any longer, because economic dependence must not become a political subject,” Draghi said in a local media publication on Sunday.

“Diversification is possible and can be implemented in a relatively short amount of time — quicker than we imagined just a month ago,” he said.

Draghi was due to go himself but after testing positive for Covid-19 sent Di Maio and Ecological Transition Minister Roberto Cingolani in his place.

Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.

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

Published

2 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.”