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Tunisia doubles phosphate output, produces 1.3 million tonnes in Q1 2022

Published

2 years ago

April 3, 2022

In the midst of political uncertainty in Tunisia, the North African country has managed to double the production of phosphate to1.3 million tonnes in the first quarter of 2022.

A senior official in government-owned Gafsa Phosphate told a journalist on Sunday that the new feat doubles what the country achieved during this same period last year.

Phosphate is the natural source of phosphorous, an element that provides a quarter of all the nutrients that plants need for their growth and development. Phosphorous is used in many products and is an essential ingredient in all fertilizers.

According to Statista, “in 2019, the total production of phosphates in Tunisia exceeded 1.1 million metric tons. This represented a peak in the period under review. The country’s phosphate production increased compared to the previous year when it stood at around 813 thousand metric tons.”

Reuters reports that Tunisia was once one of the world’s largest producers of phosphate minerals, which are used to make fertilizers, but its market share fell after the 2011 revolution that eventually spread across the Arab region. Raising the production and export of phosphate would provide a valuable boost to Tunisia, which is suffering a financial crisis and is on the verge of bankruptcy.

Tunisia continues efforts to take back its position as a leading exporter of phosphate to take advantage of a sharp increase in fertilizer prices due to the war in Ukraine. Gasfa Phosphate’s Production Manager, Rafaa Nssib revealed that the country “aims to produce 5.5 million tonnes of phosphate this year compared to 3.7 million tonnes last year”

Recall that one of the largest fertilizer plants in the world was recently launched in Nigeria. With Tunisia’s progress in the production of phosphate which is a key ingredient for fertilizer production, Africa might be set to rule the world in that space. Hopefully so.

Related Topics:Featured Phosphate Tunisia

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Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

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Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.