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Egypt’s Suez Canal maritime traffic generates $15 million daily, Spokesman says

Published

3 years ago

May 27, 2022

The Egyptian Suez Canal Authority (SCA), has disclosed that the international maritime traffic it has generated in recent months has hit a record high $15 million daily for the North African country.

The spokesman for the SCA, Gorge Safwat, said on Thursday while hosting top business journalists from sub-Saharan Africa at the headquarters of the company in Ismailia District, northeast of Cairo, that the Authority is planning on increasing the revenue before the end of the year.

Safwat explained that so far, up to one billion tons of maritime cargo pass through the canal every year while up to 20,000 ships had passed through the canal in the first quarter of 2022, carrying goods to various countries around the globe.

The SCA spokesman added that the canal which is the longest man-made canal in the world has been recording yearly increased revenue and generated about $5.61 billion in 2020, due to the “determination and doggedness of Egyptians.”

The Suez Canal Authorities made about $6.3 billion from its activities last year,” Safwat said, adding that the construction of the canal 152 years ago demonstrated the “will power and can-do spirit of Egyptians.”

“It took about one million Egyptians and 120,000 deaths to put the Suez Canal in place in 1859,” Safwat said while tracing the history of the Suez Canal.

Safwat noted that the number of ships using the canal daily had increased from 45 per day in 2015 to 60 per day at present, describing the route as one of the safest in the world.

The Suez Canal, the largest and longest in the world, stretches from Port Said on the Mediterranean Sea to the city of Suez on the northeastern shores of the Gulf of Suez, separating Egypt from the Sinai Peninsula.

The 193-km Suez Canal connects the Mediterranean Sea at the canal’s northern end to the Red Sea in the south and it provides the shortest link between Asia and Europe.

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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.

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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.”