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Nigeria to enter agreement with ECOWAS for the construction of Nigeria-Morocco gas pipeline

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The Nigerian government has concluded top level plans to enter into an agreement with the West African regional bloc, ECOWAS, for the construction of the Nigeria-Morocco gas pipeline.

The authorization came on Wednesday during a meeting of the Federal Executive Council (FEC), to the Nigerian National Petroleum Corporation (NNPC) to immediately set in motion the modalities for the agreement.

Minister of State for Petroleum Resources, Timipre Sylva, disclosed the decision to journalists after the meeting held at the Presidential Villa in Abuja, chaired by Vice President Yemi Osinbajo in the absence of President Muhammadu Buhari who is in Madrid, Spain, on a state visit.

According to the Minister, the Ministry of Petroleum Resources had presented a memo to the FEC with the Council authorizing the NNPC to sign a memorandum of understanding with ECOWAS for the construction of the Nigeria-Morocco gas pipeline which will pass through several countries in the sub-region.

The pipeline, according to the Minister, would connect Nigerian gas to all West African coastal countries including Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, and Mauritania, ending in Tangier, Morocco and Cadiz, Spain.

The 7,000-kilometer-long pipeline which will also cross the territorial waters of 13 countries, is intended to be a catalyst for the economic development of the North-West African region and carries a strong desire to integrate as well as improve the economic and social development of the region.

It also aims to boost the regional economy through the promotion of economic development in North-West Africa, the development of job-generating industries, the reduction of gas flaring and the use of reliable and sustainable energy.

The Nigeria-Morocco gas pipeline mega-project had been first discussed during the official visit of King Mohammed VI of Morocco in December 2016 to President Buhari in Abuja.

Following the high powered meeting, a related agreement was signed on June 10, 2018, during a reciprocal visit to Rabat Nigeria’s President Buhari.

The mega project is also the subject of an agreement between the NNPC and the Moroccan National Office of Hydrocarbons and Mines (ONHYM).

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

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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

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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.”

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