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Morocco rakes in $1.96 billion from tourism in May alone

Published

2 weeks ago

July 28, 2022

The Moroccan government says the country’s economy was boosted by $1.96 billion by the tourism sector in the month of May alone.

Data released on Thursday by the North African country’s Department of Studies and Financial Forecasts (DEPF) revealed that revenue from tourism reached MAD 20.3 billion ($1.96 billion) at the end of May, with thestatistics reflecting a sector-wide recovery from the COVID-19 pandemic slump in 2020.

The statistics showed that the total revenue reflected an increase of 173.1% compared to the same period in 2021 which marked a drop of 62.4% in tourism revenues.

In a statement by the DEPF, “revenues in the month of May 2022 amounted to MAD 5.7 million, representing a 1.9% increase compared to the pre-crisis level. The number suggests a recovery rate of 71.2% during the first five months of 2022.”

The statistics also highlighted that tourism-related revenue between March and the end of May represented 94.2% compared to the same period of 2019 which the DEPF attributed to measures taken as part of the country’s efforts to revive the sector.

Tourism in one of the largest contributors to the country’s economy and was among the sectors that have been affected by COVID-19 restrictions throughout the pandemic.

Related Topics:Economy Featured Morocco Tourism

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Nigeria climbs to fourth position on World Bank’s list of most indebted nations

Published

1 day ago

August 9, 2022

Akanimoh Etim

Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.

Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.

The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.

The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.

What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.

The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.

“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.

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Nigerian president, Buhari, finally grants approval for Exxon unit acquisition by Seplat

Published

2 days ago

August 8, 2022

Ifeoluwa Dada

Nigeria’s president, who doubles as minister for petroleum, Muhammadu Buhari has granted consent to the acquisition of Exxon Mobil’s Nigerian unit by Seplat Energy.

The approval of the $1.28 billion deal was announced in a statement by the presidency on Monday.

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

The oil giants are expected to operate the unit’s oil licenses, supporting Nigeria meet its OPEC production quota in the short term as well as accelerate the development of gas resources in the area.

Nigeria recently launched its state owned Nigerian National Petroleum Corporation (NNPC) as commercial venture will hope that it oil sector will be finally revolutionized.