VenturesNow

Step aside Russia, Algeria seals 15 major deals to become Italy’s largest gas supplier

Published

2 years ago

July 20, 2022

North African country, Algeria, has completed a new contract on gas supply worth $4bn with Italy.

The two countries sealed approximately 15 major deals during a business summit in Algiers. The deals make the North African country, the southern European country’s biggest gas supplier instead of Russia.

The Italian Prime Minister, Mario Draghi, remarked that “Algeria has long been a key country for our energy supplies. The agreement signed on energy cooperation shows our determination to achieve even more in this sector.”

On his part, the Algerian Prime Minister, Aïmene Benabderrahmane said his country would work to “strengthen partnerships and investments, particularly in the oil, gas and mining production sectors” with Italy.

In April, Algeria and Italy announced that they have signed a massive gas deal worth billions of dollars which would see the European country reducing it’s heavy reliance on Russian imports amid the raging Ukrainian invasion which has led to a plethora of sanctions including economic.

Until the deals with Algeria, Italy buys the vast majority of its natural gas from overseas, with 40% of it’s supplies coming from Russia, has been experiencing severe gas shortages with the attendant sanctions on Moscow by the EU, the UN and several countries.

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VenturesNow

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.

VenturesNow

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.”