VenturesNow

Nigeria-Morocco sign MoU as gas pipeline project takes off

Published

2 years ago

September 16, 2022

The gas pipeline project between Nigeria and Morocco has finally taken off. The two countries on Thursday, in Rabat, signed a memorandum of understanding to that effect.

According to an official source, the gas pipeline which would link Nigeria to Morocco will also supply West Africa and Europe.

A joint statement by the countries revealed the memorandum on the Nigeria-Morocco gas pipeline project (NMGP) was initialed by the leaders of the National Nigerian Petroleum Company Limited (NNPC), the Moroccan Office of Hydrocarbons and Mines (ONHYM), and a senior official of the Economic Community of West African States (ECOWAS) in charge of energy.

The text signed “confirms the commitment of ECOWAS and all the countries involved to contribute to the feasibility of this important project”, the statement said.

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.

Although no date has been given for the completion of the Trans-Saharan, the 6,000 km Nigeria-Morocco project will cross 13 African countries along the Atlantic coast and supply the landlocked states of Niger, Burkina Faso and Mali.

Amidst the recent scramble for gas across the world, most countries, particularly in Europe, are seeking to reduce their dependence on Russian supplies.

In July, the Deputy-Director General of the European Commission’s energy department, Matthew Baldwin, revealed that the continental bloc is preparing for potential Russian supply cuts and increased 14% of its total LNG supplies from Nigeria and there is a potential for more than double this.

There have also been gas supply deals between countries European countries like Italy, Israel, and Germany and African gas sources like Algeria, Egypt, Senegal, and Angola.

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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.”