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Kenya, Tanzania, pen deal to fast-track construction of pipeline

Published

2 years ago

October 11, 2022

Kenya and Tanzania have sealed a deal to fast-track the construction of a natural gas pipeline project which is designed to help increase trade and lower energy costs for both countries.

The agreement was reached on Monday in the Tanzanian capital, Dar es Salaam during bilateral talks between President Samia Hassan Suluhu and new Kenyan President William Ruto, who was in the country a two-day state visit.

The projected natural gas pipeline would run for about 600 kilometers between Dar es Salaam and Mombasa.

The two countries had, last year, signed an agreement in Nairobi to start working on the gas pipeline project, but the actual construction had yet to commence, prompting the fast-track agreement.

According to Suluhu, the two countries have “generally maintained positive ties in politics and trade, but have had occasional trade disputes” which formed the basis of the agreement.

In one of such disputes, Tanzania had imposed a 25% import duty on Kenyan confectionery products in 2020, saying the country’s manufacturers used zero-rated industrial sugar imports to produce them.

In retaliation, Kenya also banned Tanzanian tour vans from accessing the Maasai Mara National Reserve, arguing that Tanzania had banned Kenyan operators from accessing the Serengeti National Park.

But the differences, according to Suluhu, were resolved when she visited Nairobi last year to meet with former President Uhuru Kenyatta, paving the way for the pipeline project.

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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.

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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.”