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Kenya, Russia sign deal to boost trade cooperation

Published

2 years ago

May 29, 2023

Kenya’s presidency has revealed that the country is set to sign a trade pact with Russia focused on boosting cooperation between businesses.

President William Ruto’s office made the announcement on Monday, after hosting Russian Foreign Minister Sergei Lavrov in Nairobi.

Lavrov is en route to Cape Town, South Africa for a summit of the foreign ministers of the BRICS group of rising economies, which includes Brazil, Russia, India, China, and South Africa, on June 1.

Beyond its growing defence ties with African countries like Mali, Burkina Faso, Guinea, Mozambique and others, Russia has increased efforts to boost economic ties with Africa.

He commended the 60 years of friendship between his country and Kenya, saying Russia’s relationship with the continent has new momentum after the 2019 Russia-Africa Summit.

Russia also plans to hold an Africa-Russia summit in St Petersburg in July as it continues to attempt to wade off issues around relations with the West prompted by its invasion of Ukraine.

Since the commencement of the war in February 2022, African governments have failed to forge a unified position on it as most abstained from the vote in the first and second resolutions of the United Nations demanding that Russia ceases fire.

Kenya said its position remains respect for the territorial integrity of all countries. “Kenya calls for a resolution of the conflict in a manner respectful to the two parties,” a statement by the presidency said.

Source: https://www.president.go.ke/kenya-and-russia-to-boost-trade-relations/

Kenya, Russia to sign trade deal

Kenya’s presidency has revealed that the country is set to sign a trade pact with Russia focused on boosting cooperation between businesses.

President William Ruto’s office made the announcement on Monday after hosting Russia’s Foreign Minister, Sergei Lavrov in Nairobi.

Lavrov is en route to Cape Town, South Africa for a summit of the foreign ministers of the BRICS group of rising economies, which includes Brazil, Russia, India, China, and South Africa, on June 1.

Beyond its growing defence ties with African countries like Mali, Burkina Faso, Guinea, Mozambique and others, Russia has increased efforts to boost economic ties with Africa.

He commended the 60 years of friendship between his country and Kenya, saying Russia’s relationship with the continent had new momentum after the 2019 Russia-Africa Summit.

Russia also plans to hold an Africa-Russia summit in St Petersburg in July as it continues to attempt to strengthen ties with other allies even as relations with the West prompted by its invasion of Ukraine worsens.

Kenya said its position remained respect for the territorial integrity of all countries. “Kenya calls for a resolution of the conflict in a manner respectful to the two parties,” a statement by the presidency said.

Related Topics:Featured Kenya Russia Trade pact

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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.”