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Tanzania signs LNG development deal with Equinor, Shell, Exxon

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Tanzania has signed a deal for the development of its liquefied natural gas (LNG) export terminal with international oil firms, Equinor, Shell and Exxon Mobil.

According to the deal, the Tanzanian government will provide regulatory framework for the operation of the firms towards the development of the projects.

Equinor and Shell are joint operators of the development, while Exxon, Pavilion Energy, Medco Energi and Tanzania’s national oil company TPDC are partners.

Equinor’s Tanzania country manager, Unni Fjaer said in a statement that the agreement “paves the way for the series of milestones that need to follow to realise this fantastic LNG opportunity for the country and the world.”

Tanzania’s chief negotiator, Charles Sangweni expressed delight about the project.

“We are happy it is a big step towards the implementation of the project although we have a lot to do. If everything goes well as planned, I am confident that the final investment decision will be reached in 2025.”

The oil firms all currently have operating units in the country. Equinor operates Block 2, in which ExxonMobil holds a stake, while Shell operates Tanzania’s Block 1 and Block 4, which hold 16 trillion cubic feet in estimated recoverable gas.

Currently, natural gas infrastructures are available to 2,000 households, and 62 per cent of Tanzania’s 1100MW installed capacity comes from onshore sources including Songo Songo and Mnazi Bay.

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Moroccan annual inflation rises to 0.8% in November

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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

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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.”

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