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US plans African alternative to Black Sea deal after Russia’s withdrawal

Published

1 year ago

July 25, 2023

A spokesperson for the United States Treasury, Brian Nelson has revealed Washington’s plan to ease pressure on Africa after Russia failed to renew the Black Sea deal.

The position was revealed as Nelson plans a visit to Kenya and Somalia, stressing that Moscow’s exit from the grain deal would hurt African states.

“He will highlight the exemptions in U.S. sanctions that have always allowed the continued flow of food and agriculture transactions,” the Treasury spokesperson added of Nelson’s trip.

According to the spokesperson, Nelson will talk about ways to work with governments to combat illicit financial flows associated with crises in the region, such as in Sudan, where more than 1,100 people have been killed and more than 3 million people have been displaced since fighting broke out in April, as Treasury looks to strengthen capacity across the continent.

Nelson’s visit comes as Russian President Vladimir Putin prepares to host African leaders in St. Petersburg on Thursday and Friday and promises them free Russian grain “to replace Ukrainian grain.”

The Black Sea grain agreement contributes to the stabilization of the world’s spiralling food costs, and works to ensure that Russian and Ukrainian food and fertilizer reach international markets. The Black Sea deal permits commercial exports of food and fertilizer, including ammonia, from the three important Black Sea ports of Odesa, Chornomorsk, and Yuzhny/Pivdennyi in Ukraine.

But the agreement came to an end last week, and there have been concerns that it could further lead to a spike in the global price of food with Africa at the bottom of the ladder.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

23 hours 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.”