VenturesNow

Gas supply from Africa not affected by Israel/Hamas war— ENI

Published

1 year ago

October 25, 2023

Italian energy firm, ENI has claimed that its gas supplies have remained steady despite the current crisis in the Middle East.

Eni’s chief executive, Claudio Descalzi, while speaking at an energy conference in Ravenna, Italy, said the conflict between Israel and Hamas was impacting gas prices but did not endanger imports.

“For the time being, there is nothing to worry about on the gas supply side, also because in those areas—apart from the (Tamar gas) field, which was stopped by Israel for precautionary reasons—there are no major impacts on gas production,” Descalzi said.

There are concerns that a possible Middle East escalation might lead to tensions with some gas-producing nations, like Algeria, which has shown support for the Palestinian people.

Some African countries have been beneficiaries of higher gas demands from Europe following a bloc boycott on supplies from Russia over its invasion of Ukraine last year. Algeria, for instance, had become Italy’s biggest gas supplier last year, with other African countries, including Libya and Egypt, also emerging as important gas providers thanks to Eni’s active presence in these countries.

Meanwhile, Algeria’s energy minister, Mohamed Arkab confirmed in his address at the same event the country’s commitment to supply gas to Italy but also asked for more investments.

“Gas infrastructures need financial investments that are difficult to attract… We need regulatory frameworks that are more appealing to attract long-term investments,” Arkab said.

Eni’s head of natural resources, Guido Brusco had last month maintained that the firm would invest heavily in Africa both in exploration and in new low-carbon projects, with claims that the company anticipated that Algeria and Egypt would play a larger role over the coming years in addition to Libya and many sub-Saharan nations like the Republic of Congo, Ivory Coast, and Angola.

More than 90% of the petroleum Eni mined in 2022 was sold on the African market, making it the continent’s top foreign petrol producer. According to Descalzi, Eni currently devotes more than 30% of its total investments to energy transition and plans to increase this percentage to 70% by 2030.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days 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

3 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.”