VenturesNow

S’Africa’s Oppenheimer acquires 100% stake in Nigeria’s can manufacturer, GZ Industries

Published

1 year ago

December 2, 2023

South Africa’s Jonathan Oppenheimer has acquired a majority stake in Nigeria’s biggest beverage can manufacturer, GZ Industries.

Oppenheimer acquired Affirma Capital’s 37.5% ownership in GZI, a company that supplies cans to businesses such as Coca-Cola Co., after having already acquired a majority stake of 62.5% in GZI before this most recent acquisition.

After GZI constructed a factory in South Africa in 2018 and Affirma made its initial investment in GZI in 2012, Oppenheimer became involved in the company. Oppenheimer will reportedly be able to decide GZI’s future in Nigeria and the West African region thanks to the acquisition.

According to Bloomberg, financial information about the deal has not been made public.

In Africa, GZI produces three billion aluminium cans annually. Bloomberg reports that since 2008, Affirma Capital has made investments in 11 African companies and has successfully exited eight of them, giving investors a return of more than $800 million.

Given that President Bola Tinubu and members of his cabinet have been pushing for more foreign investments in Nigeria, the transaction represents a bet on the country’s economy. FDI is capable of driving the growth of the manufacturing sector; however, in terms of both FDI and industrialization, Africa has not kept up with other regions.

Related Topics:Can manufacturing Featured Nigeria South Africa

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VenturesNow

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.

VenturesNow

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.”