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South Africa plans new nuclear power station amid energy crisis

Published

1 year ago

December 12, 2023

In a new push to address its recent power crisis, South Africa plans to launch a bidding process for an extra 2,500 megawatts (MW) of nuclear power by March 2024.

This year, there have been days when businesses and homes have been without power for up to ten hours; this has negatively impacted South Africa’s economic output and prompted plans to increase generation.

Nevertheless, given that the first units are not expected to begin operating for another ten years, officials stated on Tuesday that the new nuclear power procurement is not a temporary solution.

“We are excited about the prospects, and we are confident about our ability to ensure that within a reasonable period of time we are able to announce preferred bidders,” Electricity Minister Kgosientsho Ramokgopa told a news conference.

The government has applied for a 20-year extension of Koeberg’s operating licence, which expires in July 2024 and is awaiting regulatory approval.

South Africa hopes to put the first unit of its new 2,500 MW nuclear project into service, according to senior energy ministry official Zizamele Mbambo.

“We must issue an open and transparent tender that makes sure there is cost competitiveness,” Mbambo added.

The South African economy grew by 0.4 percent between January and March this year largely as a result of crippling power cuts, volatile commodity prices, and a challenging external environment have contributed to the country’s weak growth performance.

Related Topics:Eskom Featured South Africa

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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.

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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.”