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Uganda begins operations at Kisumu port with fuel imports

Published

3 months ago

September 13, 2024

Kenya’s efforts to revitalise the Kisumu port’s multimodal transport system to serve East and Central Africa are paying off, as Uganda has committed to using the facility for its oil and loose cargo beginning this month.

Nairobi, which spent millions of dollars renovating the ageing infrastructure and the cargo ship MV Uhuru, set the date for the port’s operationalisation after the corresponding facilities in Uganda. Nairobi anticipates handling more goods through the port this year.

With the potential to generate $60 billion in trade annually, the Kisumu port is a part of the East African Community (EAC) infrastructure development plan. However, at the moment, only approximately 10% of this traffic is coming into the three major EAC economies—Kenya, Uganda, and Tanzania.

Compared to 60,910 tonnes during the same period the previous year, Kenya’s principal port on Lake Victoria handled 125,503 tonnes.

Charles Kitur, the manager of Kisumu Port, credited the operation’s success to important renovations that allowed the building to accommodate bulk cargo.

The purchase of vital machinery including a reach stacker, grove mobile crane, forklifts, trailers, and marine boats has increased the inland port’s effectiveness after being ignored for almost thirty years.

“The upgraded facilities have improved the performance of the port and improved trade with the neighbouring countries like Uganda, Tanzania, Rwanda, Burundi and those in the Great Lakes Region,” Mr Kitur told journalists.

In the six months leading up to June 2024, the lake port handled 125,503 metric tonnes of cargo, comprising 1,288 metric tonnes of commodities imported into the nation and 124,214 metric tonnes of exports, according to the most recent report from the Kenya Ports Authority (KPA).

The port saw a rise of 122,072.1 metric tonnes in comparison to the meagre 3,431 metric tonnes reported in the 2017 total cargo throughput report.

KPA forecasts indicate that the port’s overall cargo flow will exceed 200,000 metric tonnes by 2024. During this time, goods such as gas oil (26,186.9 tonnes), ceramic tiles (3,603.8 tonnes), steel billets (3,217.5 tonnes) and bagged fertiliser (1,367 tonnes) were supplied to other East African markets.

However, the border manager stated that Kenya only imported iron sheets.

Mr. Kitur added that more ships are stopping at the port, which has had a significant makeover since 2019, and that the renovated port has revived the marine transit corridor.

Related Topics:Featured Kenya Kisumu port Uganda

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Moroccan annual inflation rises to 0.8% in November

Published

3 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

4 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.”