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Logistics giant Grindrod suspends Mozambique port activities after border closure

Published

1 month ago

November 10, 2024

Following a violent crackdown on post-election protesters, South Africa has temporarily closed the main border with its northeastern neighbour due to safety concerns, prompting logistics giant Grindrod to cease port and terminal operations in Mozambique, the company announced on Thursday.

As underfunded state-owned port and rail businesses struggle to offer appropriate services, the suspension will impact the movement of commodities and goods in an area already facing logistical difficulties.

As opposition supporters protest what they claim is a rigged election victory by Frelimo, the party that has controlled Mozambique since 1975, at least 18 people have been killed in the protests, according to human rights organisations.

Following reports of cars being set on fire on the Mozambican side, South Africa’s border authorities announced on Wednesday that it had closed the Lebombo border. Following the border closure and rail service suspension, Grindrod stated it has halted port and terminal operations in Maputo and Matola.

Along with DP World, the Mozambican Railway Corporation, and Gestores, a private Mozambican corporation, the company is a member of a consortium that was given a concession to run the Maputo port.

Due in part to higher coal and chrome export volumes that were diverted from South Africa, where state-owned Transnet is unable to offer sufficient rail and port capacity, Maputo port had record volume increases in 2023.

A record 31.2 million metric tonnes of cargo, primarily minerals including coal, copper, chrome, and ferrochrome, were handled by Maputo port in 2023, a 16% increase over the previous year.

Related Topics:Featured Grindrod South Africa

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

1 day ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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Nigeria creates N20bn consumer credit fund for domestic automakers

Published

3 days ago

December 9, 2024

Ifeoluwa Dada

In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.