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Morocco’s Tanger Med Port ranked sixth best worldwide

Published

3 years ago

June 6, 2022

Morocco’s Tanger Med Port which is reputed to be the largest in Africa and the Mediterranean, has made history as the sixth best and most efficient ports in the world.

The Tanger Med Port which has access to almost 180 ports and 70 countries across the five continents of the world, placed sixth out of 370 ports in the second phase of the global container port performance ranking for 2021 in a study assessing the efficiency of the world’s largest ports.

The study conducted by the World Bank and Standard & Poor’s Global Market Intelligence and the Container Ports Performance Index (CPPI), showed that ports in the Middle East and East Asia have efficiently adapted to the substantial volume rise and service unpredictability induced by the effects of the global pandemic.

The only ports that outperformed the Tanger Med Port were the King Abdullah Port in Saudi Arabia, Salalah Port in Oman, Hamad Port in Qatar, Yangshan Port in Shanghai, and Khalifa Port in Abu Dhabi, all in the Middle East, according to the CPPI ranking by volume of trade and profitability.

The CPPI is a comparative index of worldwide container port performance designed to serve as a reference point for major stakeholders in the global economy.

The report index monitors and compares the performance of port infrastructures throughout the world and is used as a standard for the major players in the global economy.

Being the largest seaport in Africa and the Mediterranean coasts to the north and south, the Moroccan Tamger Med Port has become the first commercial port of the African continent and an essential crossing for global commerce ships between Latin America and some of the world’s biggest ports on the Asian coasts.

Related Topics:Featured Morocco Tanger Med Port

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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.”