VenturesNow

Somalia signs oil exploration deals with US-based, Coastline for offshore blocks

Published

2 years ago

October 21, 2022

Somalia and the United States have signed a petroleum exploration agreement for seven offshore blocks with US-based Coastline Exploration.

The deal was signed after a review of an accord signed in February that was deemed illegal by the Horn of Africa nation’s former government.

Today, #Somalia SPA is pleased to announce that following the signing on the 15th of February 2022, the seven Production Sharing Agreements (“PSAs”) with Coastline Exploration have now been confirmed by the Federal Government of Somalia.#Somalia pic.twitter.com/NGGCg7StGV

— Official page of the Somali Petroleum Authority (@SPASomAuthority) October 21, 2022

Hassan Sheikh Mohamud, President of Somalia, said the agreement signals that “Somalia is open for business and international investment after the conflict that has blighted the country for so many years.”

Somalia’s petroleum minister Abdirizak Omar Mohamed said on Thursday told journalists that the agreement signed with Coastline was the finalization of an earlier deal signed in February, without giving further details.

Coastline, paid $7 million to the government for seven agreements and will now proceed with an exploration program.

The Housten Texas-based company is an upstream oil and gas company focused on East Africa, said in a statement on Friday it had paid a $7 million signature bonus to the government and would now proceed with exploration.

VenturesNow

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.

VenturesNow

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.”