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Nigeria’s exports to Angola hit $16.8m in three years

Published

1 year ago

October 20, 2023

The Secretary of State for International Cooperation and Angola communities, Domingos Lopes, has revealed that Nigeria’s exports to Angola hit $ 16.8 million between 2020 and 2022.

Lopes made this statement while speaking on behalf of the Minister of Foreign Affairs, Téte Antonio, at the inaugural interactive Angola-Nigeria business conference on Thursday in Abuja.

He stated that the first agreement for economic, technical, scientific, and cultural cooperation was signed between the two nations in 1976 and that since then, there had been notable exchange in the areas of diplomacy, defence and security, petroleum, education, culture, and transportation.

“In the last three years (between 2020 and 2022), Angola’s exportation of goods to Nigeria was estimated at USD 5.6 million and its importation stood at USD 16.8million, corresponding to a negative trade balance of about USD
11.2million,” he stated.

During the period in view, Angola sold crude oil to Nigeria, which accounted for around 42% of the total volume of exports, optics and precision, amounting to 20%, and mechanical machines and devices with their functions, amounting to 14%.

On the other hand, machines and apparatus, CKD, plastics, rubbers, and other transport materials were included in the importation of the acquired product group. Together, these groups account for more than half of all exports over the time period (41%, 19%, and 15%, respectively).

He also noted that Angola counted on the support of Nigeria during its economic reform as “the present international system is facing various challenges”.

Angola and Nigeria are among the top oil-producing countries in Africa, both are members of the Organization of the Petroleum Exporting Countries (OPEC), the African Union (AU), and other multilateral organizations. They recently announced the removal of subsidies on petroleum products, a policy that was followed by mixed reactions, and deadly protests in Angola.

“Angola being part of the system is witnessing a special moment marked by structural reforms that aim to transform its macroeconomic situation.

“To achieve this objective, the Angolan government intend to count on the support of friendly countries who are always on its side, and one of these is indisputably Nigeria,” Lopes added.

On his part, Nigeria’s Minister of Information and National Orientation, Mohammed Idris, reiterated the government’s commitment to strengthening mutual ties through a deliberate pursuit of productive bilateral relations.

Idris explained, “President Bola Tinubu is desirous to deepen the relationship between Nigeria and other African countries, including Angola. Among other things, we are working on signing a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria, as part of efforts to deepen our relationship.

“Nigeria is very much keen to support Angola’s domestic and foreign aspirations and the country’s overall development, and we expect reciprocity in this regard,” the minister said.

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IMF mission concludes 4th loan program assessment in Egypt

Published

5 hours ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.