Nigeria’s palm oil imports skyrocket by 65% in 2023, despite tariffs and local industry woes
Nigeria’s palm oil imports from Malaysia surged by 65.3 percent in the first nine months of 2023, reaching 234,324 metric tons, a rise of 92,538 MT from the previous year.
Despite a 35 percent tariff imposed by the government to boost local palm oil production, Nigerians still favor imports due to a substantial supply-demand gap. The country’s palm oil industry struggles to meet the 2.1 million MT national demand with an estimated output of 900,000-1.3 million MT.
Nigerian real estate and construction firms secure N2.26tn loans despite soaring interest rates
Real estate and construction firms in Nigeria secured loans of N2.26 trillion between November 2022 and June 2023, a significant 18.9 percent increase from N1.90 trillion.
This growth occurred despite the Central Bank’s decision to raise the benchmark interest rate to 18.75 percent as part of anti-inflation measures.
The real estate sector borrowed N755 billion, and the construction industry received credit facilities worth N1.51 trillion.
The rising interest rates exacerbated the housing crisis and led investors to adopt a cautious approach as property prices soared.
Naira’s appreciation hinges on CBN meeting importers demand – Report
A report from ADSR analyzed the monetary value of 42 items imported into Nigeria through its ports and borders.
It revealed that the government’s objectives of saving foreign exchange and promoting local production were subjective and debated.
While Nigeria’s total imports of restricted items from the rest of the world decreased by 57.1 percent during restrictions, imports through neighboring countries increased by 72.6 percent, suggesting understated imports.
The report advised policymakers to conduct evaluative research for more effective policy implementation.
Sub-Saharan Africa’s energy sector leads with $7.8bn deals in 2022
Sub-Saharan Africa’s Energy, Mining & Utilities (EMU) sector dominated with a total deal value of $7.8 billion out of the region’s $19.2 billion in 2022, as per a KPMG report.
This sector also boasted the highest deal volume at 64 deals. The report emphasised the region’s attraction for investors due to its natural resources and physical assets.
Mergers and acquisitions rebounded impressively in 2022 with 297 deals, marking a 21 percent increase from the previous year.
South Africa and Nigeria were noted as top investment destinations, and optimism prevails for future deals in the region.
U.S. prepared to respond if American personnel targeted in Israel-Hamas war says Austin, Blinken
Secretary of State Antony Blinken and Defense Secretary Lloyd Austin warned of the potential for escalation in the Israel-Hamas conflict involving proxies of Iran.
They stated that the U.S. does not want an escalation but is prepared to respond if American personnel or armed forces are targeted.
Israeli airstrikes on Gaza and tensions with groups like Hezbollah have heightened the regional conflict.
Additional military assets have been deployed to deter aggression.
The U.S. also announced the departure of non-essential embassy staff in Iraq due to security concerns. President Biden has warned Israel’s enemies against exploiting the situation.