Market Commentary
Oil Prices showed resilience despite concerns over demand. Global oil prices, including Brent crude and U.S. crude, remained steady after hitting their lowest levels since July 24. Waning demand from top consumers like the U.S. and China continues to weigh on market sentiment. Brent Crude Held at $81.76, US Crude at $77.35 at 06:36 GMT.
KENYA: Kenya Secures Hosting Rights for Pan-African Payment System
In a significant milestone in Africa’s currency independence, President William Ruto announces Kenya’s victory in hosting the Pan-African payment and settlement system (Papss), positioning the country as a leader in reducing reliance on the US dollar. The platform, set to save $5 billion, is a significant stride towards Africa’s economic integration.
NIGERIA: Federal Government Celebrates $1.8bn Savings Post Petrol Subsidy Removal
President Tinubu’s bold move to end petrol subsidy has proven fruitful, with N1.4tn ($1.8bn) saved in just two months. Minister of Information highlights substantial savings passed to state governments for targeted intervention programs, while the Trade Union Congress continues to query the fund’s deployment.
GHANA: Ghana Explores Nuclear Power for Long-Term Energy Security
In a strategic move, Ghana is actively pursuing nuclear energy solutions for sustained power needs. High-level discussions with global nuclear players, including China National Nuclear Cooperation Overseas Limited, are ongoing, and signal Ghana’s ambitious strides in securing its energy future.
MOROCCO: King Mohammed VI Affirms Morocco’s Commitment to Nigeria Gas Pipeline
Morocco’s monarch reiterates dedication to the Nigeria-Morocco gas pipeline, emphasizing its potential to benefit over 400 million people in West Africa. The strategic project aims at promoting regional integration, economic growth, and securing energy supplies for Europe, marking a significant milestone in Africa’s journey towards development.
EGYPT: Egypt Explores Barter Trade for Kenyan Tea Amid US Dollar Shortage
In response to a severe US dollar shortage, Egypt is considering barter trade with Kenya for tea procurement. Both nations aim to sustain trade amid economic challenges, with Egypt seeking alternatives to preserve its dollar reserves and address pressing demands.