Commodities

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Commodities

Gold climbs to record high as Mideast, US elections drive demand

Lagos, Oct. 21, 2024 – Gold reached a record high on Monday, with safe haven demand continuing to support prices as traders monitored escalating tensions in the Middle East and the increasingly tight US election race. Bullion climbed as much as 0.3% to an all-time high of $2,729.30 an ounce, topping last week’s peak by a few dollars. The bullish sentiment has also spilled over to silver, which was trading at the highest since 2012. Markets are focused on geopolitical risks in the Middle East, with Israel discussing its next …

Agriculture Commodities Foreign Manufacturing/Industry Maritime/Shipping

Ghana’s economy grew by 6.9% in Q2 2024, fastest in five years

Accra, Sept. 18, 2024 – Ghana’s economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country’s statistics agency said on Wednesday. The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt. “The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in …

Commodities Money market

FAAC shared N3. 47trn to FG, states, LGAs in Q2, 2024

Abuja, Sept. 17, 2024 – The Federation Accounts Allocation Committee (FAAC) disbursed N3.473 trillion to the three tiers of government in the second quarter of 2024. The Nigeria Extractive Industries Transparency Initiative (NEITI) reported this in its latest Quarterly Report on Federation Account Revenue Allocations for the second quarter (Q2) of 2024. This figure represented an increase of N46.77 billion or 1.42 per cent over the amount disbursed in the first quarter of 2024. The federal government received N1.102 trillion, representing 33.35 per cent of the total allocation, while the …

Commodities General News

FG arraigns 2 Chinese, 5 others for illegal mining activities

Abuja, Sept. 2, 2024 – The Federal Government has arraigned seven suspected illegal arrested in Kogi and Ondo states as part of efforts to sanitise the mining sector. Segun Tomori, the Special Assistant (Media) to Dele Alake, the Minister of Solid Minerals Development announced, disclosed this in a statement on Monday. He said three of the suspects, two Chinese nationals and a Nigerian, were arrested by Mining Marshalls for violation of existing mining regulations in an operation code-named “Operation Hayakin Kogo,” in Ikah Community of Ankpa LGA, Kogi State The …

Commodities

Egypt increases electricity bills by 50%

Cairo, Aug. 21, 2024 – A massive increase in the price of electricity is on the cards for households in Egypt as the country gradually phases out subsidies. Raises will range from 14.45 per cent to 50 per cent, depending on the consumption bracket of individual homes. For households with prepaid meters, the increase came into effect on Saturday, while people with regular meters will see rates go up from 1 October. The gradual phase out of electricity subsidies is part of an agreement with the International Monetary Fund to …

Commodities

FG to increase cocoa production to 500,000 tonnes by 2025

Abuja, July 16, 2024 – The Federal Government plans to increase cocoa production to 500,000 metric tonnes by 2025  This to improve cocoa production from the 340,000 metric tonnes achieved in 2022.  Nura Rimi, the Permanent Secretary in the Federal Ministry of Industry, Trade, and Investments, disclosed this at the Pre-National Trade Dialogue Series Meeting in Abuja on Tuesday.  The theme of the meeting was “The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Programme”. Rimi, who was represented by Kaura Irmiya, the Ministry’s Director of …

Commodities Oil and Gas

Oil prices hold ground amid political uncertainty in US, Mideast

 Singapore, July 15, 2024 – Oil held its ground on Monday, with political uncertainty in the U.S. and the Middle East supporting prices, offsetting downward pressure from a stronger dollar and weak demand in top importer China. Brent crude futures slid 13 cents, or 0.2%, to $84.90 a barrel by 0640 GMT after settling down 37 cents on Friday. U.S. West Texas Intermediate crude stood at $82.15 a barrel, down 6 cents, or 0.1%. The dollar, which firmed after a failed assassination bid on U.S. presidential candidate Donald Trump, weighed …

Commodities

LG Autonomy: Makinde advises states to be more productive

Ibadan, July 12, 2024 -Gov. Seyi Makinde of Oyo State has called on states to focus more on productive activities that can boost internally generated revenues. Makinde, made the call while reacting to the Supreme Court judgment that granted financial autonomy to local governments. The governor, while receiving the National President of the Nigeria Union of Journalists (NUJ) Dr Chris Iziguzo, in his office at the secretariat, Agodi, Ibadan, said the Supreme Court judgment has nothing to do with Oyo State. “Because since I came in, we have conducted local …

Commodities Foreign Manufacturing/Industry

Post-COVID, China is back in Africa and doubling down on minerals

Johannesburg, May 29, 2024 – China’s flagship economic cooperation program is bouncing back after a lull during the global pandemic, with Africa a primary focus, according to a Reuters analysis of lending, investment and trade data. Chinese leaders have been citing the billions of dollars committed to new construction projects and record two-way trade as evidence of their commitment to assist with the continent’s modernisation and foster “win-win” cooperation. But the data reveals a more complex relationship, one that is still largely extractive and has so far failed to live …

Commodities

FG revokes 2,531 mining licences

Abuja, May 25, 2024 – The federal government has revoked 2,531 mining licences in the last one year due to non-payment of dues and inactivity. Dele Alake, the Minister of Solid Minerals, disclosed this on Thursday at Ministerial Sectoral Updates on the achievements of President Bola Tinubu during his first year in office. He said the ministry had introduced many reforms which had improved service delivery, investor confidence and revenue generation. Alake said the Mining Cadastre Office (MCO) had been repositioned with the introduction of eMC+ software for mineral tittle …