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Afreximbank to Lead $1b Trade, Infrastructure Support in Togo



  • Afreximbank to Lead $1b Trade, Infrastructure Support in Togo

The African Export-Import Bank (Afreximbank) will attract up to $1 billion in financing and investments to support trade activities and infrastructure development- industrial parks and logistics facilities, in Togo.

The move, which forms part of its support for the development of the region’s economic activities, will see it participate in projects that are likely to span from $500 million to $1 billion in the country, beside those in other African countries.

Afreximbank President, Dr. Benedict Oramah, after meetings with Togolese President, Faure Gnassingbé and several ministers, Dr. Oramah, led a mission of business leaders to discuss trade and investment opportunities in the country and continent at large.

He described Togo’s economic vision as being in line with Afreximbank’s strategy to promote intra-African trade and intensify the continent’s industrialisation and pledged the bank’s readiness to provide financing to promote trade and the development of trade-facilitating infrastructure in Togo.

Oramah said that the accompanying business leaders were keen to explore opportunities to set up joint ventures and to invest into concessions.

The country’s Minister of Economy and Finance, Sani Yaya and his Infrastructure counterpart, Ninsao Gnofam, described the Lomé port as the driving force for Togo’s trade growth and as a sub-regional economic integration tool, serving as the transit point for more than 80 per cent of the country’s trade flows and servicing nearby landlocked countries like Burkina Faso, Mali and Niger.

But Oramah assured that the bank would use its arrangement with international partners to finance the supply of mining and agricultural equipment and to set-up processing facilities for potash for fertilisers, while African oil and gas firms could come in the construction of storage and logistics facilities for petroleum products.

Already, Minister of Trade, Industry and Tourism, Bernadette Legzim-Balouki, presented the bank’s delegation with tourism and hospitality projects, including the construction of luxury leisure resorts and conferencing facilities along the Togolese coastline and the building of eco-friendly bush and wildlife resorts on sustainable development concepts.

Oramah pledged that the bank would explore it’s Construction/Tourism Relay Facility, designed to provide financing to equip Africa with world-class tourism facilities, to see how it could be implemented in Togo in collaboration with business leaders and investors.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

Crude Oil

Brent Crude Oil Approaches $70 Per Barrel on Friday



Crude oil

Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension

Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.

Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.

Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.

While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.

According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.

The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.

I do believe we’re headed for a much healthier supply and demand environment” she said.

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Crude Oil

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts




Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.

OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.

Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”

Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.

Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.

Experts have started predicting $75 a barrel by April.

“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”

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Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin



Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges

Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.

The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.

The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.

We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.

Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.

Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.

In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.

The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.


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