The Pan-African Economy in Brief: Saturday, June 24, 2017
NIGERIA:
Nigeria Returns to Higher Exports of Crude Oil: "Exports of crude oil of Nigeria should exceed 2 million barrels per day (BPD) next August, its highest level since 17 months. The reason is that the country's petroleum industry was often paralyzed by attacks against pipelines in the delta. According to Reuters, which delivered the information on Thursday, June 22, exports of 2.02 million bpd out of 67 cargoes are expected for August, according to the preliminary loading plans. Resurgent production, if sustained, will put additional pressure on the efforts deployed by the Organization of Petroleum Exporting Countries to reduce the results in favor of oil prices..."
Distribution in Nigeria: Oil Traders Threaten to Suspend Distribution If the Government Does Not Pay the Arrears of Subsidies: "In Nigeria, traders of petroleum products, in a note to the federal government, threaten to stop the supply of these products on the territory if the executive does not repay the arrears of import subsidies which amounted to 2.2 billion Dollars. Traders explain that the bulk of this debt comes from the interest owed to the banks from which they borrowed to import fuel between 2014 and the first quarter of the current year. "Because of unpaid interest and the difference between exchange rates, we become insolvent, and this prevents us from continuing to operate profitably. Currently, outstanding maturity letters of credit exceed 1.2 billion Dollars," affirmed the merchants. Before proceeding: "Since most of the unpaid loans were mostly provided by local banks, the entire Nigerian bank system is threatened"..."
Social Protection: Nigeria Negotiates a 500 Million Dollar Loan with the World Bank: "500 billion naira is what Nigeria plans to invest in its first national program of social protection. Aiming to stimulate the economy and serve as a safety net for thousands of poor families, the program provides direct aid to the poorest citizens while ensuring the schooling of their children. Announced in December, the program initially targets about 1 million households in eight of the 36 states of the Federal Republic of Nigeria. To finance it, the most populous country in Africa would have already begun discussions with the World Bank for a loan of 500 million Dollars..."
BURKINA FASO:
Consumption of Electricity: The Government Opts for LED Lamps: "The Burkinabe government has made energy efficiency a priority, in line with the commitments made by the Head of State, Roch Marc Christian Kaboré. This will has been materialized by the approval, at the Council of Ministers meeting on Wednesday, June 21, 2017, of the results of a national call for tenders for the acquisition and installation of 1.5 million LED lamps in replacement of fluorescent lamps in households and administrative buildings. This transaction, costing 6 billion CFA Francs, to hear the energy minister, Pr. Alfa Oumar Dissa, appears as an alternative to solar energy to reduce the share of domestic and public lighting in electricity consumption, estimated at 30%. "At the national level, almost 90% of obsolete fluorescent lamps with a power of between 35 and 45 watts are used, which make the share of consumption related to lighting important..."
SENEGAL:
Hydrocarbons: Slight Decline in Sales of Total Senegal in the First Quarter of 2017: "The turnover of Total Senegal, a subsidiary of the multinational company of the same name, specialized in the distribution of hydrocarbons, has recorded a slight decline of 3% in the first quarter of 2017 compared to the same period of 2016. This turnover was 75.838 billion CFA Francs compared to 78.221 billion CFA Francs as of March 31, 2016, a reduction of 2.383 billion CFA Francs in absolute terms. According to the leaders of this oil company, the evolution of the overall turnover results from a contrasted evolution according to the sales channels. A 51% decline in sales to airline companies was noted due to the non-renewal of contracts under economically acceptable conditions. Similarly, a decrease of 25% is noted on the black products intended for the professional customer..."
IVORY COAST:
Nearly 3,000 Tons of Cocoa Sold by SOCOFEM of Bouaflé in 2016 (Report): "The Simplified Cooperative Company of the Marahoué bean (SOCOFEM SCOOPS) has sold, in 2016, 2,823, 190 tons of cocoa beans, reports a report on Friday at the General Assembly in Bouaflé (Center-Ouest, Marahoué region) of this agricultural group. According to the Executive Director of SOCOFEM SCOOPS, Kouadio Akissi Claire, this production far exceeded the target of 1500T planned, a rate of 188.21% for a turnover of 3,008,929,900 CFA Francs. Ms. Kouadio indicated that the marketing operations allowed the cooperative to realize a gross margin of 214,265,388 CFA Francs not without gnawing the rosette of shares carried out by its structure during the year 2016..."
Crédit : IMPERIUM MEDIA
