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Tunisia’s economic growth hampered in first quarter

Decline is hinged on reduced agricultural output, low tourist patronage and decline in industrial production.

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Tunisia's economic growth hampered in first quarter

Tunisia has fallen short of its Q1 economic target for 2019, according to economic adviser to the Tunisian government, Lufti Ben Sassi.

He based his comment on the latest report from the country’s statistical bureau that growth slowed by 1.1 per cent year-on-year.

A decline hinged on reduced agricultural output, low tourist patronage and decline in industrial production amongst others. In 2018, the growth rate was 2.7 per cent for Q1 and in Q4, 2.1 per cent was recorded.

Tunisia is still optimistic of meeting projected growth figures close to 3 per cent for 2019 compared to the 2.5 per cent of 2018. The government also intends to reduce budget deficit to 3.9 per cent in 2019 compared to 5 percent in 2018.

Since the 2011 Arab Spring led to the overthrow of former leader, Zine El-Abidine Ben Ali, Tunisia had recovered slowly. Major militant attacks in 2015 also contributed to the economy’s contraction.

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Nigeria’s state oil firm awards crude oil swap deals to 15 firms

The awarded oil firms include Vitol, Trafigura, oil major, BP and local downstream companies

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Nigeria's state oil firm awards crude oil swap deals to 15 firms
NNPC Towers, headquarters of Nigeria's state oil firm in Abuja, Nigeria. (File photo)

Nigerian state oil company, NNPC, has announced that 15 companies have won the right to swap the country’s crude oil for fuels, following a tender for the deals.

About 132 companies made a bid for the deals. The tender for the one-year contracts effective from the 1st of October and dubbed direct sale, direct-purchase (DSDP), was issued in March.

Nigeria is almost entirely reliant on imported fuel due to years of neglect at its own refineries.

It has leaned heavily on the swap arrangements to get fuel, particularly gasoline, as other would-be importers struggle to make money due to price caps.

The Nigerian National Petroleum Corporation says the companies that won the bids are made up of a consortium of 15 companies including Vitol, Trafigura, oil major, BP and local downstream companies.

Since the scheme’s inception in 2016, replacing a program that paid subsidies to importers, the NNPC has said it had saved the country $2.2 billion and supplied some 90 per cent of its import requirements.

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Zambia rejects donor aid amid its worst drought

The government says it has enough corn, the country’s staple food, to last until the next season and won’t need to import

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Zambia declines donor aid amid its worst drought
(File photo)

Zambia is experiencing its worst drought since 1981, but its government insists that a state of national emergency will not be declared.

Neither will donor assistance be accepted. A Southern Africa Development Community report last month, forecast 2.3 million Zambians will be food-insecure by March after large parts of the southern and western areas of the country received the lowest rainfall since 1981.

Over the same period, the report forecast Zambia will experience an 888,000-ton cereal deficit.

The Zambian government says it has enough corn, the country’s staple food, to last until the next season and won’t need to import.

Retail prices for the cornflour that Zambians consume mostly are already the highest since at least, 2003, according to data from the national statistics agency.

In July, prices were 41 per cent higher than the same time last year, helping to push inflation to 8.8 per cent, the highest since November 2016.

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Total South Africa to buy Anadarko’s Africa assets

The project is estimated to cost as much as $23 billion to develop and will be Africa’s biggest single investment for the French firm

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Total South Africa to buy Anadarko's Africa assets
(File photo)

Total South Africa has affirmed its commitment to developing Mozambique’s natural gas project.

This venture will begin after take-over from Anadarko Petroleum Corporation, which forms part of its expansion in Africa.

The Chief Executive Officer, Patrick Pouyanné, adds that the project has been estimated to cost as much as $23 billion to develop and will be Africa’s biggest single investment for the French firm.

Mozambique needs resources to adapt to extreme weather after two powerful cyclones in the same season this year.

Total is set to buy all of Anadarko’s assets in Africa including oil and gas projects in Ghana and Algeria.

In Uganda, Total is in talks with the government on a deal to purchase part of Tullow oil Plc’s stake in the Lake Albert oil project.

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