Recent Developments in African Economies: Namibia Leads in Drilling Rig Demand, South Africa Faces Retail Sales Decline, Nigeria Resolves Forex Forward Liabilities, and Oil Prices Rise

Here’s your morning Biz News.

1. Namibia’s prominence in the competitive energy sector is underscored by its top-five position among African countries with the highest demand for drilling rigs, according to the State of African Energy 2024 Outlook. The African Energy Chamber recognizes Namibia’s significant role in efficient and sustainable resource exploration.
2. South Africa experiences a 0.9% year-on-year decline in retail sales in November, following a revised 2.3% drop in October, as reported by Statistics South Africa. Despite a 0.4% month-on-month increase, sales for the three months ending November were down 0.7% compared to the same period last year.
3. Nigeria’s central bank clears the entire foreign exchange forwards liability of 14 banks, initiating settlements with foreign airlines. With approximately $7 billion in matured forex forwards, concerns persist as foreign currency shortages continue to impact the naira.
4. Oil prices show an uptick as OPEC predicts robust global oil demand growth in the next two years. Additionally, a U.S. cold blast disrupts some oil production. Brent crude futures rise by 28 cents per barrel, and U.S. West Texas Intermediate crude futures increase by 34 cents, reaching $72.90.

Financial Indicators:

• Namibia dollar exchange rates: 19.05 to the US$, 20.72 to the Euro, and 24.16 to the Pound.
• Gold is trading at N$2,006.47 per fine ounce.
• Brent crude stands at N$77.90 per barrel.
• 1 Bitcoin costs N$810,812.02.