Morning Biz News- Headline: “Namibia’s Trade Dynamics, Rand Strengthens, Nigeria Supports Shell, and Oil Prices Fluctuate in Global Markets”

January 19, 2024 2

1. Namibia’s Trade Balance Shows Improvement in November 2023

Namibia’s trade balance exhibited a deficit of N$4 billion in November 2023, reflecting an improvement compared to the N$4.5 billion deficit recorded in October 2023. The trade landscape underscores China as the largest market for exports, while South Africa maintains its position as Namibia’s primary supplier. This update offers insights into the country’s evolving economic relationships and trade dynamics.

2. South African Rand Strengthens on Mining Production Increase

On Thursday, South Africa’s rand experienced strengthening following monthly mining figures that indicated an uptick in production. By late afternoon, the currency traded at 18.9475 against the dollar, marking a 0.6% increase from its previous close.

3. Nigeria Backs Shell’s Decision to Sell Onshore Assets

Nigeria supports Shell’s move to sell its onshore oil and gas assets, as confirmed by the country’s junior oil minister on Thursday. Shell recently announced its exit from onshore and shallow water operations in Nigeria, opting to sell the business to a consortium of five mainly local companies. Nigeria pledges to provide the necessary regulatory approval for this transaction.

4. Oil Prices Fluctuate Amid Geopolitical Tensions and Demand Concerns

Oil prices experienced a slight decline on Friday after a previous day’s rally. Geopolitical tensions and disruptions in U.S. oil production due to a cold blast were countered by concerns over slow demand growth in China. Brent crude futures fell 0.2% per barrel, and U.S. West Texas Intermediate crude futures slid 3 cents to $74.05.

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