31 JANUARY BIZ NEWS: Global Financial Landscape: Surges in Namibian Exports, Nigeria’s Diversification Plans, and Market Dynamics Shape January Trends

January 31, 2024 5

Namibia’s Horticultural Exports Surge by 26% to N$1.73 Billion: According to the latest statistics, Namibia’s horticultural produce exports witnessed an impressive 26% growth, reaching N$1.73 billion from April to September. This marks a significant increase from N$1.37 billion recorded in the corresponding period of 2022-2023. The Namibian Agronomic Board reports a substantial rise in export tonnage, soaring from 73,140 in 2022-2023 to over 111 thousand in 2023-2024, reflecting a remarkable 52% expansion.
Nigeria’s Strategic Move to Diversify Economy: In a strategic move to diversify from oil dependence, Nigeria is unveiling plans to attract investors with a minimum 75% stake in a proposed solid minerals corporation. Concurrently, lawmakers are crafting legislation to establish this state-backed entity, signaling a deliberate effort to tap into the country’s mineral resources and reduce reliance on the oil sector.
African Development Bank Introduces Innovative Financing: The African Development Bank has successfully launched its highly anticipated hybrid capital note, marking a pioneering move in multilateral development finance. Faced with growing demands to enhance lending capabilities, multilateral development banks are exploring innovative financing structures to meet evolving needs.
Market Dynamics: Dollar Gains and Yen Faces Significant Drop: As January concludes, the dollar is set for its most substantial monthly gain since September, while the yen experiences its most considerable drop in nearly a year. Investors eagerly await a U.S. rates decision, with the dollar appreciating by 2% against a basket of major currencies throughout the month. This surge follows market recalibrations influenced by robust U.S. economic data and resistance from central bankers.

Latest Financial Indicators:

Namibia dollar trades at 18.78 to the US$, 20.37 to the Euro, and 23.84 to the Pound.
Gold is trading at N$2,036 dollars 44 cents per fine ounce.
Brent crude stands at N$82.40 per barrel.
1 Bitcoin is priced at N$805,559 dollars 04 cents.