22 July 2024 Morning Biz News: Green Hydrogen Boosts Jobs in Namibia; Rand Weakens, Oil Prices Rise in Global Markets

Green Hydrogen Sector Sparks Job Creation in Namibia

Green hydrogen pilot projects in Namibia’s Central Valley are making significant strides, creating over 200 jobs and awarding nearly N$170 million in contracts to local small and medium-sized enterprises, according to The Brief. Eline van der Linden, Head of Impact and ESG for the Namibia Green Hydrogen Programme, emphasized that these developments are crucial for advancing the green hydrogen sector. Each job created represents a new opportunity in this rapidly growing field, showcasing Namibia’s commitment to sustainable energy solutions.

South Africa’s Rand Weakens Against the Dollar

South Africa’s rand experienced a decline against the dollar on Friday, trading at 18.35, which is 0.6% weaker than the previous day’s close. The drop in the currency came as risk sentiment deteriorated following Donald Trump’s acceptance of the U.S. Republican presidential nomination. This development has caused volatility in the financial markets, impacting the rand’s performance.

Nigeria’s Dangote Refinery Seeks Crude Oil from Libya and Angola

Nigeria’s Dangote refinery, Africa’s largest oil refining project, is negotiating with Libya and Angola to secure crude oil supplies for its 650,000 barrels per day plant. According to Reuters, the $20 billion refinery, spearheaded by Africa’s richest man Aliko Dangote, aims to address domestic supply challenges and reduce Nigeria’s reliance on imported fuels due to insufficient local refining capacity.

Oil Prices Climb as Investors Anticipate Rate Cuts

Oil prices saw an increase in early trade on Monday, driven by expectations of a potential rate-cut cycle beginning as soon as September. Brent crude prices rose by 48 cents per barrel, reaching $82.63, while U.S. West Texas Intermediate crude futures climbed 0.52%, reflecting investor optimism about easing monetary policy.

Financial Indicators:

• Namibian Dollar Exchange Rates:
  • 18.29 to the US Dollar
  • 19.91 to the Euro
  • 23.63 to the Pound
• Gold Price: $2,401.90 per fine ounce
• Brent Crude Oil Price: $82.63 per barrel
• Bitcoin Price: $1,238,252.08

Stay tuned to our website for the latest updates and detailed analyses on financial markets and economic developments.