7 August 2024 Morning Biz News: Nedbank’s Avo SuperShop Growth, South Africa’s Refinery Deal, Nigeria’s Oil Production Surge, and Currency Updates

August 7, 2024 24

Nedbank’s Avo SuperShop Sees Rapid Growth

Since its launch in the latter half of 2023, Nedbank’s Avo SuperShop has made significant strides, registering over 1,800 users and featuring more than 3,000 products from 19 merchants. According to Nedbank Group’s unaudited interim results for the six months ending June 30, 2024, both user registration and merchant participation are expected to grow further. The Avo SuperShop offers a digital marketplace for essential goods, fashion, and appliances, with a focus on transaction security and rewarding Nedbank Namibia clients with AvoPoints.

Shell and BP to Inject $15 Million into South Africa’s Sapref Refinery

In South Africa, Shell and BP’s local units will pay approximately $15 million to the state-run Central Energy Fund for operational costs at the Sapref refinery, which they are selling to the government. This payment is part of efforts to revive South Africa’s largest refinery amid declining refining capacity and aims to ensure the country’s petroleum supply security. The move is expected to stimulate the refinery’s operations and support the national energy infrastructure.

Nigeria’s Oil Production Rises Amid Security Enhancements

Nigeria has seen an increase in oil production to between 1.6 million and 1.7 million barrels per day, thanks to intensified security measures against crude theft. This is a notable rise from the 1.2 million barrels per day reported in February. Despite this positive development, the departure of oil major Shell from Nigeria has influenced the industry landscape. The increased production underscores the government’s efforts to stabilize the oil sector amidst ongoing challenges.

Dollar Rebounds as Markets Stabilize

The U.S. dollar regained ground against major currencies on Tuesday, with the Japanese yen stabilizing around seven-month highs. The dollar rose by 0.54% to 145.01 yen after a period of significant declines. Over the past five trading days, the greenback had dropped nearly 6% against the yen, but recent movements indicate a return to market calm.

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