12 August 2024 Morning Biz News: Namibia Secures €7.5 Million Grant for Electrification as Global Oil Prices Stabilize and Market Volatility Persists

August 12, 2024 18

Namibia has received a significant boost in its electrification efforts, securing a €7.5 million grant from Germany’s KfW Development Bank. This funding, in collaboration with local agencies, aims to enhance electricity access in peri-urban and rural areas, specifically targeting the North-East and North-West regions. This initiative reflects Namibia’s commitment to improving energy infrastructure and supporting economic development through increased access to reliable power.

In Nigeria, the Dangote Oil Refinery, a major $20 billion project, is calling on regulators to enforce a law requiring oil producers to supply local refineries. The refinery has faced high operational costs due to inadequate local oil supplies, exacerbated by vandalism and insufficient investment in the oil production sector. This move seeks to address these challenges and stabilize the refinery’s operations.

Oil markets showed limited movement in early Asian trading on Monday, holding onto gains of over 3% from the previous week. Brent crude fell slightly to $79.59 per barrel, while U.S. West Texas Intermediate crude rose to $76.86. The stability in oil prices is attributed to ongoing geopolitical tensions and positive economic data that have influenced market sentiment.

In the currency markets, the yen weakened marginally against the dollar due to reduced trading activity from a Japanese holiday. Market participants remain cautious amid uncertainties about potential Federal Reserve rate cuts. Last week’s market selloffs, driven by concerns over the U.S. economy and Japan’s monetary policy, were somewhat alleviated by stronger-than-expected U.S. jobs data on Thursday.

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