17-24 October 2024 Weekly Economics Wrap: Economic Highlights: Namibia’s Green Hydrogen Initiative, Tourism Surge, and Regional Financial Developments

In the latest developments in Namibia’s economic landscape, Cleanergy Solutions Namibia is poised to begin local green hydrogen production by early next year. This initiative, which hinges on the arrival of essential equipment by the end of 2024, is a collaboration between the Ohlthaver & List (O&L) Group and the Belgian shipping firm Compagnie Maritime Belge, specifically through its CMB TECH division. This move signals a significant step towards sustainable energy production in the country.

Meanwhile, the coastal region has witnessed a remarkable surge in tourism activity, achieving a 74.45% occupancy rate in September 2024, the highest in the nation. Various social, sporting, and leisure events, including annual marathons and regional festivals, have contributed to this growth, as reported by The Brief publication.

Turning to South Africa, the local crypto community expressed disappointment over Capitec’s recent decision to limit customer transactions with crypto exchanges, citing fraud protection as the rationale. Additionally, the country’s inflation rate has decreased to 3.8%, down from 4.4% in August, marking the lowest rate since early 2021. This decline is attributed primarily to reduced transport costs, with fuel prices dropping by 9% compared to the previous year.

In Nigeria, delays in aircraft deliveries from Airbus and Boeing are exacerbating the nation’s existing plane shortages. Both manufacturers are struggling with supply chain issues, compounded by a strike at Boeing, raising concerns about further delays. Additionally, Nigeria has blocked Shell’s proposed sale of its onshore and shallow-water oil operations valued at up to $2.4 billion, while approving Exxon Mobil’s long-awaited deal with Seplat Energy for $1.28 billion, which had been pending regulatory approval for over two years.

On the international front, Netflix has exceeded expectations by adding over 5 million customers in the third quarter, with a 15% increase in sales to $9.83 billion. In Australia, institutional investors are increasingly looking to expand in the local private debt market due to high interest rates and banks’ hesitance to lend to riskier borrowers. Lastly, IBM reported disappointing third-quarter revenue, affected by decreased spending in its consulting segment, leading to a 4% drop in its shares in extended trading.

This week’s economic updates reflect a mixture of challenges and opportunities across different sectors, showcasing the dynamic nature of both local and international markets.