Morning Biz News 26 February 2025: NamRA Revenue Surges, BP Shifts Strategy, and AfDB Backs SMMEs

NamRA Collects N$79.3 Billion in Revenue

The Namibia Revenue Agency (NamRA) has collected N$79.3 billion in revenue as of 31 January 2025. According to NamRA’s latest figures, domestic tax collections amounted to N$31.36 billion, while customs and excise duties contributed N$48 billion. The total revenue estimate for the 2024/2025 financial year is projected at N$85.3 billion.

South Africa’s Poultry Master Plan Exceeds Targets

In South Africa, the first phase of the government’s Poultry Master Plan has successfully retained 52,930 jobs, with investments surpassing initial projections. The plan aims to stimulate investment, create jobs, expand exports, and establish black contract growers in the poultry sector.

AfDB and Standard Bank Launch R7.3 Billion Facility for SMMEs

The African Development Bank Group and Standard Bank have launched a R7.3 billion facility to support small, medium, and micro enterprises (SMMEs) across Africa. The agreement, signed in Johannesburg, includes a R3.6 billion social bond for businesses with turnovers below R300 million and a $200 million Risk Participation Agreement under Standard Bank’s South African unit.

BP to Scale Back Renewable Energy Investments

Energy giant BP is set to announce a major shift in its strategy, reducing investments in renewable energy and prioritizing oil and gas production. According to the BBC, this decision comes in response to investor concerns over lower profits and a share price lagging behind competitors.

Financial Indicators

• Namibia dollar trades at 18.41 to the US dollar, 19.35 to the Euro, and 23.32 to the British Pound.
• Gold is priced at $2,912.63 per fine ounce.
• Brent crude oil is trading at $74.78 per barrel.
• Bitcoin stands at $1,633,615.30.