04 March Morning Biz News: Shiimi Appoints New Procurement Board, Fuel Price War Erupts in Nigeria, and Sinopec Unveils Major Oil Discovery

Finance Minister Reshuffles Central Procurement Board

Finance Minister Ipumbu Shiimi has made key appointments to the Central Procurement Board of Namibia, ensuring continuity and fresh leadership. Mary Ndeshihafela Shiimi and Julinda Memosa //Garus-Oas have been reappointed, with Shiimi serving as the board chairperson. Meanwhile, Brian Katjaerua has been appointed as the new deputy chairperson. These appointments aim to enhance efficiency in procurement processes and strengthen governance.

South African Manufacturing Sector Continues to Struggle

South Africa’s manufacturing sector experienced further deterioration in business conditions in February. According to the latest Absa Purchasing Managers’ Index (PMI), the seasonally adjusted PMI dropped from 45.3 in January to 44.7 in February, remaining below the 50-point mark that signals economic expansion. The sustained decline highlights ongoing economic challenges and sluggish industrial growth in the country.

Petrol Price War Heats Up in Nigeria

Nigeria’s downstream oil sector is witnessing a fierce petrol price war, as the Nigerian National Petroleum Company (NNPC) moves to match the N860 per litre price set by Dangote Petroleum Refinery. For years, fuel prices in Nigeria were largely influenced by government subsidies, which played a stabilizing role. However, with market-driven pricing now taking center stage, competition among industry players has intensified, creating uncertainty for consumers.

China Discovers Major Shale Oil Reserves

China’s leading oil refiner, Sinopec, has announced the discovery of two major shale oilfields in the east of the country. The Xinxing and Qintong oilfields hold a combined proven reserve of 180 million tonnes. The discovery, recently approved by China’s Ministry of Natural Resources, marks a significant step in China’s strategic push to develop its domestic shale oil resources and boost energy security.

Financial Indicators

• Exchange Rates:
  • Namibia Dollar trades at N$18.66 to the US Dollar, N$19.54 to the Euro, and N$23.67 to the British Pound.
• Commodities:
  • Gold: $2,885.56 per fine ounce
  • Brent Crude: $72.81 per barrel
• Cryptocurrency:
  • 1 Bitcoin: $1,566,578.91

Stay tuned for more updates on business and economic trends.