11 March 2024 Morning Biz News: Economic Highlights: Entrepreneurship Training, Rand Strengthens, Nigeria’s Forex Inflows, and Saudi Aramco’s Plans in China

Empowering Namibian Entrepreneurs

The Ministry of Industrialisation and Trade in Namibia has celebrated a significant milestone in its efforts to foster entrepreneurship. The EMPRETEC Namibia program, initiated in 2019, has successfully provided entrepreneurship training to approximately 2000 Macro, Small, and Medium Enterprises (MSMEs). In a recent expansion of this impactful initiative, an additional 188 MSMEs commenced their training on Friday. This initiative contributes substantially to the growth and development of entrepreneurial skills within the business sector, laying the groundwork for economic sustainability and prosperity.

South African Rand Surges on Gold Prices

South Africa’s currency, the rand, achieved its strongest level in over a month on Friday. This surge is attributed to a week of consistent gains, primarily driven by the surge in gold prices. By the afternoon, the rand was trading at 18.70 against the U.S. dollar, maintaining its proximity to its previous close. The positive performance of the rand reflects the impact of external factors, such as commodity prices, on the country’s currency.

Nigeria’s Foreign Exchange Resilience

In a positive turn of economic events, Nigeria reported a notable increase in foreign exchange inflows, reaching $2.3 billion in February. The central bank announced this surge, attributing it to renewed interest from foreign investors and a rise in overseas remittances. Despite facing persistent dollar shortages, leading to record lows in the naira currency, Africa’s largest economy is experiencing a boost in its foreign exchange reserves. This resilience signals the potential for economic recovery and stability amid ongoing challenges.

Saudi Aramco Explores Investment Opportunities in China

Saudi Aramco, the world’s largest oil company, expressed its intention to explore additional investment opportunities in China. Chief Executive Amin Nasser highlighted the robust and growing demand for oil in China, indicating the potential for strategic investments. The state-owned oil giant has been actively expanding its presence in China through a series of deals in refining and petrochemicals, often accompanied by crude offtake agreements. This move aligns with Aramco’s strategic vision to capitalize on China’s increasing energy needs.

Latest Financial Indicators

Let’s take a glance at the latest financial indicators:

• The Namibia dollar trades at 18.83 to the US$, 20.61 to the Euro, and 24.22 to the Pound.
• Gold is trading at N$2,179.12 per fine ounce.
• Brent crude stands at N$82.08 per barrel.
• 1 Bitcoin is valued at N$1,280,849.18.

These indicators provide a snapshot of the current economic landscape, reflecting currency exchange rates, commodity prices, and the cryptocurrency market. As global economic dynamics continue to evolve, staying informed about these key indicators is crucial for businesses and investors navigating the financial terrain.