<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-820x558.jpg" alt="" class="wp-image-590973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-768x522.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/XLEI3X4AGVKMNJXN2WUEMRICXI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A worker packs soft drinks at an outlet of retailer Checkers in Johannesburg, South Africa, November 21, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Feb 26 (Reuters)&nbsp;&#8211;&nbsp;South African inflation edged up in January in the first release since the statistics agency updated its consumer price basket, but the headline rate remains near the bottom of the central bank&#8217;s target range.



Inflation rose to 3.2% year on year in January from 3.0% in December, lower than the 3.3% forecast by economists and still well within the South African Reserve Bank&#8217;s range of 3% to 6%.



Annual core inflation, which strips out volatile items, such as food and energy, came in at 3.5% in January, in line with analysts&#8217; expectations.



South Africa&#8217;s central bank has cut interest rates at its last three monetary policy meetings, but its last move in January followed a split decision as it stressed the uncertain global backdrop.



Some analysts think the central bank will soon pause its rate-cutting cycle, though Capital Economics economist Jason Tuvey said in a research note on Wednesday that he thought there was still room for more policy easing.



&#8220;January&#8217;s CPI data will lend support to the idea that price pressures in South Africa have been brought back under control,&#8221; Tuvey wrote.



Nicky Weimar, an economist at Nedbank, said she suspected the central bank would keep its repo rate unchanged on March 20 &#8220;until the inflationary impact of the change in US economic policies becomes clearer&#8221;.



A breakdown by Statistics South Africa showed housing and utilities, food and non-alcoholic drinks, and restaurants and accommodation were among the main contributors to January&#8217;s annual inflation rate.



The statistics agency made changes to goods and services in its consumer inflation basket and updated the weights to reflect changes in spending habits. Items now in the basket include rose wine, air fryers and streaming services.



(Additional reporting by Bhargav Acharya and Tannur Anders; Editing by Alexander Winning and Tomasz Janowski)

FILE PHOTO: A worker packs soft drinks at an outlet of retailer

South Africa inflation edges up in first release since basket update

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1364" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-scaled.jpg" alt="" class="wp-image-590954" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FIC-500-1536x1023.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Finance in common/Bancoldex </figcaption></figure>



&nbsp;In 2025, the global economic landscape faces significant challenges, including rising public debt, inflation, and geopolitical tensions. As nations grapple with these complexities, the world is also witnessing a historic milestone: for the first time in history, an African country holds the G20 presidency. South Africa’s leadership comes at a crucial juncture when the world’s financial system is under intense scrutiny. This milestone not only highlights Africa’s increasing influence on the global stage but also underscores the urgency of addressing the continent’s pressing financial needs, particularly in infrastructure development and job creation, climate adaptation, and digital transformation. South Africa’s leadership, in the context of these challenges, is poised to drive innovative financial solutions.



One of the key events that will take place during this momentous year is the Finance in Common Summit (FiCS) 2025, which will be hosted in Cape Town from February 26 to 28. This summit, held alongside the G20 meetings, is expected to bring together public development banks (PDBs) and global financial leaders to discuss new approaches and solutions to the current financial crises. Since its inception in 2020, FiCS has served as a crucial platform to set a new, efficient, sustainable and at-scale global financial architecture. With the world navigating increasing uncertainty, FiCS 2025 is set to provide concrete solutions to some of the most pressing challenges in global finance.



Cape Town as a symbol of Africa’s leadership in development finance



With a predicted growth of more than 4%, Africa should experience this year growth close to that of Asia. Cape Town’s selection as the host city for FiCS 2025 is a powerful symbol of Africa’s growing influence in global development finance. As one of the continent&#8217;s most dynamic and cosmopolitan cities, it represents a hub of innovation, economic activity, and financial resilience. This is particularly significant given the increasing role of African nations such as South Africa, Nigeria, and others in shaping global financial discussions.



With South Africa’s leadership on the international stage—exemplified by its G20 presidency—Cape Town stands as a beacon for Africa’s ambition to drive inclusive and sustainable economic growth. The city’s vibrant economy, bolstered by innovation and financial infrastructure, makes it an ideal setting to discuss development finance.



As the continent continues to experience rapid economic growth, Cape Town epitomizes Africa’s commitment to not only addressing environmental challenges but also seizing the opportunity to position itself as a leader in global economic governance. The city’s selection reflects Africa’s broader ambition to strengthen its voice in development finance, positioning the continent as a key player in the global financial ecosystem.



Development banks: anchors of stability and drivers of sustainable growth



The FiCS 2025 Summit is co-organized by the Development Bank of Southern Africa (DBSA) in collaboration with the Asian Infrastructure Investment Bank (AIIB), and supported by the French Development Agency (AFD Group). This strategic partnership highlights the international scale of the event, aimed at bringing together PDBs from all over the globe.



FiCS gather 536 PDBs operating in 155 economies. Taken together, they represent a total of 23 trillion dollars in assets worldwide and inject around 2.5 trillion dollars into the economy every year, which is about 10% of annual global financing. As counter-cyclical investors, they play a critical role in maintaining economic stability, ensuring liquidity even in times of crisis. Beyond stability, PDBs act as catalysts for private capital, de-risking strategic projects to attract investment. Their focus on long-term financing, particularly in infrastructure and the green transition, positions them as key enablers of sustainable growth. At the same time, their support for SMEs and innovation fosters economic dynamism and job creation. Through global cooperation, PDBs also help align financial flows with development and climate goals, reinforcing their influence in shaping the future of finance.



In these uncertain times, the commitment of public banks is essential, as they have a dual mandate. On the one hand, they support national development strategies by supporting the fight against poverty, growth and job creation in synergy with states. On the other hand, they bear an international responsibility by contributing to the protection of global public goods, particularly in terms of climate and biodiversity. By joining forces, as the DBSA, AIIB and AFD are doing at this summit, these institutions can really make a difference in transforming development finance and ensuring a lasting impact on a global scale.



Shaping global development finance and multilateral solutions



The discussions at the FiCS 2025 Summit will focus on leveraging the capabilities of PDBs to strengthen global development finance, with a particular emphasis on three priorities: climate finance, inclusive finance to help tackle inequalities and financing digital infrastructures.



FiCS 2025 will bring together over 2,000 participants, including CEOs of PDBs, representatives from international organizations, government officials, private sector leaders, regulators, philanthropies and civil society groups. Scheduled back to back with the first G20 Finance Ministers and Central Bank Governors meeting under South Africa’s presidency, the summit offers a prime opportunity to align discussions on development finance with broader global economic governance.



With such a diverse array of stakeholders, FiCS 2025 will underscore the pivotal role of PDBs in tackling urgent global challenges. Key conversations will focus on fostering collaboration between public and private sectors to design innovative financial instruments and strategies that address the evolving needs of the global economy. The summit will also highlight PDBs as key actors in driving multilateral solutions to these complex issues.



The coalition for sustainable development through sport



This edition of FiCS will not only reinforce the strategic importance of PDBs in global finance but also demonstrate their versatility in tackling development challenges across a wide range of sectors. One of the flagship initiatives at FiCS 2025 will be the Coalition for Sustainable Development through Sport, which underscores the expanding role of PDBs beyond traditional sectors.



Launched at the 2020 FiCS Summit, this initiative calls on development banks to harness the power of sport as a catalyst for advancing the Sustainable Development Goals (SDGs). The coalition has already committed $10 billion by 2030 to fund sustainable and inclusive sports infrastructure, particularly in underserved communities where such investments can drive broader social and economic benefits.



By integrating sport into the development finance agenda, the coalition highlights the adaptability of PDBs in fostering progress across multiple sectors, including health, education, and social cohesion. At FiCS 2025, discussions will focus on scaling up these efforts, identifying innovative financing mechanisms, and unlocking new opportunities to use sports as a driver of inclusive economic growth.



The FiCS PDBs reference book: a milestone in development finance



A key highlight of FiCS 2025 will be the unveiling of the FiCS PDBs reference book, scheduled for release in a complete version by June 2025 during the Seville conference on Development. This publication, co-produced by the FiCS Secretariat, the French Development Agency (AFD), and the World Bank Group, offers a comprehensive analysis of the growing role of public development banks (PDBs) in global finance. Drawing on data from the FiCS PDB database, the book delves into the impact of PDBs on financing the SDGs, addressing inequality, promoting sustainable growth, and enhancing economic resilience.



The FiCS reference book will serve as an essential resource for policymakers, financial institutions, and other key stakeholders seeking to understand the evolving role of PDBs in driving sustainable development. Through detailed case studies and expert insights, it emphasizes the importance of governance, financial sustainability, and international cooperation in maximizing the effectiveness of PDBs.



2025 is set to be a pivotal moment for development finance



FiCS 2025 comes at a time of growing global economic uncertainty, positioning the summit as a vital platform for addressing the challenges in development finance. It will offer a space for stakeholders to explore strategies for improving financial governance, refining regulatory frameworks, and building investor confidence in emerging markets. With economic pressures mounting worldwide, FiCS 2025 will be a crucial moment to mobilize resources, close financing gaps, and scale up transformative policies aimed at driving inclusive, sustainable growth.



As the world continues to confront the complex challenges of the 21st century, development finance institutions like PDBs will remain central to efforts aimed at building a more resilient and equitable global economy. FiCS 2025 will mark a critical step forward in this ongoing process.

FIC-500

Financing the economy to promote sustainable growth despite unprecedented obstacles

Egypt Vision image

Egypt’s Bold Economic Leap 2025/2026: Powered by Reform and Strategic Investment

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/ZGP5BDQKUZLKTKT6I23C653ZKA-1.avif" alt="" class="wp-image-590677"/><figcaption class="wp-element-caption">A farmer holds cocoa beans while he is drying them at a village in Sinfra, Ivory Coast April 29, 2023. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ABIDJAN, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Ivory Coast&#8217;s customs have seized around 2,000 metric tons of falsely declared cocoa beans worth around $19 million at its main port in Abidjan, two customs sources and one judicial source said on Tuesday.



Cocoa, the main ingredient in chocolate, is usually smuggled over Ivory Coast&#8217;s western border to Guinea and Liberia where traffickers pay above the local farmgate price for the commodity.



However, last week Ivorian customs discovered that a cocoa exporter had made a false declaration to pay less tax on the shipment at the port.



They seized 110 containers that according to the document were supposed to contain rubber, a customs officer familiar with the case told Reuters.



&#8220;To my knowledge, this is the first time we&#8217;ve made such a seizure. 2,000 tons, or around 15 million pounds, is a huge amount,&#8221; another officer said.



The tax on this shipment should have been 19.5%, including the 14.5% tax on cocoa exports and the 5% registration tax. In that case, the Ivorian state would have collected 2.9 million pounds in taxes.



Meanwhile, the tax on rubber exports is only 1.5%.



A source close to the judicial authorities said this fraud was possible due to the high level of corruption in the administration and the complicity of various departments.



&#8220;We seized this case &#8230; and we are still investigating. We can&#8217;t say anything at the moment,&#8221; said a prosecutor close to the case.



($1 = 0.7918 pounds)



(Reporting by Ange Aboa; Writing by Anait Miridzhanian; Editing by David Evans)

ZGP5BDQKUZLKTKT6I23C653ZKA (1)

Ivory Coast customs seize 2,000 tons of falsely declared cocoa beans, sources say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="447" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/DPARTCVLZBNRTKXZ7HOYLUHI2E.avif" alt="" class="wp-image-590673"/><figcaption class="wp-element-caption">Chief Executive Officer at De Beers Group, Al Cook and Botswana&#8217;s Minister of Mineral and Energy, Bogolo Kenewendo, meet for talks on a diamond deal at the Investing in African Mining Indaba in Cape Town, South Africa February 3, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



GABORONE, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American&nbsp;AAL.L&nbsp;unit De Beers adding a possible extension period of five more years to the provisional pact.



Under the final deal, the share of Botswana&#8217;s state-owned Okavango Diamond Company (ODC) in the production of Debswana &#8211; its 50-50 joint venture with De Beers &#8211; will reach 40% at the end of the agreement, revised from a provisional 50%.



ODC&#8217;s allocation could, however, rise to 50% during the proposed five-year extension period, according to a joint statement by Botswana&#8217;s government and De Beers.



During the first five years, ODC will sell 30% of Debswana&#8217;s output, up from 25% previously.



The provisional agreement reached with Botswana&#8217;s previous government had ODC&#8217;s allocation reaching 50% at the end of the 10-year pact.



Negotiations over the deal started in 2018 and an agreement announced in 2023 was never formally signed.



Botswana&#8217;s President Duma Boko, who swept to power last October, made signing the deal with De Beers a priority.



The deal is critical for the southern African country since its economy is largely dependent on the export of diamonds.



&#8220;We have us a good deal and we trust that it will carry us into the future. To the people of Botswana, this agreement is about you, about the jobs it will create,&#8221; Boko said at a signing ceremony in the capital Gaborone.



Under the agreement, Debswana&#8217;s mining licences, which were due to expire in 2029, will be extended until 2054.



Botswana&#8217;s government says the economy contracted last year because of a prolonged downturn in the global diamond market.



Declining demand and a supply glut, the rising popularity of lab-grown diamonds and a shift by younger consumers away from the precious stone, have all weighed on rough diamond prices.



However, the government hopes the economy will rebound this year because of an improvement in the global diamond market and a better performance of other sectors.



(Additional reporting by Nelson Banya and Bhargav Acharya; Writing by Sfundo Parakozov and Tannur Anders; Editing by Alexander Winning and Tomasz Janowski)

DPARTCVLZBNRTKXZ7HOYLUHI2E

Botswana, De Beers sign long-delayed diamonds deal

More Americans are living in malls

More Americans are living in malls, as developers get creative to help ease the housing crisis

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/U2RS4FLSUJI3FK3RB6IWAMD7XI.avif" alt="" class="wp-image-590670"/><figcaption class="wp-element-caption">People shop at a fresh food market in Oyingbo, Lagos, Nigeria December 17, 2021. Picture taken December 17, 2021. REUTERS/Nneka Chile/File Photo</figcaption></figure>



ABUJA, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy grew&nbsp;3.84% in the fourth quarter&nbsp;NGGDPQ=ECI&nbsp;of&nbsp;2024, quicker than in the three previous quarters of&nbsp;the year, statistics agency data showed on&nbsp;Tuesday.



Gross domestic product growth was higher than the 3.46% reported in the third quarter, 3.19% in the second and 2.98% in the first quarter.



But the growth rate is still short of the 6% target set by President Bola Tinubu when he took office in mid-2023 in Africa&#8217;s most populous nation.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning)

U2RS4FLSUJI3FK3RB6IWAMD7XI

Nigeria’s Q4 GDP growth quickens to 3.84% y/y

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/OQQ6BEBXMBIAPNOO66XNIHPJK4.avif" alt="" class="wp-image-590632"/><figcaption class="wp-element-caption">Young residents carry water home after filling up a bottle at a community filling station in the informal settlement of Kanana after individuals died from cholera in Hammanskraal, South Africa, May 24, 2023. REUTERS/Ihsaan Haffejee TPX IMAGES OF THE DAY</figcaption></figure>



CAPE TOWN, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;The debt crisis facing the world&#8217;s poorest economies is reaching new highs and debt servicing is eating up a growing share of revenues at the expense of spending on development, the United Nations Development Programme warned on Tuesday.



A new multilateral debt relief deal that includes all creditors &#8220;warrants serious attention&#8221;, UNDP said in a policy paper.



Interest payments on debt exceeded 10% of government revenue in 56 developing nations &#8211; almost twice the number of countries compared to a decade ago, according to the UNDP report published as G20 finance ministers and central bank governors kick off their meeting in South Africa.



Of those, 17 countries spent more than 20% of revenue on interest payments &#8211; surpassing a threshold strongly linked to default risk, UNDP said. Rising debt service burdens had surpassed levels not seen in more than two decades, it said.



&#8220;The debt-development trade-offs threaten a lost decade of development progress for many of the world&#8217;s poorest nations,&#8221; said UNDP Administrator Achim Steiner.



The external debt of the 31 poorest countries at high risk of debt distress was just over $200 billion, equivalent to less than a third of the 2021 allocation of IMF special drawing rights, an international reserve currency, which chiefly went to rich nations.



As part of the 2021 allocation, wealthy countries agreed to rechannel some of their unused SDRs back to the IMF so the Fund could lend them at below-market rates to low-income countries.



A new relief deal &#8211; if roughly modelled on the average 60% debt stock reduction achieved through the Highly Indebted Poor Countries initiative launched nearly three decades ago &#8211; could save those 31 poorest countries nearly $80 billion, UNDP calculated. This would rise to $100 billion if the repayment period was extended by another seven years.



(Reporting by Duncan Miriri and Karin Strohecker; Editing by Ros Russell)

OQQ6BEBXMBIAPNOO66XNIHPJK4

Debt crisis hits new highs in developing nations, relief deal needed, says UN

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2GXUSHW4L5NUDLFNDCTMKVPUEY.avif" alt="" class="wp-image-590628"/><figcaption class="wp-element-caption">Lesetja Kganyago, Governor of the South African Reserve Bank speaks during an interview on the sidelines of the G20 Finance Ministers meeting at the Cape Town International Convention Centre, Cape Town, South Africa, February 25, 2025. REUTERS/Nic Bothma</figcaption></figure>



CAPE TOWN, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Global trade tensions and a potential value-added tax hike in South Africa could derail two years of slowing inflation, the country&#8217;s central bank governor said on Tuesday.



Speaking on the sidelines of a meeting of G20 finance officials in Cape Town, Lesetja Kganyago said uncertain trade conditions and retaliatory tariffs could impact South Africa by tightening global financing conditions and affecting its exports.



South Africa&#8217;s G20 presidency has been overshadowed by the prospect of a global trade war since U.S. President Donald Trump&#8217;s return to the White House last month.



Japan&#8217;s finance minister has pulled out of this week&#8217;s G20 finance meeting to focus on trying to pass next year&#8217;s budget, while U.S. Treasury Secretary Scott Bessent is staying away amid a spat between Trump&#8217;s administration and South Africa.



&#8220;One thing looming large is elevated uncertainty by some of the trade measures taken by major economies,&#8221; Kganyago told Reuters in an interview.



&#8220;A combination of those could feed into the domestic price formation process and create a challenge for us where you have both a slowing global economy and a rising inflation profile at the same time,&#8221; he added.



Annual consumer inflation rose for the second month in a row in December, reaching 3.0% in ZACPIY=ECI, but it remains at the bottom end of the South African Reserve Bank&#8217;s target band of 3%-6%.



The bank began cutting interest rates in September last year and has implemented three 25-basis-point cuts&nbsp;ZAREPO=ECI&nbsp;to date. But some analysts believe it may pause its cutting cycle soon due to a deterioration in the global economic backdrop and emerging domestic risks.



Last week South Africa&#8217;s national budget was postponed for the first time in its post-apartheid history after a last-minute disagreement in the ruling coalition over a proposal to raise VAT by 2 percentage points to 17%.



Finance Minister Enoch Godongwana is expected to present a new budget on March 12 without the VAT increase.



Kganyago called the proposal to raise VAT a &#8220;self-inflicted shock,&#8221; adding that if it were implemented the central bank would respond to the second-round effects on inflation.



(Reporting by Kopano Gumbi; Additional reporting by Duncan Miriri; Editing by Alexander Winning and Christina Fincher)

2GXUSHW4L5NUDLFNDCTMKVPUEY

South African central bank governor says trade and tax policies pose inflation risks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="413" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7TDBYVGF5ROF7KBJVB2XWAWXVQ.avif" alt="" class="wp-image-590625"/><figcaption class="wp-element-caption">The logo of Galp is displayed at a petrol station in Ronda, Spain February 14, 2025. REUTERS/Jon Nazca/File Photo</figcaption></figure>



LISBON, Feb 25 (Reuters) &#8211; Portuguese oil company Galp GALP.LS said on Tuesday it had found significant presence of light oil and gas condensate in a fifth well in Namibia&#8217;s Mopane field, opening up new exploration opportunities that are sending its shares sharply higher.



Galp&#8217;s Mopane offshore discovery was initially estimated to hold at least 10 billion barrels of oil and gas equivalent.



The company drilled four wells there in 2024 to explore and appraise a first hub in the northwest area of the Mopane complex, and a fifth well last month, this time in the field&#8217;s southeast area.



It said in a statement that the new well, Mopane-3X, 18 km (11.18 miles) away from the first, targeted two stacked prospects &#8211; AVO-10 and AVO-13 &#8211; and a deeper sand at 1,200 metre water depth.



&#8220;Preliminary data confirms light oil and significant gas condensate columns between AVO-10, and light oil columns in AVO-13 and the deeper sand, in high-quality sandstones,&#8221; it said, also pointing to high pressure and permeability as well as low oil viscosity.



Galp shares were up 7% in morning trading and leading gains on the pan-European Stoxx 600 index&nbsp;.STOXX.



Jefferies said in a research note that the well should de-risk the 10 billion boe resource estimate for the Mopane Complex and support the case for a multi-Floating Production Storage and Offloading development.



Galp is looking to sell half of its 80% stake in Mopane&#8217;s Petroleum Exploration Licence 83 to a player who would become its operator, although it has said it is in no rush.



(Reporting by Sergio Goncalves and Joao Vicente Mauricio; editing by David Evans)

7TDBYVGF5ROF7KBJVB2XWAWXVQ

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="377" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/M34ZXN6UKBNUHJLS5HD7NFP7O4.avif" alt="" class="wp-image-590622"/><figcaption class="wp-element-caption">The logo of commodities trader Glencore is pictured in front of the company&#8217;s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo</figcaption></figure>



Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Trading houses Vitol and Glencore will receive $380 million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed.



The case heard in London&#8217;s High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022.



Taleveras sued Nigerian venture, known as NLNG and involving ShellSHEL.L TotalEnergies TTEF.PA and Eni ENI.MI as partners, four years ago. These three companies are minority shareholders in NLNG, along with the Nigerian state-owned oil company which has 49%. Last week, Taleveras had NLNG&#8217;s appeal rejected, according to an official video of court proceedings.



A full written judgment is due to be released in the coming weeks.



NLNG runs Nigeria’s biggest LNG plant, which covers around 5% of global supply.



NLNG said it was reviewing the ruling and declined further comment. Shell&nbsp;and Eni declined&nbsp;to comment, while TotalEnergies did not respond to a request for comment.



Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021.



Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents.



The trading houses took legal action against Taleveras for non-delivery, leading to a chain of litigation.



The lost appeal means NLNG will need to pay Vitol around $260 million and about $120 million to Glencore, the documents said.



Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment.



European benchmark gas prices&nbsp;TRNLTTFMc1&nbsp;swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted supplies to Europe.



When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions.



In one such case, Shell SHEL.L and BP BP.L pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveries.



In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays.



Taleveras was founded in 2004 by Igho Sanomi, one of Nigeria’s independent energy traders. The company is now based in Dubai.



(Reporting by Anna Hirtenstein; Additional reporting by Marwa Rashad and Isaac Anyaogu; Editing by Tomasz Janowski)

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Vitol, Glencore win $380 million award in Nigerian LNG litigation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/6XIG4R3DRFK2ZPWEVWERAVU4PA.avif" alt="" class="wp-image-590617"/><figcaption class="wp-element-caption">The new logo of the Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s state oil firm NNPC on Tuesday announced a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics leader Caverton Marine to overhaul maritime transportation in West Africa.



The newly formed company will streamline crude oil, refined products and LNG shipping across West Africa and cater to other oil producers and traders in the region with modern vessels.



The companies did not share financial details of the deal, which was signed last week.



&#8220;By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria&#8217;s position in global energy logistics,&#8221; Panos Gliatis, Managing Director of NNPC Shipping, said in a statement.



Erik Hånell, President &amp; CEO of Stena Bulk, said the partnership aligns with the group&#8217;s strategy to expand its presence in key growth markets.



Nigeria boasts Africa&#8217;s largest oil refinery and meets 5% of global LNG demand.



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

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Nigeria’s NNPC, Stena Bulk and Caverton launch new shipping venture

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/KWNFLKVDZBNCHKDHIAWQFVHUEU.avif" alt="" class="wp-image-590584"/><figcaption class="wp-element-caption">The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo</figcaption></figure>



LONDON/SINGAPORE, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts to cut emissions in heavy industries and transportation, Shell said in an annual report on Tuesday.



Demand for natural gas continues to rise globally as the world transitions to cleaner fuels. Industry forecasts LNG demand to reach between 630 million and 718 million metric tons a year by 2040, Shell said in its 2025 annual LNG outlook.



The latest view from the world&#8217;s largest LNG trader is higher than last year&#8217;s forecast, which pegged global LNG demand in 2040 at 625 million to 685 million tons per year.



&#8220;Upgraded forecasts show that the world will need more gas for power generation, heating and cooling, industry and transport to meet development and decarbonisation goals,&#8221; said Tom Summers, Shell&#8217;s senior vice president for LNG marketing and trading.



China, the world&#8217;s top LNG importer, and India are increasing LNG import capacity and gas related infrastructure to meet rising demand, Shell added.



Natural gas imports into China are forecast to rise this year as economic stimulus plans lift industrial demand, although trade tensions with the U.S. may cap growth.



China saw total natural gas imports, including pipeline supply, of 131.69 million tons last year, the highest since at least 2013. Of that volume, 76.65 million tons was LNG, according to its customs data.



In India, the International Energy Agency expects natural gas consumption to jump 60% between 2023 and 2030, doubling the country&#8217;s need for LNG imports, as domestic output is expected to grow much more slowly than demand.



While a young population and economic growth are driving an increase in gas demand in emerging markets Algeria, Egypt, Malaysia and Indonesia, domestic production in those markets is seen declining over the next 15 years by up to 50 million tons, equating to less available gas for export, the report said.



SUPPLY SIDE



To meet rising demand, particularly in Asia, more than 170 million tonnes of new LNG supply is set to be available by 2030, said Shell. The start-up timings of new LNG projects, however, are uncertain, Shell said.



Several LNG projects have seen delays over the past two years due to geopolitical tensions, regulatory hurdles, labour shortages and supply chain bottlenecks, delaying the availability of around 30 million tons of new LNG supply, the size of India&#8217;s LNG imports, to 2028.



In 2024, global LNG trading rose by only 2 million tons to 407 million tons due to constraints on development of new supply, marking the smallest annual increase in the past decade, the report said.



The report showed that anticipated supply during the period was between 7 million and 20 million tons but it undershot even the lowest end of the forecast range.



The report expects Europe&#8217;s LNG demand to grow in 2025 and beyond.



&#8220;Europe will continue to need LNG into the 2030s to balance the growing share of intermittent renewables in its power sector. In the longer term, existing natural gas infrastructure could be used to import bio-LNG or synthetic LNG and be repurposed for the import of green hydrogen,&#8221; the report said.



Significant growth in LNG supply will come from top exporter the United States, potentially reaching 180 million tons a year by 2030 and accounting for a third of global supply.



Analysts expect that together with Qatar’s massive North Field expansion project set to come online in 2026, the United States and Qatar could provide around 60% of global LNG supply by 2035.



(Reporting by Marwa Rashad in London and Emily Chow in Singapore; Editing by Sonali Paul and David Evans)

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Shell expects 60% rise in global LNG demand by 2040

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/ZGP5BDQKUZLKTKT6I23C653ZKA.avif" alt="" class="wp-image-590550"/><figcaption class="wp-element-caption">A farmer holds cocoa beans while he is drying them at a village in Sinfra, Ivory Coast April 29, 2023. REUTERS/Luc Gnago/File Photo</figcaption></figure>



PARIS, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Cocoa production in Ivory Coast in the 2024/25 season is on course to remain around last season&#8217;s disappointing level after adverse weather and crop conditions continued, the country&#8217;s agriculture minister said.



A sharp fall in output in Ivory Coast, the world&#8217;s biggest supplier of the chocolate ingredient, and number two producer Ghana in 2023/24 triggered a surge in international prices to record highs last year.



&#8220;It&#8217;s the same trend,&#8221; Kobenan Kouassi Adjoumani told Reuters on Monday regarding prospects for 2024/25 production, adding it was too early to give a firm forecast.



The minister&#8217;s assessment was in line with a Reuters analyst poll this month that gave an average expectation of 1.80 million metric tons for 2024/25 versus 1.76 million in 2023/24.



Echoing comments by farmers, Adjoumani said recent rain had improved prospects for the April-to-September mid-crop, which follows the country&#8217;s October-to-March main crop.



Faced with adverse climate effects and disease in ageing cocoa trees, Ivory Coast was engaged in replanting and agroforestry measures that should boost production potential within two years, he added in an interview at the annual Paris farm show.



Rocketing international prices have also fuelled smuggling of cocoa beans from Ivory Coast, whose fixed price for growers is much lower despite an increase last year.



There has been talk that around 100,000 to 200,000 tons of cocoa has been illegally exported to neighbouring countries such as Guinea this season, but a crackdown by the government has curbed the traffic, Adjoumani said.



In other agricultural markets, Ivory Coast could become self-sufficient in rice from next year after investment in seeds and farm machinery helped accelerate growth in production to 1.5 million tons last year, narrowing the gap with consumption of 2.1 million tons, he said.



(Reporting by Gus Trompiz; editing by David Evans)

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Ivory Coast’s cocoa crop to hold near last season’s, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ.jpg" alt="" class="wp-image-590532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ-160x90.jpg 160w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A French farmer harvests his field of maize in Thun-L&#8217;Eveque, France, September 29, 2022. REUTERS/Pascal Rossignol/File Photo </figcaption></figure>



PARIS, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Grain crops in the European Union were still mainly in good condition by mid-February, but excess moisture in France and dryness in Eastern Europe remained risks for this year&#8217;s harvest, the EU&#8217;s crop monitoring service said on Monday.



In France, heavy rainfall in the northwest in January exacerbated already-high soil moisture levels, creating unfavourable conditions for crop development, MARS said in a report.



The wet start to the year has fuelled concerns in France, the EU&#8217;s biggest grain producer, of a repeat of the soggy 2024 harvest that featured the smallest wheat crop since the 1980s.



The condition of French wheat declined sharply between early December and early February before steadying, according to data from the farm office FranceAgriMer.



In Eastern Europe, crops in western Romania and Bulgaria have suffered in particular from limited moisture since the start of the season, and those areas could see resowing in spring, MARS said.



Severe frosts expected during the second half of February were also a threat to crops in Eastern Europe already weakened by a lack of rain, particularly if they were without protective snow cover, it said.



Crop damage in the EU, however, was estimated to be relatively limited so far compared with eastern Ukraine, Morocco and Algeria that have endured more acute dryness, it added.



(Reporting by Gus Trompiz; Editing by Tasim Zahid)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ

Most EU grain crops in good shape but moisture risks linger

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="463" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2PLENK7UEVP6LHO27XU5VACMUU.avif" alt="" class="wp-image-590509"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was stable early on Tuesday as U.S. President Donald Trump&#8217;s tariff plans, uncertainty over fiscal policy and stance in the geopolitical arena weighed on U.S. markets.



The rand traded flat at 18.3750 against the dollar&nbsp;ZAR=D3, as of 0649 GMT. The dollar&nbsp;=USD&nbsp;last traded weaker against a basket of currencies.



&#8220;Tariff threats and the risk of counter-tariffs, uncertainty over fiscal policy given the mass retrenchments, and the U.S.&#8217; stance in the geopolitical arena&#8230; appear to be weighing on U.S. markets,&#8221; said ETM Analytics in a research note.



&#8220;Without any market-moving data to trade on, these international developments will guide much of the domestic market&#8217;s direction.&#8221;



South Africa&#8217;s composite leading business cycle indicator ZALEAD=ECI fell 1.8% month on month in December, central bank data showed on Tuesday.



Domestic-focussed investors await January&#8217;s consumer inflation figures&nbsp;ZACPIY=ECI&nbsp;on Wednesday and producer inflation data&nbsp;ZAPPIY=ECI&nbsp;for the same month on Thursday for clues on the health of Africa&#8217;s most industrialised economy.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was slightly stronger in early deals, with the yield down 1 basis point to 9.105%.



(Reporting by Tannur Anders and Sfundo Parakozov; Editing by Rashmi Aich)

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South African rand stable as markets watch Trump policy developments

JOHANNESBURG, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Google&nbsp;GOOGL.O&nbsp;could be required to pay up to 500 million rand ($27.29 million) a year in compensation to South African media outlets after the country&#8217;s competition watchdog found the tech giant guilty of anti-competitive practices, while Meta&nbsp;META.O&nbsp;and X also face fines.



In provisional findings from a probe into market activities, released on Monday, South Africa&#8217;s Competition Commission said that&nbsp;Google&#8217;s algorithm distorts competition between news media organisations insofar as it overrepresents global news media in South Africa for search and top stories and underrepresents local language and community media.



&#8220;This inequity has materially contributed to the erosion of the media in South Africa over the past 14 years and will continue to do so unless remedied,&#8221; the watchdog&#8217;s report said.



To remedy this, it recommended that&nbsp;Google&nbsp;compensate the South African news media by 300 million to 500 million rand annually for a three to five-year period, &#8220;whilst putting in place changes to search that will sustainably create shared value with the media through increases in referral traffic.&#8221;



The watchdog will publish a final report later this year, with all parties concerned given until April&nbsp;7&nbsp;to submit evidence to support their case.



Google&nbsp;said that it will review the report in detail but disagreed with the claim that it has taken disproportionate value from publishers.



&#8220;In 2023, our products like&nbsp;Google&nbsp;Search and News generated an estimated 350 million rand in referral traffic value for South African publishers while we earned less than 19 million rand from ads displayed next to news queries,&#8221;&nbsp;Google&nbsp;said in a statement.



&#8220;Alongside this, we have invested in products, training and partnerships to support publishers and the broader news ecosystem, and will continue to do so.&#8221;



On social media companies, the Competition Commission recommended Meta-owned Facebook and X stop &#8220;deprioritising South Africa news media posts with links&#8221; in the home feed, For You and Lastestfeed algorithm and restore referral traffic to the media.



It wants Meta and&nbsp;Google&#8217;s YouTube to improve the ability of news media to monetize their content on these platforms through increases in revenue share.



If all these companies fail to implement these remedies within six months after the final report, a 5-10% digital advertising tariff or levy will be imposed, according to the report.



Meta was not immediately available for comment.



The remedies only apply to the South African operations of these companies, the Commission said.



($1 = 18.3215 rand)



(Reporting by Nqobile Dludla; Editing by Susan Fenton)

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South African central bank governor says trade and tax policies pose inflation risks

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

Vitol, Glencore win $380 million award in Nigerian LNG litigation

Nigeria’s NNPC, Stena Bulk and Caverton launch new shipping venture

Shell expects 60% rise in global LNG demand by 2040

Ivory Coast’s cocoa crop to hold near last season’s, minister says

Most EU grain crops in good shape but moisture risks linger

South African rand stable as markets watch Trump policy developments

Google, Meta face penalties for anti-competitive behaviour towards South African news media

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home

South Africa inflation edges up in first release since basket update

Financing the economy to promote sustainable growth despite unprecedented obstacles

Egypt’s Bold Economic Leap 2025/2026: Powered by Reform and Strategic Investment

Ivory Coast customs seize 2,000 tons of falsely declared cocoa beans, sources say

Botswana, De Beers sign long-delayed diamonds deal

More Americans are living in malls, as developers get creative to help ease the housing crisis

Nigeria’s Q4 GDP growth quickens to 3.84% y/y

Debt crisis hits new highs in developing nations, relief deal needed, says UN

South African central bank governor says trade and tax policies pose inflation risks

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

Vitol, Glencore win $380 million award in Nigerian LNG litigation

Nigeria’s NNPC, Stena Bulk and Caverton launch new shipping venture

Shell expects 60% rise in global LNG demand by 2040

Ivory Coast’s cocoa crop to hold near last season’s, minister says

Most EU grain crops in good shape but moisture risks linger

South African rand stable as markets watch Trump policy developments

Google, Meta face penalties for anti-competitive behaviour towards South African news media

News Tips

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