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Category: Economy

Diamonds Economy International News

Namibia’s Diamond Beneficiation Strategy Generates N$3.4 Billion in 2024

Namibia Diamond Sales Reach N$3.4 Billion in 2024 Through Local Beneficiation Program Namibia’s diamond beneficiation strategy generated N$3.4 billion in rough diamond sales to 13 local Sightholders in 2024, according to the De Beers Group’s latest Sustainability Report. The sales were conducted through the Namibia Diamond Trading Company (NDTC), a 50:50 joint venture between De Beers and the Namibian Government. “Namibia’s beneficiation highlights include $191 million in sales of rough diamonds to 13 local Sightholders

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International Economy Gas News

Economist Advocates for Gas Development to Boost Namibia’s Economy

Namibia Should Prioritize Gas Over Oil to Create Jobs and Drive Economic Growth, Says Economist Economist Robin Sherbourne has urged Namibia to place greater emphasis on gas development, arguing it offers far more potential for job creation and local economic benefits than oil. Speaking on BW Energy’s Kudu gas project, Sherbourne noted that while oil may generate significant government revenue, it creates limited direct employment opportunities. In contrast, gas development can play a transformative role

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International Economy

Africa Energy Bank Faces Uncertain Future as Funding Dispute Stalls Launch

Africa Energy Bank Launch Threatened as Afreximbank Urges APPO to Release $1.25 Billion in Equity Funds The future of the Africa Energy Bank (AEB) is at risk after the African Export-Import Bank (Afreximbank) warned that delays by the African Petroleum Producers Organisation (APPO) in releasing equity subscription funds could indefinitely stall the landmark project. In a letter to APPO Secretary-General Dr. Omar Farouk Ibrahim, Afreximbank cautioned that APPO’s insistence on finalizing a launch date, selecting

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Governance Economy Local

Zambia Secures $30.1 Million in Trade Deals to Boost Angola Partnerships at FILDA 2025

Zambian Firms Seal $30.1 Million in Deals at Angola’s FILDA Trade Fair Luanda — The Zambian Development Agency (ZDA) has announced that Zambian companies secured an estimated US$30.1 million in trade deals during the 40th Edition of the Angola International Trade Fair (FILDA 2025). The agreements reflect growing interest from Zambian businesses in expanding partnerships with Angolan companies across multiple sectors. In a statement released Monday, the ZDA confirmed that 20 Zambian companies participated in

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Local Economy News Oil

Angola to Open Cabinda Refinery in September and Resume Lobito Project to Reduce Fuel Imports

President Lourenço Announces September Inauguration of Cabinda Refinery and Revival of Lobito Refinery ProjectPresident João Lourenço has announced that the Cabinda Refinery will be inaugurated in September and confirmed the long-awaited resumption of the Lobito Refinery project after years of delay. Speaking in Benguela at the opening of the 5th Edition of the Fair of Municipalities and Cities of Angola, the president emphasized that these two major infrastructure projects will significantly reduce Angola’s dependence on

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Corporate News Economy International Oil

Afreximbank Leads $1.35 Billion Refinancing Deal for Dangote Industries

Afreximbank Secures $1.35 Billion for Dangote Refinery in Landmark African Financing Deal The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan package for Africa’s largest industrial conglomerate. Afreximbank acted as the Mandated Lead Arranger for the transaction—one of the largest syndicated financings recently recorded in African markets. The funds will be used to refinance capital

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Economy Diamonds News Oil

Angola Records Highest GDP Growth in a Decade, Driven by Oil and Mining Sectors

Angola’s Economy Grows 4.4% in 2024: Strongest Expansion in a Decade Fueled by Oil and Diamonds Angola’s economy grew by 4.4% in 2024, marking its strongest annual expansion since 2014, according to the World Bank’s latest Angola Economic Update. This robust growth was primarily driven by a recovery in the oil sector, increased diamond production, and strong performance in the commerce and fishing industries. Despite this positive momentum, economic growth is projected to moderate between

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Local Economy News

SPACIUM Incubator Launches to Empower Angola’s Youth Entrepreneurs

Angola Launches SPACIUM Incubator to Support 150 Young Entrepreneurs Under SonaJovem 5.0 Program In a strategic move to empower young innovators, Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, officially inaugurated the SPACIUM incubator this Monday at the ISPTEC Campus. This state-of-the-art facility is designed to support young entrepreneurs by helping them transform promising ideas into sustainable businesses. The launch ceremony was attended by key government figures, including the Secretary of State for

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Diamonds Economy Local News

Angola Diamond Auction Raises 15 Million Dollars Exceeds Expectations by 24 Percent

Angola’s Diamond Auction Exceeds Expectations, Raising $15.5M from 17 Rough Stones Angola generated $15.5 million from the auction of 17 special rough diamonds, surpassing expectations by 24.33%, according to a statement released Wednesday by the Angolan National Diamond Trading Company (Sodiam E.P.). The diamonds were sourced from four mining operations: Lulo, Kaixepa, Chitotolo, and Luele. The combined weight of the stones totaled 865.19 carats, Sodiam reported. The breakdown of the proceeds is as follows: The

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Diamonds Economy International News

Botswana Faces Currency Pressure as Diamond Revenues Collapse

Botswana May Devalue Pula Again Amid 49% Diamond Revenue Drop and Weakening Forex Reserves Citigroup Inc. has issued a warning that Botswana may be forced to devalue its currency once more as falling diamond revenues—the cornerstone of the nation’s economy—put increasing pressure on fiscal and monetary stability. Earlier this month, the Bank of Botswana revised its exchange rate policy, allowing the pula to depreciate by up to 2.76% against a weighted basket of currencies in

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