Finance & Economy

The Federal Executive Council (FEC) under the Nigerian Presidency has authorized the Nigerian National Petroleum Corporation (NNPC) to enter into an agreement with ECOWAS for the construction of the Nigeria-Morocco gas pipeline. Minister of State for Petroleum Resources, Timipre Sylva, informed State House officials of the decision after the FEC …

Economic growth is expected to stand at 1.8% in 2022 and 3.3% in 2023, despite the recovery in exports and a partial return of tourists, forecasts the African Development Bank (AfDB). “This development, below its average for 2015-19, is explained by the rise in commodity prices and the delay in …

Smurfit Kappa, one of the world’s leading paper packaging players, has announced plans to build its very first factory in Africa, in Morocco, to invest 35 million euros, its first investment in Africa. Located in the region of Rabat, Morocco, the 25,000 m² corrugated cardboard manufacturing plant will provide innovative …

The American rating agency Fitch Ratings has maintained its default rating for Morocco’s long-term foreign currency issuers at “BB+” with a stable outlook. It anticipates an increase in debt and budget deficit in 2022, due to the gloomy economic climate and rising commodity prices. In a statement, the rating agency …

Tourism receipts are established at 9.7 billion dirhams at the end of March, up 80% compared to the same period last year. This improvement observed since the resumption of international flights continues, indicates the Minister of Tourism Fatim-Zahra Ammor, questioned by parliamentarians on “the measures taken in favor of the …

The Minister of Industry and Trade, Ryad Mezzour, chaired the inauguration ceremony of the new Adient Automotive Seating Morocco plant, in the presence of the President of the EMEA division, Michel Berthelin, the General Manager, Mohamed Al Fatine, local authorities and industrialists from the Kenitra free zone. Specializing in the …

Morocco’s gross domestic product is expected to rise 1.2% in 2022 before rebounding to 3% the following year as the pace of growth returns to pre-pandemic levels, the European Bank for Reconstruction and Development said on Tuesday. In a report presenting its economic forecasts, the EBRD notes that in 2022, …

The Russian invasion in Ukraine is pushing some companies in the automotive industry to leave this country, which was the center of gravity of the sector in Europe, to settle in Morocco. Automobile companies based in Ukraine started by leaving the country in view of the persistence of the crisis …

The Moroccan economy is expected to register a growth rate of 1.1% in 2022, against 3% previously forecast in January, according to the International Monetary Fund (IMF), which published its semi-annual World Economic Outlook report on Tuesday. The IMF also anticipates growth of 4.6% for Morocco in 2023. The Bretton …

Moroccan Minister of Agriculture Mohamed Sadiki told his country’s deputies recently that Morocco expected to lose 53% of its grain harvest this year. This, after the country suffered its worst drought in decades. A situation that pushes this North African country to increase its imports to meet local needs. The …