News
African supply chains under strain from Middle East conflict—Ramaphosa
South Africa’s President Cyril Ramaphosa said the escalating conflict in the Middle East was already straining the African continent’s supply chains and driving up energy prices.
Mr Ramaphosa made the comments on Wednesday at an African energy conference in Cape Town, which is taking place amid extreme volatility in global energy markets.
Oil and gas prices have surged following Israeli and U.S. strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz.
“Africa is already experiencing the impact of the escalating conflict in the Middle East, with strains on supply chains and higher energy prices,’’ Mr Ramaphosa told the Africa Energy Indaba conference.
“As we have seen with Russia-Ukraine and during the COVID-19 pandemic, shifting geopolitical sands underscore the vulnerabilities of import-dependent economies across Africa,” Mr Ramaphosa added.
(Reuters/NAN)
-
News2 days agoPwC, EY jointly command an estimated 35.9% of Nigeria’s corporate audit market in 2025`
-
Oil and Gas2 days agoInternal documents show Shell’s role in oil theft, environmental damage across Niger Delta
-
Oil and Gas2 days agoOil jumps 7% on escalating Middle East airstrikes
-
Economy2 days agoAtiku raises alarm over Nigeria’s N12.62tr debt profile
-
Economy14 hours ago72% of world trade still operates under WTO— Okonjo-Iweala
-
News2 days agoFlutterwave makes CNBC, Statista’s World’s top fintech companies list
-
Finance2 days agoCBN slams banks with N430 million fines for ignoring customer complaints
-
News13 hours agoSubsidy savings spent on debt servicing, higher spending—Oyedele