17 May 2018 | Economics
South Africa’s unemployment rate was unchanged at 26.7% of the labour force in the first quarter of 2018 compared with the last quarter of 2017, the statistics office said on Tuesday.
In its quarterly labour force survey which polls households, Statistics South Africa said there were 6 million people without jobs in the three months to the end of March, compared with 5.9 million people in the final three months of last year.
Nigeria gives more oil purchase deals to local firms
State oil firm NNPC has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms, foreign and Nigerian trading sources said.
Of the total, 32 were local companies, doubling the number of awards to Nigerian firms compared to 2017.
NNPC also awarded contracts to supply crude to 12 governments, although it was not clear how many of the deals would be handled by the companies already on the list of awards.
South Africa aims to finalise mining charter in June
South Africa aims to finalise a third version of a hotly contested mining charter in June, mines minister Gwede Mantashe said on Tuesday, later than the government had predicted last month.
The government and miners have been locked in difficult negotiations over the charter, which lays out requirements for black ownership levels and other targets, after the industry opposed revisions proposed by Mantashe’s predecessor.
Nigerian annual inflation falls to more than two year low in April
Annual inflation in Nigeria stood at 12.48% in April, its lowest level in more than two years and its 15th straight monthly drop, the National Bureau of Statistics said on Tuesday.
It fell from 13.34% in March. A separate food price index showed inflation at 14.80% in April, compared with 16.08% in March.
Food inflation has been in double figures for nearly three years, but has slowed for the past six months.
Nigeria sign US$6b rail project agreement with Chinese firm
Nigeria on Tuesday signed an agreement of US$6.68 billion with China Civil Engineering Construction Corporation (CCECC) for a major segment of rail line linking the economic capital Lagos with Kano, northern Nigeria's commercial hub.
"The signing of the Ibadan-Kaduna segment contract agreement today (Tuesday) concludes all outstanding segments of the Lagos-Kano rail line," said a statement by Nigeria's transport ministry.
CCECC confirmed to Xinhua the signing of the agreement Tuesday.