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Business News

Amazon to open its first African office in South Africa

Amazon already launched its data centres for AWS in Cape Town but its eCommerce services had until now, not been available in Africa,

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Amazon- More than 19,000 workers got the Covid-19 virus

Amazon, US retail giant has announced that it would be opening its first African office in South Africa with a real estate investment of over R4 billion. This announcement is coming a week after Twitter choose to open its first African office in Ghana.

Authorities in Cape Town noted that Amazon would be occupying a new development in River Club, a prime section of the city. This new development will create 5,239 jobs in the construction phase alone. Along with 19,000 indirect and induced jobs.

READ: Parler sues Amazon for taking down its site

The 15-hectare parcel of land will cost R4 billion and include two precincts. Authorities said the first precinct of 60,000sqm will occupy different layers of development; while the second section of 70,000 will hold Amazon headquarters in Africa.

Cape town city officials noted that “US retail giant, Amazon, will be the anchor tenant, opening a base of operations on the African continent. The development is envisaged to take place in phases, with construction set to take place over three to five years.

It is clear that this development offers many economic, social and environmental benefits for the area. We are committed to driving investment to revitalize the economy, which is slowly recovering following the impact of Covid-19.”

READ: South African Airways to cancel more foreign routes, as revenue loss bites 

What you should know

Amazon already launched its data centres for Amazon Web Services (AWS) in cape town but its eCommerce services had until now, not been available in Africa.

Janet John is a graduate of Chemical Engineering from the University of Uyo. She specializes in technical writing where she creates easy to read documentation, articles to clearly and efficiently explain highly complex processes. When she is not writing, she works as a freelance front-end developer

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    Business News

    Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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    Now that oil is recovering, when will naira recover?

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

    Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

    According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

    India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

    The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

    India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

    An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

    India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

    Bottom line

    This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

    The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

    A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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    Business

    Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

    The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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    The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

    This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

    What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

    “Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

    Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

    Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

    The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

    What you should know

    Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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