Category: INTERNATIONAL
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Nigeria set to stop importation of refined oil and refine its own oil by 2023
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector. Fortunately, the Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed that Nigeria is a year away from refining its own crude oil. This report is according to Reuters, which stated that the minister had made the…
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EIU analysts forecast grim economic outlook for Africa in 2023
There are major concerns surround the heavy burden of debt servicing, the instability created by election cycles, geopolitics and war, as well as the lingering threat of food insecurity caused by conflict and adverse weather conditions on the African continent. Africa’s economic recovery has been disrupted in 2022 by a range of internal and external…
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AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition
With the growing global concerns over food security, The African Union Development Agency – AUDA-NEPAD has held a two-day workshop for stakeholders including the youth and the media to proffer solutions to creating more awareness of the need for proper nutrition and ensuring food security in Africa. This comes at a time when COVID-19 has…
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Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.
The Managing Director of Agricultural Development Bank Plc, Dr. John Kofi Mensah has disclosed that the African Continental Free Trade Area (AfCFTA) will help agribusiness entrepreneurs to access the African Market. The AfCTA is a single market (duty-free-quota-free) trading bloc covering the entire African Continent with a total population of 1.3 billion to create a…
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Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns
The International Monetary Fund has warned of “economic collapse” in many African economies as the impact of the Russian-Ukraine war has worsened with commodity price shocks and increased cost of living for hundreds of millions of people. According to IMF Managing Director Kristalina Georgieva, inflation is now higher than expected. It has broadened beyond food…
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African countries that could follow Sri Lanka into economic chaos
The economic crisis in Sri Lanka is not limited to the South Asian nation. From Europe to Asia to Africa, many emerging economies are slipping into chaos, and here’s what experts predict will happen next. Sri Lanka’s worst economic crisis since it gained independence threatens to spread across the developing nations, triggering what experts have…
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Africa’s internet economy to cross $180 billion by 2025: Report
Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy, according to a report from Google and the International Finance Corporation (IFC). The report titled e-Conomy Africa 2020, pointed out that the internet economy in Africa is bound to see exponential…
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Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia
Vice President, Dr. Mahamudu Bawumia, has reiterated the need for a regional approach to enhance the competitiveness of Africa. According to him, this will help create conditions that are conducive to increase trade investments on the continent and ensure higher economic growth. Addressing the 22nd Annual General Meeting (AGM) of the African Trade Insurance (ATI)…
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Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France
On Wednesday June 15 2022, Ivorian leaders met with some investors, lenders and development partners in Abidjan as they sought to raise funds in support of Ivory Coast’s recently launched 5-year development plan. According to Reuters, the meeting was a huge success, as the investors and partners pledged up to $26.1 billion. Specifically, the World…
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Gulf central banks, Bank of England raise policy rates after Fed hike
The central banks of five Persian Gulf states raised policy rates on June 15 following the Federal Reserve’s 75 basis point hike the same day. The central banks of the United Arab Emirates, Qatar and Bahrain made 75bp increases to their reference rates. This brings the UAE’s rate to 3%, Qatar’s to 2.25% and Bahrain’s…