Africa

Remittances To Drive Economic Africa Growth, Says Report

Remittances To Drive Economic Africa Growth, Says Report

Africa, Economy, Inside, News
Despite an economic slowdown, most African countries are reported to have a positive economic outlook. This is according to the institute of Chartered Accountants in England and Wales (ICAEW’s) latest report. In Economic Insight: Africa Q3 2018 launched yesterday, by the accountancy body The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, provides a snapshot of the region’s economic performance. The regions include; East Africa, West and Central Africa, Franc Zone, Northern Africa, Southern Africa. According to the report, East Africa continues to be the continent’s best performing region with a GDP forecast at 6.3%. This positive outlook is due to the region’s economic diversification and investment-driven growth. Ethiopia remains the region’s
U.S. Ambassador Ties Nigeria’s Poor Social Infrastructure To Weak Tax Collection System

U.S. Ambassador Ties Nigeria’s Poor Social Infrastructure To Weak Tax Collection System

Africa, Business, Capital Market, Inside
The United States (U.S.) Ambassador to Nigeria, Mr Stuart Symington has attributed poor social infrastructure development in Nigeria to the weak system of tax collection in the Country. Symington made this known on Tuesday, while speaking at the 10th anniversary colloquium of the Nigerian Development Finance Forum, organised by Financial Nigeria Magazine in Abuja. He blamed the Federal Government’s inability to discontinue subsidy and allow market forces determine electricity tariffs for Nigeria poor social service delivery system. The U.S. ambassador said that the inability of government to eliminate subsidy on petroleum products and failure to hands off the fixing of electricity tariffs was hampering the provision of critical social infrastructure in the country. He also attributed
China Announces Fresh $60bn for Nigeria, Other African Countries

China Announces Fresh $60bn for Nigeria, Other African Countries

Africa, Business, Economy, Inside, News
The President of the Republic of China, Xi Jinping, on Monday, announced a fresh assistance of $60bn to finance infrastructure in Africa. He said this at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation, in which President Muhammadu Buhari is participating. The Edo State Government said it was well on its way to clinch a chunk of the $60bn penciled down as financial support by the Chinese government for the continent. The Chinese President explained that the $60bn financing assistance would include $15bn grants, interest-free loans and concessional loans. He said the amount also involved $20bn of credit lines, $10bn special fund for development financing and another $5bn as special fund for financing imports from Africa. He also said C...
Overland Explores West African market, Commences Regional Flights

Overland Explores West African market, Commences Regional Flights

Africa, Inside, News, TRANSPORTATION
In a bid to explore the potential of West Africa’s aviation market, through the opportunities provided by the Single African Air Transport Market, Overland Airways has commenced flights to Cotonou, Republic of Benin and Lome, Togo. During the inaugural flight to both countries on Sunday, the Founder and Managing Director of Overland Airways, Capt Edward Boyo, stated that the airline planned to provide economic integration with the flight services.He described the development as historic and the beginning of an initiative to unite the over 400 million people in West Africa. He said, “Overland Airways has come to provide economic integration between Nigeria, Republic of Benin and Togo. We have come to promote trade, which happens when people move from one point to the other. It is poss
Nigeria Loses N3.6tn To Poor Agribusiness Export

Nigeria Loses N3.6tn To Poor Agribusiness Export

Africa, Business, Inside, News
A recent report has indicated that Nigeria loses about N3.6 trillion to poor export opportunities and lack of storage facilities at the airports. The report stated that if the opportunity to exploit farm produce to meet international demand is fully exploited by Nigeria, it would create thousands of direct and indirect jobs. But the sub-sector had been under exploited due to low operational and investment opportunities. Owing to this, farm produce that are in high demand in Europe and other parts of the world are allowed to perish due to non -existing storage or preservation system. The report which was obtained from a recent workshop on Agro Air Logistics held in Abuja under the Airport Business Summit and Expo 2018, said there is operational and investment gap between the Agro Per...
OCP Africa to Collaborate With Nigeria on Agricultural Development

OCP Africa to Collaborate With Nigeria on Agricultural Development

Africa, Agriculture, Inside, News
OCP Africa, a fertilizer manufacturing company has restated its commitment to be part of Nigeria’s agricultural development initiatives. The Managing Director of OCP, Mustapha El Ouafi, made this known on Tuesday, while addressing journalists at the company’s headquarters in Casablanca, Morocco. He pointed out that the company is seriously concerned about making Africa the laboratory of fertilizer of the future which is crucial to the development of agriculture, noting that Nigeria is a major player in the quest to actualise this vision. He stated further that: “We are happy to be part of Nigeria’s agricultural development and fertilizer utilisation initiatives. Our goal and aspiration are to make the desired results realisable. “We want to be the laboratory of fertilizer of the
FG, AfDB Inaugurate Task Force on Youth Unemployment

FG, AfDB Inaugurate Task Force on Youth Unemployment

Africa, Business, News, Youth
The Federal Government, in collaboration with the African Development Bank, on Tuesday in Abuja inaugurated a task force to tackle the menace of youth unemployment. The committee, to be chaired by the Minister of Labour and Employment, Dr Chris Ngige, was inaugurated by the Minister of State for Labour and Employment, Prof Stephen Ocheni. According to Ocheni, the task force is saddled with the responsibility of convening a private sector roundtable engagement as an exchange platform towards the identification and financing of eight projects for accelerated youth employment and skills development. The work of the team is also expected to key into the aspirations of the Economic Recovery and Growth Plan of the present administration and boost the rate of attainment of the relevant S...
Nigeria Gets Fresh Prospects in ECOWAS, International Trade

Nigeria Gets Fresh Prospects in ECOWAS, International Trade

Africa, Business, Economy, Inside, News
The upcoming handover of a $4.5 billion Seme border facility to Nigeria and the Republic of Benin has increased hopes of smoother trade across West Africa and with third party countries. The European Union (EU) and Economic Community of West African States (ECOWAS) have embarked on a technical simulation of the new post, which will be opened for preliminary operations today, ahead of the official launch in September. Reports show that Nigeria will be the better for the initiative. The total trade of the West African region is about $300 billion. Exports are projected at approximately $137.3 billion, while imports total about $80.4 billion. The main active countries in trade are Nigeria, which alone accounts for approximately 76 per cent of total trade, followed by Ghana (9.2 per cent) and...
Stakeholders Raise Concern As Ghana Overtakes Nigeria in Production

Stakeholders Raise Concern As Ghana Overtakes Nigeria in Production

Africa, Agriculture, Inside, News
Kolanut is an important economic cash crop, commercially produced in tropical rainforests of Central and West Africa. It is a perennial crop that grows well in hot humid climates. Aside Nigeria, Ghana, Cameroon, Sierra Leone and Cote d’Ivoire are other leading producers of Kolanut in the continent.About 40 Kola species exist in West Africa, however, the Kola species that are of economic importance in Nigeria are C. acuminata and C. nitida. Kolanut serves as a flavouring ingredient in beverages otherwise known as “cola” and contains stimulants comprising of about two per cent caffeine, as well as kolanin and theobromine. It also has industrial usage in pharmaceuticals, production of soft drinks wines and in confectionaries. While it is eaten more by the northerners and easterners, it
Nigeria, Others to Get AFREXIM Bank’s $25bn Grant

Nigeria, Others to Get AFREXIM Bank’s $25bn Grant

Africa, Business, Inside, News
The President, African Export-Import Bank, Dr Benedict Oranma, has said there are plans by the bank to support Nigeria and a number of other African countries with $25bn within the next three years. He disclosed this during an interview with our correspondent on the sidelines of the African Export-Import Bank Annual Meetings in Abuja. He said following the move by the continent to implement the African Continent Free Trade Agreement, the bank would invest more in order to promote trade and investment on the continent and support more businesses to grow. The African Continent Free Trade Agreement is expected to increase intra-African trade by 52.3 per cent from the current 19 per cent. Already, 44 out of the 55 African countries had endorsed the agreement which would enable them...