Economy

In Nouakchott, Economic Commission for Africa (ECA)’s Vera Songwe congratulates Mauritania on ratification of African Continental Free Trade Agreement (AfCFTA)

In Nouakchott, Economic Commission for Africa (ECA)’s Vera Songwe congratulates Mauritania on ratification of African Continental Free Trade Agreement (AfCFTA)

Africa, Business, Economy
In Nouakchott, Economic Commission for Africa (ECA)’s Vera Songwe congratulates Mauritania on ratification of African Continental Free Trade Agreement (AfCFTA)   In an audience with the President of the Islamic Republic of Mauritania Mohamed Ould Abdel Aziz held yesterday in Nouakchott, ECA’s Executive Secretary Vera Songwe congratulated Mauritania for having ratified the African Continental Free Trade Agreement (AfCFTA), as a major project for the region’s economic development. Mauritania is one of the first countries to sign the AfCFTA documents, this shows that its President and government are convinced of the importance of regional integration, said Songwe. Discussions with President Ould Abdel Aziz included strategic choices for ECA’s work in Mauritania and its coop
Skills are the currency of the 21st century

Skills are the currency of the 21st century

Economy, Youth
The academy’s major plan this year is to set up an ‘Africa Youth Skills & Data Badge’ across the continent where young people will be required to undergo a particular training to get certification   The Africa Internship Academy (AIA) (AfricaInternshipAcademy.com) is a successful youth employment accelerator in Ghana, that provides work readiness and entrepreneurship programs for secondary & higher education students as well as graduates to gain entrepreneurial and employability skills: after proceeds to assign mentors to them: and either connect them to employers looking for entry-level talents or incubate them to launch their idea through our AIA Business Starter Pack Program. Its ideas and methods have won the Social Enterprise Award in 2017 as well as the recognition of
World Bank Releases January edition of the 2019 Global Economic Prospects (GEP)

World Bank Releases January edition of the 2019 Global Economic Prospects (GEP)

Africa, Economy
The January edition of the 2019 Global Economic Prospects (GEP) was released yesterday in Washington. Key message for Africa is that regional growth is expected to accelerate to 3.4 percent in 2019, predicated on diminished policy uncertainty and improved investment in large economies together with continued robust growth in non-resource intensive countries. Per capita growth is forecast to remain well below the long-term average in many countries, yielding little progress in poverty reduction. Sub-Saharan Africa Overview Recent developments: The recovery in Sub-Saharan Africa continues, albeit at a softer pace. Growth in the region is estimated to have increased from 2.6 percent in 2017 to 2.7 percent in 2018, slower than expected, partly due to weaknesses in Nigeria, South Africa, ...
World Bank: US-China trade war damaging global economy

World Bank: US-China trade war damaging global economy

Economy
Trade war between the world’s two largest economic powers already is inflicting collateral damage and threatens to do yet more harm to the global economy, the World Bank warned Tuesday. And the global slowdown is beginning as government and corporate debt rise, especially among the poorest countries, while mounting interest rates increase borrowing costs, the bank said in its semi-annual Global Economic Prospects report. The report was markedly more pessimistic than a year ago — when the outlook was for synchronized global growth — and peppered with exhortations to take “urgent,” “imperative” or “critical” action. “Risks are rising,” senior World Bank economist Ayhan Kose told AFP. “The global economy is going through a difficult period. Skies are darkening and we see the global economy
How Nigeria lost $2.8bn in revenue in 2018

How Nigeria lost $2.8bn in revenue in 2018

Economy
The United Nations say Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, mainly due to oil-related crimes. This is according to a new ‘Report by the Secretary-General on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS)’ on Monday in New York. The report, which covered from July 1, 2018 to Dec. 31, 2018, said “Maritime crime and piracy off the coast of West Africa continued to pose a threat to peace, security and development in the region. “Oil-related crimes resulted in the loss of nearly 2.8 billion dollars in revenues last year in Nigeria, according to government figures. “Between January 1 and November 23, there were 82 reported incidents of maritime crime and piracy in the Gulf of Guinea.’’ The report also noted that compared to t
Nigerian Firms’ll Construct $4.3bn NLNG Train 7 – NCDMB

Nigerian Firms’ll Construct $4.3bn NLNG Train 7 – NCDMB

Business, Economy, Inside, News
The engineering, procurement and construction of the planned $4.3bn Nigeria LNG Limited Train 7 plant will be done in-country by mostly indigenous companies, the Nigerian Content Development and Monitoring Board has said. According to the Executive Secretary, NCDMB, Simbi Wabote, the fabrication of pressure vessels, pipes, flare stack and other opportunities related to the Train 7 project will be domiciled in Nigeria. Wabote, who stated this at a public workshop on the Nigerian content aspect of the NLNG Train 7 in Abuja on Tuesday, warned that the era of building such projects in modules abroad to be shipped and coupled in the country was over. He said, “I know how we insist on some of these local content requirements from the international oil companies. If you leave them alone, th
Inflation Rate Rises Again, Now 11.28%

Inflation Rate Rises Again, Now 11.28%

Business, Economy, Inside, News
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate rising from 11.23 per cent in August to 11.28 per cent in September 2018. This is the second consecutive rise in headline inflation after 18 consecutive months of decline in the rate. “The Consumer Price Index, which measures inflation, increased by 11.28 per cent year-on-year in September 2018. This is 0.05 per cent points higher than the rate recorded in August 2018 at 11.23 per cent,” the NBS said in the inflation report. It stated that on a month-on-month basis, the headline index increased by 0.84 per cent in September, down by 0.21 per cent points from the rate recorded in August, which was 1.05 per cent. The bureau said the percentage change in the average co
‘How To Curb Incidence Of Banks’ Failure In Nigeria’

‘How To Curb Incidence Of Banks’ Failure In Nigeria’

Business, Economy, Inside, News
As the nation grapples with the issue of Skye Bank takeover, the bank’s shareholders, University Dons, Professors Franklin Ngwu and Uche Uwaleke have prescribed ways to stem the prevalence cases of failed banks in Nigeria. The duo, who spoke in an interview with The Guardian, argued that urgent steps must be taken to address the anomaly to restore depositors and shareholders confidence in Nigerian banks for improved financial inclusion. Indeed, there has been increasing level of banks failure in Nigeria in recent times, which has become as source of worry and elicited reactions from various stakeholders. The occurrence has caused shareholders to lose investment worth billions of naira and subsequently subject them to untold hardship. For instance in the case of the three nationalized ba
CBN, Institute Task Risk Managers On Fintech Threats

CBN, Institute Task Risk Managers On Fintech Threats

Business, Economy, Inside, News
As fintech continues to revolutionalise financial services in Nigeria, the Central Bank of Nigeria (CBN) and the Chartered Institute of Bankers of Nigeria (CIBN) have advised risk managers to stay ahead of trends and step up their risk management mechanisms to avert imminent risks that may arise from modern technology. Speaking at the Risk Management association of Nigeria (RIMAN) mandatory seminar for certified risk managers, in Lagos at the weekend, the Deputy Governor CBN, Mrs Aishah Ahmad argued that risk functions of banks must be in line with latest information and ‘up to date’ to address new and emerging risks from technology. While delivering her paper titled ‘Regulatory perspective on the future of risk management in Nigeria’ Ahmad, who was represented by the Director, Banki
Government Affirms New Strategy For Revenue, Debt Management

Government Affirms New Strategy For Revenue, Debt Management

Business, Economy, Inside, News
The Minister of Budget and National Planning, Senator Udoma Udoma and the Director-General of Debt Management Office (DMO), Ms Patience Oniha, have told investors that there is a renewed plan and commitment to diversify the economy in efforts to raise the revenue and ensure debt sustainability. The duo, who admitted that the country’s debt-to-revenue ratio is low, said the plan to rev up the country’s earnings capacity and sources is not only the best thing to do now, but urgent, explained that the new focus is directly at the economy. Udoma, who presented Nigeria’s investment opportunities during the unveiling of the Sub-Saharan Africa’s economic outlook by the International Monetary Fund (IMF), said President Muhammadu Buhari has already advised them to pay particular attention to