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568 Million Africans Live Without Access To Electricity
According to the World Health Organisation, in its 2022 Energy Progress report, 568 million Africans are living without access to electricity and clean energy. WHO said the impact of the COVID-19 pandemic is adversely affecting the progress of universal energy access, designed to attain the Sustainable Development Goal of ensuring access to affordable, reliable, sustainable…
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45 Countries Face High Risk Of Food Crisis
A study by Boston Consulting Group, a global management consulting firm, has shown that about 45 countries around the world are severely exposed to the Ukraine war-induced food crisis. BCG, in a report titled, ‘The war in Ukraine and the rush to feed the world’, said it explored in detail the multiple direct and indirect…
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Economy: Here Is Why South Africa Is Extending Fuel Levy Cuts
The South African government is considering an extension on the reduction in the general fuel levy until early August to ease pressure on consumers from high domestic fuel prices linked to the Russia-Ukraine conflict. In March, the government announced a temporary reduction in the fuel levy of 1.5 rands ($0.09) per litre for two months…
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Senegal Reports The Seizure Of Fake Drugs Worth 1.7 Million Euros
The Senegalese Customs has reported the seizure of several boxes of fake medicines worth an estimated 1.15 billion CFA francs (1.7 million euros) in the Thiaroye area, the suburbs of Dakar. According to a statement from the commercial brigade of Keur Ayip (Centre), officers discovered “four parcels of Indian hemp, weighing a total of 400kg,…
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Nigeria’s GDP Grew By 3.11% In Q1 2022
Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022. The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022. It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a…
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Zimbabwe’s Central Bank Lifts Ban On Bank Lending Services
Three years after Zimbabwe reintroduced its currency, a decade after abandoning it for mainly the United States dollar, the local currency’s value has declined from about 2.5 to the US dollar in 2019 to 285 to the US dollar on the interbank market. The Zimbabwean dollar trades even lower in black market at 400 to…
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How Comoros Is Rebuilding Its Tourism Sector Post-Covid-19
Comoros is an archipelago of four islands located at the northern end of the Mozambique Channel between Madagascar and the eastern coast of Africa. The economy of Comoros was hit hard by the adverse effects of the COVID–19 in 2020 after being hit hard in 2019 by Cyclone Kenneth. Covid-19 restrictions and curfews enforced in the…
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In Four Years, Workers In Formal Sector Earn N159tn
According to data from the National Bureau of Statistics, employees in Nigeria’s formal sector earned N159.01 trillion from 2018 to 2021. This was contained in its ‘Nigerian Gross Domestic Product Report’. The NBS said the total compensation of employees in the nation, based on the GDP and expenditure at current purchasers’ value, was N34.36tn…
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Nigeria’s Inflation hits 16.82% In April 2022
Latest figures from the National Bureau of Statistics have revealed that the Consumer Price Index rose to 16.82 percent in April from 15.92 percent in March. The NBS disclosed this in its ‘Consumer Price Index April 2022’. The report read in part, “In April 2022, the consumer price index, which measures inflation increased to 16.82…
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Nigerians’ Household Consumption Spending Rises To N108tn
The National Bureau of Statistics has said that Nigerian residents spent N108.47 trillion on household consumption in 2021 in nominal terms. The figure is 11 percent higher than the N97.72tn recorded in 2020. This is an increase amid double-digit inflation of 15.92 recorded in march 2022. The NBS, which disclosed this in its recent Expenditure…