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Opinion Post: Will A Unified Currency Save Africa’s Economy?
East African Community (EAC) has proposed the idea of a unified currency for East Africa, an idea that has since gone beyond the planning stage. According to the Secretary-General of the EAC, Peter Mathuki, the community is in the process of harmonizing critical policies and putting in place the requisite institutions to attain a single…
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Capital Importation Falls By 24%
Capital importation into Nigeria’s economy fell year-on-year by 24.6 per cent to $4.56 billion in the first 10 months of 2022 (10M’22). This is from $6.05 billion in the corresponding period of 2021. Findings from the Monthly Economic Report of the Central Bank of Nigeria, CBN, also showed that capital outflows declined y/y by 32…
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2023: Nigeria’s Economic Growth Will Slow To 3%
THE International Monetary Fund has projected that Nigeria’s economic growth will slow to 3.0 percent in 2023. It added that the inflation rate will drop to 17 per cent. IMF also forecasted for global economy growth in 2022 at 3.2 percent, and however lowered its forecast for 2023 to 2.7 per cent, representing 0.2 percentage…
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How Morocco Plans To Regulate The Legal Use Of Cannabis
The government of Morocco has set up a monitoring agency that would ensure the legal use of cannabis just before the North African country completes the legalization of cannabis resin. Morocco is the world’s largest producer of cannabis resin and could potentially make billions in revenue with the export or legalized local trade of the…
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What Is Namibia Doing With Its Newly Discovered Oil Reservoir?
Months after discovering large amounts of light oil and associated gas off the coast of Namibia, the southern African country has joined Africa’s league of oil-producing nations to launch a sovereign wealth fund. At the launch of the state-owned investment fund, President Hage Geingob said an initial deposit of 262 million Namibian dollars ($16.3m) would…
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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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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…
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Nigeria’s Economic Growth Slowed In February
According to the Central Bank of Nigeria’s report, the economy recorded slow growth in February. The CBN’s Monetary Policy Committee report showed that in February, the Manufacturing Purchasing Managers’ Index recorded slow growth, with the Non-Manufacturing PMI also contracting. It stated that, “The Committee, however, noted that although the Manufacturing Purchasing Managers’ Index, remained above…
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Angola To Invest $445 Million In Logistics Hubs
The Angolan government plans to invest over US$445.5 million (392.3 million euros) to build 21 logistics centres, by 2038, to minimise the challenges of goods transportation. Minister for Transport, Ricardo de Abreu, made this known at the launch of the international public tender for the concession, construction, operation and commercial management of the Soyo and…
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ANALYSIS: COVID-19 Impact Hit Hard On Food Prices
As Nigeria gradually heals up from the impact of the COVID-19 pandemic on its economy, Nigerians are still finding it difficult to adjust to the skyrocketing prices of food stuff despite key indicators showing a slight relief on the country’s economy. Twentyten gathered that averagely, the prices of every ‘regularly consumed’ food product had doubled…