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Nigeria’s Trade Surplus Rises By 69%
Data from the Central Bank of Nigeria has shown that the country’s trade surplus rose year-on-year (YoY) by 69 per cent. This is an increase to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021. CBN said this in its Economic Report for…
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Unemployment Rate In South Africa Rises To 44.4%
Bloomberg reports that the unemployment rate in South Africa has surged to the highest on a global list with 82 countries. According to Statistics South Africa, the unemployment rate rose from 34.4% to 44.4% in the second quarter of the year. In the first three months through March, the unemployment rate was 32.6%. Due to…
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Togo To Re-Launch Its Cotton Industry
The Togolese government has revealed its plans to revive its once struggling cotton sector through its recent privatization and industrialization efforts. At a press conference held in mid-June, the chairman of the board of directors of the New Cotton Company of Togo (NSCT), Simféitchéou Pré, revealed that the efforts are intended to make “white gold”…
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AfDB: $10bn COVID-19 Fund Boosting Africa’s Recovery
The African Development Bank has said the intervention package of its $10 billion COVID-19 relief facility which has it began disbursing since the heat of the pandemic in 2020 is boosting the recovery of several African countries. The Vice President, Regional Development, Integration and Business Delivery Complex, Khaled Sherif, stated this at the bank’s pre-annual…
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West Africa At Risk Of Worsening Food Crisis In Coming Months
Experts have revealed that the food crisis situation in West Africa might worsen between June and August 2021, with as many as 27 million people needing immediate food aid. Currently, 20 million people face a food crisis in West Africa as a result of conflict and the hardship made worse by the coronavirus pandemic. According…
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Unemployment Claims Rise to 770,000 In The US
New reports have shown that 770,000 people signed up for unemployment benefits in America despite reported steadily recovering economy. The report from the US Department of Labour on Thursday showed that jobless claims climbed from 725,000 from the week before. Even the numbers look better since the depths of the recession last year, still, the…
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Statistics Show US Unemployment Rates Still On The Rise
The Labor Department has said the unemployment rate in the US fell to 6.3%, down 0.4 percentage points from December. Despite the steady economic growth, the US economy has only been able to add only 49,000 jobs in January leaving the country about 10 million jobs short of where it stood in February 2020, before…
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Amazon In Wage Theft Mess, Ordered To Pay $62 Million
Amazon has been ordered to pay almost 62 million to flex workers following the outcome of a recent probe by the U.S. Federal Trade Commission (FTC). Amazon is to officially pay $61.7 million to flex workers following accusations that they stole tips from company drivers. The amount equals the tips that Amazon allegedly retained during a two-and-a-half-year period…