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Reviewing Nigeria’s 2021 GDP Growth (1)
The National Bureau of Statistics has reported that the country’s Gross Domestic Product increased by 4.03 percent in the third quarter of 2021. This is contained in its Gross Domestic Product Report Expenditure and Income Approach report for Q3, Q4 2021. According to the report, in the third quarter of 2021, Nigeria’s real GDP at…
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Infographics: How Global Warming Is Worsening Cyclones In Southern Africa
At the beginning of the year, the U.N.’s regional meteorology centre warned Southern Africa and island states near the Indian Ocean to brace up for torrents of tropical storms. True to these words, in January 2022, Tropical Cyclone Ana tore across countries in southern Africa, causing a death toll of more than 80. The island nation…
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Comparing Q1 Inflation Rate Across Five Years
According to the latest figures from the National Bureau of Statistics, Nigeria’s Consumer Price Index rose to 15.92 percent in March 2022. This new figure was the highest the country has recorded since November 2021. In the first quarter of the year, Nigeria’s inflation rate grew from 15.60 percent in January to 15.92 recorded in…
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Inside Industry Leader’s Strategy To Revive Tourism In Africa
Considered one of the fastest-growing industries in the pre-pandemic era, the tourism industry contributed US$9.2 trillion or 10.4%, to global GDP. Fast forward to 2022, and the industry is still struggling to recover from the Covid-19 pandemic. The African Union estimated that Africa lost nearly 55 billion US dollars in tourism revenues, with a global loss estimated…
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Poor Nigerians To Hit 95.1m In 2022
The World Bank has estimated that the number of poor Nigerians is projected to hit 95.1 million in 2022. This projection is coming as the number of Nigerians falling below poverty line continued to increase since 2015, the Washington-based bank said. It said this in its report titled, ‘A Better Future for All Nigerians: 2022…
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What Is To Blame For Soaring Inflation Rates In DRC?
Despite an exceptionally high deposit of natural resources, immense biodiversity and hydropower potential, the Democratic Republic of Congo(DRC) have the third-largest population living below poverty lines. Internal conflict, economic downtimes and the global hike in fuel prices have sparked the worst inflation rates in DRC since the peak of the Covid-19 pandemic in 2020, with…
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How The Russian-Ukraine War Is Hurting Zimbabwe’s Struggling Economy
The ongoing conflict between Russia and Ukraine is causing a rippling effect in countries across the globe especially developing economies that depend on oil and other produce supplies from both countries. Zimbabwe is one of those countries that heavily rely on European nations for trade and gets at least half of its wheat from Russia.…
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Mali Records Highest Cotton Production In The 2021-2022 Season
In Mali, food production and economic stability heavily rely on the production and exportation of cotton, after gold which covers up to 72% of the country’s total exports. As one of the four top cotton producers in sub-Saharan Africa, Mali’s cotton farmers are considered traditional high earners. However, the economic fallout from the coronavirus pandemic…
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Ghanaian Cedis Depreciates Against US Dollar At 8.86%
A Bloomberg report has pegged Ghanaian cedis the worst-performing currency among Africa’s top currencies following its second depreciation in 2022. Ghanaian Cedis dropped by 8.86% to the dollar between January 1, 2022, and February 25, 2022, presently trading at ¢6.60 to one US dollar on the forex market. Analysts have blamed the low performance of…
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Fragile Five: African Economies With Rising Debt Risks
A recent report by the Standard Bank Group has revealed five heavily indebted African countries on the verge of debt risks over the next two years as the era of pandemic-induced relief aid draws closer. According to the leading lending institution, the five countries categorized as the ‘Fragile Five’ risk loan denials from global lenders…