An April forecast by the International Monetary Fund has been reviewed downwards to show that the Nigerian economy would contract by 5.4 per cent. According to the IMF’s World Economic Outlook in April, Nigeria was to expect a 3.4 per cent contraction of its economy, but in the face of the havoc being wreaked by…
The World Bank has announced the approval of a $750 million International Development Association credit for Nigeria’s Power Sector Recovery Operation. According to the bank’s Country Director for Nigeria, Shubham Chaudhuri, the credit would help “increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the…
Nigerians have long had a running battle with the country’s electricity distribution companies (DISCOs) for unjustified estimated billing system that sees customers most times paying far beyond their electricity consumption. This billing system made possible by the country’s old postpaid meters became a reason for a Meter Assets Providers scheme kicked off in May 2019…
South Africa’s unemployment rate has increased to 30% as the country continues to battle the biggest Covid-19 outbreak on the continent. The hard lockdown which began in March is a contributing factor, but Africa’s most industrialised economy entered the year in recession, received a credit rating downgrade to junk status and has seen low economic…
Covid-19 has battered the world economy. Many industries are reeling, but one shining light is E-commerce. We spoke with Nielsen Africa MD Bryan Sun to find out if companies on the continent are capitalising.
Any day of the week, between the hours of 7 in the morning and 5 in the evening, traders mostly women would gather at the Olowu Market in Epe, about 100 kilometers from the centre of Lagos, Nigeria and receive wildlife of different types, species and sizes from hunters. They pay the hunters a fraction…
Nigeria’s aviation industry was preparing to reopen domestic operations on June 21 after almost three months of closure but the Federal Government has now said the date is not feasible. The Director-General of the Nigerian Civil Aviation Authority, Capt Musa Nuhu, said on Thursday that despite the pressure to reopen, safety was not yet guaranteed. He…
After months of wrangling and internal disputes, South Africa’s embattled national carrier SAA finally has a business rescue plan, but it’s going to cost the state nearly $600 million for the plan to work. The funds will cover creditors along with voluntary severance packages for thousands of staff who are set to be retrenched. The…
A year ago, Multichoice was losing its prized premium subscriber base to rival streaming services by the bucket load. Fast forward a year and it seems Africa’s largest pay TV operator has managed to pull a rabbit out of a hat by signing deals with US streaming giants Netflix and Amazon Prime to provide content…
To limit the economic fallout of the COVID-19 pandemic in Nigeria’s main commercial city, businesses are now allowed to operate on alternate days with limited hours, but this is creating a whole new challenge for business owners in a city where commute alone takes hours due to traffic.
The African Development Bank which plays a key role in funding projects that fight poverty and improving the lives of people on the continent, is facing one of its biggest crises since its formation over half a century ago. The bank’s sharp dressing President Akinwumi Adesina who is due for re-election in August, is facing mounting…
The Nigerian government has announced a $200m Content Intervention Fund for indigenous service providers in the country’s oil industry. President Muhammadu Buhari made the announcement in his speech on Friday, June 12 – Nigeria’s Democracy Day in which he outlined that the fund is expected to boost the participation and investment of Nigerians in the oil…
The Minerals Council South Africa, which represents mining operators in the country, has denied claims the sector is fast becoming the epicentre of Covid-19. The mining industry, which employs nearly a half a million people has come under increased scrutiny over its response to the virus. Under level three of lockdown regulations, the sector is…
With dwindling revenue, Nigeria has revealed plans to tax video streaming sites, companies that offer digital content downloads and social medial platforms. The companies which provide services to Nigerians and earn revenue in Naira are expected to pay digital tax to the Federal Inland Revenue Service, according to a Companies Income Tax Order 2020 issued…
The global airlines body (IATA) has released a 2020 air transport economic outlook with African airlines recording a combined loss of $2 billion a stark contrast from the 200 million loss that was predicted in 2019. The airlines industry has been one of the most hard hit due to the travel restrictions with most regions recording negative operating…
The two-year, comprehensive feasibility study will assess the proposed project’s technical, economic, environmental and social viability The African Development Bank’s Board of Directors has approved a $1.2 million grant to Ethiopia’s government to finance a feasibility study for construction of a standard-gauge railway (SGR) link between Ethiopia and neighbouring Sudan. The grant, from the African…
Nigeria’s total foreign trade decreased by 17.94% to N8.3trn ($21.4bn) in the first quarter of 2020 when compared with the forth quarter of the previous with a figure of N10.12trn ($27bn), according to new data released by the National Bureau of Statistics. However, the latest figure represents a 0.8% year on year increase from the…
A business rescue plan for beleaguered state- owned airline South African Airways continues to hit turbulence. Business rescue practitioners Les Matuson and Siviwe Dongwana were meant to present a final plan to creditors today, but have asked for yet another extension, following disagreements with trade unions at the airline. In a letter to creditors on…
The news has been described as akin to the chess move of the decade. Some have called it the best political gimmick ever carried out by a Nigerian politician under corruption indictment. But one thing is certain, a former Nigerian petroleum minister, Diezani Alison-Madueke who has been indicted and is being prosecuted in a multi-million…
The loan is the Bank’s initial response to help mitigate the slump in oil prices and its impact on the national economy The Board of Directors of the African Development Bank on Friday approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses. The loan…