Nigeria food crisis could be amplified by drought beyond ‘Horn of Africa’
MADUBUCHI EFEGADIAugust 3, 2022
BY MADUBUCHI EFEGADI Ukraine war raises strain caused by Covid-19 Tens of millions of Nigerians, already harried by the worst inflation in history, could be further threatened by starvation from food shortage from Africa’s drought, which has reached far beyond the Horn of Africa, a report by ForAfrika, has stated. The largest indigenous African […]
Impact of crude oil theft, vandalism could gulp 50% of Nigeria’s budget, Shell warns
Onome AmugeAugust 3, 2022
The Nigerian government could be spending up to 50 percent of its budget to fix the mess impacted by crude oil theft, illegal bunkering and damaged facilities in Niger Delta communities unless the administration takes an urgent action to address the issues. Igo Weli, country head/director of corporate relations, Shell Petroleum Development Company (SPDC), issued the warning […]
Nigeria at risk as 91m Africans infected with Hepatitis B or C – WHO
Maduabuchi EfegadiAugust 2, 2022
BY MADUABUCHI EFEGADI Nigeria appears at risk as more than 91 million Africans are infected with the Hepatitis B or C strain, which are the deadliest strains of the virus, according to a World Health Organisation (WHO) viral hepatitis scorecard launched recently. Last Thursday was World Hepatitis Day The viral hepatitis scorecard 2021 looked […]
Nigerian, African SMEs see prospects dim on global economy shockwaves
Maduabuchi EfegadiAugust 2, 2022
BY MADUABUCHI EFEGADI OECD 2022 outlook on ‘fading prospects’ Russian/Ukraine aggression pile pressure Nigeria’s 39.65 million and sub-Saharan Africa’s 44 million micro, small and medium-scale enterprises (MSMEs) are seeing their prospects fade away as crises and uncertainty have become a landmark of the new decade, with Russia’s war of aggression against Ukraine sending […]
Analyst pushes crawling peg to manage Nigeria’s exchange rate
CHUKS OLUIGBOAugust 1, 2022
By CHUKS OLUIGBO Current system not fit for purpose Says pegging naira to dollar unsustainable Stable rates need bridging long-term inflation gap As Nigeria’s monetary authority scratches its head in search of policy options to stabilise the foreign exchange market and save the plunging local currency, the crawling peg option has been recommended as […]
Mixed reactions trail FG’s ban on foreigners’ purchase of agric commodities
Onome AmugeJuly 31, 2022
By Onome Amuge. The Federal Government of Nigeria recently reaffirmed its ban on the direct purchase of agricultural produce from local farmers by foreign merchants, maintaining that only licensed and duly registered local buying agents can buy products directly from farmers in the country. Mohammad Abubakar, minister of Agriculture and Rural Development, made the announcement […]
Algeria, Niger, Nigeria position as EU seeks alternatives to Russian energy
Habeeb AdamuJuly 29, 2022
By Habeeb Adamu. Forty years after the idea was first suggested, Algeria, Niger and Nigeria have signed a Memorandum of Understanding (MOU) to build a mega gas-transport project linking the three countries with a pipeline spanning more than 4,000 km (2,500 miles). The MoU was signed in Algeria on Thursday by Algerian Minister of Energy […]
Nigeria’s 118.9% debt service/revenue ratio worst in the world, says EIU
Onome AmugeJuly 28, 2022
By Onome Amuge. Nigeria’s debt service-to-revenue ratio, which stood at a staggering 118.9 percent from January to April, has been ranked the worst in the world by the Economist Intelligence Unit (EIU), one of the world leaders in global business intelligence and industry reports. The country’s undesirable debt service profile, according to EIU analysts in […]
High internet cost hindering investor activity in sub-Saharan Africa, report shows
Grace Airhule, Onome AmugeJuly 27, 2022
BY Onome Amuge & Grace Airhule. Internet affordability and its diverse application in sub-Saharan Africa have over the years been punctured by the high cost of data. This, according to industry analysts, has not only widened the digital divide between sub-Saharan Africa and other regions of the world, but consequently hindered the penetration of innovative, […]
IMF cuts global growth forecast to 3.2% in 2022 amid gloomy economic outlook
Onome AmugeJuly 27, 2022
By Onome Amuge. Global economic growth has been projected to slow from 6.1 percent in 2021 to 3.2 percent in 2022 and slip further to 2.9 percent in 2023, downgrades of 0.4 and 0.7 percentage points, respectively, according to the July 2022 World Economic Outlook compiled by the International Monetary Fund (IMF). The international financial […]