Africa Economy

UBA Foundation takes its ‘Read Africa Initiative’ to Nairobi

The United Bank for Africa (UBA) Plc, through its Corporate Social Responsibility arm, the UBA Foundation, continued on its quest to educate and empower African youths as it visited Our Lady of Mercy Girls Secondary School in Nairobi to donate over 500 copies of the book The Fishermen (by Chigozie Obioma), under the UBA Foundation’s […]

Read More

Agriculture, Electricity, Entrepreneurship will create jobs in Africa – Elumelu

The Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, Tony O. Elumelu, CON, has called on African leaders and development institutions to help address the deepening job and employment crisis bedevilling the continent by lending support and paying more attention towards the agricultural sector, creating access to electricity and developing entrepreneurship. Elumelu […]

Read More

South Africa considers privatisation to counter recession

South Africa’s finance minister laid out an ambitious 14-point programme on Thursday to wrench the economy out of recession that included the sale of non-core assets and partial privatisation of state-owned firms. The plans to stimulate growth in the continent’s most industrialised economy appear to represent an ideological shift by the ruling African National Congress, […]

Read More

Libya, Nigeria may attend OPEC, non-OPEC July meeting

Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices. Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices. This has prompted […]

Read More

GTBank emerges Nigeria, Africa’s best bank for SMEs

Guaranty Trust Bank Plc has emerged Nigeria and Africa’s best bank for SMEs during the 2017 Euromoney Awards in London at the prestigious Tower of London, last weekend. Now in its 26th year, the Euromoney Awards for Excellence covers more than 20 global product categories, including the best banks in over 100 countries around the […]

Read More
world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

Eritrea’s capital added to UNESCO World Heritage list

Eritrean officials on Saturday claimed “victory” after the U.N. cultural agency unanimously decided to put the African nation’s capital city of Asmara on the UNESCO World Heritage list – the result of years of lobbying by one of the world’s most reclusive governments. The decision during a session of the UNESCO World Heritage Committee in […]

Read More

Nigeria will push for peace in Africa – Onyeama

Nigeria will push for peace and look at the issue of rapid deployment of Africa Standby Force (ASF) to conflict areas. The country which assumed the post of Chairman of AU Peace and Security Council, would also push for robust engagement in the conflict zones in Africa The Minister of Foreign Affairs, Mr. Geoffrey Onyeama, […]

Read More

FBN Capital, AfDB, EU bank target $100m for African tech fund

Investors which include FBN Capital, African Development Bank and the European Investment Bank are targeting investment funds estimated at $100 million for the funding for tech stat ups in the African continent. The fund will make investments of between $500,000 and $10 million per company. London and Nairobi-based venture firm TLcom Capital had raised $40 […]

Read More
African Development Bank (AfDB) Headquarters Source: Reuters

AfDB presses for $135 billion loan to MSMEs

The African Development Bank (AfDB) has called on financial credit providers to increase lending to Micro, Small and Medium Enterprises (MSMEs) in Africa to 135 billion U.S. dollars. A statement issued by Mr Emeka Anuforo, the Communications Officer of the Bank, in Abuja on Wednesday said that increasing affordable loans would promote the growth of […]

Read More

South Africa will exit recession “quicker than we believe”

South African President Jacob Zuma told parliament on Thursday the economy would come out of recession “quicker than we believe”, his first public comments since data showed Africa’s most industrialised economy was struggling. The country sank into recession for the first time in eight years in the first quarter, hit by weakness in consumer sectors […]

Read More
world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

S.Africa to build 9,600MW nuclear project, maybe one of the world’s biggest

Russian energy group Rosatom is a contender for South Africa’s nuclear expansion project and the country will award the contract by the end of the year, the chairman of the South African Nuclear Energy Corporation (Necsa) said on Monday. South Africa is planning to build 9,600 megawatts (MW) of nuclear capacity to wean itself off […]

Read More
world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

OECD, AfDB predicts growth in Africa to hit 3.4% in 2017, 4.3% in 2018

The Organisation for Economic Co-operation and Development (OECD) and the African Development Bank (AfDB) expect economic growth in Africa to pick up this year and next. Presenting their latest forecasts at the sidelines of a G20 Africa summit in Berlin, both organisations forecast gross domestic product (GDP) to expand by 3.4 percent this year after […]

Read More