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African Economic Outlook 2022: African Development Bank and IMF experts underscore the urgency of climate financing for Africa
July 26, 2022--African Development Bank and International Monetary Fund (IMF) experts have stressed the urgency of mobilizing climate financing for Africa during a panel discussion on the African Development Bank's 2022 African Economic Outlook hosted by the IMF in Washington, DC on Monday.
Participants at the meeting heard that African countries need to mobilize $1.6 trillion between 2022 and 2030 to meet their Nationally Determined Contributions to fight climate change, So far, they have only received $18.3 billion annually, leaving a financing gap of $108 billion annually. With current trends, Africa's NDCs will not be achieved.
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Source: imf.org
Nigeria's Inflation Rate Hits 18.6%
July 15, 2022--The new rate is 0.84 per cent points higher compared to the rate recorded in June 2021, which was 17.75 per cent.
Nigeria's inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month, the National Bureau of Statistics (NBS) said on Friday.
The new rate is 0.84 per cent points higher compared to the rate recorded in June 2021, which was 17.75 per cent.
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Source: allafrica.com
Nigeria: Over 13 Million Nigerians Hold Cryptocurrencies-UN Report
July 12, 2022--No fewer than 13 million Nigerians are in possession of digital assets, as the United Nations Conference on Trade and Development (UNCTAD) has rated the West African country third among countries with the highest number of cryptocurrency holders in Africa.
Latest data from the UN agency's policy brief indicated that the country was trailing Kenya and South Africa, with about 6.3 per cent of the Nigerian population owning or holding cryptocurrencies.
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Source: allafrica.com
Free Trade Deal Boosts Africa's Economic Development
June 30, 2022--Highlights
A new agreement creating Africa's first continent-wide free trade area could generate greater economic benefits than previously estimated.
The African Continental Free Trade Area (AfCFTA), if fully implemented,could raise incomes by 9 percent by 2035 and lift 50 million people out of extreme poverty.
To realize its potential benefits, the agreement must accomplish its most ambitious goals, which include harmonizing policies on e-commerce, investment, and intellectual property.
The African Continental Free Trade Area (AfCFTA) could deliver far greater benefits in terms of jobs, growth, and poverty reduction than previously estimated-making it a potential game changer for Africa's economic development if its ambitious goals are fully realized.
view the World Bank Making the Most of the African Continental Free Trade Area : Leveraging Trade and Foreign Direct Investment to Boost Growth and Reduce Poverty report
Source: worldbank.org
More African Central Banks Are Exploring Digital Currencies
June 23,2022--Several sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria's October introduction of e-Naira. Nigeria was the second country after the Bahamas to roll out a CBDC.
CBDCs are digital versions of cash that are more secure and less volatile than crypto assets because they are issued and regulated by central banks
As the Chart of the Week shows, South Africa and Ghana are running pilots while other countries are in the research phase.
The South African Reserve Bank is experimenting with a wholesale CBDC, which can only be used by financial institutions for interbank transfers, as part of the second phase of its Project Khokha. The country is also participating in a cross-border pilot with the central banks of Australia, Malaysia and Singapore.
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Source: SEC.gov
World Bank Nigeria Development Update (NDU)-The Continuing Urgency of Business Unusual JUNE 2022
June 14, 2022--This latest edition of the NDU says that inflation in Nigeria, already one of the highest in the world before the war in Ukraine, is likely to increase further due to the rise in global fuel and food prices caused by the war.
And that is likely to push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians that were already predicted to fall into poverty this year due to the rise in prices, particularly food prices.
The report also states that the inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline.
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Source: worldbank.org
New report from Endeavor Nigeria says Africa's technology ecosystem is poised for exponential growth
June 8, 2022-- A new report from Endeavor Nigeria, the leading community of high-impact entrepreneurs in Nigeria, analysis shows that Africa's technology ecosystem is set for a period of exponential growth, accelerated by strong market fundamentals and the impact of the COVID-19 pandemic.
The report, titled "The Inflection Point: Africa's Digital Economy Is Poised To Take Off", reviewed key events in Africa’s technology ecosystem from the last few years, identified patterns (especially in the context of other technology ecosystems across the world), and offers a roadmap to successfully navigate the opportunities that are emerging. According to the report, which drew on multiple sources, including analysis from McKinsey & Company, Africa's digital economy is approaching its S-curve, a period of rapid, significant growth that will positively impact the continent's GDP, job creation, and overall economic outlook.
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Source: Endeavor Nigeria
South Africa: GDP Increases By 1.9 Percent in Q1 of 2022
June 7, 2022--South Africa's gross domestic product (GDP) increased by 1.9% in the first quarter of 2022.
Addressing media on Tuesday, Statistician General Risenga Maluleke said in the first three months of the year, the manufacturing industry increased by 4.9%, contributing 0.6 of a percentage point to GDP growth.
"Seven of the 10 manufacturing divisions reported positive growth rates in the first quarter. The petroleum, chemical products, rubber and plastic products division made the largest contribution to the increase in the first quarter."
Statistics South Africa (Stats SA) said the food and beverages division; basic iron and steel, non-ferrous metal products, metal products and machinery division, and motor vehicles, parts and accessories and other transport equipment divisions also made significant contributions to growth.
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Source: allafrica.com
Africa: China Looks to Africa in Race for Lithium
June 4, 2022--It is the new gold rush, and China is leading the hunt as prices surge. Only it's not gold everyone's looking for, it's lithium. Many say the future of electric vehicle production and, more broadly, combatting climate change, depend on the rare metal.
Prices for the "green metal" have seen an almost 500% increase in the past year, according to Bloomberg.
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Source: allafrica.com
Africa: Bank Predicts Slower Economic Growth, Rising Inflation in Africa
May 27, 2022--According to the latest African Economic Outlook report by the African Development Bank, Russia's invasion of Ukraine and lingering effects of the COVID-19 pandemic pose huge challenges to the continent.
The bank's president, Akinwumi Adesina, said at the launch of the report that it will take a great deal of effort for Africa to fully recover.
"The recovery for Africa will be very costly. Africa will need at least 432 billion dollars to address the effects of COVID-19 on its economies and on the lives of its people-- resources it does not have."
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Source: allafrica.com
