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Critical Reforms Needed to Reduce Inflation and Accelerate the Recovery, says New World Bank Report
June 15, 2021--While the government took measures to protect the economy against a much deeper recession, it would be essential to set policy foundations for a strong recovery, according to the latest World Bank Nigeria Development Update (NDU).
The NDU, titled "Resilience through Reforms", notes that in 2020 the Nigerian economy experienced a shallower contraction of -1.8% than had been projected at the beginning of the pandemic (-3.2%).
Although the economy started to grow again, prices are increasing rapidly, severely impacting Nigerian households. As of April 2021, the inflation rate was the highest in four years. Food prices accounted for over 60% of the total increase in inflation. Rising prices have pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.
view the World Bank Nigeria Development Update Resilience through Reforms
Source: worldbank.org
OPEC Members Lost U.S.$1Trillion to Price Plunge in 2 Years-Barkindo
June 8, 2021--The 14 member countries of the Organisation of Petroleum Exporting Countries (OPEC), including Nigeria, lost about $1 trillion to oil price plunge between 2015 and 2016.
OPEC Secretary General Mohammed Barkindo disclosed this yesterday in his keynote address to the Fourth Nigeria International Petroleum Summit, in Abuja, with the theme: "From Crisis to Opportunities, New Concepts".
"In terms of foregone revenues to OPEC member countries during this oil cycle, collectively about one trillion dollars was lost as a consequence of the plunge in prices in 2015 and 2016," he said.view more
Source: allafrica.com
South Africa: SA Economy Rebounding From 2020 Recession
May 29, 2021--The South African economy continues to rebound from the 2020 recession,albeit at different growth rates across sectors, the South African Reserve Bank's Financial Stability Review (FSR) has revealed.
On Thursday, the SARB released the first edition of the FSR for 2021. The FSR is the primary means through which the central bank communicates its assessment of financial stability risks and mitigating policy actions to the public.
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Source: allafrica.com
South Africa: Reserve Bank Commences Feasibility Study for General-Purpose Retail Central Bank Digital Currency
May 25, 2021--The South African Reserve Bank (SARB) has embarked on a study to investigate the feasibility, desirability and appropriateness of a central bank digital currency (CBDC) as electronic legal tender, for general-purpose retail use, complementary to cash.
A retail CBDC can be defined as a digital form of cash aimed at providing the best attributes of both cash and electronic payments.
The objective of the feasibility study is to consider how the issuance of a general-purpose CBDC will feed into the SARB's policy position and mandate. The SARB is one of a growing number of central banks looking at the feasibility of the issuance of digital currencies.
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Source: allafrica.com
Nigeria: Amidst Covid-19 Challenges, Nigeria's Economy Grows Again
May 24, 2021--The latest report highlighted two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of last year.
Nigeria's economy grew 0.51 percent in the first quarter of 2021. a report published by the statistics office on Sunday shows.
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Source: allafrica.com
Africa: Top 10 Wealthiest Cities in Africa
April 9, 2021--The wealth of a city is measured by its assets like property, cash, equities, and business interest as well as all property holdings and primary residences.
According to the world report here are the 10 wealthiest cities in Africa.
1. Johannesburg-Also known as Joburg, the South African city is considered the wealthiest city in Africa with an estimated wealth of $248 billion (about Sh214 trillion).
It is also the most visited city in Africa with more than 5 million annual visitors. The city is home to 2 dollar billionaires and about 16000 millionaires.
2. Cape Town-It is the legislative capital of South Africa with a total wealth of $133 billion (about Sh13 trillion) with a population of more than 3.5 million. The city has one dollar billionaire.
3. Cairo - It is the capital city of Egypt and the largest in the country. The city accounts for 22% of Egypt's economy and is home to the most billionaires in Africa, totaling 5. Its total wealth is $129 billion (about Sh12.9 trillion).
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Source: allafrica.com
Covid-19 pandemic impetus for greater regional integration, African countries told at presentation of regional integration index report
April 19, 2021--As countries rebuild their economies following COVID-19, Africa needs to step up productive and infrastructural integration, participants heard at a regional presentation of the African Regional Integration Index (ARII) held virtually last week.
The index, a joint publication of the Economic Commission for Africa, the African Development Bank and the African Union Commission, provides up-to-date data on the status of regional integration in Africa and assesses the level of integration for every regional economic community and its member countries.
The Index report underlines the need for a renewed commitment to regional integration within Africa, speakers said. They noted that the beginning of trade under the African Continental Free Trade Area in January 2021, amid the Covid-19 pandemic and its disruptive impact on movement and economies, had thrown this into sharper focus.
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Source: afdb.org
Five Big Bets for the Circular Economy in Africa: African Circular Economy Alliance
April 15, 2021--Circular solutions can be used by African countries to attain vital climate action targets and sustainable development goals. With this in mind, the African Circular Economy Alliance (ACEA) was launched to spur the continent's transition to a circular economy that delivers economic growth, jobs and positive environmental outcomes.
Putting in place the right circular economy initiatives and policies will also support the post-COVID-19 recovery and trigger new market opportunities. This report uses four criteria to prioritize areas for further research: circularity potential, economic significance, transformative impact potential and momentum. It goes on to highlight five opportunity areas- food systems, packaging, built environment, fashion and textiles, and electronics- and identifies crucial enablers that will support the transition to a circular economy across all five themes.
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Source: World Economic Forum
Nigeria's SEC Moves Against Investment Platforms Trading Foreign Securities
April 9, 2021--The regulator warns operators to stop trading "unregistered" securities that are based in other countries.
Nigeria's Securities and Exchange Commission (SEC) has warned capital market operators to stop giving support to online investment trading platforms providing access to foreign securities in Nigeria.
In a statement Thursday, the regulator said those securities were not registered in Nigeria, and platforms providing access to them were acting against the law. It warned capital market operators in partnership with the platforms to desist from providing brokerage services for foreign securities.
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Source: allafrica.com
AfCFTA: Free trade bloc can be a game changer for African people and business
March 26, 2021--Exploring strategies to deepen private sector participation in the implementation African Continental Free Trade Area (AfCFTA) was the highlight of a panel session during the 2021 WTO Aid-for-Trade Stocktaking meeting.
The African Development Bank, the United Nations Industrial Development Organization (UNIDO) and International Trade Centre (ITC) organized the session held on Wednesday 24 March.
"The success of the AfCFTA hinges on the ability of African firms to understand and capitalize on the trade related opportunities offered by the AfCFTA," said Pamela Coke-Hamilton, International Trade Centre (ITC) Executive Director.
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Source: African Development Bank