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Nigeria: Blockchain Technology Has the Potential to Add $29 Billion to Nigeria's GDP By 2030
July 12, 2021--New research by Enhancing Financial Innovation & Access (EFInA) finds that blockchain technology can address barriers to financial inclusion in Nigeria and substantially boost Nigeria's economy, potentially adding $29 billion to Nigeria's GDP in this decade.
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Source: allafrica.com
Nigeria: Nigerian Stocks Deepen Loss By U.S.$601 Million As Investors Take Profit
July 10, 2021--The all-share index toppled by 475.68 basis points to close at 37,994.19.
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Source: allafrica.com
How a Great Green Wall could help Africa combat climate change
June 18, 2021--The Great Green Wall initiative aims to restore land, sequester carbon and create jobs in some of the poorest communities in the world, where climate change is hitting the hardest.
The project began as a reforestation initiative, but has grown into a broader and more ambitious plan for ecological, economic and social development.
The future of the Great Green Wall will rely on the project's ability to innovate. It needs to move into new areas, encouraging communities to switch to renewable energy and encouraging 'ecopreneurship'.
The Great Green Wall initiative is a reforestation project that aims to transform the lives of millions living on the frontline of the climate crisis. The goals of this African-led project are to restore 100 million hectares of land, sequester 250 million tonnes of carbon and create 10 million green jobs in rural areas. Once complete, the Great Green Wall will be the largest living structure on the planet, three times the size of the Great Barrier Reef.
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Source: World Economic Forum (WEF)
Africa: Nigeria-South Africa Trade Hits U.S.$2.9 Billion
June 16, 2021--The volume of trade between Nigeria and South Africa hit $2.9 billion last year with expectation of it rising further with the African Continental Free Trade Area (AfCFTA) agreement.
Nigeria's Consul General, Malik Abdul, in a statement noted that Nigeria accounts for 64 per cent of South Africa's trade in West Africa and is one of his country's top three sources of crude oil.
He further added that in 2020, South Africa imported R35 billion ($2.48 billion) worth of goods, predominantly crude oil from Nigeria and exported R6 billion ($425milion) to Nigeria.
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Source: allafrica.com
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
