AfDB denies reports it has cut off $400 million loan to Nigeria

AfDB denies reports it has cut off $400 million loan to Nigeria

The African Development Bank (AfDB) said Tuesday that it has not decided to call off loans to Nigeria, countering widespread media reports that the support for the West African nation’s ailing economy was withdrawn. “The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and…

Nigeria’s Buhari heads to Niamey for ECOWAS currency meeting

Nigeria’s Buhari heads to Niamey for ECOWAS currency meeting

President Muhammadu Buhari of Nigeria is headed for Niger to discuss progress on a long-awaited common currency for the region’s West African Monetary Zone (WAMZ). Buhari, along with Minister of Finance Kemi Adeosun and Nigerian Central Bank head Godwin Emefiele, leave Tuesday for Niamey along with other common currency task…

Agribusiness in Africa: Unlocking the business potential of smallholders

Agribusiness and agriculture are primed to be the catalysts of Africa’s economic transformation and development in the coming years. According to the World Bank, they are both expected to form a USD $1 trillion industry by 2030 in Sub-Saharan Africa whilst representing 45 percent of the continent’s GDP. Considering the connection between…

Benjamin K. Musampa

Benjamin Musampa is a research associate at l'Observatoire des Amériques

Zimbabwe: Short Mugabe address skims State of the Nation surface

President Robert Mugabe of Zimbabwe delivered his State of the Nation address Tuesday, in a short speech that skimmed atop the surface of the country’s spiraling economic and political challenges. In Harare, the 92-year-old Mugabe spoke for just 28 minutes while addressing parliament in a chamber that frequently burst into…

Algeria: Budget plans add to political, economic tensions

Algerian teachers and medical workers are threatening strikes as the country’s economic woes linger amid low oil prices, and the government proposes tax hikes and salary freezes to stretch the budget. The three-year economic plan released last month also considers reduced food subsidies, with increases in bread and milk prices. Algerian…

Nigeria’s Barkindo appeals for OPEC output cooperation

African economies dependent on oil revenues continue to struggle with high supply levels and low prices, as representatives of OPEC nations meeting in Algeria Tuesday said it will be November before any decision to limit output and stabilize markets could have an impact on their ailing budgets. Nigerian Mohammad Barkindo,…

Nigeria currency crisis: Naira in a free fall for all

It is no longer news that Nigeria is the biggest market in Africa. Over the past few years, the economy grew at a pace that defied many economic indices to walk the ladder as the number one economy in Africa. However, in recent months, the chicken has come to roast….

Erukilede Julius

Erukilede Julius is a legal practitioner, entrepreneur and energy professional.