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loans to Nigeria, countering widespread media reports that the support for the West African nation’s ailing economy was withdrawn.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…

Merkel makes G20 ‘Compact for Africa’ case in Berlin

German Chancellor Angela Merkel pressed her case for investment in Africa on Monday as part of the G20’s Compact for Africa initiative, the focus of two-day meetings in Berlin. Merkel, whose nation holds the current G20 presidency, welcomed African leaders from Côte d’Ivoire, Ghana and Tunisia, the three nations that…

Somalia: World Bank approves USD$50 million for drought emergency

The World Bank has approved USD$50 million in grant funding to assist with the drought and famine response, and provide humanitarian aid to Somalia. The Somalia Emergency Drought Response and Recovery Project (SEDRP) will be coordinated through the International Committee of the Red Cross (ICRC) and the United Nations Food…

WEF: Competitiveness report focuses on youth, jobs, cities

The Africa Competitiveness Report was released Thursday at the World Economic Forum on Africa meeting in Durban, with some muted positive trends despite the overall economic stagnation. Lagging infrastructure improvement, weak financial sector development and low levels of regional trade continue to be key constraints to growth. Yet the report,…

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