The multilateral trading system overseen by the World Trade Organization (WTO) has contributed significantly to the unprecedented economic development that has taken place over the last decades across the world. Trade has allowed developing countries to benefit from the opportunities created by emerging markets, enabling them to integrate into the world market through global value chains. With the global fluctuation in trade and rapid increment, the structure and pattern of trade vary significantly by-products and regions. Undoubtedly, trade has come with both benefits and daunting challenges to countries involved, especially in African nations, where primary and intermediate merchandise formed a substantial
The central bank of Nigeria has devalued the naira (NGN) by 7.6% against the dollar (USD) as the country moves towards a unified exchange rate system for the local currency being the biggest oil producer in Africa. The CBN replaced the fixed rate of 379 NGN to a USD used for official transactions with the nafex or the I&E exchange rate of 410.25 NGN per USD, following the date curated from the CBN's website. The unification of these rates is supposed to improve the Nation's currency-management system and assist in meeting the conditions of investors and the International Monetary Fund for transparency.
Nigeria’s economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased for the first time in a year. Gross domestic product in the continent’s biggest oil producer expanded 0.5% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on Twitter on Sunday. That compares with 0.11% growth in the fourth quarter. The median of three economists’ estimates in a Bloomberg survey was for an increase of 0.9%. The slow pickup in growth could reinforce central bank Governor Godwin Emefiele’s view that it’s still
There are reports that Nigeria has not been able to sell some of its oil. Indian refineries have slowed down buying Nigerian oil as a result of COVID-19. India is a large buyer of Nigeria’s Agbami, Akpo, Bonny Light and Forcados. According to private sources, there are about 5 shipments of Nigeria Bonny deferred into June (with 2 of them already delayed from April). When cargo is “deferred,” it does not mean that there was some kind of logistical issue, it generally means that no buyers were found. A source who pleaded anonymity also confirmed that “the problem with the lack of demand for Nigeria’s
French President Emmanuel Macron is hosting leaders of African countries and heads of global financial institutions for a summit that will seek to provide the continent with critical financing swept away by the impact of COVID-19. Some two dozen African heads of state are attending Tuesday’s summit in Paris, one of the biggest in-person top-level meetings held during the pandemic. International financial leaders attending included International Monetary Fund (IMF) chief Kristalina Georgieva as well as World Bank managing director of operations Axel van Trotsenburg. The summit got under way at 11:00 GMT and is due to wind up with a 16:00 GMT
After 27 years of marriage and $146 billion in collective wealth, Bill & Melinda Gates announced their divorce via a statement posted on Bill Gates’ Twitter account on the 4th of May. The internet was abuzz instantly; the Twitter threads and think pieces went up hastily. Not only was theirs yet another in a long list of celebrity and billionaires’ divorces, but their separation also put hundreds of public health initiatives and research hinged on their donations in a precarious position. Since the inception of the Gates Foundation, the philanthropic couple has donated over $36 billion of their wealth to
European, American and African leaders, together with financial institutions, are looking for ways to help restart growth in Africa after the Covid health crisis when they meet in France this week. Described as a “New Deal” for African economies, they aim to find solutions to Africa’s international debt, which could see the continent fall into recession. The BBC’s Maggie Mutesi says it’s the big economies that are at the table and they’ll be looking at a range of problems. For Zambia, a country which is indebted to China, the problem is one of how to meet its obligations now. While countries like Mozambique, suffering
Nigerian President Muhammadu Buhari on Friday confirmed his nation's commitments to the Paris Agreement at the U.S.-led climate summit. Speaking virtually to the White House from Abuja, Buhari said since 2016, Nigeria had undertaken "major environmentally sound and climate friendly programs." He said institutional frameworks have been made to cut emissions by 2030. "Beyond ending gas flaring by 2030, the oil and gas sector has undertaken steps for diversification, risk management systems, insurance (indistinct) research and development and energy crisis planning", Buhari said. Kenya's President Uhuru Kenyatta laid out the African nation's targets for clean energy and reducing carbon emissions at the U.S.-led climate
Women clutching handbags stashed with dollars, euros, Saudi riyal and Indian rupees in Djibouti are a common sight on the busy streets of this East African nation. These women help refugees from Yemen, foreign traders or Ethiopian truck drivers exchange forex. The money changers are keeping the informal economy going. Medina, who only gave her first name, estimated she held the equivalent of one million Djiboutian francs, or $5,600/ €4,700 in multiple currencies. "It’s a decent job, it's better than being jobless. You work to earn a living for your children. When you sit here you have a cash flow, you don't need
The Prime Minister of Sudan, Abdalla Hamdok hopes the country can clear out its outrageous $60 billion foreign debt bill this year by securing deals and relief at an upcoming Paris conference that could bring much-needed investment. The seasoned UN economist-turned-premier took office at the head of a transitional government shortly after the 2019 ouster of President Omar al-Bashir whose three-decade iron-fisted rule was marked by economic hardship, deep internal conflicts, and biting international sanctions. In the past two years, Hamdok and his government have pushed to rebuild the crippled economy and end Sudan's international isolation.