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Why we are investing $580m in varsities in Nigeria, west, central African countries

The World Bank said it is investing over $580m in 53 universities in Nigeria and other West and central African countries through its African Centres of Excellence (ACE) project to address common regional development challenges and strengthen their capacities to deliver high quality training and applied research. World Bank education specialist for west and central Africa, […]

How ECOWAS omitted Nigeria’s priority goods from AfCFTA’s exclusive lists

Despite being a major market in the Economic Community of West African States (ECOWAS), local manufacturers have kicked against the exclusion of Nigeria’s priority products from the sensitive and exclusive lists of the African Continental Free Trade Area (AfCFTA) agreement. According to the Manufacturers Association of Nigeria (MAN), operators do not agree with the identified […]

‘Eco warriors’ battle over future of West African currency

West African states are divided over the future of currency union in the region after the announcement last December by the presidents of Côte d’Ivoire and France of far-reaching reforms to the West African CFA franc, which will be renamed the eco. France has agreed to reduce its historical supervision of the former colonial currency, which is […]

West African countries change currency, shed French ties

PARIS Eight West African countries announced their intent to cease using the CFA franc, a France-backed currency used by former colonies in the region, beginning July 1, and renamed a common currency, the Eco. At a Dec. 21 joint news conference at the Petits Palais in Abidjan, Ivory Coast President Alassane Ouattara and French President […]

West Africa: USAID Launches $60 Million for West Africa Trade, Investment Hub

The U.S. Agency for International Development (USAID) has earmarked $60 million in co-investment grant funds for trade and investment hub activity to promote the Nigerian economy. U.S. Ambassador to Nigeria, Mary Leonard, disclosed this at the official launch of the West African Trade and Hub on Tuesday in Abuja. She said that the activity, which would last […]

Government supports maiden Ghana Gold Expo

Mr Benito Owusu-Bio, the Deputy Minister of Lands and Natural Resources has assured government’s unflinching support towards this year’s maiden edition of the Ghana Gold Expo to be held in Takoradi in the Western Region. The Deputy Minister said government’s agenda was to promote responsible gold, as President Nana Addo Dankwa Akufo-Addo made a commitment […]

Palm oil: Golden Africa thinks big in East Africa

Golden Africa, the Yemeni company founded by Fouad Hayel Saeed, and a pioneer in industrial activity in Djibouti, has ambitions in the Horn of Africa, especially Ethiopia. One year after its inauguration in December 2018, overlooking the multimodal port of Doraleh, Golden Africa’s palm oil refining and packaging plant has already picked up speed. And […]

Policy uncertainty weakens Nigeria’s economic outlook – World Bank

Uncertainty over the direction of the Federal Government’s policies has weakened Nigeria’s economic outlook, according to the World Bank’s January 2020 Global Economic Prospects report. The World Bank in the report projected that the Nigerian economy would grow by 2.1 per cent this year. The projected growth rate was described as ‘subdued’. The predicted growth […]

Goldman Lifts 2020 Oil Forecasts as OPEC Cuts Tighten Market

(Bloomberg) — Goldman Sachs (NYSE:GS) raises 2020 Brent spot price to $63/bbl from $60 previously, according to emailed report. Long-term anchor price still seen at $55/bbl. Bank now forecasts WTI spot price at $58.50/bbl with long-term anchor price at $50 Goldman updates forecasts after OPEC+ agreed to bigger output cuts than expected OPEC’s Oil Surprise Came as […]

Nigeria: We’ll Jumpstart Kwara Economy With Infrastructure Development – Governor Abdulrazaq

Ilorin — Kwara State Governor, Alhaji AbdulRahman AbdulRazaq has assured the people of the state that his administration will jumpstart the state’s economy with infrastructure development, especially by providing roads and other basic amenities. Abdulrasaq, disclosed this at the annual Ganni Festival in Gwanara in Baruten local government area of the state held recently. He […]

Ghana Inflation Rate Jumps to Four-Month High

Ghana’s inflation rate rose to the highest level in four months in November as the cedi continued to weaken. Annual inflation quickened to 8.2% in from 7.7% in October, Government Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Wednesday. The median estimate of three economists in a Bloomberg survey was 7.6%. Prices […]

AfDB approves $210 million loan for this West African nation’s power transmission project

LAGOS, Nov 30 (Reuters) – The African Development Bank (AfDB) has approved a $210 million loan to help Nigeria upgrade its dilapidated electricity transmission and distribution network. The loan to Transmission Company of Nigeria (TCN) will support construction of 330KV double circuit quad transmission lines and sub-stations across the country, the bank said in a […]

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