Africa > West Africa > Economy

Economy in West Africa

  • Africa’s Growth: Nobel Laureate Joseph Stiglitz Calls For New Strategy

    BOTSWANA, 2017/10/19 Joseph Stiglitz has advised African nations to adopt coordinated strategy encompassing agriculture, manufacturing, mining, and service sectors to attain same success delivered by the old manufacturing export-led strategy. Prof. Stiglitz, an economist and professor at Columbia University, New York, gave the advice at the Babacar Ndiaye lecture series introduced by African Export-Import Bank (Afreximbank) which debuted in Washington D.C.
  • Guinea says economic growth to dip to 5.8% in 2018

    GUINEA, 2017/10/17 Guinea’s economy will grow 5.8 % in 2018, down from an expected 6.7 % in 2017, the budget minister said on Tuesday, as it struggles with low commodity prices and unrest that has interrupted bauxite mining. The estimate is lower than the 7 % increase target authorities had been hoping to exceed in 2018, Budget Minister Mohamed Lamine Doumbouya told repoters in the capital Conakry.
  • Sub-Saharan Africa economic growth to pick-up next year

    AFRICA, 2017/10/15 Nigeria and South Africa are expected to lift sub-Saharan regional increase next year, a Reuters poll showed, once their central banks cut rates to boost Africa’s major – but sickly – economies. The two economies contribute additional than half of sub-Saharan Africa’s gross domestic product and the poll taken in the completed three days showed Nigeria’s economy, Africa’s biggest, will grow 2.4 % in 2018, up from 0.8 % this year. It has been in recession since late 2015.
  • Togo protests continues as business owners worry about economic impact

    TOGO, 2017/10/05 It seems like business as usual in Togo’s capital, Lome despite growing tension and ongoing protests calling for an end to President Faure Gnassingbe’s policy, but a lot of say the political crisis is having a negative impact on their livelihood. Residents say there have been internet cuts – a method increasingly used by governments to stifle criticism at sensitive times. An Entrepreneur, Marcel Agbedanou who owns an internet cafe said the situation is really deplorable, adding that it has led to critical consequences for their businesses.
  • Africa Convergence: Towards Africa's economic growth

    BOTSWANA, 2017/10/05 To surpass the current physical and mental borders which are hindering the development of the African continent, conference the digital challenge to achieve an Integrated and sustainable economy for increase. This was the issue on the schedule of the second Africa Convergence Conference was attended by about 30 speakers from all sectors of activity and about 300 CEOs for an unprecedented dialogue on the next of the continent. As well on the table for discussion was : regional integration, financing, unearthing talents and emerging issues related to the harmonization of economies.
  • Buhari Destroyed Nigeria’s Economy

    NIGERIA, 2017/10/04 Reno Omokri has told the current Muhammadu Buhari-led government to leave his former principal alone and focus on amending the economy he has destroyed. According to Omokri, “It is rather unfortunate that instead of sticking to the facts in its tiff with Ohanaeze Ndigbo, the Federal Government decided to drag former President Jonathan into a matter he knows nothing about by stating that “We inherited a country in tatters- its economy, its security and its social relations. President Buhari deserves credit for rebuilding what has been destroyed.”
  • Buhari Destroyed Nigeria’s Economy

    NIGERIA, 2017/10/04 Reno Omokri has told the current Muhammadu Buhari-led government to leave his former principal alone and focus on amending the economy he has destroyed. According to Omokri, “It is rather unfortunate that instead of sticking to the facts in its tiff with Ohanaeze Ndigbo, the Federal Government decided to drag former President Jonathan into a matter he knows nothing about by stating that “We inherited a country in tatters- its economy, its security and its social relations. President Buhari deserves credit for rebuilding what has been destroyed.”
  • Nigeria has been one of the hardest-hit economies due to its over-dependence on oil

    NIGERIA, 2017/09/09 Since the world oil price crash in 2014, Nigeria has been one of the hardest-hit economies due to its over-dependence on oil as its major source of revenue. China’s economic slowdown, inclunding the United States’ rate hike, as well affected its economy adversely. As a result, Nigeria’s economic increase declined drastically, with its currency falling to an all-time low. In order to save the economy from a complete collapse, the Central Bank of Nigeria (CBN) put stringent monetary policies in place, which saw investors pulling out of the country.
  • Nigeria and South Africa emerge from recession

    SOUTH AFRICA, 2017/09/09 Two of the major economies in Africa are growing again next recessions. Nigeria‘s GDP expanded by 0.55% in the second quarter of 2017 year-on-year, according to the National Bureau of Statistics, ending five consecutive quarters of contraction. Quarter-on-quarter increase for the same period was 3.23%.
  • Africa’s economic growth in 2016 was driven by East Africa

    BOTSWANA, 2017/08/20 While the continent’s major economies were hit by the fall in commodity prices in 2016, Africa retained its position as the second-fastest growing continent globally recording an average of 2.2% GDP increase, behind only South Asia, according to the African Development Bank Group (AfDB). Much of Africa’s increase in 2016, AfDB says, was driven by East Africa where several nations recorded “strong performances.” In general, of the continent’s sub-regions, East Africa posted the highest increase rate with 5.3%, led by Ethiopia.