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Economy in Africa

  • Ola’s creative documentation on developing Africa through entrepreneurship manual out

    AFRICA, 2016/09/29 Judging by the simple fact that civilisation began in the continent of Africa which is sadly, today, the majority backward, poverty-stricken, war-torn, disunited continent where there exists a huge gap between the leaders and the masses, one cannot help but wonder what went wrong. In all of these challenges confronting Africa, unemployment has played and is still playing a huge role in the continent’s underdevelopment. The labour force is largely dormant and the resultant result is that they utilise their endowments to perpetuate criminal acts. This has been a major bane of Africa’s development. In Our Entrepreneurship Mandate, Ola Grace, a lawyer and an alumnus of the Enterprise Development Centre of the prestigious Pan- Atlantic University, Lagos, explicitly addresses the critical need for harnessing Africa’s enormous resources and endowments through entrepreneurship inclunding business endeavours.

  • Use social media to promote development, says President

    ZIMBABWE, 2016/09/05 President Mugabe has challenged zanu-PF youths to use information communication technologies to defend and promote the ruling party as well as for the development of the country.

  • Angola' s Recent developments and prospects

    ANGOLA, 2016/09/03 Angola’s economy grew by 3.8% in 2015, and GDP increase will remain subdued, at 3.3% in 2016 and 3.5% in 2017, due to lower crude oil prices. Policies to accelerate economic diversification and strengthen human development and equitable increase are needed to reduce vulnerability to external shocks. Investment in economic and social infrastructure is needed to enhance the sustainability of the country’s urbanisation process. Angola’s natural resource wealth helped attract foreign direct investment and ensured strong economic increase over the completed decade. But the economy has recently undergone a major structural shock due to lower crude oil prices, and forecasts for the coming years remain filled with uncertainty about the evolution of the country’s oil exports and international commodity prices. Increase of gross domestic product (GDP) is projected to remain subdued, at 3.3% in 2016 and 3.5% in 2017, down from 3.8% in 2015. Increase of the oil sector will average 4%, while the non-oil sector is expected to show a small development, growing by 3.4%, driven mainly by a strong recovery in agriculture.

  • Economic Recession: You Are Incompetent, Resign Now – PDP Dares Buhari

    NIGERIA, 2016/09/02 The Peoples Democratic Party, PDP, has said the new statement released by the National Bureau of Statistics, NBS, had exposed the incompetence of the President Muhammadu Buhari-led government. NBS had yesterday released its quarterly statement which confirmed that Nigeria is in recession. The statement had indicated an alarming increase in the Gross Domestic Product, GDP, Inflation and Unemployment figures since Buhari assumed the mantle of leadership. Reacting to the statistics, the opposition party’s Director on New Media, Deji Adeyanju, demanded the resignation of the President.

  • 2016 Finalists for Africa’s Leading Youth Entrepreneurship Award

    AFRICA, 2016/08/27 African Leadership Academy (http://AfricanLeadershipAcademy.org), in partnership with The MasterCard Foundation (www.MasterCardFDN.org), is proud to announce Africa’s top youth entrepreneur finalists for the sixth annual Anzisha Prize (www.AnzishaPrize.org). This year, the Prize celebrates increased presence in Northern African markets such as Morocco and Egypt, and francophone nations such as Madagascar and Niger, and increased diversity in the business ventures represented.

  • Africa's economic growth will slow down to about 2.5% this year

    AFRICA, 2016/08/27  

  • Egypt sees opening to become largest African economy

    EGYPT, 2016/08/25 South Africa, Nigeria, and Egypt continue their competition for the status as the major economy in Africa, with South Africa recently moving back to initial place part the three, according to recalculated International Monetary Fund (IMF) data. South Africa had before fallen to rank third next Egypt moved up to second according to the IMF’s World Economic Outlook statement for April. The US dollar price of South Africa’s GDP stands at $301bn, while Nigeria’s GDP stands at $296bn and Egypt’s at $270bn. The relative ranking between the three changes depending on exchange rate movements, and all three economies have seen their national currency depreciate against the dollar—by 50% for the South African rand, 61% for the Nigerian naira, and 25% for the Egyptian pound.

  • Africa's big cities are investment bright spots, says private equity firms Abraaj and Actis

    AFRICA, 2016/08/18 Like most emerging and frontier markets around the world, Africa’s major economies have been affected by the drop in commodity prices over the completed 18 months. However, there are investment bright spots to be found in Africa’s large cities. In cities such as Lagos, Nairobi, Accra, Kinshasa and Johannesburg, increase remains robust and investors are prospering in the retail, financial services, technology and construction sectors.

  • South Africa is Africa’s largest economy (again). But what does it mean?

    SOUTH AFRICA, 2016/08/18 South Africa has toppled Nigeria and reclaimed its status as the major economy in Africa. This comes two years next Nigeria rebased its GDP calculation and advanced to the top spot. South Africa was as well temporarily relegated to the third position early this year next Egypt climbed to claim the second spot. The Conversation Africa’s business and economy editor Sibonelo Radebe asked the University of the Witwatersrand’s Professor Jannie Rossouw to explain what it all means.

  • Building Africa’s Knowledge Economy

    AFRICA, 2016/08/18 Development economists often differ with one an extra, but they acknowledge on this: the knowledge economy will be the foundation of each country’s evolution in the twenty-initial century. From presently on while East Asia and other regions have been making substantial gains in building a knowledge economy, Africa has not. It is not too late to change that. But to do so requires a shift from “hard” strategies like structural adjustment to “soft” ones – in particular, the development of human capabilities. In engineering that shift, leaders should focus on developing the four pillars of a knowledge economy, as defined by the World Bank’s Knowledge Economy Index.
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