Browsing: Africa

• In a significant move by Moody’s Investors Service, Nigeria’s credit rating has been upgraded from stable to positive.
• The devaluation of the Naira and the reduction of the oil subsidy are seen as bold steps towards fiscal responsibility. 
• The recent devaluation of the Naira, a significant move by President Bola Tinubu’s administration, carries profound implications for Nigeria’s credit rating.

In a significant move by Moody’s Investors Service, Nigeria’s credit rating has been upgraded from stable to positive. This shift, while not altering the country’s credit rating, marks a potential turning point for the nation’s fiscal and economic health. The December 9th upgrade reflects the Nigerian government’s concerted efforts to stabilize its economy, spearheaded by President Bola Tinubu, amid a complex tapestry of challenges and reforms.

Credit ratings, as determined by agencies like Moody’s, are pivotal in the global economic landscape. They are a barometer for a nation’s creditworthiness, impacting …

• Global oil and gas producers have remained under immense pressure to show more goodwill in the energy transition agenda.
• As this year’s climate summit enters its homestretch, the most intriguing question is whether the final accord will pledge to reduce fossil fuels.
• The oil and gas industry’s confidence has also caused tension with renewable groups and climate activists.

The 2015 Paris Agreement establishes measures and conditions requiring all member states to mitigate climate change through emission reductions. Further, Goal 7 of the 2030 Agenda for Sustainable Development calls for concerted efforts to ensure access to modern, cleaner forms of energy, while Goal 13 calls for action to combat climate change.

Consequently, the global energy transition is on the cards. There have been calls from the global north to the south for the world to find a proper compromise on energy needs even as climate change effects put sterner demands on …

• Eastern Africa and Western Africa account for 70 per cent of Africa’s population unable to afford a healthy diet.
• About 30 per cent of Africa’s children bear the indelible mark of stunted growth, a cruel consequence of malnutrition.
• Burkina Faso, Djibouti, Mali, Mauritania, and Niger emerged with the highest prevalence rates of child wasting above 10 per cent.

Food crisis in Africa is deepening with a new report showing that an estimated one billion people in the continent are unable to afford a healthy diet. Painting a grim picture for the continent, the Africa Regional Overview of Food Security and Nutrition – Statistics and Trends 2023 report adds that a total of 282 million people in Africa, roughly 20 percent of the population, including millions of children, are undernourished. This distressing statistic sadly reflects an increase of 57 million people since the onset of the COVID-19 pandemic.

“After a long …

• The AfDB and Prince Trust International have signed a deal to address youth unemployment while scaling up human capital and entrepreneurship.
• The MOU commits both institutions to collaborate to identify and develop partnership opportunities to mainstream employability skills for technical and vocational education and training (TVET) projects funded by the Bank.
• The Prince’s Trust will participate in preparing, designing, implementing and monitoring TVET and skills development projects.

Youth unemployment, human capital, and entrepreneurship opportunities in the continent are set to be addressed through an agreement signed by the African Development Bank (AfDB) and Prince’s Trust International.

The MOU commits both institutions to work together to identify and develop partnership opportunities to mainstream employability skills for technical and vocational education and training (TVET) projects funded by the Bank in countries of common interest.

Skills development to tackle youth unemployment

The Prince’s Trust will participate in preparing, designing, implementing and …

As COP28 unfolds with its myriad discussions and commitments, a less visible but equally critical issue looms on another continent – the pervasive problem of greenwashing in Africa. From the corridors of corporate power to the burgeoning startup ecosystem, greenwashing emerges as a misleading marketing tactic and a significant barrier to genuine environmental and social progress in Africa.

In Africa’s corporate sector, greenwashing has become a strategic tool used by both corporations and governments to cover up environmentally detrimental practices. This issue is acutely critical in a continent where environmental conservation is not just a matter of policy but survival.…

• President William Ruto will lead Kenya at COP28 to showcase the country’s ambitious climate change strategy and advocate for sustainable development and climate resilience in Africa.
• Kenya is pioneering clean energy solutions, notably through biodigesters, which convert organic waste into biogas and organic fertilizer, aligning with the nation’s agricultural profile and enhancing energy independence.
• At COP28, Kenya aims to inspire global action and demonstrate that sustainable development is achievable in emerging economies, contributing significantly to the global climate change dialogue.

As the world convenes in Dubai for COP28, a significant spotlight falls on Kenya. Under President Ruto’s leadership, Kenya goes to this global summit not merely as a participant but as a catalyst for Africa in bridging climate dialogue and action.

At the heart of these discussions lies the country’s ambitious strategy to combat climate change, an approach intrinsically linked to the broader global efforts to mitigate environmental risks and …

• Mozambique’s Green Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels.
• As a nation with one of the world’s lowest electricity consumption rates, Mozambique is poised to leapfrog into a new era of energy sufficiency and independence.
• Mozambique’s success or failure of this venture could offer valuable lessons for other countries grappling with the complexities of sustainable development and climate-aligned economic growth.

Mozambique’s green energy move

Mozambique has embarked on an $80 billion Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels. This bold initiative, set to be unveiled by President Filipe Nyusi at the COP28 international climate summit in Dubai, represents a significant pivot towards sustainable development and positions Mozambique at the forefront of the global green energy transition.

At the heart of Mozambique’s strategy is integrating 2,000 megawatts of hydropower capacity by 2030, which aims to address the country’s energy poverty and …

As Angola President João Manuel Gonçalves Lourenço visits the White House on Thursday, November 30, the US is poised to strengthen a complex alliance developed during the past three decades of diplomatic ties between the two countries. Going beyond the usual protocol, this visit exemplifies the growing bond between two countries sharing common ideals with hope for a bright and safe future. …

• In recent years, Moscow has focused on building new Russia-Africa ties.
• Russia is interested in searching for new economic markets and geopolitical influence in Africa.
• Russia’s trade with African economies stood at only $18 billion in 2022.

In recent years, Moscow has focused on building new Russia-Africa ties. Russia is invigorating alliances developed during the Cold War when the former Soviet Union supported socialist movements across Africa.

Following the Soviet Union’s collapse in 1991, Moscow largely withdrew from the continent. However, since at least 2007, Russia has refocused its involvement and influence in Africa.

Over the years, Russia has contracted with over 30 African countries to provide military equipment and armaments. Businesses, including state-backed commercial interests, have invested significantly in technology security sectors and industries that extract natural resources, including oil, gas, gold, and other minerals.

“Russia is clearly interested, in search of new economic markets and geopolitical influence in …

In recent years, Africa has gained increasing attention in the climate change dialogue, especially its role in the global carbon offset market. But what exactly does this mean for the continent and the world? This article delves into the concept of carbon offsets in Africa, explores the benefits, assesses Africa’s contribution to global emissions, and examines the leading countries in carbon trading.…