Browsing: Africa

Folorunso Alakija has been dropped from Nigeria’s Forbes list of dollar- billionaires for a second year in a row according to a statement released by Forbes 2021 world billionaires on Tuesday.

The Nigerian Africa Billionaire businesswoman is involved in the fashion, Oil, real estate and printing industries. She is currently the group managing director of The Rose of Sharon  Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.

Nigeria the most populous country in Africa and the seventh most populous in the world with an estimation of 206 million inhabitants as of late 2019 with the largest economy in Africa has only three dollar-billionaires now.

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The current world dollar-billionaires in Nigeria according to Forbes are Chairman of Dangote group that spans a range …

The African Development Bank is working on a financial facility to support Seychelles in its COVID-19 recovery programme according to a top official of the bank.

During a courtesy call on President Wavel Ramkalawan at State House today April 7, The executive director of AfDB, Cheptoo Amos Kipronoh, said that Seychelles the bank will support the government to heal the economy of its country.

“The facility will try and help Seychelles fully in the recuperation of its economy. I am seeing that the recovery process is going very well and the country has been able to vaccinate 60 percent of its population,” said Amos Kipronoh.

“We are also seeing that the hotel businesses are also recovering and the bed occupancy is now very high. So we are working closely with the government to ensure a strong recovery process so that the economy becomes more resilient,” he added.

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Until 2019 Africa and china had an eccentric lending experience. This includes the lending spree featuring more than $10 billion a year from 2012 to 2017, higher than $1 billion in 2001, sadly China lending to Sub-saharan Africa has fallen short due to serious defaulting fears.

A detailed study executed by John Hopkins University’s China-Africa Research Initiative pointed out that, debt sustainability concerns have triggered lending to the African government to drop by 30 per cent in 2019.

China—the world top industrial economy has been a close lender to Africa—the world’s top raw material producer and fastest-growing economy over the past decade.

On the side of the fence, according to China’s 2021 White Paper on International Development Cooperation published in January, China has steadily increased the scale and further expanded the scope of its foreign aid, giving high priority to the least developed countries in Africa (Global Times).

Several media …

Data from the United Nations Environment Programme (UNEP) shows that Africa will have an acute water shortage in 25 of the 55 countries on the African continent by 2025. The data warns that these countries will record water levels below 1,700 cubic meters per capita per year.

Sub-Saharan Africa (SSA) is home to 50 per cent of the world’s entire population that does not have access to clean water. The water crisis is prevalent. For a better perspective, out of the two billion people living in water insecure, about 1 billion of these are in the SSA countries plagued by water problems. Again, the numbers translate to every 1 in 8 people lacking water on the planet on a daily basis…

The second-hand clothes business is huge in Africa raking in billions especially in Kenya, Tanzania, Ghana, Uganda and Benin. 

These five countries are among the world’s biggest markets for used clothing sold to the masses due to affordability. So big is the business in Kenya that importers saw a 4.9 per cent increase from US$157.4 million in 2018 to US$164.8 million in 2019. 

Data by the Economic Survey 2020 shows that Kenyan traders imported 185,000 tonnes of used apparel in 2019 alone. That same year, the second-hand clothes industry popularly known as Mitumba contributed KShs12 billion (US$110 million) translating to US$10 million per month.…

It is no brainer that many foreign countries have been eyeing Africa for trade and investments purposes. Africa is known of its rich mineral land and unexploited resources that mother countries have lacked required capital and technical skills to do it themselves from oil, diamonds, gold not to mention all the agricultural products such as coffee, tea, cocoa etc.

United States of America, one among the biggest ranked economies in the world has had interests in doing business in Africa since time immemorial, at the time when Vice President Richard Nixon after winding his trip in Africa recommended to then  President Dwight Eisenhower of the greater potential of drawing attention in Investing in Africa and so has been that not with U.S.A but the likes of China, United Kingdom, and other countries such as Japan as had their good sharable investment steps in doing business in the continent.

The Obama …

Climate change is a 21st-century phenomenon that has called the attention of most governments on planet earth. In Africa, the cost of adaptation is estimated at approximately $2 billion per year in the period 2030-2100.

According to a US-based think-tank, Brookings, research finding point out that, bold climate action could deliver at least $26 trillion in global economic benefits between now and 2030. On another, it could also generate nearly 65 million new low-carbon jobs by 2030.

All these benefits safeguard Africa’s prosperous future which is filled with exciting development projects execute across the region’s vast landscape.

As far as the adoption of new climate economy models, such as phasing our fossil fuels energy structures and ushering in renewables particularly solar and wind energy—which is proving to be useful in East Africa, the role of green banks and climate funds is inevitable.

The African Development Bank (AfDB) and the Climate …

Africa is expected to recover from its worst recession in half a century and reach 3.4 per cent growth in 2021.
This growth which is expected to defy the effects of increasing debt burden and the Covid-19 pandemic does not however promise to wipe out poverty but instead an estimated 39 million more Africans could possibly slip into extreme poverty this year in addition to the about 30 million who were pushed into extreme poverty in 2020 as a result of the pandemic.…

The St. Regis Almasa will play a significant role in giving the tourism industry the much-needed support and will become the new destination for luxury hospitality in Egypt.…

Contribution of game meat to total world meat production and consumption is apparently very small, according to reports the world Food and Agriculture Organization (FAO).

In an article titled ‘The new international market for game meat’ FAO cites that records of game meat trade and consumption are even less documented in the international meat trade platforms. “Accurate statistical information is grossly lacking. In many countries even statistical data on conventional meats produced by agriculture leave much to be desired, so the situation can only be worse in the field of game meat,” reads the report in part.

With only developed countries like the United States and some countries in central and northern Europe being recognized for keeping track of game meat, Tanzania has taken an unprecedented step in legalizing the trade of game meat, and keeping of accurate data of the trade.

The development comes under President John Magufuli’s …