Browsing: West Africa

The Benin Coup Attempt: A Crisis Years in the Making Ten years of constitutional tinkering, regional destabilization and trans-border repression…

Nigeria’s inflation rate has remained high for the past 9 years, way before COVID-19 and the disruptions it imposed. Experts…

In a significant move by Moody’s Investors Service, Nigeria’s credit rating has been upgraded from stable to positive. The devaluation…

Dubai Ports World (DP World), based in the United Arab Emirates, is rapidly expanding its operations across Africa to become…

South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.

South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.

The 1,028km highway will connect economic capitals of five West African countries, part of Ecowas economic block. Estimates show the…

ECOWAS member states fed 22.4 million school-going children in 2022, up from 20 million learners in 2020. This represents 42%…

Central Africa’s economic performance was powered by the DRC, which grew at a jaw-dropping 8.5% in 2022. Central Africa growth…

As the 16th president of Nigeria, Bola Ahmed Tinubu has inherited an economy grappling with record-high inflation, enduring unemployment, extreme poverty, crumbling infrastructure and high levels of insecurity. However, Nigeria’s debt situation is a sore thumb among these challenges.

Nigeria’s external debt stock stood at US$41.69 billion in 2022. Multilateral lenders accounted for almost half of this figure, with Eurobonds taking about 38 per cent of Nigeria’s external debt. China’s Exim Bank accounts for US$4.3 billion, or 86 per cent of the $5 billion in bilateral debt.

In his inaugural address on May 29, President Bola Tinubu stated his plans to revive Nigeria’s ailing economy. After being sworn in as Nigeria’s 16th President, Tinubu expressed his immediate objective to achieve higher GDP of not less than 6 per cent annually and a significant reduction in the unemployment rate.