Category Archives: Africa Economy

Naira Devaluation: Expert Predicts Rise In Debt Profile, Inflation

An expert of capital market, Prof . Uche Uwalaka who is a staff of Nasarawa State University, has said that the recent devaluation of the naira will lead to a rise in the debt profile of the country and banks in naira terms.

The Don said a negative side effect of the devaluation was that it would shrink asset values in dollar terms and this will affect the global ranking of banking and capital market institutions.

In the short term , he said , the implication of the devaluation was that it would likely hurt the economy and bring some pains to most Nigerians given the country’ s dependence on imports and over reliance on oil revenue .

He further said that banks that have borrowed in dollars from foreign institutions will be in more trouble.

The Central Bank of Nigeria recently adjusted the official exchange rate of the naira to the dollar on its website from N361 to N 379 .

Buhari Rejoices As Review Committee Clears Adesina’s Name Off Ethical Misconduct

President Muhammadu Buhari has issued a congratulatory statement to the African Development Bank (AfDB) President, Akinwunmi Adesina following his exoneration by an independent review panel from 16 allegations of ethical misconduct levelled against him as the chief executive of the AfDB and urged him to remain steadfast in pursuing the goal of the institution.

were on Tuesday excited, following the clearance of African Development Bank (AfDB) President Akinwumi Adesina by an independent review panel.
Dr. Adesina was exonerated from 16 allegations of ethical misconduct levelled against him as the chief executive of the AfDB.
Congratulating the AfDB boss for coming out clean of all allegations, President Buhari said the bill of health given to him has validated his competence to further lead the organisation.

In the statement by Buhari’s Special Adviser on Media and Publicity Femi Adesina, the President said he warmly rejoices with President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, on the clearing of all allegations against him by an anonymous group, and further validation of his competence and integrity to lead the institution.

President Buhari also congratulates AfDB Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of Report of Panel of High-Level Independent Experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.

He also commends the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and their professionalism in rejecting support services, and providing a unanimous report.

Buhari further said that he believes the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period, and serve as impetus for more diligence in handling responsibilities, while fuelling the zeal to deliver on the promises of a greater Africa.

He concluded by urging Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.

Breaking: the President of Burundi is Dead!

Burundian President Pierre Nkurunziza has died of heart failure, the government said Tuesday.

The announcement was made by the Government of the Republic of Burundi. The death which occurred on June 8, 2020 is said to have followed a heart failure.

An evangelical who believed he was chosen by God to rule the East African nation, Nkurunziza came to power in 2005, when he was selected by parliament.

In 2015 the president has embarked on a very controversial bid for a third term in office. This was reported to have thrown the country into a massive turmoil.

The crises led to the death of at least 1,200 people, displaced hundreds of thousands and the authorities carried out a sustained crackdown on the opposition and media.

His death is coming less than a month after the elections of May 20 in which his hand-picked successor, Evariste Ndayishimiye, secured a seven-year term as president — a result confirmed by the constitutional court last Thursday.

Trade Centre Launches Online Tool For Small Business

International Trade Centre (ITC) and the Amsterdam University of Applied Sciences have launched the first free online tool to provide analyses of more than 630 of Africa’s business-to-consumer marketplaces.

The Africa Marketplace Explorer addresses the lack of comprehensive information about marketplaces in more than 50 countries in Africa.

‘’This comprehensive set of data provides an important contribution for understanding how the development of e-commerce can be supported in Africa,’’ ITC’s Acting Executive Director Dorothy Tembo said during the launch of the tool at the United Nations Conference for Trade and Development’s eWeek.

‘’Data and analysis on local marketplaces is hard to come by or highly incomplete,’’ Ms. Tembo said.

‘’For entrepreneurs in Africa it is not obvious how to find information on how to sell goods online in a regional or neighbouring country, which marketplaces exist, whether they allow foreign firms and what the access requirements are,’’ she added.

“The world’s biggest marketplaces do not have a strong presence in Africa, which means there is more opportunity for local marketplaces. ITC wanted to take advantage of this and find ways in which online marketplaces could support African businesses”.

“Online marketplaces play a substantial role in including small and medium-sized enterprises in trade because they aggregate demand, provide safe payment solutions and facilitate logistics services. They also offer routes to market for women business owners and young entrepreneurs in Africa.” she explained.

The Africa Marketplace Explorer “provides data to the research community and substance to policy debates on e-commerce’’ both at the World Trade Organisation and at the level of the African Continental Free Trade Area – as well as to entrepreneurs,” Ms. Tembo said.