Economy

Ghana’s Economy Is Recovering – Abu Jinapor

The Minster of Lands and Natural Resources, Samuel Abu Jinapor, has said Ghana’s economy is recovering contrary to cynicism by the opposition that the economy is deteriorating.

He said “Out of the efforts of President Nana Addo Dankwa Akufo-Addo, the economy is recovering”.

Mr Jinapor, who was contributing to the ongoing debate on the 2022 budget statement and economic policy of government, on Wednesday, at Parliament, said the budget sought to respond to Ghana’s peculiar challenges that has arisen as a result of COVID-19, and must be supported.

He said: “Mr Speaker, just on Monday, the Bank of Ghana reported

Read More

Revamping the North East economy

A recent report by the World Bank has revealed the decline of economic activities in the North East region due to strident attacks by the Boko Haram insurgents. According to the bank, the destruction caused by the sect through terrorism and kidnapping in the North East has resulted in the decline of economic activities by 50 per cent.

The global financial institution also noted that Adamawa, Borno and Yobe states, the epicenter of the insurgency and the safe haven of Boko Haram, witnessed a fall in economic activities from 10 to 14 per cent between 2009 and 2013. This was

Read More

Worsening insecurity along Abuja-Kaduna highway could spell doom for economy

Following fresh attacks on motorists travelling along the Abuja-Kaduna expressway, Kaduna State lawmakers in the House of Representatives have raised alarm over the impact of lingering insecurity on that road on the economy.

The caucus, during a press briefing Thursday, bemoaned the state of security along some of the major highways across the country.

Garba Datti (APC, Kaduna), the leader of the caucus, who spoke on behalf of the lawmakers, said if the security situation along the highway is not addressed, it could affect the economy in adverse ways.

He stated that the highway is too strategic to be left

Read More

Five African Presidents, others meet to discuss post-COVID economy at AEC –

Presidents from five African countries are set to converge on Sal Island, Cape Verde for the African Economic Conference, 2021, organisers said on Wednesday.

The presidents to be attending the high-level economic meeting include: President Nana Akufo-Addo of Ghana, President José Maria Neves of the Republic of Cape Verde and President Felix-Antoine Tshilombo of the Democratic Republic of the Congo.

Others are President Paul Kagamé of the Republic of Rwanda and President Macky Sall of the Republic of Senegal.

The 2021 event, which has as its theme: “Financing Africa’s post-COVID-19 development,” will also feature more than 100 other speakers from

Read More

Inflation: Nigeria consumer prices fall for 7th month straight | Business and Economy News

Falling food prices led the move lower in Nigeria’s headline inflation rate.

Nigeria continues to buck the global trend of rising prices, with consumer prices ticking lower for the seventh month running, government figures showed on Monday.

Nigeria’s inflation rate fell to 15.99 percent in October compared with the same period last year, and was 0.64 percent lower than September’s annualised reading, the country’s National Statistics office said.

The drop in the headline rate was driven by easing annual food inflation, with prices falling from 19.5 percent in September to 18.3 percent in October.

“Domestic factors appear to be behind

Read More

My govt has ‘re-engineered’ Nigeria’s economy — Buhari

President Muhammadu Buhari Monday in Durban, South Africa, assured participants at the second Intra-African Trade Fair 2021 that his delegation is attending with ‘‘full force’’ to maximize the advantage of the gathering.

Addressing the opening ceremony of the event, the president said: ‘‘Let me assure you that Nigeria has come to Durban in full force to actively participate in this very important trade fair and take full advantage of all the opportunities it provides.

‘‘We have streamlined the country’s participation under one roof to enable you access all the information you need.”

President Buhari’s expectation of a good performance by

Read More

FG plans $100bn Nigerian-Brazil initiative on economy, food security

VICE President Yemi Osinbajo has said that the Federal Government will soon unfold the $100bn Green Imperative Nigeria-Brazil Bilateral Development Programme designed to sustain the economy through agricultural mechanisation.

He stated that the initiative would make use of Brazilian technology for the development of agricultural mechanisation to make farming a dignified venture for Nigerians and ultimately increase agricultural production and boost food security.

Declaring open the Nigerian Diaspora Investment Summit 2021 organised by the Nigeria Diaspora Summit Initiative in collaboration with the Nigerians in Diaspora Commission in Abuja on Tuesday, Osinbajo explained that the first phase

Read More

Saudi Arabia’s economy grows at fastest rate in nearly a decade | Oil and Gas News

Higher oil prices helped Saudi Arabia’s economy grow at its fastest pace in nearly a decade in Q3.

Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government.

Gross domestic product in the kingdom expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest pace since 2012, when oil prices averaged $122 a barrel. It grew 5.8% compared to the previous three months.

The oil sector grew 9% year-on-year, while the non-oil economy

Read More

Commonwealth parliamentarians arrive Abuja, COVID-19, security, economy to top discussions

The African region of Commonwealth Parliamentary Association (CPA), on Tuesday, arrived Abuja, Nigeria, for its 51st annual conference, where the effects of COVID-19 on member states, economic stability and security, amongst other issues, shall be discussed.

This was disclosed to newsmen by the Clerk, Namibia Parliament, Ms Lydia Kandetu, shortly after presiding over the inaugural meeting of Society of Clerks-at-the-Table, an organ of the CPA that houses Clerks to the Parliament or National Assembly of member states.

According to Ms Kandetu, about 12 countries were expected to send representatives to this year’s CPA, where decisions on various issues shall be

Read More

ASUU laments poor economy, low education budget

The Academic Staff Union of Universities has said successive governments have surrendered Nigeria to Europe, America and Asia since 1976, which was responsible for the “continued depletion of the economy.”

It added that others controlling Nigerians were the World Bank, International Monetary Fund, African Development Bank and World Trade Organisation.

ASUU added that policies on enhanced quality, access and affordability of education at all levels had been abandoned.

ASUU stated these in a communique issued at the end of its national summit at the Abubakar Tafawa Balewa University, Bauchi, with the theme, ‘Nigeria: The state of

Read More