Category: Economy - Page 21 - African News Today

AfDB Corruption Probe: Independent Panel Exonerates Adesina

28Jul

By Obiajulu Joel NwoluNo Comments

African Development, Corruption, Economy, Justice, News, Nigeria

AfDB Corruption Probe: Independent Panel Exonerates Adesina

The independent committee inaugurated to examine the report of the Ethics Committee of the Board of Directors on the accusations made by the whistle blowers against the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has cleared the bank’s president of any wrongdoing. The top-class independent review committee headed by Mrs. Mary Robinson, former President of Ireland, turned in its report on Monday. The panel was inaugurated in July 2 by the Bureau of Governors of the Bank, following a complaint by the United States, to crosscheck the process by which two organs of the Bank – the Ethics Committee of the Board, and the Bureau of the Board of Governors had hitherto cleared Adesina. In the top-class Revie Panel were- Mary Robinson, who is a former President of...

Gahaya Links and Mastercard Foundation Partner to Protect and Empower Women-Led Artisan Communities in Rwanda

28Jul

By adminNo Comments

Covid-19, Economy, Fashion, Inspirational, News, Press Statement, Rwanda, Women Empowerment

Gahaya Links and Mastercard Foundation Partner to Protect and Empower Women-Led Artisan Communities in Rwanda

Kigali, Rwanda, July 27, 2020 – Gahaya Links, in partnership with the Mastercard Foundation’s COVID-19 Recovery and Resilience Program, has provided 40,000 vulnerable families in their artisan network with face masks, which will help them prevent the spread of COVID-19 while enabling them to safely engage in income generating activity. The face masks were produced by 1,406 tailors, mostly women, providing economic opportunity to the artisan community which has been severely affected by the lockdown measures initiated mid-March in Rwanda countrywide. Through this partnership, Gahaya Links has worked with its vast network of women cooperatives to protect its members against the health risks of the pandemic. These women, who come from homes with an average of six family members, ...

Nigeria Opens 14 Airports for Domestic Operation

27Jul

By Obiajulu Joel NwoluNo Comments

Aviation, Covid-19, Economy, News, Nigeria, Safety, Transportation

Nigeria Opens 14 Airports for Domestic Operation

The Federal Government of Nigeria said 14 airports were now accessible for domestic flight operations in the country. Hadi Sirika, Minister of Aviation in a tweet on his official twitter handle said that 14 airports were now fully operational for domestic and commercial flights. The minister said that ministerial approvals for private and charter flights in and out of the 14 airports were not required, as the public would be informed of the other airports in due course. He disclosed that the 14 airports are: Murtala Muhammed International Airport, Lagos; Nnamdi Azikiwe International Airport, Abuja; Mallam Aminu Kano International Airport, Kano; and Port Harcourt International Airport, Omagwa. Others include the Sam Mbakwe Airport, Owerri; Maiduguri Airport, Maiduguri; Victor At...

Rwanda Launches Economic Recovery Program for Creative Industry

25Jul

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Fashion, Finance, Movies and Films, Music, News, Rwanda, Youths

Rwanda Launches Economic Recovery Program for Creative Industry

Rwanda on Friday launched a multi-party COVID-19 recovery program known as Cultural and Creative Industry Recovery Plan to uphold enterprises in the cultural and creative industry, as well as artists. According to a press release, the recovery plan aims to support seven Rwandan federations in the sectors of music, film, plastic arts, writing, beauty and fashion, traditional dance and performing arts It targets to provide 300 million Rwandan francs (about 313,000 U.S. dollars) in grants to uphold initiatives from art enterprises and artists, promote access to resources, facilities and training opportunities free for artists, and engage Rwandans to learn about, love and buy made-in-Rwanda art. The press release said that the outbreak of COVID-19 has prompted measures which resulted ...

Present 2021 Budget before September, Senate tells Buhari

22Jul

By Obiajulu Joel NwoluNo Comments

Economy, Legislature, News, Nigeria

Present 2021 Budget before September, Senate tells Buhari

The President of Nigeria’s Senate, Ahmed Lawan, has implored President Muhammadu Buhari to submit 2021 national budget before the end of September, 2020 to afford lawmakers ample time to deliberate on it. Lawan made this call while delegating the 2021-2023 Media Term Expenditure Framework and Fiscal Strategy Paper to the relevant committees of the Senate for necessary evaluation. The framework was submitted on Tuesday by President Buhari. He said that the September deadline would afford the National Assembly enough time to complete necessary works and pass the budget before the end of December. Lawan tasked the various committee members to duly involve al the revenue-generating committees to ensure proper job is done. Source: PunchNG

Borno State Governor, Zulum Lauds Igbo Traders, Pledges Financial Incentive

22Jul

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria

Borno State Governor, Zulum Lauds Igbo Traders, Pledges Financial Incentive

The executive governor of Borno State, Babagana Umara Zulum lauded car spare-parts’ traders who are mostly of Igbo extraction for their resilience and sustenance of business operation even in the face of insurgency which began in 2009. Zulum gave the compliment on Tuesday when he paid a visit to ‘Bola’, Maiduguri’s most famous automobile parts market. The governor had lately given the market a facelift by constructing roads to ease commuting to the market. Sulum assured the Igbo traders of his administration’s support through a soon to be introduced incentive to support their business and growth of the state. He said, “For the last one decade you have remained firm, and you have been with us all the time. Even, during the peak of the insurgency, even when our people are leaving t...

Banks in Nigeria to Restrict Debit Card Spending Abroad to Reduce FX Risk

20Jul

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Banks in Nigeria to Restrict Debit Card Spending Abroad to Reduce FX Risk

Banks in Nigeria are set to reduce the amount of money which customers abroad can spend using debit cards starting on Monday, as banks attempt to reduce foreign currency settlement risk. This was revealed by lenders. The quick fall in the price of crude oil which forms bulk of Nigeria’s export has caused dollar scarcity in the country forcing banks to make effort to evade transactions with hard currency. The local unit of South Africa’s Standard Bank in Nigeria, Standard IBTC Bank has revealed that from Monday, it will reduce to half the original spending limit for offshore card transactions to $500 per month, while withdrawals will be reduced to $100. Zenith Bank equally said the use of debit cards abroad for cash withdrawals will be temporarily be p...

Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

18Jul

By Obiajulu Joel NwoluNo Comments

African Development, Economy, Finance, Namibia

Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

Bank of Namibia (BoN) governor, Johannes Gawaxab has asked the country to get ready to deal with an impending digital revolution and utilize the technological innovation for greater good. Gawaxab made the statement on Thursday at the bank’s 30th anniversary celebration event, reflecting on its progress over the past years while anticipating continuous growth in the next 30 years and beyond. Gawaxab said BoN has been influential in ensuring long-term macroeconomic stability in the country over the past 30 years and has been able to deliver on its core mandate of implementing monetary policy, safeguarding stability, and promoting economic development in Namibia. According to Gawaxab, “On the monetary policy function, the role of the bank has been to set an interest rate path that en...

President Buhari Appoints Board of NLNG, Names Edmund Daukoru as Chairman

14Jul

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria

President Buhari Appoints Board of NLNG, Names Edmund Daukoru as Chairman

President Muhammadu Buhari has today, Tuesday 14 July, 2020 appointed the boards of Nigeria Liquified Natural Gas (NLNG) and Bonny Gas Transport Limited (BGT). It was made known in a statement by Timipre Sylva, Minister for Petroleum Resources. President Buhari appointed Edmund Daukoru as the NLNG board chairman. Other members of the NLNG board are Group Managing Director, Nigerian National Corporation (NNPC), Mele Kyari, Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu, Henry lkem-Obih and Rabiu Sulaiman. The President equally named Daukoru as the President of the BGT Board. Members are of the BGT are Doyin Akinyanju, Abdul Abba as well as Kyari and Nabasu. Petroleum resources minister charged the appointees to serve as worthy ambassadors of the Buhari...

Kenya Plans Reintroduction of Betting Tax

3Jul

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Kenya, Lifestyle, News, Sports

Kenya Plans Reintroduction of Betting Tax

The government of Kenya has concluded plans to reintroduce taxation of betting companies within six months following a public outburst over cancellation of the 20 percent duty in the Finance Bill 2020. Ukur Yatani, Treasury Cabinet Secretary heaped blame on the Parliament, referencing lobbying of government for the removal of the taxes. Mr. Yarani said, “The players in the industry have been petitioning the government to reduce taxation in the industry,” “The removal of this tax happened during the committee stage of the bill…The National Treasury will be proposing to the National Assembly the re-introduction of the excise duty on betting within the next six months.” Kenya ceased taxing betting firms after a proposal on May15 by an unclear stakeholder group, identified only by ...