Category: Economy - Page 22 - African News Today

Domestic Flights Billed to Restart on July 8 in Nigeria as Country Relaxes Lockdown Measures

2Jul

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Employment, News, Nigeria, Transportation

Domestic Flights Billed to Restart on July 8 in Nigeria as Country Relaxes Lockdown Measures

The federal government of Nigeria has announced a July 8 resumption date for domestic flights in the country as it implements a further relaxation of the COVID-19 induced lockdown. The resumption of local flights comes at a time when the West African nation is experiencing daily spike in the number of confirmed cases of the virus. Authorities say airport in the capital city of Abuja and Lagos are scheduled to resume on July 8, Kano, Port Harcourt, Owerri and Maiduguri will restart on July 11 while others will start on July 15. Government officials said that no definite timeframe has been decided for international flights. The state said a date will be announced in due course. The Nigeria Centre for Disease Control (NCDC) announced 790 new cases of COVID-19 bringing the total co...

Minibus Taxis in South Africa Embark on Strike Over Insufficient COVID-19 Relief Funds

22Jun

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, News, South Africa, Transportation

Minibus Taxis in South Africa Embark on Strike Over Insufficient COVID-19 Relief Funds

Multitude of people were left stranded in South Africa due to strike action by minibus taxi drivers over what they termed inadequate corona virus relief funds. On Monday morning, taxi drivers in Johannesburg and capital city of Pretoria in the province of Gauteng barricaded roads and declined transporting workers. Local media report that police used rubber bullets to disperse protesting drivers in Pretoria. The nationwide lockdown which was imposed in March to curb the prevalence of COVID-19 have adversely affected the transport sector in South Africa thereby reducing the income of drivers. As the country continue to ease restrictions, many citizens who depend on minibus as means of transportation to work will need the buses once the economy returns to full operation. Restrictions...

CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?

22Jun

By adminNo Comments

Corruption, Covid-19, Economy, Features, Finance, News, Nigeria

CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?

When the CBN (Central Bank of Nigeria) announced that it was going to be making about N50 billion available as loans to businesses in what it called the "Targeted Credit Facility for Covid-19", a lot of business owners saw it as a lifeline with which to revive their failed or failing businesses. It's no longer news that most businesses were hard hit by the lock down instituted by different governments as a result of the global pandemic. When the program was rolled out, it was introduced by Nirsal Micro Finance Bank, the bank that handles most of CBN's public loan programs, as "a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Covid-19 pandemic." Month's after this program supposedly kicked off, we are wondering how many Niger...

Nigerian Farmers to Get $1.1 Billion Loan Intervention from CBN

19Jun

By Obiajulu Joel NwoluNo Comments

Agriculture, Covid-19, Economy, Finance, Nigeria

Nigerian Farmers to Get $1.1 Billion Loan Intervention from CBN

The Central Bank of Nigeria (CBN) has said it plans to empower farmers with N432 billion ($1.1 billion) intervention loan to upscale food production during the planting season. The apex bank said through its Twitter handle on Thursday that about one million farmers will be given loan to cultivate more than one million hectares of land to ensure adequate food supply as the economic effects of covid-19 unravels. The West African nation has been pushing for more investment in the agricultural sector as a drift from reliance on crude, which accounts for estimated 90% of the countries revenues. The CBN projects increased production of cash crops such as cotton, rice, tomato, cassava, cocoa and maize for self-reliance cum revenue generation through export.

Famine Strikes in Burkina Faso as Farmers Seek Help

17Jun

By Obiajulu Joel NwoluNo Comments

Agriculture, Burkina Faso, Economy

Famine Strikes in Burkina Faso as Farmers Seek Help

Burkina Faso has been struck by drought and desertification which has resulted in famine. The landlocked West African nation of Burkina Faso has been hard hit by drought and desertification. The AFP and Africanews report that the landlocked nation has been hit hard by draught which has caused large scale hunger among its citizens. Just east of capital Ouagadougou, once fertile land is now dry. The country which is famed for food production and fertile earth has turned a shadow of itself. Previously productive lands are now good for gathering pebbles, due to years of drought and the erosion of the top soil. The slow advance of desertification, comes as populations from the north and across the Sahel are being pushed from their homes by violence linked to jihadists. Food inse...

China to Unite with African Leaders Against COVID-19

16Jun

By Obiajulu Joel NwoluNo Comments

Africa, China, Covid-19, Economy, News

China to Unite with African Leaders Against COVID-19

The President of China Xi Jinping is scheduled to host a virtual summit with African leaders in solidarity against coronavirus on Wednesday in Beijing, China. This was announced by Hua Chunying, spokesperson of Chinese foreign ministry. The summit will be held at the instance of China; South Africa, the rotating chair of the African Union (AU); and Senegal, co-chair of the Forum on China-Africa Cooperation. It will hold through video link. President Xi will present a keynote address at the summit. In attendance will be leaders of African countries, members of the African Union (AU) Assembly of Heads of State and Government and chairs of major African subregional organisations. Equally invited as guests are secretary-general of the United Nations and the director-general of the Wor...

Most-At-Need Sudanese to Get Direct Cash Payments from Government

15Jun

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, News, Sudan

Most-At-Need Sudanese to Get Direct Cash Payments from Government

Citizens of Sudan are set to receive direct cash transfers from next week as part of experimental programme as the country attempts to ease off expensive subsidies. Sudan’s capital Khartoum has been striving to revive its faltering economy. This latest attempt is aimed at improving the lot of the city and the country at large. Sudan has faced an inflation rate of almost 100% and the currency facing a free fall. The government has had to print money to subsidise basic necessities like bread, fuel and electricity. The country has a foreign debts rate of about $62 billion. Last week, its government started talks that could usher international finance support by the International Monetary Fund (IMF) through a non-funded programme. Under first phase of the new pilot cash payment progr...

Osun State Government Debunks Stopping Payment of Allocation to Local Government Accounts

14Jun

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria

Osun State Government Debunks Stopping Payment of Allocation to Local Government Accounts

The government of Gboyega Oyetola of Osun state has debunked rumours that the state government has stopped direct payment of monthly allocations to the accounts of local governments in the state. This was disclosed by Prince Adebayo Adeleke, Commissioner for Local Government and Chieftaincy Affairs in a statement. He said reports of the state asking banks to cease direct payment to Local Governments Councils in the state are baseless and reiterated Osun government’s commitment to Nigerian Financial Intelligence Unit (NFIU) guidelines and regulations. According to Adeleke, "To set the record straight, the mandate for the payment of salary, which consists of statutory and non-statutory ones had been presented to the bank for onward transfer to all necessary accounts since Tuesday, J...

Increased Number of COVID-19 Cases in Ghana Stop Operators from Reopening

9Jun

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Ghana, News

Increased Number of COVID-19 Cases in Ghana Stop Operators from Reopening

Bar and pub operators in Ghana have continued to make appeals to the government to ease some restrictions amid the COVID-19 pandemic to allow them restart operations, the Ghana News Agency reports. West African country, Ghana has continued to enforce strict measures to curb the growing number of corona virus cases. Ghana had a surge in COVID-19 cases in May 2020 but there has been a gradual ease of restrictions to enable some sectors of the economy to function. This may have informed the decision by pub operators to make the appeal to the government. The operators maintained that the lock down of their businesses due to the pandemic was affecting them economically. They expressed their readiness to enforce the required health protocols if allowed to resume operations. President...

CAF Disburses CFA120 million to Member States Amid COVID-19 Pandemic

8Jun

By Obiajulu Joel NwoluNo Comments

Africa, Covid-19, Economy, Finance, Sports

CAF Disburses CFA120 million to Member States Amid COVID-19 Pandemic

African football governing body has followed the footsteps of FIFA in disbursing funds to member states to assist in the fight against Corona virus. CAF issued out cheques to representatives of member associations. The continental football governing body will also release an additional 6,393 million CFA francs that will see each federation receiving up to 120 million as subsidy amid the COVID-19 pandemic. Football in Africa had been halted in March to curb the growing spread of COVID-19. While some leagues have been nullified, others are trailed by uncertainty and will be hoping on CAF and their federations to decide their fate. (Source:Africa news.com)