Category: Economy - Page 23 - African News Today

Famine Strikes in Burkina Faso as Farmers Seek Help

17Jun

By Obiajulu Joel NwoluNo Comments

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)

Liberia Set to Reopen Airport and Hotels in Two Weeks

8Jun

By Obiajulu Joel NwoluNo Comments

Africa, Covid-19, Economy, Liberia, News

Liberia Set to Reopen Airport and Hotels in Two Weeks

International airport and hotels in Liberia are billed to reopen on June 21, 2020. The decision was disclosed by President George Manneh Weah who says the country is winning the battle against coronavirus. An initial state of emergency scheduled to end on June 9 will not be extended. Liberia has so far recorded 345 cases of Covid-19, as well as 30 deaths. The full weight of the virus remains in doubt. Sources say the country has carried out low number of tests to fully grasp the level of prevalence. Accordingly to President Weah, curfew time has been amended to 9pm from 6pm while schools are to remain closed. Source: BBC

Nigeria Secures $288.5m African Development Bank Loan

8Jun

By Obiajulu Joel NwoluNo Comments

Africa, Agriculture, Covid-19, Economy, Finance, News, Nigeria

Nigeria Secures $288.5m African Development Bank Loan

Nigerian has gotten approval for $288.5m loan from African Development Bank (AfDB) to cushion the impact of coronavirus and the drop in the price of crude oil. Africa’s largest economy – Nigeria, has been battling with growing cases of COVID-19 with an infection rate of 12,233 cases and 342 deaths. Coupled with the dwindling price of oil, the country has seen her finances stretched. The minister of finance, Zainab Shamsuna Ahmed had warned that Nigeria’s economy could take a hit from the pandemic. The country has been battling with the adverse effect of the pandemic, low oil price and effect of lockdown which held sway till recent relaxation. Read also: FG lost N557bn to MDAs in five years —Report The loan will reinforce government’s capacity to upscale surveillance and react t...

Opinion: Nigerian Values – Food For Thought

14Apr

By Ndidi UwechueNo Comments

Economy, Features, Nigeria

Opinion: Nigerian Values – Food For Thought

14th April 2020 Life seems to be much about FOOD in Nigeria. There is regular talk about how to get food for oneself or for the children. People worry about not getting “three square meals” a day. Nigerians talk about the “national cake”. Young women look for a man to marry who can put food on the table. There is a great sense of satisfaction when food has been obtained or eaten. A good day is a day when food has been eaten. Taking it further, politicians use food to either bribe people for votes, or to keep aggrieved citizens quiet. “Just give them food and it will all be ok”. Moreover, when a group is agitating for some kind of civil or human rights, we hear things said such as, “They must be hungry”. The rights or issues being addressed are disregarded, sadly, even by th...

Lagos inaugurates FADAMA Food Market in Badagry

21Feb

By Debo OmilaniNo Comments

Agriculture, Economy, Lagos News, Nigeria

Lagos inaugurates FADAMA Food Market in Badagry

Lagos State Government today inaugurated a new Food Market at Agbalata, in Badagry Local Government in order to structure agricultural produce marketing for traceability and quality assurance. The Special Adviser to the Governor on Agriculture, Ms. Abisola Olusanya, who inaugurated the market, explained that the new FADAMA Food Market would also promote availability of wholesome food to the populace at affordable prices as well as create farmgate price advantage through the elimination of middlemen. She noted that the market which was a product of a collaborative effort with multilateral Agencies, especially the World Bank and the Federal Government, would also reduce post-harvest losses whilst giving optimum returns to farmers for their efforts. Acco...