New report on COVID-19 impact on African trade finance shows massive capital outflows to $5bn in Q1 2020
BEN EGUZOZIE
April 20, 2021
…African trade amounts to $1,077 bn …Survey done by Afreximbank, UN-ECA, AfDB, MFW4A …185 banks across Africa representing 58% surveyed Ben Eguzozie, with wire copy A new report which looked at the COVID-19 impact on African trade finance shows that the continent experienced massive capital outflows exceeding $5bn by the first […]
IMF says sub-Saharan African will need additional funding of $245bn to remain afloat during the pandemic
Charles AbuedeApril 16, 2021
Charles Abuede The International Monetary Fund (IMF) has stated that the low-income countries within the sub-Saharan African region will need about $245 billion in external funding needs over the next five years of the whole region will need the sum of $425 billion in order to stay afloat and also help boost spending on […]
Greenpeace Africa reacts to East Africa crude oil pipeline deal
Wale AmeenApril 14, 2021
Says project will have harmful impact on global effort on clean energy East Africa needs clean energy that will help preserve its natural heritage Wale Ameen Online Editor In reaction to the news that the East African nations of Uganda and Tanzania along with oil firms Total and CNOOC have signed agreements to […]
European Central Bank could launch its digital currency within 4 years, says Christine Lagarde
Charles AbuedeMarch 31, 2021
Charles Abuede The President of the European Central Bank (ECB), Christine Lagarde, has said her institution could launch a digital currency within the next four years (2025) if her fellow policy makers grant the project the support and green light this summer. Lagarde, who made this revelation during a monitored interview on Wednesday said: “We […]
World leaders call for expansion of debt suspension to enable low-income countries achieve sustainable economic recovery
Wale AmeenMarch 30, 2021
Meeting called by Prime Minister Justin Trudeau of Canada, Prime Minister Andrew Holness of Jamaica and the UN Secretary-General, Antonio Guterres Achievement of sustainable development goals at risk – United Nations Secretary-General, António Guterres Wale Ameen Several heads of state and governments as well as key figures from the United Nations and […]
Afreximbank, AU move 2nd Intra-African Trade Fair to December 2021
Ben EgozozieMarch 22, 2021
…Covid-19 vaccines roll-out cited for date shift …Inaugural fair recorded $32.6bn concluded deals …Organizers refrain from adducing expected deals Ben Eguzozie The African Export-Import Bank (Afreximbank) and African Union (AU), major promoters of the intra-African trade fair, have shifted the date of the second edition of the recently introduced continental trade exhibition to […]
Turkey increases Africa footprint as Turk-Afro trade rallies 579% to $26bn in 2021
Ben Eguzozie in Port HarcourtMarch 11, 2021
…Turkish airlines fly to 51 destinations in 33 African countries …Turkish FDI in Africa in 2021 hits $6.5bn, from $100m in 2003 …Increases embassies to 43 this year Ben Eguzozie, in Port Harcourt Turkey, a member of the European Union, has been making a decided footprint and influence in Africa at breakneck speed. […]
Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President
Businessam StaffAugust 27, 2020
President Muhammadu Buhari and Ngozi Okonjo-Iweala, former finance minister, have congratulated Akinwunmi Adesina on his re-election for a second term in office as the president of African Development Bank. President Buhari, according to a statement issued by Femi Adesina, special adviser on media and publicity, congratulated Adesina on behalf of the federal executive council and […]
EU businesses to cut investments in 2020, says EIB report
Businessam StaffNovember 26, 2019
By Samson Echenim
U.S. increases cost of visa application for Nigerians
Businessam StaffAugust 27, 2019
The United States has increased the cost of visa application for Nigerians. The US Consulate announced this in a statement explaining that it was “reciprocating” the extra visa fee the Nigerian government charges American citizens. The consulate explained that the extra cost will be applicable to only those whose visa requests were granted. The […]