Economy News & Reports WORLDReport

UN Projects 1.9% Global Economic Growth in 2023

A series of severe and mutually reinforcing shocks — the COVID-19 pandemic, the war in Ukraine and resulting food and energy crises, surging inflation, debt tightening, as well as the climate emergency — battered the world economy in 2022. Against this backdrop, world output growth is projected to decelerate from an estimated 3% in 2022 …read more →

AFRICAReports Economy News & Reports

AfDB to Assist African Countries Improve Their Data Management, Dissemination

The African Development Bank (AfDB), says it will assist African countries to improve their data management and dissemination through the provision of Open Data Platforms. According to AfDB, it will collaborate with the United Nations Economic Commission for Africa (UNECA), and the International Monetary Fund (IMF), to achieve this. To this end, the Bank said …read more →

AFRICAReports Economy News & Reports

Buhari Launches 2nd Country Review Report, Asks Counterparts in Africa To Adopt Peer Review

President Muhammadu Buhari on Tuesday in Abuja called on member states of the African Union (AU) to imbibe the culture of peer review and peer-to-peer learning for proactive and strong leadership in the continent. The President made the appeal at the launch of the Second Country Review Report (CRR) and the National Programme of Action …read more →

AFRICAReports Agriculture Banking and Finance Economy News & Reports

Development Partners Commit $30 Billion to Food Production in Africa

Development partners have committed $30 billion to boost food production in Africa over the next five years, the President of the African Development Bank (AfDB) said on Friday at the close of a summit on food security on the continent. The continent is facing its worst food crisis ever, with more than one in five …read more →

Agriculture Economy Infrastructure News & Reports Photo News Technology

Heifer, Coldhubs, Launch Solar-Powered Storage Solutions in Lagos to Enhance Smallholder Farmers

Heifer International’s sponsored agritech storage solution; ColdHubs, was yesterday formally introduced into the Lagos market with the launch of the facility for smallholder farmers and sellers of perishable farm produce at the ABAT CBD Market in Ibeju-Lekki.   The ColdHubs innovation, which is being sponsored on a large scale by Heifer International, is part of …read more →

Economy Infrastructure News & Reports

Ogun: Abiodun Signs N472bn 2023 Budget

Signing the N472,250,694,447.57billion Appropriations Bill as passed earlier by the State House of Assembly, yesterday, Abiodun said he would ensure full implementation of all the items on the bill to sustain the momentum of Building Our Future Together Agenda of his Administration. “This budget is reflective of what the people of Ogun State want. I …read more →

AFRICAReports Economy Infrastructure Maritime News & Reports Trade and Investments Transportation

First Ship Docks at $2bn Lekki Deep Sea Port

The Lekki Deep Sea Port in Lagos has received the first ship at its dock signaling a new era in port decongestion efforts in Nigeria. The Managing Director, Nigeria Ports Authority, Mohammed Bello-Koko, who received the marine vessel “Zhen Hua 28,” a heavy lift carrier, stated that the Lekki Deep Seaport, when operational, would reduce …read more →

AFRICAReports Economy Infrastructure News & Reports

Peer Review: AU Rates Nigeria High in Infrastructure, Agric Revolution

The African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD) says Nigeria recorded tremendous successes in infrastructure development and agricultural revolution during the African Peer Review Mechanism (APRM). Princess Gloria Akobundu, Chief Executive Officer of AUDA-NEPAD, said this at a news conference in Abuja on Thursday. Akobundu said that the country also recorded successes in …read more →

Agriculture Economy News & Reports

Nigeria’s GDP Grows 3.4% in 2021, Driven by Non-Oil Sector

Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent in the fourth quarter of 2021, its biggest growth since 2014, according to latest data by the nation’s statistics agency. The National Bureau of Statistics (NBS) report showed that fourth quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40 percent in …read more →

Banking and Finance Economy News & Reports

Nigeria Posts $3.68 Bn Balance of Payment Surplus in Q3 2021

Nigeria’s balance of payment account recorded a surplus of $3.68 billion at the end of September, 2021, the first surplus in 10 consecutive quarters, the Central Bank of Nigeria (CBN) report showed. The report showed that Nigeria recorded its first current account surplus in almost three years, as the combination of an increase in net …read more →