Skip to main content

Nigeria's economy is under pressure from oil price drop

Nigeria is Africa's largest oil producer, pumping over two million barrels a day. For decades, the country has relied heavily on the oil sector to bring in taxes and foreign exchange.
But the drop in the oil price has knocked the value of the local currency - the naira - by nearly 20%.
Those immediately affected are ordinary people, and also the new generation of investors who only entered the oil and gas businesses in recent years.

Comments

Popular posts from this blog

Kenya Economic Outlook

Economic growth is estimated at 4.9% in 2013 and is projected to accelerate to 5.7% in 2014.   Having witnessed drastic currency depreciation and rapid inflation in 2011, the economy experienced stability for both indicators in 2012 and 2013 with inflation dropping to a single digit. This stability is expected to continue in 2014. Kenya’s economy continued to recover in 2013 from the slowdown experienced in 2011. Real GDP growth in the year accelerated to 5.2%, 4.3% and 4.6% in the first three quarters of 2013 primarily driven by financial intermediation, tourism, construction and agriculture. Real GDP growth is estimated at 4.9% and 5.7% in 2013 and 2014 respectively. Similarly CPI inflation is expected to remain single digit over the same period. The economy’s short- to medium-term forecast is for sustained and rising growth based on: increased investor and business confidence in the wake of peaceful March 2013 elections; increased rainfall; a stable macroecon...

AFRICA COUGHT A FLU

THE EBOLA VIRUS What everyone who wants to come to Africa be it for business,leisure or any of those a thousand and one reasons is to acquire him/herself knowledge about the Ebola virus. According to the WHO & CDC Ebola is,"  Ebola virus disease (EVD), formerly known as Ebola haemorrhagic fever, is a severe, often fatal illness in humans." Key facts The virus is transmitted to people from wild animals and spreads in the human population through human-to-human transmission. The average EVD case fatality rate is around 50%. Case fatality rates have varied from 25% to 90% in past outbreaks. The first EVD outbreaks occurred in remote villages in Central Africa, near tropical rainforests, but the most recent outbreak in west Africa has involved major urban as well as rural areas. Community engagement is key to successfully controlling outbreaks. Good outbreak control relies on applying a package of interventions, namely case management, surveillance and contact tr...

Why the Akashas are wanted in US for trial

The tumble of the Akasha dynasty began on November 11, 2014, when Kenyan and US agents burst into the palatial homes of the drug lord's sons in Nyali and captured them. The sons of slain drug lord Ibrahim Akasha, Baktash and Ibrahim, were detained alongside Indian felon Vijaygiri "Vicky" Goswami and Gulam Hussein of Pakistan. They spent close to six months seeking freedom on bond and two years fighting extradition to the US. Also detained was Vijay's girlfriend Mamata Kulkarni, a former Bollywood actress. She was freed without charges and returned to India. Events leading to the arrest were dramatic. A day earlier, the entire anti-narcotics unit in the Coast was transferred from the region and the skeleton that remained was not even aware that US agents and Kenyan colleagues from Nairobi were swarming on the Nyali residences to detain the suspects. It became clear within 24 hours that the four men had been arrested on the strengths of an Interpol Red Notice and i...