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

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...

How Amina lost African Union commission post to Chad candidate

Kenya’s Foreign Affairs Cabinet Secretary Amina Mohamed lost out to Chad’s Moussa Mahamat in the race to become the chair of the African Union Commission in the Round Seven vote. Ms Mohamed fell to a strong onslaught fronted by countries from the Economic Community of West African States (Ecowas) after seven rounds of voting that saw three other candidates fall by the wayside early in the voting. Amina, 56, lost to Mahamat after heads of state voted in the seventh round. Yesterday’s elections in Addis Ababa, which were delayed for two hours after the opening ceremony, took up to 3pm, eating into the time of the voting for the AUC chairperson that was scheduled to take place at 2pm The African Heads of State and Government were forced to break and resume the voting session at 4pm. The African leaders took their seats at the assembly summit at 4.30pm and the voting started. In the first round, Amina was leading with 16 votes against Chad's candidate who had 14 vote...

THE LOOMING CRISIS

The Implications of a Drier, Hotter and More Crowded Future Why is this issue important? The Horn of Africa is one of the world's most food-insecure regions. The eight countries – Djibouti, Ethiopia, Eritrea, Kenya, Somalia, Sudan, South Sudan and Uganda – have a combined population of 160 million people, 70 million of whom (or nearly 44 per cent) live in areas prone to extreme food shortages (1). Between 1970 and 2000, these countries were threatened by famine at least once each decade (1). In the future, the impacts of climate change, as well as growing populations and declining per capita agricultural capacity, are expected to further threaten food security¹. As one of the least developed areas in Africa, there is limited capacity to respond to drought or food crises. To prevent humanitarian emergencies, the Horn of Africa needs to strengthen its ability to build long-term resilience and tackle the root causes of ...

Biz Hub Africa

Search This Blog