Biz Hub Africa

   Insurance in our African region is not seen as a very important necessity compared to other places in the world. For the past few decades since this practice was introduced to the African population it has been something for the elite only. It was tailor made for the working class people because they were the only group that was earning regular income and could afford to pay for the annual premiums. Such actions made the insurance companies that were there by then lay a very segregating foundation of this industry. As years followed more and more insurance companies from both local and international spectrum which were joining this market didn't bother to alter these barrios. These aspects later led into a mental state from the low income earners and people who were coming from the informal sector that such things like "Health insurance" policies were not ment for them. A tradition which have led to the stagnant grow of our insurance industry compared to others.  ...

For the first time in the four years that FORBES has been tracking Africa’s richest, Nigeria bests South Africa. At the top yet again is cement tycoon Aliko Dangote of Nigeria, joined on the list of Africa’s 50 Richest by 12 other countrymen.  In comparison South Africa claims 11 spots, down from 14 a year ago. Nigeria is showing its strength, having earned commendations for its efforts to snuff out Ebola in the country, which Dangote helped fund — and despite a recent drop in oil prices. There are four new billionaires on the list: Orji Uzor Kalu of Nigeria, Tony Elumelu of Nigeria,  Theophilus Danjuma of Nigeria and  King Mohammed VI of Morocco. That brings the number of billionaires on the list to 28, up one from 27 last year. Three billionaires on last year’s list are no longer members of the 10-figure club: Vimal Shah of Kenya is off the list, replaced by his father Bhimji Depar Shah at a lower net worth. Abdulsamad Rabiu of Nigeria dropped below...

Procurement planning is the process of deciding what to buy, when and from what source. During the procurement planning process the procurement method is assigned and the expectations for fulfillment of procurement requirements determined. Procurement Planning is important because: 1.  It helps to decide what to buy, when and from what sources. 2.  It allows planners to determine if expectations are realistic; particularly the expectations of the requesting entities, which usually expect their requirements met on short notice and over a shorter period than the application of the corresponding procurement method allows. 3.  It is an opportunity for all stakeholders involved in the processes to meet in order to discuss particular procurement requirements. These stakeholders could be the requesting entity, end users, procurement department, technical experts, and even vendors to give relevant inputs on specific requirements. 4.  It permits the creatio...

The term ‘persistent jobless growth’ refers to the phenomenon in which economies exiting recessions demonstrate economic growth while merely maintaining – or, in some cases, decreasing – their level of employment. The scale and significance of this problem is evident in the high placing of this trend, at two out of the top 10 trends for 2015 in this year’s Outlook in the Global Agenda , an increase even over last year’s report, when persistent structural employment was ranked as the third most concerning trend. The transformations and job displacements associated with technological progress are happening faster, and may even be more dramatic in their impact than anything we’ve experienced before, and the task of providing a meaningful, substantial role for everyone is going to be hugely important. But I believe that this presents us with a huge opportunity to take advantage of current low costs of borrowing and under-utilized labour resources, and embark on large-scale pro...

Economic policies are diverging in the developed world as deflation looms CENTRAL banks in the developed world are no longer acting in tandem. When the financial crisis broke in 2007-08, most banks eased monetary policy significantly. But in late October, two days after the Federal Reserve ceased its third programme of asset purchases, the Bank of Japan stepped up its bond-buying. This divergence seems likely to have a big effect in the medium term, not least in the currency markets. The Bank of Japan said it was expanding its programme of asset purchases (known as quantitative easing, or QE) from ¥60-70 trillion to ¥80 trillion ($700 billion) a year. Its aim is to ward off deflation, a persistent problem over the past 20 years. The Tokyo stockmarket jumped sharply on the news but the biggest economic impact may be on the exchange rate. The yen fell more than 2% against the dollar on the day of the announcement—a big move by currency-market standards—and hit a seven-yea...

Financial folly can come at any age; with each new financial milestone and responsibility comes a whole new way for you to mess it all up. The good news? You're not alone. In fact, each generation has a host of specific mishaps and poor choices that its members commonly make. The best way to avoid these mistakes is to learn what they are.   Top 5 Financial Mistakes People Make in Their 20s   Twenty-somethings are sometimes seen as the most fiscally irresponsible generation (even though some studies show that they're actually better at saving money than their parents). Whether or not individuals in their 20s are careless with their money, you don't have to be. Avoid these five mistakes to be ahead of the financial game early on. Prolonging loan repayment: Don't push your student loans to the side right after college. It's important to get those paid off quickly, so that you can avoid paying extra money in interest over the years. Also, who wants to...

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 ...