South Africa’s economy grew by 0.7 percent in the third quarter of 2015, narrowly avoiding a recession, Statistics South Africa (Stats SA) said on Wednesday. The agency, though, said some of the country’s key industries are in recession. The increase in overall economic activity in the third quarter was characterised by three of the ten […]
Category: Economy
Nigeria lead drive at UN to recognise SMEs as key pillar in poverty eradication
Nigeria took centre stage at the United Nations Headquarters in New York on Tuesday, November 24, when Delta State Governor, Dr Ifeanyi Okowa, took the stand to deliver the Keynote Address of the 2015 Africa Industrialisation Day with the theme, “SMEs for Poverty Eradication and Job Creation for Women and Youth.” The Conference Room 7 […]
China signs US$930m in business deals prior to Premier Xi’s visit
President Xi Jinping will announce new economic aid for the continent at a China-Africa summit in Johannesburg during his trip. Photo: Xinhua China boosted its economic ties with Africa yesterday by signing 23 business deals totalling US$930 million, while a fresh round of economic aid is being planned before President Xi Jinping starts his visit […]
China-Africa summit to strengthen relationships as part of Silk Road agenda
Next week’s Forum on China-African Cooperation summit will look to charm leaders on the continent, seen by Beijing as a step towards global dominance. China has cut imports of African commodities, leaving the continent in the economic lurch. IN September, presidents Omar al Bashir and Jacob Zuma held a warm meeting on the sidelines of […]
Zimbabwe budget forecasts 2.7% growth in 2016; 92% of budget still spent on govt wages
Zimbabwe’s Economic Development Minister Patrick Chinamasa said on Thursday the country’s economy would grow by 2.7 percent in 2016, after he rolled out measures aimed at addressing a deepening economic crisis. Zimbabwe’s economy is expected to grow by 1.5 percent this year, after initially being projected to grow by 3.5 percent. Announcing the US$4 billion […]
Malawi: Agriculture and Manufacturing driving 5%+ growth to counter falls in mining earnings.
Malawi’s economy continued to recover from the contraction in GDP experienced in 2012 as a result of slippage in macro-economic policies and withdrawal of budgetary support by development partners (DPs) over governance concerns, which precipitated an acute shortage of foreign exchange and fuel, crippling the economy. In 2014, the country’s economy is estimated to have […]
Mozambique: Islamic Devt Bank has Invested $300m in Mozambique
Maputo — The Islamic Development Bank (IDB) has invested around 300 million US dollars in Mozambique since the country joined the institution in 1995, according to the Minister of Economy and Finance, Adriano Maleiane. Speaking at a Maputo press conference on Saturday, held to announce that the 40th annual meeting of the Saudi Arabia-based IDB […]
MTN Nigeria warns reprisal attacks on S.Africans will plunge Nigeria’s economy
MTN Nigeria has cautioned against reprisal attacks on multinationals that have links with South Africa owing to the xenophobic attacks on Nigerians in South Africa, saying any such occurrence would result in monumental loss and setback for the Nigerian economy. Xenophobic attacks on foreigners in South Africa by some group of South Africans has led […]
Nigeria: Large cap stocks Dangote, Transcorp, Seplat see large drops in profit
Some key quoted companies at the Nigerian Stocks Exchange have recorded huge loss in their operations but the banking sector has performed well during the first quarter,2015 Daily Trust finding revealed. Data from Reuters revealed that as at the end of the quarter, Dangote Sugar’s first quarter pretax profit dropped from 51.9 percent to N3.79 […]
IMF Lauds Nigeria’s Belt-tightening response to declining Oil Prices
The International Monetary Fund (IMF) has applauded Nigeria’s response to the declining prices of oil just as African finance ministers expressed concern that the slow growth of the Chinese economy will impact negatively on many African countries. Responding to a question at the IMF/World Bank Spring meetings, yesterday, the IMF Managing Director, Christine Lagarde, commended […]
