Category Archives: Economy

Nigeria’s inflation at lowest point in two years

From NEXT: Nigeria’s consumer inflation eased to 10.3 percent year-on-year in June from 11.0 percent the previous month, its lowest level for more than two years, the National Bureau of Statistics said on Friday. Growth in food prices, which form the bulk of the inflation index basket in Africa’s most populous country, also eased, to… Read More »

The Economist has a new blog focusing on Africa

… called Baobab. The description in the current edition of the newspaper: …it will delve into politics, econoics and culture, and comment on the successes of Africa’s peaceful elections and foreign investment as well as on Africa’s troubles. This is hoping that the language in which the discussions and analyses are framed will not be one… Read More »

Foot in mouth disease

Three days ago, Nigeria’s Junior Finance Minister, Mr Remi Babalola, said that the Nigerian National Petroleum Corporation is insolvent. The Beeb: “NNPC is insolvent as current liabilities exceeded current assets by 754bn naira ($5bn; £3.3bn),” Mr Babalola said at a government finance meeting. He said the NNPC owed about $3bn (£2bn) to Nigeria’s Federation Account,… Read More »

The East African common market

BBC’s World Business news discusses the soon-to-be-effected East African common market. The common market will include Kenya, Tanzania, Burundi, Uganda and Rwanda. It will create a trading bloc of about 130 million people. The positive point is that trade will be easier among the countries of the common market, and the common market will be… Read More »

Nigerian Central Bank governor says oil subsidy ‘immoral’

From NEXT: The governor of Nigeria’s central bank, Sanusi Lamido Sanusi, has criticized the Federal Government’s continued spending on reducing fuel cost, renewing the call for the removal of a subsidy programme that has gulped trillions of naira but has failed to reach ordinary people as intended. Mr. Sanusi was speaking on Monday at a… Read More »

African companies spread out in Africa

From WSJ: Foreign consumer-goods companies including Coca-Cola Co., Nestlé SA and Unilever PLC have been in Africa for decades without much competition from local players. Now, home-grown companies are expanding aggressively across the continent, eager to accommodate a growing middle-class among the billion-person population. Examples? Among the most prominent of these consumer upstarts: African retailers… Read More »

Nigeria’s oil spill agonies dwarfs the Gulf of Mexico oil spill

… more oil is spilled from the [Niger] delta’s network of terminals, pipes, pumping stations and oil platforms every year than has been lost in the Gulf of Mexico, the site of a major ecological catastrophe caused by oil that has poured from a leak triggered by the explosion that wrecked BP‘s Deepwater Horizon rig last… Read More »