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You are here:Home>>Items filtered by date: March 2020
 
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AllAfrica News: Latest
All Africa, All the Time.
  • Nigeria: Messing Up Nigeria With Chinese Loans
    [This Day] In sane climes, when a government signs any loan agreement, the interest of the citizens is prioritised. That has not been the case with loan agreements signed with China by Nigerian governments - past and present. Some critical things are signed away by our governments in these deals. Between 2010 and March 31, 2020, 11 of such loans have been obtained from the China Exim Bank. They all have a seven-year moratorium, 20 years tenor and obtained at 2.5 per cent interest rate, with varying maturity dates.
  • Uganda: Bridging Divide in Uganda's Education System
    [Monitor] Uganda has the second youngest population in the world with 15 million students across learning institutions. These learners are currently at home due to closure of schools due to Covid-19.
  • Tanzania: Five Poachers 'Share' 60-180 Year Jail Term
    [Daily News] MANYONI District Court has sentenced five poachers to jail terms ranging between 60 and 180 years for their role in poaching activities within Chamwino District, Dodoma City and Manyoni District in Singida Region.


Emeka Chiakwelu, the Principal policy strategist at AFRIPOL (Africa Political & Economic Strategic Center) has congratulated the Honorable Dr. Ngozi Okonjo-Iweala on her appointment to the Presidential Economic Advisory Council (PEAC) by the South African President Cyril Ramaphosa .



Reacting to this great choice made by His Excellency, President Cyril Ramaphosa  of  South Africa.  Mr. Emeka Chiakwelu of AFRIPOL, an African based public policy organization reiterated that presence of Okonjo-Iweala will enhanced an affirmative outcome for South African economy. He emphasized profusely that the intellectual and highly technical endowed Okonjo-Iweala will be of great help to South Africa to fabricate an economic policy of pro-growth and pro job creation.


Chiakwelu said, “With the state of  South African economy, marked with weak economic growth and lack of job creation in the economy. A great mind of Dr. Okonjo-Iweala will offer a way forward to jump start the economy and keep it humming along well.”


Chiakwelu further emphasized the presence of Okonjo-Iweala, a global renowned development economist with a presence in World Bank and international business organizations will signal to the world of business and finance that South Africa is “ready to play ball in world of economics and finance.”



Chiakwelu concluded by reiterating that “Africa will always be grateful to Dr. Ngozi Okonjo-Iweala  for standing  with African and developing nations,  always ready to aid them in progress to achieve economic growth  devoid of inflationary trend and weak currency.”



Afripol is a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.


 

Dr Ngozi Okonjo-Iweala, a former Finance Minister in Nigeria, World Bank personality and  acclaimed global financial guru has been appointed Head of Presidential Economic Advisory Council (PEAC) by the South African President Cyril Ramaphosa  

The Council comprises of local and international economic thought leaders bringing together prominent economists and technical experts drawn from academia, private sector, labour, community, think tanks and other constituencies.

 

South African President, Cyril Ramaphosa

 

Nigeria’s Senate approved President Muhammadu Buhari’s plan to borrow $22.7 billion from external creditors to finance infrastructure projects.


Lawmakers gave their endorsement to the government during Thursday’s proceedings in the capital, Abuja, to seek the funding expected from the Islamic Development Bank, the African Development Bank, the World Bank and creditors in China, Japan and Germany. “The loans will have a positive influence on the GDP of this country,” Senate President Ahmed Lawan said.


The government will use the money to expand the railways, build a new hydro power dam and fund special intervention projects across the West African nation, according to a letter sent to the parliament in November.



While Nigeria’s outstanding loans amount to about about a quarter of its economic output, Africa’s largest oil producer spends more than half of its revenue servicing debts. The International Monetary Fund has warned that without major revenue reforms, the debts could rise to almost 36% of GDP by 2024, with interest payments taking as much as 75% of government revenue.


"Nigeria’s public debt stands at N26.2trn as Buhari govt moves to borrow N10.8trn"

 

Premium New stated : "About 70 per cent (that is, $17,065,496,773) of the new $22.7 billion loan bid will be coming from China’s EXIM Bank, Nigeria’s biggest bilateral lender in nearly two decades. Apart from China, the other lending agencies are the World Bank, $2,854,000,000; Afrivan Development Bank (ADB), $1,888,950,000; Islamic Development Bank (IDB), $110,000,000; Japan International Cooperation Agency (JlCA), $200,000,000; German Development Bank (KFW) – $200,000,000; China Exim Bank, $17.065.496.773; and the French Development Agency (AFD), $480,000,000. Already, since 2002, Nigeria had borrowed $6.5 billion from China to fund various infrastructural project."

 

 

Credit: Anthony Osae-Brown Bloomberg

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Strategic Research and Analysis

  • BIAFRA:  Documentary marking 50 years BIAFRA: Documentary marking 50 years
    Documentary marking 50 years since Nigerian-Biafran War launches in London   Dr Louisa Egbunike’s documentary weaves together an engaging narrative of reflections from authors touched by one of the most devastating conflicts of the 1960s, one that still casts its shadow on Nigerians around the world
    On Saturday 25th January 2020, a sold-out Curzon Bloomsbury cinema played host to the launch of In The Shadow of Biafra, a documentary reflecting...
  • US Secretary of States  optimistic that Nigeria Travel Ban will be  lifted US Secretary of States optimistic that Nigeria Travel Ban will be lifted
    US Secretary of State Mike Pompeo said Tuesday he's optimistic that Nigeria will take the steps needed to remove itself from U.S. visa restrictions that were imposed last week. Pompeo did not offer a timeline for the removal of the restrictions that the country's foreign minister said had “blindsided” Nigerian officials.


    The restrictions announced on Friday bar Nigerians from receiving immigrant visas to live permanently in the...
  • Nigeria to receive $308m stolen by ex-dictator: Sani Abacha Nigeria to receive $308m stolen by ex-dictator: Sani Abacha
    Nigeria is set to receive around $308 million seized from former military dictator Sani Abacha under a deal backed by the United States and the island of Jersey, US prosecutors said Monday.


    The sum is the latest to be recovered from the accounts of Abacha, an army officer who ruled Nigeria from 1993 until his death in 1998 aged 54, which sparked an ongoing search for hundreds of millions of dollars he stole and hid abroad.
  • Equiano the African: "The father of African literature". Equiano the African: "The father of African literature".
    Olaudah Equiano, an Igbo free slave, a  freedom fighter and an abolitionist. He joined William Wilberforce in abolition movement  and became the wealthiest black man in the English-speaking world.


    When Olaudah Equiano published his autobiography in England in 1789, he achieved instant celebrity. Several thousand copies were sold, the subscribers including the Prince of Wales, the Duke of York and the Duke of Cumberland. The book...
  • Nigeria and Biafra: Ndi-Igbo 50 years after the civil war Nigeria and Biafra: Ndi-Igbo 50 years after the civil war
      It is difficult to believe that it is over 50 years since the end of Nigeria Civil War, what with the scars and the wounds that seem to fester and become more malignant and the ensuing cold war that has refused to abate.


    Although the war ended on a no-victor-no-vanquished note and a promise of reconstruction, rehabilitation and reconciliation as pronounced by the Gowon-led federal government, yet the real war continued in a more...
  • Why Trump placed  immigration and travel  Ban on  Nigeria, others Why Trump placed immigration and travel Ban on Nigeria, others
    President Trump has placed travel restrictions and outright immigration ban on Nigeria and other five countries Eritrea, Kyrgyzstan, Myanmar,   Sudanese and Tanzanian.



    These two Asian and four more African countries  travel were restricted and Trump suspended immigrant visas for citizens of Eritrea, Kyrgyzstan, Myanmar, and Nigeria and suspended Sudanese and Tanzanian citizens from participating in the U.S. “visa lottery”...
  • Ejike Okpa and GOP:  Nigerian Americans Tilting  To The Right? Ejike Okpa and GOP: Nigerian Americans Tilting To The Right?

    For now it has been taken for granted in American political sphere that racial minorities stand with the political Left and vote for Democratic Party.  It's like a gospel truth that most Blacks and Hispanics always identify with liberal policies and recent immigrants are expected to follow put.


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  •  Soyinka  @ “Never Again Conference”  - 50years  after Biafra Civil War Soyinka @ “Never Again Conference” - 50years after Biafra Civil War

    Speech delivered by Professor Wole Soyinka at the “Never Again Conference” organised by the Nzuko Umunna and Ndigbo, to mark the 50 years after the Nigerian Civil War on Monday, January 13 at the MUSON Centre, Onikan Lagos).




    Last year October, about a week after the nation space that we have generously agreed to refer to as Nigeria, celebrated her 59th year of Independence from colonial rule, I found myself...
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