Foreign

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Business Planning Foreign

Africa50 invests in Scanning Systems to boost regional trade

Casablanca/Abidjan, Jan. 18, 2023 – Africa50, the pan-African infrastructure investment platform and Tassec Investment Holdings Africa have announced the completion of Africa50’s equity investment in Scanning Systems. Scanning Systems is a company specialised in the design, financing, and implementation of One-Stop Joint Border Posts (JBPs) in Africa. Africa50 said in a statement on Wednesday that the investment would support Scanning Systems to develop JBPs and deliver efficient border management with modern facilities and tools, facilitate transit and increase traffic across the borders of Africa. “This is expected to significantly reduce transit …

Foreign General News

Nigerian can withstand another recession – finance minister

davos, jan. 18, 2023 – Zainab Ahmed, the Minister of Finance Budget and National Planning, says Nigeria can withstand another recession in 2023. Ahmed said this during an interview with Arise Tv at the ongoing World Economic Forum in Davos. She said that the Nigeria’s foreign reserves was enough to trade her obligations if it slipped into recession. The International Monetary Fund (IMF) is projecting that a third of the world will be in another recession in 2023. Ahmed affirmed that the country would withstand the shocks in spite of its …

Foreign Politics

INEC to conduct mock accreditation before polls

London, Jan. 17, 2023 (NAN) The Independent National Electoral Commission (INEC) will conduct mock accreditation nationwide ahead of the 2023 general elections. The INEC Chairman, Mahmood Yakubu, said this on Tuesday while speaking at the Chatham House in London. He said the mock accreditation would be carried out across selected polling units to ascertain the integrity of the Bimodal Voter Accreditation System before the main elections would begin in February. The INEC boss said the BVAS machines to be deployed in the 774 local government areas had been tested and …

Foreign

15% of low-income countries already in debt crisis -IMF

Lagos, Jan. 17, 2023 – The International Monetary Fund (IMF) says about 15 per cent of low-income countries are already in debt distress. In a new report titled ‘Confronting Fragmentation Where It Matters Most: Trade, Debt, and Climate Action’, the IMF said an additional 45 per cent of the population was further at high risk of debt distress. It stated that debt would be a challenge that many countries would face and that fragmentation would make it harder to resolve sovereign debt crises, especially if key official creditors were divided along …

Foreign

Global economic recession imminent in 2023

Davos, Jan. 17, 2023 – The World Economic Forum (WEF) has predicted that many countries will suffer economic recession in 2023. Their forecast was made at the ongoing World Economic Forum (WEF) in Davos-Klosters, Switzerland. The forecast shows that almost two-thirds of the forum’s chief economists believed in inevitability of recession. They predicted that the cost-of-living crisis may be approaching its peak with a majority (68 per cent) expecting it to have become less severe by the end of the year. WEF Managing Director, Saadia Zahidi, said: “Some 18 per …

Foreign Politics

Global South: President Buhari calls for common agenda on debt, inflation

Abuja, Jan. 13, 2023 – President Muhammadu Buhari on Friday advised leaders of the Global South to form a common agenda on ways to reduce the increasing burden of debt and inflation on the region. He expressed his optimism that the meeting, being hosted by India in its capacity as the voice of the South, will also address issues of climate change, food security and access to energy. ‘‘This huge debt burden has significantly derailed many countries’ development plans. “The effect of the Covid-19 pandemic and the Russia/Ukraine conflict has …

Foreign Trade

Malaysia foresees lower crude palm oil prices

Kuala Lumpur, Jan. 11, 2023 – Malaysian analysts on Wednesday foresaw crude palm oil (CPO) prices to trend lower in 2023 on increased supply and slow demand. Malaysia’s leading securities and investment group, Affin Hwang Investment Bank, said in a note that CPO prices could be supported at 3,700 ringgit. That is about $846 to 4,000 ringgits ($914) per tonne in the short-term, given the seasonally low production period in major producing countries of Indonesia and Malaysia due to the monsoon season. However, for the full year of 2023, it …

Foreign

EU, NATO launch task force to protect critical infrastructure

Brussels, Jan. 11, 2023 – The European Union and NATO top officials on Wednesday announced the creation of a joint task force charged with offering better protection for the bloc’s critical infrastructure. “We have seen the sabotage of Nord Stream. That has shown that we need to be ready and that we need to confront this new type of threat,” European Commission President Ursula von der Leyen said in Brussels. In September, four leaks were discovered on the Nord Stream 1 and 2 gas pipelines following explosions in the Danish …

Foreign

Economic growth dropped in Nigeria and 2 African countries in 2022

Lagos, Jan. 10, 2023 – Economic Growth dropped sharply to 2.6 per cent in the three largest economies in Sub-Saharan Africa – Angola, Nigeria, and South Africa – in 2022. The World Bank Group reported this in its Global Economic Prospects report released on Tuesday in Washington DC. It reported that economic growth in Nigeria was weakened by production challenges in the oil sector. “Annual inflation in Nigeria exceeded 21 per cent last year, its highest level in 17 years, prompting more policy tightening. “Food affordability for vulnerable populations deteriorated …

Foreign Investment Trade

Afreximbank launches TRADAR Club to empower international businesses

Cairo, Dec. 19 2022 – The  African Export-Import Bank (Afreximbank) has launched Afreximbank TRADAR Club, a member-driven network aimed at empowering international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory. services. A statement by Afreximbank on Monday said the club was launched in Cairo on December 18, 2022.   “TRADAR Club will deliver innovative digital tools and networking opportunities, helping members to discover new markets, grow their business, save time, access dedicated expert support, post and respond to new business opportunities network, meet business/trading partners …