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Posts tagged with "African Development Bank"

Tunde Bakare promises to attract about $2trn in foreign direct investment annually if elected African News

Tunde Bakare promises to attract about $2trn in foreign direct investment annually if elected

ALL Progressives Congress (APC) presidential candidate Pastor Tunde Bakare has promised to attract $2trn in foreign direct investment (FDI) annually into the Nigerian economy  if elected as president next year.   Pastor Bakare, 67, who is the general overseer of the Latter Rain Assembly church, was President Muhammadu...
African Development Bank announces plans to create 400,000 jobs in Nigeria African News

African Development Bank announces plans to create 400,000 jobs in Nigeria

AFRICAN Development Bank (AfDB) officials have announced an ambitious Nigerian trade industrialisation plan centred around the creation of special agro-industrial processing zones (SAPZ) that will create an unprecedented 400,000 jobs across the country.   Lamin Barrow, AfDB'a Nigeria country director-general, noted that ...
Nigeria witnessed 3.4% growth in GDP during the fourth quarter of 2021as recession ends African News

Nigeria witnessed 3.4% growth in GDP during the fourth quarter of 2021as recession ends

NIGERIA recorded a 3.4% increase in gross domestic product (GDP) during the course of 2021 in the first major sign that the economy is coming out of the recession according to recent statistics published by the National Bureau of Statistics (NBS).   Like many countries worldwide, Nigeria has suffered from the economic fallout...
I hope Nigeria has sent engineers to Qatar to understudy how they constructed this their new mobile stadium African News

I hope Nigeria has sent engineers to Qatar to understudy how they constructed this their new mobile stadium

Ayo Akinfe As part of its preparations for the 2022 World Cup, Qatar has built the world's first mobile stadium that can can be dismantled and transported anywhere I sincerely hope that the giant of Africa Nigeria is on the ground watching developments, as we will be needing this technology desperately in the future. It may be...
African Development Bank provides loan of $210m for seven Nigerian agro-industrial processing zones African News

African Development Bank provides loan of $210m for seven Nigerian agro-industrial processing zones

NIGERIA is to be offered a loan of $210m by the African Development Bank (AfDB) to help fund the creation of special agro-industrial processing zones across the country as part of an economic diversification plan.   Very vulnerable to the vagaries of the global crude oil market, Nigeria is a mono-economy, with about 90% of...
With Xmas shopping about to begin, I think it is time to start thinking about how we cash in on our vanity and using it to fund infrastructural development African News

With Xmas shopping about to begin, I think it is time to start thinking about how we cash in on our vanity and using it to fund infrastructural development

By Ayo Akinfe According to the African Development Bank, Nigeria has an annual infrastructural deficit of $100bn, yet our 2021 budget is a meagre $33bn. Basically, what this means is that the government needs to quadruple its budget to address our infrastructure crisis Given that about 70% of our budget goes on recurrent...
Government ministers not perturbed about Nigeria's 33% GDP-to- debt ratio African News

Government ministers not perturbed about Nigeria's 33% GDP-to- debt ratio

GOVERNMENT ministers have said they are not panicking about the fact that Nigeria's debt-to-gross domestic product (GDP) ratio has ballooned to 33% as a result of increased borrowing brought about by the coronavirus pandemic.   Due to the global pandemic, Nigeria has had to resort to heavy borrowing, with as much as a third of...
Senate approves Buhari's request for an additional $16bn to fund government spending African News

Senate approves Buhari's request for an additional $16bn to fund government spending

NIGERIA'S senate has approved President Muhammadu Buhari's request for an additional $16bn loan and an extra €1bn worth of borrowing to help the government fund its budgets under the 2018-2020 External Borrowing Plan.   Due to the debilitating effect of the coronavirus pandemic, Nigeria is totally unable to fund its annual...
Nigerian steps up plans to import 10,000 tractors from Brazil under its 2022 agricultural programme African News

Nigerian steps up plans to import 10,000 tractors from Brazil under its 2022 agricultural programme

NIGERIA'S federal government is planning to buy 10,000 tractors from Brazil as part of a comprehensive programme to boost agriculture across the country that involves the establishment of cattle grazing reserves and mega plantations.   Under the plan, the government is proposing to establish model grazing reserves in selected...
IMF forecasts that Nigeria will enjoy 2.6% GDP growth in 2021as her economy recovers from Covid-19 African News

IMF forecasts that Nigeria will enjoy 2.6% GDP growth in 2021as her economy recovers from Covid-19

INTERNATIONAL Monetary Fund (IMF) forecasters have slightly increased Nigeria’s growth prospects to 2.6% and 2.7% for 2021 and 2022 respectively amid signs that the economy has now overcome the worst of the coronavirus pandemic.   Following the impact of the Covid-19 crisis, Nigeria suffered from negative economic growth,...
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