Round-up of news from accross Sub-Saharan Africa

Beijing Aftermath:

For most of the week, economic news have been dominated by despatches from the FOCAC sessions in Beijing. Even after the Confab, the African leaders stayed for bilateral meetings with Chinese leaders. But these talks including those of hundreds of African businessmen with their Chinese counterparts, are now over. The African leaders are now returning home to sort out the pledges they got at Beijing and plan implementation strategies.

 

Addis Ababa, Ethiopia:

The World Bank is providing a $1 billion budget support for Ethiopia. It is a vote of confidence in Ethiopia’s economy. With the new Prime Minister, political stability is returning. The conflict with Eritrea is almost finally settled. The industrial and completed infrastructural projects, with Chinese help, including the railway to Djibouti are yielding dividends. New additional port facilities would soon be available at Asmara, Eritrea.

 

Harare, Zimbabwe:

Shortage of Bread, “the poor man’s staple” loom in Zimbabwe as flour milling shut down production. It is a development to watch, as no clear explanation has emerged for the temporary closure. A shortage of flour input can quickly be addressed by

government collaboration with the millers.

 

Accra, Ghana:

The Ghanaian government is considering launching a $50 billion Century Fund for infrastructural development. Obviously, the buzz-word in Africa today is infrastructure. But our economic analyst regards the amount as too big and slightly unrealistic being just $10 billion short of the amount China is committing to the whole of Africa. So where will the money come from?

 

Nigerian Economic Performance Rankings:

Nigeria seems to be slipping fast in economic ranking in many sector, by world bodies – a situation crying out for remedial action. ( a) Latest report is on the the CUSTOMS SERVICE. The World Bank rates it very low in efficiency and other operational indices.

(b) The STOCK EXCHANGE is rated the worst performing in Africa, as stock prices hit their lowest level in a year – although, it must be stressed, that the Stock exchange performance is more a reflection of Nigeria’s general economic malaise. By any standards, the exchange is staffed by hardworking, qualified professionals.

(c) Poverty Level:

America’s Brookings Institute rates, the poverty level in Nigeria as the highest in the world – higher even than that of India – a finding echoed recently by UK Prime Minister May.

(d) Corruption Level:

Transparency International recently stated that the corruption level is rising and is now amony the very highest in the world.

(e) In the Health Sector:

The incidence of Tuberculosis: According the World Health Organization432 Nigerians die from Tuberculosis every day – a total of 145, 152

According to World Health organisation 432 Nigerians die from Tuberculosis every day -a total of 142 ,153 persons dying every year. Our medical correspondent states that the extremely high level of Tuberculosis is closely linked to the soaring poverty level. Tuberculosis is more rampant in poor communities.

 

Remmitances, From Abroad To African Countries

The money is sent mostly from Africans working abroad. For 2017, total remittances amounted to nearly$38 million. The pertinent question is whether this is a possible source of funding for economic development.

Not yet says our analyst. A bulk of the money is sent mostly to Nigeria and Somalia, where there is a high incidence of poverty. Even if the money can be organized in large quantities, big enough to fund factories, the infrastructures deficit in energy in both countries has first to be remedied. Manufacturing cannot thrive where power from the public grid is epileptic and in very low supply.