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Nigeria’s Billionaire Debtors and the Economy

AFRICANGLOBE – Access to credit, or a lack thereof, by consumers and businesses in capitalist and mixed financial systems usually serves as a major predictor of the strength of an economy. With the economic cycle of a country usually being steered by its credit trends, the September 17th, 2012 directive issued by the Central Bank [...]

November 5, 20121 CommentRead More

Kenya: ‘MPs are Thieves and Greedy Hyenas’

October 9, 2012 No Comment

Demonstrators marched in the Kenyan capital on Tuesday after lawmakers voted themselves a $110 000 send-off bonus, with tax hikes expected to pay for it. The proposed lucrative pay off – at a cost to the country of $24.7 million – comes after Kenya’s parliament dismissed the majority of wage demands of striking public sector [...]

Ivory Coast to Build Massive Hydro-Power Station Withe Chinese Loan

October 8, 2012 1 Comment

The Ivory Coast will see construction of a 275 megawatt hydro-power plant, funded by China’s Export-Import Bank (Exim), begin by the end of 2012 in a government push to increase power output. The Chinese state-owned bank has agreed to provide the Ivory Coast with a loan of $556 million, and has attached favourable terms to the [...]

Indian Company Invests $55m In Ethiopian Steel Project

September 29, 2012 No Comment

Aarti Steel Plc has inaugurated a one billion birr ($55 million) steel producing factory in Ethiopia’s Oromia Regional State, in a somewhat unusual foreign investment in the little-known Ethiopian steel-manufacturing sector. The factory -to be based on 40,000 square metres of land in the Galan area of Oromia state, on the outskirts of capital city [...]

Uganda Faces Tough Choices Over Oil Revenue

September 23, 2012 No Comment

During a meeting on securing Uganda’s oil revenue on Sept.13 in Kampala, disagreement erupted among top politicians and national economic planners on how best to spend the expected bounty. But business people and civil society leaders had a different view: Let’s get the oil out of the ground first, before we fight over how best [...]

Corruption – a Global Problem or an African Cancer?

September 17, 2012 1 Comment

Is African corruption unique, or is it just like corruption in the many other parts of the world? Citizens of African countries tend to argue that they have an unchallengeable lead in the whole business of corruption – their own problem exceeds that of all other countries. International corporate types, however, tend to see corruption [...]

Uganda Set to Showcase its Mineral Wealth

August 30, 2012 No Comment

Uganda Chamber of Mines and Petroleum (UCMP) is planning for the first mineral wealth conference scheduled October in an effort to attract local and international investors. The theme of the two day event is “showing Uganda mining potential.” “We hope the conference can attract investment in Uganda’s mining sector which will utilize the mineral resources [...]

Nigeria World’s Next Economic Giant Says Obama

August 28, 2012 1 Comment

United States President Barack Obama has declared Nigeria as the world’s next economic success story, stressing that this was one of the major reasons why his government was committed to helping the country build strong democratic institutions and remove constraints to trade and investment through the African Growth and Opportunity Act. Making this declaration at [...]