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Nigeria’s Billionaire Debtors and the Economy

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 […]

Kenya: ‘MPs are Thieves and Greedy Hyenas’

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 […]

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

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 […]

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Indian Company Invests $55m In Ethiopian Steel Project

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 […]

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Corruption – a Global Problem or an African Cancer?

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 […]

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Uganda Set to Showcase its Mineral Wealth

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 […]

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Nigeria World’s Next Economic Giant Says Obama

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 […]

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Nigeria: Where Is the New Economy?

In 40 years, Nigeria’s population will be approaching 400 million – if you believe the population figures. Before then (29 – 40 years), Nigeria’s oil would have finished. So far, we have earned over $600 billion from oil since 1973 but cannot guarantee any of the basic necessities to the citizens – food, water, good […]

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More Nigerians Exploring Entrepreneurship

It has become paramount in a “specially challenging economy” like Nigeria’s, that her citizens, young and old alike unemployed, under-employed and even the employed take on enterprising and risk-taking characteristics in order to sustain family and self above the poverty line. Like natural traits, the average Nigerian is alert to grabbing as much as he […]

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