Sub-Saharan Africa
Pandemic Drives Surge in Digital Health Use Across Africa says Vodacom
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World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa
The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA). In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read. “The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region. “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent. “Remittance growth was reported in Zambia (37 percent), ...
VP Osinbajo: Nigerian government democratising broadband connectivity
It’s the first in sub-Saharan Africa and one of the three such cutting-edge facilities on the continent, with top prime global certifications for smart card manufacturing and it is based in Lagos, Vice President Yemi Osinbajo, SAN, relished yesterday afternoon while touring SecureID company’s premises, and affirmed Nigeria’s extremely bright economic future, which he said cannot be aborted despite current challenges. According to him, “the economic future of our nation is extremely bright. Yes, we have challenges today and they may look daunting. But let me assure you that these issues will be resolved. The march of this nation to its manifest destiny as Africa’s leading economic power will not be aborted. We are more than able to overcome.” An impressed Prof. Osinbajo said the Buhari Admi...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
World Bank: Pandemic to push over 115 million people into extreme poverty
A report by the World Bank has noted that over the past 12 months, the Covid-19 pandemic has harmed the poor and vulnerable the most, and it is threatening to push millions more into poverty. This year, the World Bank said, after decades of steady progress in reducing the number of people living on less than $1.90/day, COVID-19 will usher in the first reversal in the fight against extreme poverty in a generation. The report said the latest analysis warns that COVID-19 has pushed an additional 88 million people into extreme poverty this year – and that figure is just a baseline. “In a worst-case scenario, the figure could be as high as 115 million. The World Bank Group forecasts that the largest share of the ‘new poor will be in South Asia, with Sub-Saharan Africa close behind. ddAccording ...
Premier League terminate £490 million TV deal in China
The Premier League has terminated its TV rights deal with China, its biggest overseas contract, leaving a huge hole in clubs’ finances. The deal with Chinese broadcaster PPTV was worth around £490m and had lasted only one of its three years. The conflict is said to have been around a fee of £160m that the Premier League was owed in March but did not receive. “The Premier League confirms that it has today terminated its agreements for Premier League coverage in China with its licensee in that territory,” a spokesman said on Thursday. “The Premier League will not be commenting further on the matter at this stage.” It is not known if the conflict is based purely on money or involves the escalating political tensions between China and the UK government. Boris Johnson announced in July that Hua...
President Buhari urges Nigerians abroad to support economic recovery
President Muhammadu Buhari on Saturday appealed to Nigerians in the diaspora to actively participate in the country’s post-COVID-19 economic recovery efforts. According to a statement by his Special Adviser on Media and Publicity, Femi Adesina, the President made the call in a video message to commemorate this year’s Diaspora Day which is being observed on July 25 of every year. The statement was titled “COVID-19: President Buhari urges Nigerians in Diaspora to play active role in economic recovery as remittances inflow hit $25bn”. Adesina said the President appealed to his compatriots, whose home remittances exceeded $25bn annually in three years, not to abandon their fatherland in the wake of the COVID-19 pandemic. The statement quoted Buhari as saying, ”Over the past three years, Nigeri...
Is the Global Pandemic an Opportunity to Reimagine Urban Development in Africa?
Sourced from SA Commercial Prop News. The need for social distancing and better sanitation could leapfrog development of African cities into a more sustainable future. This is according to Duncan Bonnett, Director of Market Access & Research at Africa House, and research partner of exhibition organiser Messe Muenchen South Africa. He says that, while Africa’s architects and planners have long been pushing for greener, smarter better designed urban spaces, the COVID-19 pandemic may help fast-track moves to better living spaces. New opportunities arise from disruptions Speaking ahead of the bauma CONEXPO Africa trade show, Bonnett says “The pandemic has certainly caused delays and disruptions across construction and infrastructure development, but there are some silver linings for the se...
Satellite TV Continues to Gain Popularity in Ghana and Nigeria
Sourced from Britannica. A new study shows that Satellite TV reception increased by 23% in Nigeria and 19% in Ghana in 2019 since the last study, conducted two years ago; SES currently reaches 35 million TV households across the African Continent. SES has unveiled the results of its annual Satellite Monitor survey, which reveals a steady increase in the penetration of satellite TV across Africa. The study on TV reception also shows an increase in satellite TV across the continent, leaping from 33 million African households in 2018 to 35 million households in 2019. 2 million households in a year’s time. If this trend continues, satellite TV penetration could reach 41 million households by 2022. In Nigeria, the Satellite Monitor results revealed that satellite TV reception was the choice for...
Africa – The Most Promising Region for Cryptocurrency Adoption says Report
Sourced from Hacker Noon. According to a new report by Luno and Arcane Research, the economic landscape across the continent augurs well for cryptocurrency adoption in Africa. The State of Crypto: Africa report says that rapid adoption of cryptocurrencies is likely in Africa in the context of high inflation rates, volatile currencies and underdeveloped banking infrastructure. Certain crypto assets combine the wealth preservation properties of hard assets such as gold with the portability of digital currencies. /* custom css */ .tdi_3_65a.td-a-rec-img{ text-align: left; }.tdi_3_65a.td-a-rec-img img{ margin: 0 auto 0 0; } Cryptocurrencies also offer lower-cost and faster remittance payments than is currently available. Traditional money transmitting services charge very high fees and in...
