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Oil drilling in Angola came to an unprecedented halt in April, as plummeting prices caused major foreign companies to suspend production. The loss of revenues in Africa’s second-largest oil producer could thwart President Joao Lourenço’s plans to reduce severe poverty among the country’s 32 million people. Noah Browning and Libby George report. The coronavirus pandemic …
Because of the havoc wreaked by the Covid-19 pandemic, African countries want a blanket moratorium on all debt service to the continent’s creditors. As expected, the creditors are not agreeable. But in this commentary, Rodrigo Olivares-Caminal urges both the lenders and investors to understand that time is of the essence and that breathing time is …
How Africa can bridge the financing gap post-coronavirus Read More »
Nigeria’s government is promoting a “Made in Nigeria” agenda, with strides made in the local production of shoes, which is reflected in the success of companies like Bata Nigeria. And with each drop in the reliance of import purchases, there is an equal rise in national pride. Two men in gray jumpsuits brush glue onto …
Nigeria’s local shoemakers bask in national pride Read More »
Eight West African nations have agreed to use a new single currency, the “Eco”. The new currency is set to be released in June this year, and it is hoped other neighboring countries will adopt it as well. But sharing the same currency may not be the simple solution to solving the serious economic problems …
A single currency in West Africa – Is the timing right? Read More »
More Africans are now using smartphones than ever, and 77% of them are under 35. Chinese companies control the African market and Transsion, a Shenzhen-based company, alone has almost a 50% market share. With Chinese prices so low, the African companies that are making their way onto the market are facing a tough time. “I …