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Nigeria unveils revamped economic management structure amid rising hardship

Nigeria unveils revamped economic management structure amid rising hardship

PRESIDENT Bola Tinubu announced an overhaul of Nigeria's economic governance intended to ease financial hardship and boost productivity, establishing a multi-layered framework to bolster coordination, planning and implementation. Tinubu, who took office last year, inherited an economy struggling with record debt, high unemployment, low oil output, and power shortages that have crimped growth. But reforms he has implemented since then, chiefly ending a costly petrol subsidy and twice devaluing the naira currency within a year, have spurred price pressures and sparked the worst cost-of-living crisis in decades in Africa's largest economy. Central to the economic management structure is the creation…
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South Africa’s power outages could reach critical levels this winter – likely scenarios

South Africa’s power outages could reach critical levels this winter – likely scenarios

OVER the past 15 years South Africa has been experiencing a gradually worsening number of electricity cuts. This state of affairs has prompted frustration among citizens, negative international economic sentiment and financial hardship for many businesses. Public pressure has grown more intense, leading to the extraordinary presidential decision by President Cyril Ramaphosa to proclaim a state of disaster as well as to appoint a Minister of Electricity. Author HARTMUT WINKLER, Professor of Physics, University of Johannesburg The year 2022 was marked by the worst power outages in the country’s history. Electricity generation deficits reached up to 6 GW on occasion,…
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