Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

Ok, I Agree
Jul
17
2021
By The African Mirror
African countries call for $100 billion boost

African countries call for $100 billion boost

COVID-19
LOUCOUMANE COULIBALY  ELEVEN African heads of state have called for $100 billion in hardship funding to help dig their economies out of the hole caused by the COVID-19 pandemic. Most African nations have been spared the levels of death and infection caused by the coronavirus in other parts of the world, but lockdowns and reduced travel and trade have thrown sub-Saharan Africa into recession. The leaders met in Ivory Coast's commercial capital Abidjan, where they produced a declaration asking for $100 billion for the period of 2022-2025 from the International Development Association (IDA), an arm of the World Bank Group…
Read More
Jun
03
2021
By The African Mirror
‘COVID-19 drove Africa to 1st recession in 30 years’

‘COVID-19 drove Africa to 1st recession in 30 years’

NEWS
MUCH of Africa may have been spared the death toll that COVID-19 brought to other regions, but it now faces recession, growing violence and higher unemployment because of the pandemic, a report said released yesterday. "The global economic shutdown has driven Africa into recession for the first time in 30 years, with severe repercussions for unemployment, poverty, inequalities and food insecurity," said the 2021 Ibrahim Forum Report. It was released ahead of the annual conference this weekend of the Mo Ibrahim Foundation, which promotes good governance in Africa. African countries implemented strict travel restrictions and robust contact tracing when the…
Read More
Nov
14
2020
By The African Mirror
Nigeria to tap $750 mln World Bank loan for local regions

Nigeria to tap $750 mln World Bank loan for local regions

BUSINESS
NIGERIA is in the process of accessing a $750 million World Bank loan to enable local states to support vulnerable households and mitigate the effects of the COVID-19 pandemic on the economy, according to the finance ministry. Africa's most populous country and the continent's biggest oil producer, is tilting towards recession after the pandemic triggered a collapse in global oil prices, Nigeria's main export. The World Bank said in June that the pandemic could push 5 million people in Nigeria into poverty amid the worst economic hardship in the African powerhouse since the 1980s. "Nigeria ... cannot afford to remain…
Read More
Aug
28
2020
By The African Mirror
Nigeria might fall into recession as virus takes toll, budget office says

Nigeria might fall into recession as virus takes toll, budget office says

BUSINESS
FELIX ONUAH NIGERIA might fall into recession in the third quarter, the head of the country's budget office said on Thursday, citing the impact of low oil prices and the coronavirus pandemic on Africa's largest economy. The continent's top oil producer faces its worst economic crisis in four decades in the wake of an oil price war between Russia and Saudi Arabia at the start of the year, and the pandemic, which hurt demand for its main export commodity which provides 90% of foreign exchange earnings. Ben Akabueze, director-general of the budget office, told reporters it was expected that growth…
Read More
Facebook
Twitter
Linkedin
Instagram