By Ebimo Amungo
As the world honkers down in the midst of the corona virus pandemic, construction on a $17 billion petrochemical complex plodders on in Lagos State, Nigeria. The complex, comprising a fertilizer plant and a 650, 000 barrel per day petroleum refinery, is the crowning glory of the industrial conglomerate, Dangote Industries, owned by Africa’s richest man, the billionaire Aliko Dangote. Already, the fertilizer plant, the second largest in Africa, has been commissioned to produce 3 million tonnes of urea yearly. The refinery would be the largest single train refinery in the world when completed and is designed to service the Nigerian and West African markets, where almost 100 percent of petroleum products consumed is imported.
Continue reading “Meet the African Multinational Enterprises that are re-industrializing the continent.”
By Mike Blanchfield | The Canadian Press
Canada’s development minister says the government is pushing international actors to provide debt relief in Africa and other less-developed regions to help fight threats of hunger, economic ruin and terrorism from COVID-19. Karina Gould tells The Canadian Press the number of COVID-19 cases in Africa is rising, which is worrying because the continent doesn’t have the safety net to ward off an impending socioeconomic crisis that would accompany a health emergency.
Continue reading “Canada pushes for African debt relief to ward off COVID-19 economic crisis”
By Ebimo Amungo
African Founded Multinational Enterprises have been doing majority of the work that is accelerating the development of Africa in the past two decades. This includes increasing food and agricultural production, increasing value added manufacturing, building infrastructure, increasing access to finance and capital for entrepreneurs, creating pathways for African integration through increased intra-African trade and foreign direct investments while also attracting capital to Africa from foreign financiers who have long shunned the continent. These insights form the crux of my new book titled “The Rise of the African Multinational Enterprise” published by Springer of Switzerland.
Continue reading “The Rise of African Multinational Enterprises and their contributions to the development of Africa”
By Alex Thurston
Nigeria is the most populous country in Africa, radiating political, cultural and economic influence across the continent and around the world. Yet Nigeria’s incredible complexity — composed of hundreds of ethnic groups and languages — can be daunting even to those interested in understanding the country. The nonspecialist can also be easily misled by the popular image of Nigeria as a land of Internet scammers and, more recently, fanatical jihadists. Three recent books, however, make Nigeria more accessible to the beginner and more comprehensible to the specialist. These books take up core issues facing the country, especially the Boko Haram crisis and the future of Nigeria’s democracy.
Continue reading “Here are the three new books you need to understand Nigeria”
By Boureima Balima
African leaders launched a continental free-trade zone on Sunday that if successful would unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new era of development.
Continue reading “Economic ‘Game Changer’? African Leaders Launch Free-Trade Zone”
The U.S. Department of State and IREX are pleased to welcome the 2019 cohort of the Mandela Washington Fellowship for Young African Leaders to the United States. The program is funded by the U.S. Department of State’s Bureau of Educational and Cultural Affairs and administered in partnership with IREX, a non-profit organization. The Mandela Washington Fellowship creates stronger ties between Sub-Saharan Africa and the United States with the goal of strengthening democratic institutions, spurring economic growth, and enhancing peace and security on the continent.
Continue reading “Young African leaders arrive in United States, fostering connections with Americans”
Could any Arab, African and Muslim-majority country become a developed country without vast natural resources? There is at least one country that is trying hard to achieve this goal.
By Veeramalla Anjaiah
Morocco, a rising star in Africa, is like a European country where all of its trains, trams, buses, flights and ferries run on time. Morocco, apparently, has many mysteries. Few people realize that it has been rapidly emerging as a new powerhouse in Africa.
Continue reading “Morocco: A New Star In Africa”
By Witney Schneidman, Brookings Institution
Ethiopia’s prime minister, Dr. Abiy Ahmed—the youngest African leader at 42 years old—has initiated a series of unprecedented economic and political reforms in his first 12 months in office.
The core challenge that he faces is moving the economy from state-led to market-based growth while overseeing far-reaching political reforms. Success is far from guaranteed but his accomplishments so far have created an enormous sense of opportunity within the country.
Continue reading “Ethiopia: Africa’s next powerhouse?”
Computer scientist and inventor of the World Wide Web, Tim Berners-Lee is in Lagos, Nigeria as part of a 30-hour tour to a few cities around the world to celebrate the 30th anniversary of the web.
The celebratory tour is undertaken with the Web Foundation; “an international non-profit organisation advocating for a free and open web for everyone,” founded by Tim Berners-Lee.
According to a tweet from Tim’s official Twitter account announcing the tour’s itinerary, CERN, where it all started, was the first stop for Tim and the Web Foundation team.
In 1989, while working for the European Organisation for Nuclear Research also known as CERN, Tim Berners-Lee submitted a proposal that formed the basis for the web. He went ahead to write the first web browser one year after in 1990.
Continue reading “Inventor of the World Wide Web, Tim Berners-Lee visits Africa to celebrate 30th anniversary of the web”
By Bolaji Samuel
The tension between the two economic giants in the world, China and the United States (US), might have a silver lining for Africa. The administration of President Donald Trump is set to increase investment into the continent, in a bid to counter the narrative that China’s influence in Africa is rising, while the US falls off with its “America first” approach.
President Trump signed the legislation, the Better Utilization of Investments Leading to Development Act, or the BUILD Act, into law in October 2018. It combines the US Overseas Private Investment Corporation (OPIC) and other US agencies focusing on international economic development into a newly consolidated agency called the U.S. International Development Finance Corporation (DFC).
It is anticipated that the DFC will be operational in October 2019 and at that time the DFC will begin deploying US equity capital in African private equity.
The DFC expands OPIC’s budget from USD29 billion to USD60 billion and provides the DFC with the authority to make limited equity investments. Previously, OPIC was limited to debt investments.
Continue reading “US INVESTORS TO HELP BUILD AFRICA”