Nigeria has always managed to attract foreign direct investment despite its poor economic outlook. This is thanks to its oil reserves and the consumption potential of its large population. But these inflows of foreign investment have been in decline and now seem to have hit a halt. Over the past five years, foreign direct investment […]
Nigeria is producing less and less oil. Here’s why
Nigeria’s oil output was at the lowest since 1990 as its crude oil production fell below 1 million barrels per day (bpd) in August 2022. And data from the Organisation of the Petroleum Exporting Countries in early September showed that Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producers. The Conversation Africa’s […]
What if carbon border taxes applied to all carbon – fossil fuels, too?
The European Union is embarking on an experiment that will expand its climate policies to imports for the first time. It’s called a carbon border adjustment, and it aims to level the playing field for the EU’s domestic producers by taxing energy-intensive imports like steel and cement that are high in greenhouse gas emissions but […]
Fed likely to stay the course on interest rate hike as inflation ticks up but gas prices ease
The Federal Reserve received mixed news in the latest data on U.S. inflation as it mulls another rate hike. Consumer prices rose 8.3% in August from a year earlier, data released on Sept. 13, 2022, shows. While this pace is down from the 8.5% annual gain experienced in July, it’s still higher than what some […]
‘We’ve seen the squeeze.’ Johann Rupert warns inflation is hitting even wealthy shoppers
The chairperson of Richemont, the Swiss owner of Cartier and watchmakers, including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. “We’ve seen the […]
four priorities president-elect Bola Tinubu must deliver on
Bola Tinubu, the winner of Nigeria’s keenly contested presidential election, will have a daunting task fixing a near comatose economy. His administration will encounter monumental economic, security and political challenges. They will be greeted by a distraught populace bedevilled by rising poverty, inflation, unemployment and unprecedented levels of insecurity. The high poverty and unemployment rates […]
Nigeria will have to dig deep to overcome entrenched patterns of poverty
India has just recently overtaken Nigeria as the country with the largest number of people living in extreme poverty. It’s estimated that almost half of Nigeria’s population of about 200 million lives below the threshold of US$1.90 (792 Naira) daily. Nigeria accounts for about 14% of the world’s poor. The African continent as a whole […]
Ukraine’s economy went from Soviet chaos to oligarch domination to vital global trader of wheat and neon – and now Russian devastation
Ukraine’s economy continues to operate despite the battering the country is getting from the Russian military. Many factories and businesses still function. Other industries like those in information technology have barely missed a beat, with workers continuing to work from areas out of the direct line of fire. But Ukraine has been largely transformed into […]
A beginner’s guide to petroleum pricing in Ghana
Reliable and affordable energy is basic to any country’s ability to grow and equitably share the economic gains. The consumption of crude oil and gas, and derivative petroleum products such as petrol, diesel and kerosene, features strongly in the global energy geopolitics debate. In Ghana, as in many other countries, the price of fuel — […]
Five reasons why many African countries choose to be ‘neutral’
In early March the United Nation’s General Assembly voted on a resolution demanding Russia immediately stop its military operations in Ukraine. Out of 193 member states, 141 voted in support of the resolution, five voted against, 35 abstained and 12 didn’t vote at all. Of the 54 African member states, Eritrea voted against the resolution, […]