News

Africa: Growing Nigeria Must Trade More With Africa, Experts

January 07, 2014

Douglas Imaralu
 

Nigeria will overtake South Africa as Africa's largest economy in the next two years, experts predict. But concern is also rising that by not doing “enough” business in Africa, the country is missing an opportunity to benefit from the continent's economic resurgence.

According to experts, Nigeria's leap will be confirmed by the results of an ongoing revision of the country's gross domestic product (GDP), expected to be concluded in January 2014.

Initial findings of the rebasing exercise indicate that Nigeria's economy has grown more that earlier estimated.

This growth has been fueled by Nigeria's efforts at changing its dependence on oil revenues by encouraging more investments in other sectors of the economy, while its rivals, South Africa has struggled with low business confidence, confirmed by its big retailers (Shoprite, Mr Price, Foschini) northward investment trend, as revenues on the home front dwindle, and persistent strikes which continue setback production in its mining sector.

“If confirmed, the 40% upward revision will bring Nigeria's GDP to about $370 billion, just shy of South Africa's output [$391 billion forecast for 2012], with the country subsequently becoming the largest economy in Africa within a year or two," says Samir Gadio, an Emerging Markets Strategist at Standard Bank in Nigeria.

Some Africa watchers say the revision will only see Nigeria catch up with, instead of overtake, South Africa.

“Latest IMF data puts Nigeria's GDP in current USD as $273 billion in 2012. South Africa's (projected) 2012 GDP in US dollars is estimated at $420 billion,” says Razia Khan, Head of Africa Research at Standard Chartered Bank in a recent briefing.

“With rebasing, Nigeria's economy comes closer to catching up. It becomes a $382 billion economy roughly and only 10 percent smaller than South Africa.”

Whatever the final figures, Nigeria has made impressive economic gains over the past decade, mostly driven by oil.

According to Nigeria's Finance Ministry, oil constitutes more than 80% of revenue and 95% of export income. Other revenue streams are emerging with investment in telecoms, e-commerce, and more recently, agriculture.

But it is concentrated in investment and trading partnerships in Europe, Asia and America - with almost complete absence in Africa.

In February this year, British Deputy High Commissioner to Nigeria, Peter Carter predicted trade between Nigeria and UK would hit $12.2 billion by 2014, mostly coming from oil.

In April, Canada agreed to partner and explore crude oil export, raw materials and services exports to boost bilateral trade to about $6 billion. Trade with China is pegged at over $13 billion annually, also mostly in oil.

The Visa Africa Integration Index 2013, which measures the degree of economic integration within key trade corridors of sub-Saharan Africa, describes Nigeria as one of the least regionally integrated economies on the continent.

Nigeria's global integration score of 40.6 percent represents its greater links with the rest of the world, while the regional score of 35.7 percent shows its lesser links with Africa.

The ‘depth' of Nigeria's regional integration is scored at an even lesser 19.2 percent, meaning that even where trade relations exist, their commercial output is limited.

By comparison South Africa, Nigeria's main rival for the spot of Africa's leading economy, scores 63.3 percent, indicating greater economic links on both the regional and global level.

Nigeria's status must change for the country to truly lead, and benefit from, Africa's economic resurgence.

“The size and influence of Nigeria in Africa cannot be overstated,” said the Visa report. “While the country's levels of regional and global integration are still relatively low, Nigeria is likely to be one of the key drivers of integration in Africa and one of the primary forces of African integration with the rest of the world.”

Individual businessmen like Alhaji Aliko Dangote, who has cement interests in 13 African countries, and Michael Adenuga, whose telecommunications company Globacom claims significant market share in Benin Republic and Ghana, have made substantial investments on the continent, but as a country Nigeria has overlooked the benefits of economic integration, even as its growing market matures and modernizes, and the movement of goods and services, capital, information and people increases.

While Nigeria's trade with other African countries, especially its West African neighbours, has increased over the past three years, it remains dismal in the key areas that drive growth - including trade, capital investments, information exchange and movement of people, according to the report.

Its dominance of the continent's cultural market, with the popularity of Nollywood movies (reported to rake in up to $ 200 million a year in revenues) and musical exports like P-Square (virtually a household name), has reaped minimal economic dividends.

With Ghana, its Economic Community of West Africa (ECOWAS) neighbour, there is evidence of growing investment in the banking sector with Nigeria's Zenith Bank, Access Bank, First Bank, Guaranty Trust Bank and United Bank for Africa (UBA), owning stakes or subsidiaries in the country. But the rest is petty retail trading - dogged by the complications of border crossing in the region.

“We both [countries] just don't do business,” said a Ghanaian business journalist at a training workshop organized by the Thomson Reuters Foundation in Addis Ababa recently.

Further afield in Eastern Africa, an emerging economic bloc that also includes Kenya, Tanzania and Rwanda, a few pockets of Nigerian investments can be found.

In Uganda, significant investments have been made in the financial sector, including IGI's 51% stake in National Insurance Company (NIC), a former state enterprise that is listed on the country's stock exchange, and its 49% stake in Global Trust Bank; and a UBA subsidiary. NIC itself owns 60% of GTB.

In southern African countries like Zimbabwe, Nigerians are mostly engaged in small-scale retail and the sale of Nollywood films - mostly pirated - on the streets.

By contrast, South Africa's footprint covers most countries on the continent, notably through telecom giant MTN, Standard Bank (as Stanbic) and retail giants like Shoprite.

Part of Nigeria's problem has been the failure to diversify from oil, which has seen other pillars of commerce weaken.

“It has “struggled to advance industrial complexity,” says Prof. Adrian Saville, Chief Investment Officer, Cannon Asset Managers and co-author of the Visa Africa Integration Index 2013 report.

“75.0% of Nigeria's exports in 2010 were made up of crude oil and 4.7% of refined petroleum, whilst 18.0% of imports in 2010 were made up of refined petroleum and another 1.0% were made up of petroleum coke and petroleum jelly,” he furthers.

According to him, “Nigeria [must start] increasingly refining and processing crude exports into more complex products - such as refined petroleum or petroleum jelly to replace imports with domestic production and, in a fuller state of economic development, start to sell refined products into export markets.”

The Visa report argues that Nigeria will be the main beneficiary; “Nigeria will benefit enormously from greater integration, as its growing market matures and modernises, and the demand for capital and a diversity of trade partners rises to address the needs of increasing industrialisation, a rising appetite for production and services and growing sophistication in lifestyles.”

This development will also inform the economic decisions of policy makers and business leaders in the country as it seeks to cement its position in Africa.

DISCLAIMER: The purpose of the ICF Newsletter is to compile and share relevant information for its users regarding the investment climate in Africa. The focus of this information will predominantly be on the latest reforms in customs, taxations, commercial justice, business registration and licensing, land registration and relevant events relating to the ICF’s mission.
11 December 2014

In less than five years, Africa has risen to become the second most attractive investment destination in the world, tied with Asia, this according to the Ernst & Young 2014 Africa attractiveness survey. Read More »
03 December 2014

With energy infrastructure attracting major investments across Africa, especially in the continent’s renewable energy potential, the challenge to Governments is to ensure they are equipped with the necessary skills to implement such projects. Read More »
21 November 2014

Over the last 12 years, the average Gross Domestic Product (GDP) per capita in 14 of Africa’s 16 most-competitive economies has grown from US$681 to US$1,810, according to a February 2014 report by PricewaterhouseCoopers (PwC) titled The Africa Financial Services Journal. By 2020, this figure is expected to rocket to US$7,320 and PwC predicts this should increase the proportion of people who make use of financial market institutions, such as stock exchanges. Read More »
19 November 2014

Rwanda has set its sights on developing its infrastructure to boost its economy. This is evidenced in its 2014/2015 budget, which focuses on infrastructure to accelerate export growth. Read More »
30 October 2014

Africa’s “biggest threat” to its economies has the potential to be turned into its greatest ally if government policies, training for workers and regulations are improved to attract investment into the energy production sector. Read More »
08 October 2014

On average, African businesses have the highest total tax rate as a percentage of profit at 52.9%; spend 320 hours complying with tax processes per quarter; and deal with 36 payments per year. Read More »
29 September 2014

In April 2014, Nigeria officially became what most people had known for quite some time - the largest economy in Africa. Read More »
29 September 2014

The Oxford English Dictionary defines philanthropy as; “the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes”. Read More »
29 September 2014

Turning tax administration from a manual process to an online one for an entire African country may appear daunting, but Governments could reap the revenue and time-saving benefits it brings. Read More »
25 September 2014

Andrew Karabassis is the Managing Director of Costbuild Limited, a construction company located in Ndola, Zambia. The demanding nature of his business requires him to spend a lot of time on site, leaving little time for Andrew to physically visit Zambia Revenue Authority (ZRA) offices for his tax matters. Read More »
15 September 2014

The flower business is a time sensitive enterprise, as Juliana Rono, Sales and Marketing Manager at Karen Roses, can testify. One of Kenya’s major exporters of cut flowers, Karen Roses exports over 6 tons of flowers daily to Australia, Germany, Hong Kong, the Netherlands, Russia, Sweden, and United Kingdom. The perishable nature of flowers means time is of the essence for them. Read More »
02 September 2014

The President of the Republic of Mozambique, Armando Emilio Guebuza, has launched the Integrated Platform for Services to Citizens. Read More »
25 August 2014

Africa is a land of opportunity for business, declares Donald Kaberuka, President of the African Development Bank Group (AfDB). Home to 6 of the top 10 fastest growing countries in the world, Africa’s vast investment potential has never been more attractive. Read More »
19 June 2014

It is understood now that in order to have growth, it is imperative to have investment from the private sector. Be it foreign direct investment or domestic capital, a flourishing private sector creates jobs, expands markets and increases government revenue thereby enabling government to provide better services. This was the theme of the opening remarks by H.E. Benjamin Mkapa, former president of Tanzania and Co-Chair of the ICF Board of Trustees, at the joint ICF and Africa Development Bank (AfDB) session on “Harnessing the Investment Climate”. Read More »
19 June 2014

Multinational companies are rapidly warming to the idea of expanding their businesses into Africa, especially to sub-Saharan markets - despite the considerable challenges common in emerging economies. Read More »
17 June 2014

From the 25th to 27th of May 2014 the Kigali International Arbitration Centre (KIAC) held its second arbitration conference in Kigali, Rwanda. Read More »
17 June 2014

From the 22nd to 25th of May 2014 the Tunisia Stock Exchange (TSE) held a specialized exhibition on stock exchanges and financial services called Investia. The event aimed to demystify capital markets and promote them as an alternative avenue for businesses, especially micro, small and medium enterprises, to raise capital for their ventures. Read More »
17 June 2014

The Rwanda Natural Resources Authority has launched a country-wide awareness campaign to promote greater registration of land transactions in Rwanda and ensure good use of land resources. Read More »
17 June 2014

International investors, representatives of international and regional organisations, and African leaders from government and civil society, who attended the World Economic Forum on Africa in Abuja, Nigeria last month are seeking to translate the region’s economic promise and youthful demographics into employment opportunities and poverty reduction. Read More »
17 June 2014

DIRECTOR-General of the Nigeria Employers Consultative Association (NECA), Segun Osinowo, on Monday said the informal sector was key to the promotion of social economic development of Nigeria. Read More »
17 June 2014

Excessive bureaucracy is every business person’s nightmare. To their credit, the East African Community (EAC) governments are very aware of this and have been making urgent efforts to ease the burden. Read More »
17 June 2014

Africa currently makes up less than 0.5% of commercial real estate investments, but international capital is beginning to move in as investors seek to access the continent's growth prospects. Read More »
17 June 2014

African youth are increasingly being urged to venture into business and create jobs. Whether out of passion or for survival, many young people are heeding the call to pursue entrepreneurship. Read More »
17 June 2014

Accra (Ghana), Casablanca (Morocco) and Freetown (Sierra Leone) have been ranked as the African cities with populations over 1m that have the highest potential for inclusive growth on the continent, according to the 2014 MasterCard African Cities Growth Index (ACGI). Read More »
17 June 2014

Kenya’s government is currently considering the final iteration of a bill that would establish three special economic zones (SEZs) within the country. The SEZs will allow lower levels of taxation and fewer regulatory hurdles, and will focus primarily on industrial activity, in particular textile production. The SEZ bill is part of a broader initiative to boost the manufacturing sector, diversify the country’s exports and encourage the creation of up to 1m industrial jobs annually. Read More »
17 June 2014

Movement of goods across East Africa will become much faster later this year as the region moves to complete one-stop border posts (OSBP) within the Community. Read More »
17 June 2014

Kenya’s new development strategy will see the World Bank Group spend up to US$4bn over the next five years to see it to fruition. Read More »
16 May 2014

President Paul Kagame of Rwanda officially launched Kenya’s National Single Window System on 2nd May 2014 in Nairobi at a ceremony witnessed by leaders from four African nations. Read More »
16 May 2014

The eyes and ears of anyone interested in Africa’s development were on the World Economic Forum (WEF) on Africa which took place in Abuja, Nigeria between 7th and 9th May 2014. Read More »
16 May 2014

The President, who was accompanied by First Lady Margaret Kenyatta, said free movement of people, goods and services would increase intra-Africa trade and help the continent achieve its development targets. “Lack of political will and negative perception should not be allowed to undermine Africa’s integration and economic growth,” President Kenyatta said. Read More »
16 May 2014

The East African Community Secretariat has today signed a cooperation programme worth 2.3 million Euros with the European Union (EU) to improve Maritime Security and create a favourable environment for the economic development in the region. Read More »
16 May 2014

Over 300 small scale enterprises in Dar es Salaam and Mwanza regions have been formalised after their owners received training organised by the Investment Climate Facility for Africa (ICF) last year recently. Read More »
16 May 2014

The World Economic Forum has released a new report on regional infrastructure development in Africa. Managing Transnational Infrastructure Programmes in Africa – Challenges and Best Practices, released in collaboration with The Boston Consulting Group, serves as a guide for policy-makers, sponsors and managers to help facilitate the delivery of transnational infrastructure programmes on schedule, at cost and at a high quality. Read More »
16 May 2014

VENTURES AFRICA – Belgian company, Préfarail has signed an agreement with Cameroon for the construction of a tramway – a public transport vehicle running on rails – in the country’s capital, Yaoundé. Read More »
16 May 2014

The Office of the Prime Minister (OPM) is expected to publish regulations that will guide the issuance of municipal bonds this month, clearing way for districts to start raising development funds through the stock market. Read More »
16 May 2014

While international trends are often mirrored in Africa, the unique operating environment and challenges on the continent result in some very interesting applications in the business technology space. Read More »
16 May 2014

Around this time every year, I often get asked the same question; isn't the World Economic Forum just one big talking shop? It's a fair one. Once every twelve months, leaders from politics, business and civil society gather in a given city, congesting the roads and raising CO2 levels with all their talk. Read More »
16 May 2014

Chinese Premier Li Keqiang is to visit four countries in Africa on his first tour of the continent since assuming his position a little over a year ago, seeking to nurture a booming economic relationship. Read More »
16 May 2014

Jacqueline Musiitwa is the founder and managing partner of the Hoja Law Group, a firm started in 2008 that advises on commercial, political and intellectual property law for companies doing business in Africa. The firm has offices in New York and Kigali and primarily focuses on markets in eastern and southern Africa. Read More »
09 April 2014

Businesses in Tanzania will soon enjoy a simpler and more transparent goods clearing process, thanks to a new customs clearing system. Read More »
09 April 2014

Taxpayers in Rwanda are reaping great benefits from an electronic tax filing and payment system (e-tax) which was launched in 2012 with ICF support. Read More »
09 April 2014

Practical. That’s the term the CEO of the Rwanda Development Board, Ambassador Valentine Sendanyoye Rugwabiza, used to describe ICF support to business registration in Rwanda. Read More »
08 April 2014

LAGOS - A Nigerian court on Thursday barred the Lagos state government from collecting toll on a major suspension bridge on the ground that it was built with public funds. Read More »
08 April 2014

Economic and trade co-operation between Morocco and Mali is moving toward concrete steps. Read More »
08 April 2014

The Nigeria Customs Service has announced plans to embark on joint border patrol with its counterparts in neighbouring countries to promote security and trade in West and Central Africa. Read More »
08 April 2014

East African Community Headquarters, Arusha, Tanzania, 28th March 2014: Senior officials from South African Customs Union (SACU) together with their counterpart EAC concluded a two- day meeting aimed at benchmarking similar activities, learn the best practices and share ideas at the EAC Headquarters in Arusha ,Tanzania. Read More »
08 April 2014

SOUTH Africa's trade balance, which now includes trade with Botswana, Lesotho, Namibia and Swaziland, recorded a R1.72bn surplus in February from a R16.93bn (revised from R17.05bn) deficit in January, South African Revenue Service (SARS) customs and excise data showed on Monday. Read More »
08 April 2014

UAP Group, posted strong financial performance in 2013 driven by profitable growth of its core insurance business and execution of its regional diversification strategy. Read More »
08 April 2014

AFRICA's relatively untapped insurance market offers a vast opportunity for firms in both mature and emerging-market countries, a report by A.M Best has said. Read More »
08 April 2014

West African aluminium can manufacturer GZ Industries (GZI) is hoping to ride on increasing consumption of drinks to expand its business across Africa. The continent is tipped to become the world’s fastest growing beer market, according to a study by Dutch multinational banking and financial services group Rabobank. Read More »
08 April 2014

African countries are catching the eye of international investors as growth decelerates in India, China and Brazil. Read More »
08 April 2014

With the world increasingly seeing Africa as the preferred investment destination, France has launched the French-African Foundation for Growth, a new initiative designed to renew economic ties between the European nation and the African continent. Read More »
08 April 2014

ADDIS ABABA, Ethiopia, March 31, 2014 /PRNewswire-iReach/ -- The Africa Group (TAG), the US-based boutique advisor and venture capital investor, today announces a 25% stake in Telemed Medical Services (Telemed), an Ethiopian engineering consultancy specializing in health system design and implementation within the Ethiopian healthcare sector. Telemed's work is geared to optimize and reinforce limited health resources in Ethiopia, a country where the doctor-to-patient ratio is ~1:30,000 and 80% of the population lives over 5 kilometers from the nearest health center. Read More »
08 April 2014

ZAMBIA will this week host a high-level investment and trade seminar for Zambian and Chinese firms at one of the Multi Facility Economic Zones (MFEZs) in Lusaka. Read More »
08 April 2014

GlaxoSmithKline is poised to announce a multimillion pound investment in Sub-Saharan Africa to step up its presence in the region, the Telegraph can reveal. Read More »
08 April 2014

According to Leila Farah El-Mokaddem, the African Development Bank's new Resident Representative in Egypt, "the economic empowerment of women is a hidden opportunity for our continent. Women constitute what we call 'smart economics.' By expanding income generation to both women and men, families are collectively better off, while the economy is more productive resulting in an overall win-win situation." Read More »
08 April 2014

The African Development Bank (AfDB) has approved a US$ 125-million Line of Credit (LOC) to Zenith Bank PLC (Zenith) for on-lending to Small and Medium-sized Enterprises (SMEs) in Nigeria. Read More »
08 April 2014

East African Community, Commerce and Tourism Cabinet Secretary Phyllis Kandie has called for more investment of equity fund in the small and micro-enterprise (SME) sector to boost economic growth. Read More »
08 April 2014

SCAHMFAD (School of Catering, Hotel Management and Fashion Design) of Latrikunda-German in KMD has won a competition for promoting entrepreneurship and innovation in education and confronting youth unemployment in Africa. Read More »
08 April 2014

According to the International Monetary Fund’s Perspectives on Youth Employment in the Arab World report, unemployment in the Middle East/North Africa (MENA) region is the highest in the world and is largely a youth phenomenon. Overall unemployment is approximately 10%, but the youth rate stands at almost 25%. Read More »
10 March 2014

There are two economic realities on the African continent today. You will find the first one in World Bank, IMF and Africa Development Bank reports – and in articles across the globe about ‘Africa Rising’. This reality depicts Africa as a continent that is forging ahead – onwards and upwards. And some of the world’s best performing economies are indeed in Africa, such as Angola and Mozambique, which are growing at an extractive-powered rate of knots. Meanwhile, other southern African states are also surging ahead – with Zambia, Zimbabwe and the Democratic Republic of Congo (DRC) growing at speeds not seen in a very long time. Read More »
10 March 2014

Insufficient electricity in Rwanda is number one challenge and opportunity for investors, the head of a US Government body that supports American investors overseas has said. Read More »
10 March 2014

The President of Microsoft International, Jean-Philippe Courtois has disclosed that the Devices and Services company, Microsoft has invested $75 million in Nigeria, South Africa, Kenya and other African countries in the areas of access, innovation, skills development, youth empowerment; software development; digital curriculum, skills among others. Read More »
10 March 2014

THE gains that made Uganda’s shilling the second-best-performing currency in Africa this year are evaporating after President Yoweri Museveni imposed harsher penalties on gay and lesbian people. Read More »
10 March 2014

Efficiency in revenue collection at the grassroots could be boosted after Rwanda Revenue Authority (RRA) took over the work from local governments. Read More »
10 March 2014

Botswana and Namibia will sign a deal at the end of this month to develop a 1,500-kilometer (932-mile) railway for transporting coal exports to the port of Walvis Bay, according to the Botswana Chamber of Mines. Read More »
10 March 2014

Public sector lawyers involved in drafting of the extractives sector laws and policies in the region will next week undergo training to improve their negotiation and policy-making skills. Read More »
10 March 2014

The Turkish Kitchenware sector is working to increase its trade investment inflow in Ghana through partnerships with Ghanaian industrialists within the next five years. Read More »
10 March 2014

Ethiopia and Uganda have pledged to join the Comesa free trade area (FTA) by December, raising hopes of higher trade volumes for Kenya and the region. Read More »
10 March 2014

William Asiko, ICF Chief Executive Officer, recently paid a visit to Senegal to see firsthand how ICF support is helping to improve the investment climate in the country. Read More »
10 March 2014

The Mayor of Kigali, Fidele Ndayisaba, has commended ICF support in making it easier for the private sector and members of the public to obtain construction permits in the City of Kigali. Read More »
10 March 2014

The Mauritius Registrar of Companies is making it easier for businesses to register and file statutory information of their businesses, thanks to support from ICF. Read More »
10 March 2014

Family businesses control a significant portion of Africa’s economy. While family businesses are quite common across the continent, only a handful of them enjoy longevity. The survival rate of most African family businesses beyond the founder’s generation is extremely low. For example, the late Nigerian business mogul Moshood Kashimawo Abiola, who at one point was believed to be one of the wealthiest men in Africa, successfully built one of Nigeria’s biggest business empires consisting of an airline, a chain of newspapers, extensive real estate, fisheries and retail. After his death in 1998, his businesses crumbled. None of them exist today. Read More »
10 February 2014

The Ministry of Finance and Planning in partnership with the Investment Climate Facility for Africa (ICF) and the African Development Bank (AfDB) has today officially launched a new project in Cabo Verde to modernise tax administration and make the tax system simple, efficient and more customer service oriented in order to improve the investment climate in Cabo Verde. Read More »
07 February 2014

Watch this short video to see exactly how ICF is transforming the investment climate across Africa in a meaningful way. It showcases a variety of successful projects that are making a positive impact for business in Africa. Read More »
07 February 2014

Taxpayers in Senegal can now enjoy a fully automated experience. The Modernization of Tax Administration project, co-funded by the Government of Senegal and the Investment Climate Facility for Africa (ICF), addressed challenges faced by business owners and tax payers in the country. Read More »
07 February 2014

2014 brings with it new challenges and opportunities for business owners, all of which need to be incorporated into a business’s plans going forward. This is according to Gerrie van Biljon, executive director of Business Partners Limited, who says business owners should make use of the first few weeks of the New Year to reflect on what worked well in 2013 and what needs to be improved or changed for the year ahead. Read More »
07 February 2014

WHEN Kenyan President Uhuru Kenyatta laid the foundation stone for the country’s biggest post-independence infrastructure project late last year — a high-speed railway line from the port at Mombasa to Nairobi — he said the scheme would define his political legacy. Read More »
07 February 2014

Libreville — Burkina Faso, benefitting from the close support of the African Development Bank (AfDB) and the World Bank, has successfully become a member of the Forest Carbon Partnership Facility (FCPF). Read More »
07 February 2014

Jean-Claude Béga, the Chief Financial Officer of Mauritius’ largest conglomerate, GML, spoke to AfricaMoney on how the arbitrage between existing operations and new opportunities sets apart a great company from a good one. Read More »
07 February 2014

IBM (IBM.N) began rolling out its Watson supercomputer system across Africa on Thursday, saying it would help to address continental development obstacles as diverse as medical diagnoses, economic data collection and e-commerce research. Read More »
07 February 2014

IT MAY be imprudent to write this about someone who is spending $10m on African journalism. But then, of all the things I have been accused of in my time, prudence was never among them. Read More »
07 February 2014

Japan has promised financial assistance to resource-rich African nations totalling $32 billion (R357bn) for investment in infrastructure and mineral resource development, along with education, health care and human resource development, in its bid to cement relations with the continent. Read More »
07 February 2014

Lately many observers have been avidly discussing the recent high rates of economic growth in Africa. Speaking in Washington earlier this year, Donald Kaberuka, the president of the African Development Bank offered some cautionary words. Read More »
07 February 2014

The potential for agriculture to drive inclusive economic growth, improve food security, and create opportunities for millions of Africans is enormous. Read More »
07 February 2014

Nestled on the southern stretch of the Gulf of Guinea, Gabon, a country of 1.5 million people in an area the size of the U.K. is something of a paradox; Gabon is rich, but does it make sense to do business there? Read More »
07 January 2014

Nigeria will overtake South Africa as Africa's largest economy in the next two years, experts predict. But concern is also rising that by not doing “enough” business in Africa, the country is missing an opportunity to benefit from the continent's economic resurgence. Read More »
07 January 2014

Rwanda, Jan 7: Revolutionary reforms which have made it easier for small and medium-scaled businesses (SMBs) to get credit, pay tax and deal with construction have militated favourably in Rwanda’s second place on the latest World Bank’s ‘Doing Business’ (DB) report. Read More »
06 January 2014

(CNN) -- A Chinese-funded railway project in Kenya could transform transport in east Africa, and strengthen cross-border political and economic ties. Read More »
06 January 2014

BBCR4TODAY @ BBC RADIO 4 TODAY Read More »
06 January 2014

In 2001 the world began talking about the Bric countries - Brazil, Russia, India and China - as potential powerhouses of the world economy. The term was coined by economist Jim O'Neill, who has now identified the "Mint" countries - Mexico, Indonesia, Nigeria and Turkey - as emerging economic giants. Read More »
04 January 2014

The International Monetary Fund (IMF) managing director Christine Lagarde tells Berna Namata about the EAC partner states’ economic prospects this year and other cross-cutting issues affecting the region ahead of her visit to Kenya on January 6. Read More »
Press Contacts

Eunice Urio

Communications Manager
+255 222 129 211
Send an email

Elizabeth Mwambulukutu

Communications Officer
+255 222 129 211
Send an email

Share this page
Resources
Browse through our library of resources available for you to download and view.
Activity Map
Use our interactive map to follow all of our projects and activities on the African continent.
Project Application
View and download our project application forms, as well as our procurement guidelines.