Economic Africa

Stable electricity is a key factor in economic growth and development, and it is especially important for countries in Africa, where many still lack reliable access to electricity.   Here are Top 10 African countries that have stable electricity supplies and are making progress towards expanding access to energy for all: 1. Egypt: 100% Access Recall that His Excellency Mr. Peter Obi , the then presidential candidate of Labour party visited Egypt during his campaign to take a look at the structure of their electricity sector. Egypt has 100% Electricity Access Situated between the Mediterranean Ocean and the Red Sea, Egypt has accomplished the remarkable feat of achieving a 100% national electricity access rate for both its rural and urban populations. The country primarily relies on hydropower and thermal power stations for its electricity generation. Egypt has emerged as a leader in the renewable energy sector and is currently developing plans to export surplus ele...

Money, an integral concept in the field of economics, plays a multifaceted role in our daily lives. Beyond the physical exchange of currency notes and coins, money performs three primary functions in the economic realm - medium of exchange, unit of account, and store of value.  In this blog post, we will delve into each function, exploring their significance and how they shape the dynamics of modern economies. The economic functions of money are thus: 1. Medium of Exchange: The foremost function of money lies in its role as a medium of exchange. Money acts as an intermediary in transactions, allowing goods and services to be traded effortlessly. It eliminates the need for a barter system, wherein individuals exchange goods directly. The convenience of using money as a medium of exchange enhances economic efficiency, as it enables specialization and fosters trade. By providing a universally accepted medium, money facilitates transactions across diverse goods and services...

Africa, a continent rich in diverse cultures and natural resources, has been experiencing significant economic growth in recent years.  The African Development Bank has identified several nations that are leading the charge in shaping Africa's economic landscape. In this blog post, we will dive into the top five fastest-growing economies in Africa according to the African Development Bank. 1. Rwanda (7.9%): Rwanda, often referred to as the "land of a thousand hills," has made remarkable progress since the devastating genocide in 1994. With a steady GDP growth rate of 7.9%, Rwanda has successfully positioned itself as an attractive investment destination. The country has implemented several reforms to promote business-friendly environments, attract foreign investors, and diversify its economy. Key sectors driving their growth include services, manufacturing, construction, and agriculture. 2. Côte d'Ivoire (7.1%): Côte d'Ivoire, also known as Ivory Coast...

Inflation is a phenomenon of an increase in the general level of prices of goods and services in an economy. It reduces the purchasing power of money, and as a result, people are unable to buy the same goods and services they could have bought with the same amount of money earlier.  Inflation is often considered to be a negative aspect of an economy as it reduces the standard of living of people. In this blog post, we will discuss the causes of inflation and some solutions to combat it. CAUSES OF INFLATION 1. Increase in Money Supply: The most common cause of inflation is an increase in the money supply. When the central bank prints more money than the demand, it leads to inflation. With more money in the economy, people have more purchasing power and can demand more goods and services. This increases the price of goods and services. 2. Increase in Cost of Production: When the cost of production increases, the producers increase the price of their goods and services t...

The economies of African countries are often overlooked in the global marketplace, but there is a lot of diversity and strength among the economies of the continent.  Africa is home to some of the fastest-growing economies in the world, with countries like Nigeria, Egypt and South Africa seeing impressive economic growth. This blog post will explore the biggest economies in Africa, including their strengths and their domestic products 1. Nigeria - $477 Billion: Nigeria's GDP of $477 billion crowns it as the largest economy in Africa. The nation's rapid growth in the financial sector and its leadership in petroleum exports fuel its economic might. Lagos, a burgeoning tech hub and the second-largest metropolitan area in Africa, further amplifies Nigeria's regional influence. 2.Egypt - $477 Billion: With a GDP of $477 billion, Egypt shares the top spot with Nigeria. Its economy boasts diverse industries, from tourism and agriculture to textiles and petroleum. Egyp...

In a circular in June 2015, the Central Bank Of Nigeria (CBN) published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market.  The Central Bank of Nigeria has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago. In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, the bank said this is a significant change to the foreign exchange market policy. Below is the list of the 43 items FOOD ITEMS :  Rice Margarine Palm kernel Palm oil products Vegetable oils Meat and processed meat products Vegetables and processed vegetable products Poultry and processed poultry products Tinned fish in sauce(Geisha)/Sardine IRON/STEEL MATERIALS: Cold rolled steel sheets Galvanized steel sheets Roofing sheets Wheelbarrows Head pans Metal boxes and containers Enamelware Steel drums Steel pipes Wire rods (deformed and not deformed) Iron ...

Nigeria, a country located in West Africa, is regarded as the giant of Africa. There are several reasons why Nigeria is given this title.  The term "Giant of Africa" was first used to describe Nigeria in the 1960s, shortly after the country gained independence from Britain.  At the time, Nigeria was seen as a rising power in Africa, with a growing economy and a large population.  Over the years, Nigeria has continued to be seen as the "Giant of Africa" due to its size, economic potential, and role in regional politics.   Below are the various reasons why Nigeria is called the Giant of Africa POPULATION One of the significant reasons Nigeria is called the giant of Africa is due to its massive population. Nigeria is the most populous country in Africa, with over 206 million people, making it the seventh-largest country in the world in terms of population. Nigeria has an estimated 200 ethnic groups, with diverse cultures and beliefs. ECONOMY Nigeria is...