Ethiopia To Grow Three Times Faster Than Nigeria In 2019, Says IMF

The third strongest economy in Africa according to the International Monetary fund – Ethiopia, will grow three times faster than its nearest rival – Nigeria in 2019 the fund believes.

It made this prediction in its regional outlook for the continent on Friday.

The fund expects the Nigerian economy to grow at a rate of 2.3 per cent in 2019 and 2.5 per cent in 2020, while Ethiopia’s will soar by an impressive 7.4 per cent.

In what is a warning to Nigeria that it is delaying its long-touted diversification away from oil, the report notes that countries, who are not resource intensive are expected to grow at an average of six per cent this year, which is almost three times faster than the continent’s oil producers and more than twice as fast as other raw material dependent economies.

IMF predicts that the largest economy in Africa – South Africa, will be the most sluggish economy in the continent, growing at a pace of 0.7 per cent in 2019 and 1.1 per cent in 2020.

Generally, it anticipates that the African economy will strengthen by 3.2 per cent in 2019 and 3.5 per cent in 2020 – a more generous outlook than the World Bank’s.

“What we’ve seen overall in the region is, by and large, debt levels beginning to stabilise,” Director of the IMF’s African Department, Abebe Aemro Selassie, informed Reuters.

The report also noted that the trade spat between the world’s biggest economies – China and the United States of America, is hamstringing Africa’s economic progress.

Economy Ethiopia News AddThis : Original Author : SaharaReporters, New York Disable advertisements :

from All Content
via

Comments

Nigerian Academy Of Science Inducts First Female President

The Nigerian Academy of Science has inducted a professor of Parasitology/Epidemiology, Ekanem Ikpi Braide, as its 19th President on Thursday. In a statement issued by Oladoyin Odubanjo, the Executive Secretary of the Academy, Braide is the Academy’s first female President in 44 years of existence. It read, “Braide was a member of the national committee that achieved the laudable feat of guinea worm eradication in Nigeria. “She has a rich professional experience as a researcher and an administrator. In July 2010, Professor Braide was honoured by the President of Nigeria with the award of Officer of the Order of the Federal Republic (OFR) for her contribution to disease control in Nigeria. “She was nominated by the Honourable Minister of Health to serve in the Ministerial Expert Advisory Committee on COVID-19 Health Sector Response (MEACoC-HSR). “Professor Braide served as Vice-Chancellor, Cross River University of Technology (CRUTECH) Calabar, Nigeria (2004 to 2009) and as P...

NLNG Signs Letter Of Intent On Delayed Gas Expansion Project

The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project. In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo. The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.” Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year. This did not however, materialize. According to the release, the project will have a four to five-year execution time after the signing of the FID. The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company. Oil News AddThis :...

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja. Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...

EDUPEDIA247

Search This Blog