Nigeria: Latest News
Dana Sanchez, 1:15 pm
Tourism has been the fastest-growing sector of The Gambia’s economy until now, accounting for 18-to-20% of the country’s revenue. The country, population about 2 million, is marketed to vacationers as “the smiling coast of West Africa.” In the wake of the current political unrest, tourism revenue will likely fall 50%, a stakeholder said. The sector will have to rebuilt just as it was after the 1994 coup that brought longtime ruler Yahya Jammeh to power. “I feel sorry for everybody here,” an evacuating Brit said. “It’s going to take years for tourism to pick up again.”
Ann Brown, 9:41 am AFKI Original
Graduating from art school with honors is no guarantee you’ll make it as an artist in Africa or anywhere else. Nigerian painter Oresegun Olumide beat the odds, amazing the world with oil paintings so realistic, they look like photos. Using the people of his Lagos community as subjects, his social media posts go viral. He wants African governments to provide more structure for showcasing African arts heritage to the world. Nigerian society doesn’t accept art and artists well, he said. It is not a priority. “Artists can bring to life the history of Africa through painting. We can tell Africa’s story but we need funding to do so.”
Peter Pedroncelli, 8:00 am AFKI Original
African heads of state and politicians make use of social media to communicate with peers and the people which they serve. Twitter is becoming a popular short-message platform in which to connect with the masses, and Donald Trump is not the only world leader that loves to communicate with posts of under 140 characters. From South Africa to Nigeria, the high profile African heads of state tweet, retweet and reply to followers, offering their opinions on many issues while advancing their own agendas through social media. Here are 12 African heads of state who are on Twitter.
Dana Sanchez, 5:02 pm
In a sign that local credit ratings are becoming more lucrative in Africa, U.S. buyout firm Carlyle agreed to become the largest shareholder in Africa’s largest rating agency. GCR rates more credits on the continent than giants Fitch, Moody’s and S&P. Growth is constrained in the present credit ratings system, said the president of the BRICS New Development Bank. The Big 3 rate over 90% of the global sovereign ratings market. GCR specializes in national-level ratings, which rely less on a country’s sovereign rating.
Dana Sanchez, 1:55 pm
The African tech space is not immune to the economic pressures faced by other sectors, but it is proving resilient. Significantly more African tech startups raised funding in 2016 than the previous year, but the overall amount of recorded funds declined, according to a new report. Fintech startups were the winning sector, receiving the most investor funding in Africa in 2016. The economic downturn played a part in that. Fintech in Africa is different, a stakeholder said. It’s building new infrastructure rather than disrupting an existing one.
Dana Sanchez, 12:29 pm
Despite reports of inequality and xenophobia, South Africa’s relative wealth and stability continue to draw migrants from all over Africa. South Africa has the highest number of pending asylum claims in the world — more than 1 million. African refugees heading to Europe get disproportionate media coverage. A far greater number would rather seek security and livelihood elsewhere in Africa. Of the world’s 17 million displaced Africans, only about 3 percent are in Europe. The vast majority are in Africa.
Staff, 1:38 pm
A four-page list of Africa-related questions from Trump’s transition team to the State Department suggests a U.S. pullback from development and humanitarian goals but not necessarily from trade. How does U.S. business compete with others in Africa? Are we losing out to China? How much U.S. funding is stolen due to corruption? Why should we spend these funds on Africa when people are suffering in the U.S.? Americans believe the U.S. spends 25% of its budget on foreign aid. In reality it’s closer to 1%.
Staff, 1:01 am
As a Chinese official dangled the possible reward of $40-billion US in desperately needed investments, Nigeria this week hastily ordered the shutdown of a trade office by China’s rival, Taiwan. The Chinese diplomatic offensive has ramped up sharply since last year, when the independence-minded Democratic Progressive Party emerged victorious in Taiwan’s election. Since then, Beijing has lured two more African countries away from Taiwan’s embrace, while also battling to weaken Taiwan’s links to individual African politicians.
Staff, 12:02 am
Private equity opportunities in Africa are often seen as too small for the giants of the buyout industry. The former regional heads for Africa at private equity giants KKR and Carlyle are setting up an investment firm that will focus on the mid-cap, “where we believe the bulk of opportunities are,” a stakeholder said. The new firm will look for ventures which are ready to absorb up to $100 million but will mostly focus on opportunities requiring between $20 and $60 million of equity, Reuters reports.
Dana Sanchez, 11:24 am
Built in China, paid for by China, built by Chinese, operated and maintained by Chinese — news media reports often describe the newly refurbished, high-speed Addis Ababa-Djibouti Railway as a project in which China is fully vested. But China didn’t finance the entire railway by a long shot. Ethiopia and Djibouti financed about 45 percent of the Addis Ababa-Djibouti Railway.
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