Africa Briefs

19 February 2021 | Economics

Angola committed to market economy

Angolan president João Lourenço reiterated his government's commitment to establish and consolidate a society featuring the rule of law and a market economy.

Lourenço at a session of the board of governors of the International Fund for Agricultural Development (IFAD) said the Angolan government intends to diversify the national economy and change, in definitive terms, the economic structure of the country which is very dependent on oil resources.

Angola has developed several initiatives to improve the business environment to attract more direct local and foreign private investment, Lourenço said, underscoring the need to promote growth of the non-oil sector to create more jobs and increase income and well-being of its citizens.

The government is paying special attention to agriculture, agro-industry, fisheries, extractive and manufacturing industries, construction, tourism and other labour-intensive sectors.

"We are making a great effort to revitalise and develop agriculture in Angola, so that we can reduce our great dependence on food imports," he said. – Nampa/Xinhua

Kenya's economy to grow by 4.9%

Experts projected that Kenya's economy will grow by 4.9% in 2021 following the tactical easing of Covid-19 restrictions.

John Gachora, the managing director of the Kenya-based regional bank NCBA Group, said during a virtual meeting that the economy is estimated to have contracted in 2020 following a hard and broad-based hit on output in the second and third quarters due to the pandemic.

"However, looking ahead, there is a reason to be optimistic, the phased reopening of the economy has seen a return of about 80% of activity as consumer and labour mobility improves and supply chains are restored," said Gachora.

He said that the 57-billion shillings (US$520 million) post Covid-19 economic stimulus has helped restore activity in some sectors especially construction and minimised the negative effects on others, with positive gross domestic product (GDP) spillovers.

"To further repair the damages from the pandemic and avert a prolonged economic descent, it is essential that the Economic Recovery Strategy as proposed tactfully addresses the 'lives versus livelihoods' dilemma," said Gachora, calling for more efficiency in domestic resource mobilisation as well as debt management. – Nampa/Xinhua

Lagos unveils infrastructure plan

Authorities in Lagos, Nigeria's economic hub, has outlined key infrastructural plans for its development over the next decade.

Babajide Sanwo-Olu, state governor of Lagos, told the 8th Lagos Economic Summit that the race to digitise every community in Lagos has begun with the laying of 6 000 km fiber-optic infrastructure across the city.

He said when the smart city agenda is completed by 2030, Lagos would have full broadband internet coverage.

"By 2030, Lagos will be a smart city, fully covered by a network of several thousands of kilometres of fibre-optic infrastructure that will carry broadband internet into homes, offices, and schools," the governor said.

By the year 2030, he said, Lagos, which boasts the fifth largest economy in Africa, will have a city-wide network of color-coded metro lines that move over 34.5 million people monthly and cut travel time in the metropolis drastically. – Nampa/Xinhua

Tanzania punishes mobile operators

Tanzania's telecommunications regulator on Wednesday imposed fines amounting to 38.1 billion Tanzanian shillings (US$16 million) for what it described as poor delivery of services.

Tanzania Communications Regulatory Authority (TCRA) said in a statement that it had assessed the quality of telecommunications services in the last quarter of 2020 and found six mobile phone operators failed to meet certain required quality standards.

TCRA said it instructed the six phone operators - Airtel Tanzania Plc, MIC Tanzania Plc, Viettel Tanzania Plc, Vodacom Tanzania Plc, Zanzibar Telecom Plc and state-run TTCL Corporation - to use the fines by investing toward improving their service delivery quality within 90 days, adding that the instructions were agreed by the companies by signing contracts with TCRA.

The statement said any mobile phone operator that breached TCRA's directive on improving their service delivery will face legal action.

The assessment was based on network availability, call connection failure rate, call drop rate, call setup time, service coverage and call success rate. – Nampa/Xinhua

Similar News


Angola seeks to boost diamond output

1 day - 04 March 2021 | Economics

SERGIO GONCALVESAngola plans to boost diamond mining and open a new large mine in the east, aiming to produce 5.7 million carats there in 2023,...

Fuel prices to create cost pressure

2 days ago - 03 March 2021 | Economics

PHILLEPUS UUSIKU Despite the big increase in fuel prices for the past two months, the impact on inflation should be relatively small.According to Cirrus Capital...

CPBN appoints new board members

2 days ago - 03 March 2021 | Economics

Seven new board members of the Central Procurement Board of Namibia (CPBN) were sworn by the High Court here on Monday, to serve for a...

Team Namibia worried about loopholes in NEEEB

2 days ago - 03 March 2021 | Economics

PHILLEPUS UUSIKUTeam Namibia did not spare its voice and joined other industry and private sector players in questioning the latest National Equitable Economic Empowerment Bill...

Okonjo-Iweala’s job ‘no bed of roses’

3 days ago - 02 March 2021 | Economics

The appointment of Nigeria’s Ngozi Okonjo-Iweala as the first African and first female chief of the World Trade Organisation (WTO) is good news for the...

Virtual currency a lifeline in Kenyan slums

3 days ago - 02 March 2021 | Economics

Kagondu Njagi - Sitting on a low bench at her shop in a Nairobi slum, Grace Wangari sifted through a handful of grains that a...

SA proposes to change pension fund rules

3 days ago - 02 March 2021 | Economics

South Africa's National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure projects.Africa's most industrialised nation, the hardest-hit by the coronavirus...

Fuel jumps N$1.30 /l in two months

4 days ago - 01 March 2021 | Economics

Jo-Maré Duddy – Consumers have to brace themselves for the second fuel price increase in two months with both the price of petrol and diesel...

Bit brighter green shoots forecast

4 days ago - 01 March 2021 | Economics

Jo-Maré Duddy – Bountiful rains over large parts of Namibia, as well as better prospects for diamond mining and transport convinced the central bank to...

Transparency push for IMF’s currency reserve

4 days ago - 01 March 2021 | Economics

Andrea Shalal - The International Monetary Fund on Friday said it would propose ways to improve the transparency and accountability of how its Special Drawing...

Latest News

Scam: Covid-19 support grant circulating...

12 hours ago | Business

Jo-Maré Duddy – The ministry of finance has warned the public against a message circulating on WhatsApp inviting people to apply for “Covid-19 Support Grant”,...

FirstRand Nam’s profit dives 9.4%

17 hours ago | Business

Jo-Maré Duddy – Locally-listed FirstRand Namibia reported a profit of about N$564.9 million for the six months ended 31 December 2020, a drop of some...

Letshego Nam takes N$60-mln profit...

18 hours ago | Business

Jo-Maré Duddy – Locally-listed Letshego Holdings Namibia reported a profit of about N$341.4 million for the year ended 31 December 2020, a drop of nearly...

Otjikoto sitting on a gold...

1 day - 04 March 2021 | Business

Jo-Maré Duddy – B2Gold’s Otjikoto mine is expected to reach record-level production this year and through to 2024, the Canada-based low-cost international senior gold producer...

Mining survey: Chamber hits back

1 day - 04 March 2021 | Business

PHILLEPUS UUSIKU Too few responses have skewed Namibia's performance on the 2020 Fraser Institute Survey of Mining Companies, tarnishing its image as an attractive investment...

‘Not up to you’

1 day - 04 March 2021 | Education

TUYEIMO HAIDULA ONGWEDIVA Higher education minister Itah Kandjii-Murangi says institutions of higher learning...

Sioka in hot water over...

1 day - 04 March 2021 | Ministries

JANA-MARI SMITH WINDHOEKThe clock is ticking for child welfare minister Doreen Sioka who has less than a month to present a...

Corruption - A social disease...

1 day - 04 March 2021 | Columns

Johan CoetzeeGiven ongoing media articles about governance, manifested in contraction of investment and increasing unemployment, it is appropriate to reflect on several trends covering several...


1 day - 04 March 2021 | Opinion

The phony attempts by mainly men in the National Unity Democratic Organisation (Nudo) to undermine its president Esther Muinjangue will only further dissuade women from...

Load More