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  • Rescue Efforts Halted After Building Collapse in South Africa Leaves 33 Dead

    Rescue Efforts Halted After Building Collapse in South Africa Leaves 33 Dead Facebook X (Twitter) WhatsApp Copy link Ayize claire May 18, 2024 ​ Rescue team attempting to get people who could still be stuck under debris Rescue efforts have been halted in the South African city of George after a devastating building collapse claimed 33 lives. For 11 days, rescue personnel and volunteers tirelessly combed through the rubble of the five-storey residential building that crumbled during construction, creating a massive cloud of dust. The Western Cape government now estimates that 62 people were present at the site during the disaster, with 29 individuals surviving after being rescued. Initially, municipal officials believed that 81 people might have been on-site when the building came down. Anton Bredell, a Western Cape provincial official, announced, "The site is empty. We have done our job." The tragedy has affected a diverse group, including migrants from neighboring Malawi and Zimbabwe, alongside South African workers. The Malawian foreign affairs ministry confirmed that nine Malawian nationals died in the incident, with 11 rescued. Of those rescued, two remain hospitalized. Investigations are ongoing to determine the cause of the collapse. President Cyril Ramaphosa visited the site on Thursday, meeting with the families of the victims to offer his condolences and support. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • South Africa Election could Mark the End of ANC Dominance

    South Africa Election could Mark the End of ANC Dominance Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Jun 1, 2024 The Electoral Commission of South Africa, in Midrand, South Africa, May 31, 2024 The Electoral Commission of South Africa, in Midrand, South Africa, May 31, 2024 South Africa is poised to end three decades of African National Congress (ANC) dominance, as voters express dissatisfaction with unemployment, inequality, and power shortages. The ANC's share of the vote has dropped to 40%, down from 57.5% in the 2019 parliamentary election. With 98% of polling stations reporting, the ANC has secured 40.15% of the vote. The main opposition, the Democratic Alliance (DA), has 21.71%, while the newly formed uMkhonto we Sizwe (MK), led by former President Jacob Zuma, holds 14.76%. This dramatic decline means the ANC must now form a coalition to retain power, an unprecedented situation for the party that ended apartheid in 1994. MK’s strong performance, particularly in Zuma’s home province of KwaZulu-Natal, is a significant factor in the ANC's failure to secure a majority. The allocation of parliamentary seats, which will determine the presidency, is uncertain . President Cyril Ramaphosa remains a potential leader, with the ANC likely to receive about twice as many votes as the next party. However, his position is weakened, and he may face calls to step down from both opposition parties and internal critics. Despite this, a top ANC official expressed support for Ramaphosa's continued leadership on Friday. Analysts suggest there is no clear successor. A coalition deal might see the ANC retain the presidency in exchange for opposition control over certain cabinet posts or parliamentary roles. The election commission plans to announce the final results on Sunday. Investors in Africa’s most industrialized economy are eager for a swift resolution to the political uncertainty. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • French President Emmanuel Macron Roots for Kylian Mbappe's Inclusion in Paris Olympics

    French President Emmanuel Macron Roots for Kylian Mbappe's Inclusion in Paris Olympics Facebook X (Twitter) WhatsApp Copy link Ayize claire May 13, 2024 ​ Qatar World Cup 2022, Emmanuel Macron, Kylian Mbappe, France Football In a recent statement, French President Emmanuel Macron expressed his hopes for soccer sensation Kylian Mbappe to represent France at the upcoming Paris Olympic Games. This comes in the wake of Mbappe's announcement that he will be leaving Paris Saint-Germain, amidst widespread speculation about his potential transfer to Real Madrid. "Beyond the anticipation of his club transfer, I am keenly hopeful that Real Madrid will allow Kylian the opportunity to join the French squad at the Olympics," Macron mentioned in a video on his X account. This public endorsement highlights the national importance of Mbappe's participation, not just as a sports figure but as a national icon. Kylian Mbappe, 25, has already marked his prowess on the international stage, notably scoring in the 2018 World Cup final which secured France the championship against Croatia. His performance there and in subsequent matches has cemented his status as one of football's premier talents. As the Paris Olympic Games approach, all eyes will be on Mbappe’s next moves—both on and off the field. The involvement of a high-profile athlete like Mbappe could significantly boost the host country's morale and global standing in the sport. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • Kylian Mbappe Joins Real Madrid: Official Signing Confirmed

    Kylian Mbappe Joins Real Madrid: Official Signing Confirmed Facebook X (Twitter) WhatsApp Copy link Ayize claire Jun 2, 2024 ​ Mbappé celebrates scoring for PSG against RC Lens last year In a landmark transfer, Kylian Mbappe has officially signed with Real Madrid. The 25-year-old superstar, who recently became a free agent after his contract with Paris Saint-Germain expired, is set to bring his talents to the reigning European champions. Mbappe's move to Los Blancos comes on the heels of their 15th Champions League title win, solidifying their status as a powerhouse in European football. The French forward is expected to be unveiled this week, marking a new era for the club. Renowned transfer expert Fabrizio Romano confirmed the news , tweeting: "Kylian Mbappé to Real Madrid, HERE WE GO! Every document has been signed, sealed, and completed." Romano also revealed that Mbappe made his decision in February, indicating a long-term plan to join the Spanish giants. Stay tuned for the official announcement from Real Madrid, welcoming Mbappe as their latest star signing. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • Diamond Platnumz's Secret Wedding and Unseen Family Escapades - Exclusive Insider Details!

    Diamond Platnumz's Secret Wedding and Unseen Family Escapades - Exclusive Insider Details! Facebook X (Twitter) WhatsApp Copy link Michelle Hayes Jan 11, 2024 ​ File image of Wasafi records boss Diamond Platnumz and his signee Zuchu. PHOTO | COURTESY The Iconic Tanzanian Artist's Latest Endeavors XtrAfrica - Diamond Platnumz, a name synonymous with African music's pulsating rhythms and captivating melodies, has been making waves both in his professional and personal life. Known for his energetic performances and chart-topping hits, Platnumz has been a topic of much discussion among young music enthusiasts across the continent and beyond. [""] Marriage Speculations and Musical Partnerships Recent reports suggest a possible secret union between Diamond Platnumz and Zuchu, a rising star under his record label, WCB Wasafi. Although the couple has remained mum on the matter, comments from close sources, including Platnumz's cousin, hint at a Muslim wedding ceremony in Dar es Salaam. This development has sparked curiosity and excitement among fans, who are keen to follow the personal lives of these music giants. ["] ["] Family Time: A Holiday in Zanzibar Amidst his bustling career, Platnumz hasn't forgotten the importance of family. He recently whisked his three children - Tiffah, Nillan, and Naseeb - away on a private jet for a holiday in Zanzibar. This trip was a blend of festive cheer and family bonding, showcasing Platnumz's role as a doting father. Interestingly, Zuchu was noted for her absence during this family time, adding another layer to the ongoing speculations about their relationship​. ["] Tanasha Donna: A Continued Connection The dynamics between Platnumz and his Kenyan baby mama, Tanasha Donna, continue to intrigue fans. While the nature of their current relationship remains unclear, Donna's presence in Tanzania and interactions with Platnumz's family have been a hot topic. She has been seen driving a Land Cruiser previously gifted to her by Platnumz, suggesting amicable ties. A Starlit Performance at Amaan Stadium On the professional front, Platnumz was the highlight at the inauguration of the refurbished Amaan Stadium in Zanzibar. His performance at this significant event, attended by the President of Zanzibar, further cemented his status as a leading figure in the African music scene. Defending Love: A Public Confrontation In a recent and bold move, Platnumz publicly confronted a man trying to contact Zuchu. By exposing the man's messages, Platnumz and Zuchu demonstrated their determination to protect their relationship from external threats. This action was met with mixed reactions from fans, reflecting the couple's influence and the public's interest in their love life. Promising a Thrill: Stage Dive in Nairobi In true Diamond Platnumz fashion, he promised a stage dive during a concert in Nairobi, part of the Tusker Oktoberfest. This daring act is anticipated to be a crowd-puller, reflecting Platnumz's vibrant and engaging performance style. As Diamond Platnumz continues to juggle his flourishing career with his role as a family man, his life remains a source of fascination and inspiration for young people. Stay tuned to [Your Website Name] for more updates on this dynamic artist's journey through music and life. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • Kenyan Diaspora Remittances Soar by 19% in Q1 2024 Amid Easing Global Inflation

    Kenyan Diaspora Remittances Soar by 19% in Q1 2024 Amid Easing Global Inflation Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Apr 17, 2024 ​ The increased remittances have played a crucial role in stabilizing the Kenyan shilling by bolstering the supply side of the dollar In a significant economic development, Kenyan diaspora remittances have witnessed a robust increase of 19% in the first quarter of 2024. According to recent data from the Central Bank of Kenya (CBK), Kenyans residing overseas have sent home an impressive $1.2 billion (Ksh158 billion) during this period, largely influenced by the easing inflationary pressures in developed economies. The surge in remittances marks a notable uplift from the $1.02 billion (Ksh133.6 billion) recorded in the first quarter of 2023. The January 2024 remittances reached an all-time monthly high of $412.4 million (Ksh53.8 billion), setting a strong pace for the quarter. This was closely followed by $407.8 million (Ksh53.2 billion) in March and $385.9 million (Ksh50.3 billion) in February. These increased remittances have played a crucial role in stabilizing the Kenyan shilling by bolstering the supply side of the dollar. This economic influx has proven essential in counteracting the demand pressures from importers, who require substantial dollar reserves to facilitate their transactions. The United States continues to be the primary source of these remittances, contributing 56% of the total in March 2024 alone—a significant increase from the 54% recorded in the preceding months. This contribution underscores the pivotal role of the Kenyan diaspora in the US in supporting the Kenyan economy. The first quarter of 2024 has set a promising tone for Kenya’s economic interactions with its diaspora, highlighting the critical role of remittances in the national economy. As global economic conditions continue to stabilize, the inflow of remittances is expected to maintain its upward trajectory, providing a vital buffer against external economic shocks. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • President Akufo-Addo Lauds IMF Support Amid Positive Shifts

    President Akufo-Addo Lauds IMF Support Amid Positive Shifts Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 18, 2024 ​ IMF boss to meet Akufo-Addo Ghana's partnership with the International Monetary Fund (IMF), initiated in July 2022, has borne fruit, marking a significant turnaround in the nation's economic fortunes. President Nana Addo Dankwa Akufo-Addo, in discussions with IMF Managing Director Kristalina Georgieva, highlighted the positive outcomes of this collaboration, including a steady decline in inflation, reduced interest rates, and a stable currency. These indicators not only reflect the current state of economic stability but also lay a strong foundation for sustained growth and prosperity. The collaboration is anchored in a three-year plan under the Extended Credit Facility (ECF), totaling approximately US$3 billion, aimed at restoring macroeconomic stability, achieving debt sustainability, and fostering an inclusive economic recovery. The plan encompasses fiscal consolidation, inflation control, and the implementation of structural reforms to enhance the economy's resilience to external shocks and internal vulnerabilities. President Akufo-Addo reaffirmed Ghana's commitment to the agreed reforms, stressing the importance of steady progress towards the overarching goal of rapid development and prosperity for its citizens. He praised the IMF for its understanding and support, emphasizing Ghana's unique journey as a trailblazer in Africa's post-colonial development narrative. Meanwhile, Georgieva commended the Ghanaian government for its swift progress in debt restructuring, reflecting the productive nature of the Ghana-IMF partnership. In a related event highlighting Ghana's forward-looking stance, the country hosted an AI conference in collaboration with the IMF, themed "AI as a Catalyst to Transform Economies in Sub-Saharan Africa." This gathering underscores Ghana's commitment to leveraging technological innovations to drive economic transformation, showcasing its role as a model for resilience and innovation in the region. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • M23 is an empty shell the real criminal is Paul Kagame

    M23 is an empty shell the real criminal is Paul Kagame Facebook X (Twitter) WhatsApp Copy link Mbeki edmond May 1, 2024 ​ Felix Tshisekedi President of the Democratic Republic of the Congo During a candid interview with Deutsche Welle in Germany, President Félix Tshisekedi of the Democratic Republic of Congo (DRC) voiced strong accusations against Rwanda, highlighting a long-standing issue of illegal mineral exploitation that has plagued his country. President Tshisekedi accused Rwanda of backing the M23 rebel group, a claim supported by United Nations reports, and contributing to ongoing instability in eastern DRC. He described Rwanda's involvement as a façade for plundering DRC’s vast mineral wealth, which includes crucial elements like cobalt and coltan, essential for modern technology. The DRC leader’s narrative pointedly criticizes Paul Kagame, Rwanda’s president, labeling him the orchestrator behind the exploitation and violence in the region. Tshisekedi’s resolve is evident as he expresses a desire for a direct confrontation with Kagame to hold him accountable, dismissing any dialogue with the M23 as they are, in his view, merely a proxy for Rwandan interests. Tshisekedi said "M23 is an empty shell made to justify the aggression against my country But in reality, the real aggressor and the real criminal is Paul Kagame,I want to meet him not to beg him or to negotiate anything with him but to tell him clearly with my own eyes that he's a criminal that his dirty game is now known to everyone" President Tshisekedi's call for accountability extends to the international community, urging a reassessment of Rwanda's so-called development miracle. attributing its growth to the unauthorized extraction of Congolese resources rather than effective governance. The President's accusations extend beyond Apple, hinting at a broader network of complicity in the exploitation of the DRC's resources, which he insists is facilitated by international NGOs and benefits Rwanda economically. Tshisekedi's government has recently accused tech giant Apple of using minerals sourced from illegal exploitation, alleging that these minerals are smuggled through Rwanda, financing armed groups and perpetuating violence in eastern DRC. This situation is not new; it has been a destructive cycle for over thirty years, stemming from the influx of armed refugees from Rwanda in the 1990s. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • Lola Group Grants $33 Million to SDD-UBIDS as Leader Claims All African Countries Can't Afford Guarantees

    Lola Group Grants $33 Million to SDD-UBIDS as Leader Claims All African Countries Can't Afford Guarantees Facebook X (Twitter) WhatsApp Copy link Ayize claire Jul 15, 2024 Map of Africa with an Empty bank safe Vivian Fray Tarrence, team lead for the international investment platform Lola Group in Turkey, declared that all African countries are bankrupt and unable to provide even 5% of the required funding for investors. This statement was made during a visit to the Simon Diedong Dombo University of Business and Integrated Development Studies (SDD-UBIDS), where Tarrence met with Vice-Chancellor Prof. Emmanuel K. Derbile. Tarrence announced a US$33 million approval from the Lola Group for constructing new faculties , supporting research, and providing hostels at SDD-UBIDS. The funding, arranged through non-recourse and Public-Private Partnership (PPP) arrangements, aims to address infrastructure deficits in collaboration with the College for Community and Organisational Development. Tarrence explained that the Lola Group has developed a strategy to bypass the need for guarantees, which allowed for the approval of the US$33 million grant without any guarantees or upfront payments. Despite expressing concerns about the reluctance of funders to invest in Africa due to past project failures, Tarrence highlighted plans to facilitate exchange programs, enabling students from countries like South Africa, Turkey, the USA, and Canada to study at SDD-UBIDS. Prof. Emmanuel K. Derbile assured the Lola Group that the university is committed to executing the projects according to specifications and will promptly review the MoU and agreements to work efficiently with the university council. He expressed gratitude to the Lola Group for approving the funds and awarding the university two grants for various projects, hoping that this partnership will significantly improve the university’s infrastructure and enhance student accommodation and faculty facilities. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • $1 Billion Innovation Boost: Rwanda and Nigeria Spearhead African Startup Revolution

    $1 Billion Innovation Boost: Rwanda and Nigeria Spearhead African Startup Revolution Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 30, 2024 ​ In a landmark move for African innovation, Rwanda's capital, Kigali, became the stage for an unprecedented collaboration between President Paul Kagame and former Nigerian Vice President Yemi Osinbajo. The duo came together to spearhead the Timbuktoo Africa Innovation Foundation, a groundbreaking initiative aimed at nurturing African startups with a substantial $1 billion fund. Richard Tusabe, Rwanda's Minister of State for National Treasury, heralded the discussions between the leaders as pivotal. He underscored the Timbuktoo Foundation's commitment to elevating African youth, transforming them into entrepreneurs, innovators, and problem solvers. "The Timbuktoo Africa Innovation Foundation is not just a fund; it's a catalyst for transformative change across Africa, fostering innovation, creativity, and entrepreneurship on a pan-African scale," Tusabe stated. This initiative, which saw its inception at a special session of the United Nations Development Programme (UNDP) during the World Economic Forum in Davos, Switzerland, in January, aims to bolster startups across the African continent with the $1 billion innovation fund. The fund represents a significant stride towards empowering the African innovation ecosystem, providing both financial support and a platform for young entrepreneurs to thrive. Yemi Osinbajo, serving as the High Representative of the Timbuktoo Africa Innovation Foundation, celebrated the launch of the Foundation in Rwanda. He lauded the collaborative effort between the UNDP, African governments, and the private sector as "the world's largest initiative supporting Africa's innovation ecosystem." Osinbajo emphasized the transformative potential of the initiative, stating, "Timbuktoo transcends being merely an initiative; it embodies a movement towards redefining Africa through innovation." With initiatives like UniPods sparking creativity in 13 cities and thematic hubs promoting excellence in sectors ranging from FinTech to GreenTech, the Timbuktoo Foundation is set to revolutionize the landscape of African innovation. "This historic day marks the beginning of a transformative journey for Africa, turning dreams into impactful ventures," Osinbajo remarked, envisioning a future where innovation redefines the continent. The Timbuktoo Africa Innovation Foundation is poised to ignite a new era of growth and creativity across Africa, making the dream of a vibrant, innovative continent a tangible reality. As leaders and visionaries unite under this cause, the future of African innovation shines brighter than ever, promising a legacy of entrepreneurship and transformative success . More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • South Sudanese Parties Commit to Code of Conduct for Upcoming December 2024 Elections

    South Sudanese Parties Commit to Code of Conduct for Upcoming December 2024 Elections Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Apr 12, 2024 ​ South sudan opposition leader Riek Machar handshaking President Salva Kiir. In a significant step towards maintaining peace and fairness in the forthcoming national elections, South Sudan's political parties have agreed on a Code of Conduct. This crucial development took place during a pivotal event on April 4th, hosted by the reconstituted Political Parties Council of South Sudan. The gathering brought together leaders from various political factions and representatives from civil society to endorse the new regulations that aim to guide their actions during the electoral process. United Efforts for a Peaceful Election Ismail Wais, the Special Envoy to South Sudan from the Intergovernmental Authority on Development (IGAD), emphasized the importance of the Code of Conduct. "The adoption of the Code of Conduct comes at a critical time," Wais stated. He highlighted its necessity as "an essential ingredient for peaceful elections," which will help clarify permissible behaviors and enforce accountability for any actions that deviate from the agreed standards. Support for the initiative was strong among international stakeholders, with the United Nations Mission in South Sudan (UNMISS) playing a supportive role in the forum. Joram Biswaro, the ambassador of the African Union mission in South Sudan, acknowledged the encouragement from UNMISS and other entities. "UNMISS and the other stakeholders encourage us to support this process to the extent that we are here to see this Code of Conduct today being validated,” Biswaro remarked. Juba's Preparations for a Fair Electoral Process As the capital city, Juba is at the forefront of achieving peace benchmarks necessary for conducting the first national elections since the 2018 peace agreement. The city is focused on establishing the necessary technical, logistical, operational, and political frameworks to ensure a fair and equitable voting process. The Role of UNMISS and Regional Partners Consistent with its mandate, UNMISS, along with regional partners, regularly engages in consultations with political parties. These discussions aim to address unresolved issues and foster trust among the political entities, reinforcing the mission's ongoing commitment to support South Sudan’s peace processes. Importance of Public Participation The success of South Sudan's democratic journey heavily depends on broad public engagement in the peace processes and a vibrant, competitive political landscape. The establishment of a fair electoral system and adherence to the newly adopted Code of Conduct are seen as vital components in paving the way for a peaceful and democratic future. South Sudan stands at a crucial juncture, and the cooperation and commitment demonstrated by its political leaders and international supporters are hopeful signs of a peaceful electoral period ahead. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

  • Nigeria Pursues $2.25 Billion in World Bank Financing to Bolster Economic Growth

    Nigeria Pursues $2.25 Billion in World Bank Financing to Bolster Economic Growth Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Apr 22, 2024 ​ WALE-EDUN-Minister-of-Finance Nigeria In a strategic move to enhance economic stability and growth, Nigeria is in talks to secure up to $2.25 billion in loans from the World Bank, as disclosed by the government following the recent IMF/World Bank spring meetings held in Washington, D.C. The proposed financial package, expected to receive approval in June, includes $1.5 billion in development policy financing alongside $750 million in programme-for-results financing. Finance Minister Wale Edun highlighted the nation's proactive efforts to attract essential foreign exchange, including plans to issue diaspora bonds later this year. These bonds are aimed at engaging Nigerians living abroad in the country's economic development by leveraging their investment in national growth. Despite challenges such as a foreign exchange shortage that led to a dip in the value of the naira, Nigeria's currency has shown signs of recovery. This rebound is critical as Nigeria remains Africa's largest oil exporter. The administration of President Bola Tinubu has also inherited significant challenges including record debt levels and high unemployment rates. However, recent measures have seen a reduction in federal borrowing from the central bank by 50%, indicating a robust approach to fiscal management. The World Bank's potential approval of this substantial loan package in June will play a pivotal role in supporting Nigeria's ongoing economic reforms and development initiatives. These efforts are geared towards building a more stable and prosperous economic landscape for Africa's giant. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

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