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Tag: Economy

AfBD Group grants over $67 million to Madagascar to relaunch its economy and improve governance in its energy sector

AfBD Group grants over $67 million to Madagascar to relaunch its economy and improve governance in its energy sector

by Blessing Joseph

September 26, 2024

The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a loan of $67.3 million to Madagascar on ...

The German government has expressed a strong interest in enhancing economic collaboration with Enugu State, Nigeria, focusing on key areas such as agriculture, energy, trade, and investment. This was revealed during a visit by the German Consul General, Weert Börner, who led a delegation of the German business community and the German Corporation for International Cooperation (GIZ) to meet with Governor Peter Mbah at the Enugu State Government House. Germany's decision to select Enugu as one of only three southern Nigerian states for intensified cooperation is based on recent findings indicating improved ease-of-doing-business under the Mbah administration. The visit marks the continuation of discussions that began in Lagos in 2023, aimed at increasing German investment and cooperation in the region. Börner expressed enthusiasm about the collaboration, stating, “I am very happy to be here in Enugu city to increase and deepen our conversation on this cooperation. The German government has decided to focus more on specific states within Nigeria, and we are particularly impressed with the progress in Enugu State.” Governor Peter Mbah warmly welcomed the German delegation and highlighted the ambitious goals his administration has set, including growing the state’s economy from $4.4 billion to $30 billion within the next seven years. Mbah emphasized that achieving this target would require significant private sector investments and international partnerships. “We are really excited about this partnership, especially because, although we are a subnational entity, our ambitions and goals are national in scale,” Mbah said. He outlined plans to unlock the state's economic potential, particularly in agriculture, where Enugu aims to go beyond food security to become a major player in agro-processing and export. Mbah also assured the German delegation of the state's readiness to support investment in energy, trade, and infrastructure. He highlighted ongoing efforts to operationalize the international wing of Akanu Ibiam International Airport and develop a cargo terminal to facilitate exports. Additionally, the state has acquired 300,000 hectares of land to attract commercial farmers and is modernizing its livestock industry through new legislation. The German delegation, which included representatives from Siemens Energy and the Deutsche Handels Kompetenz (DHK) chamber of industry and commerce, expressed confidence in the partnership and pledged to support Enugu's economic transformation through investment and expertise. This collaboration is expected to open up significant opportunities for both Enugu State and Germany, fostering economic growth and development in key sectors.

Germany Seeks to Boost Economic Cooperation with Enugu State in Agriculture, Energy, and Investment

by Blessing Joseph

August 12, 2024

The German government has expressed a strong interest in enhancing economic collaboration with Enugu State, Nigeria, focusing on key areas ...

Brent Crude spike as Dollar Weakens and Demand Hopes Rise

Brent Crude spike as Dollar Weakens and Demand Hopes Rise

by Blessing Joseph

The price of Brent Crude, the international crude oil benchmark, experienced a notable increase on Tuesday, rising by 2.2 percent ...

Headline Inflation in Nigeria Increases By 13.22% YoY In August 2020

Nigeria’s inflation rate peaks all-time high in 17 years

by Victor Odeyemi

October 18, 2022

The National Bureau of Statistics (NBS) via a report on Monday announced that Nigeria’s inflation rate hit a 17-year high ...

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