Tag: Africa
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Africa Needs $200bn Annual Investment to Meet Energy Goals, Says NLNG Boss
Philip Mshelbila, managing director of Nigeria LNG Ltd, has called for over $200 billion in annual investments to address Africa’s energy challenges and climate objectives. Speaking at the 2024 World LNG Summit in Berlin, Mshelbila emphasized the critical need for strategic energy investments in a continent with a young population and limited economic resources. “The…
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US Pledges Over $1bn in Humanitarian Aid to 31 African Countries
The United States will provide more than $1 billion in humanitarian assistance to address critical needs across 31 African countries, targeting food insecurity, refugees, and displaced populations. The funding, announced during President Joe Biden’s visit to Angola, comprises nearly $823 million from USAID, including over $202 million from the U.S. Department of Agriculture’s Commodity Credit…
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Debt Crisis Deepens Across Africa as Nations Struggle with High Borrowing Costs
Speaking at the ongoing 2024 African Economic Conference (AEC), Hanan Morsy, the deputy executive secretary and chief economist at the United Nations Economic Commission for Africa (UNECA), warned that the debt crisis afflicting the African continent has reached a critical juncture, with over 40% of African nations either in debt distress or at high risk…
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UNDP: Global Conflicts Could Derail Africa’s Growth, But Opportunities Exist
The United Nations Development Programme (UNDP) has warned that global uncertainties stemming from ongoing wars could hamper investments crucial for Africa’s economic development, while highlighting potential pathways for growth despite these challenges. “The rising trend towards protectionism can hurt African trade and slow Africa’s gross domestic product,” said Raymond Gilpin, UNDP’s chief economist and head…
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Mozambique Election Chaos Prompts South Africa Border Closure, Deadly Protests
Mozambique’s Contentious Election Outcome The political air in Mozambique has been thrust into turmoil following the disputed results of the country’s recent presidential election. The opposition candidate, Venancio Mondlane, has alleged widespread fraud in the Oct. 9 poll, which saw the ruling Frelimo party’s candidate declared the winner. The electoral commission has declined to comment…
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Equatorial Guinea Antigraft Chief Arrested Over Leaked Videos Scandal
The small Central African nation of Equatorial Guinea has been rocked by a scandal involving the Director General of the National Financial Investigation Agency (ANIF), Baltasar Ebang. Authorities have arrested Ebang after over 400 explicit videos featuring the high-ranking official with various women were discovered and circulated online. The Attorney General of Equatorial Guinea, Anatolio…