According to a new report by the World Bank, Nigeria incurred a staggering loss of N13 trillion due to foreign exchange (FX) subsidies over the past three years. The report emphasizes the importance of maintaining a unified exchange rate to correct the economic distortions caused by the previous administration’s multiple FX rates. The report reveals…
In a frustrating and familiar situation, Nigeria is grappling with a nationwide blackout following the collapse of its national grid on Saturday morning, marking the third grid failure within a week. Reports of power outages have come from major cities such as Abuja, Lagos, and various other parts of the country. As of now, there…
In a bid to safeguard the nation’s food security and stabilize prices in local markets, the President of Niger has announced a ban on the export of essential cereals such as rice, millet, sorghum, cowpea, and corn. This move is intended to ensure that enough supply of these staple crops remains within the country to…
African Stream, a news media platform that produces stories about Africa, has come under scrutiny following recent revelations from the U.S. State Department. In a press release on September 13, 2024, the State Department outlined the global covert activities of Russian state-funded media, particularly RT (formerly Russia Today). According to the U.S. government, African Stream…
Mali, Burkina Faso, and Niger are set to introduce new biometric passports as part of their exit from the Economic Community of West African States (ECOWAS), signaling a deepening of the divide between the three junta-led nations and the regional bloc. This move follows the countries’ declaration in January to withdraw from ECOWAS, a 15-member…
When it comes to intelligence, measuring IQ (intelligence quotient) provides a useful gauge of cognitive ability, capturing skills such as memory, problem-solving, mathematical reasoning, and linguistic competence. In 2024, several African nations stand out in terms of average IQ scores, according to data from CEO World. These rankings reflect the capacity for cognitive development, shaped…
Nigerians have long been recognized for their strong cultural presence and far-reaching influence across the globe. The Nigerian diaspora plays a significant role in shaping global perceptions of Africa’s most populous nation, with over 17 million Nigerians living abroad, according to the International Organisation for Migration (IOM). This massive global migration is driven by various…
Elon Musk’s Starlink is in discussions with the South African government to bring its satellite internet service to the country, marking a significant potential investment in Africa’s largest and most developed economy. The talks, which were confirmed by President Cyril Ramaphosa, revolve around the possibility of Starlink expanding into South Africa, a move that could…
Africa is a treasure trove of natural resources, holding around 30% of the world’s mineral reserves. The continent is rich in valuable commodities such as oil, diamonds, gold, copper, cobalt, coal, iron ore, and uranium, contributing significantly to the global supply chain. In 2022, several African nations emerged as top exporters of these natural resources,…
Foreign Direct Investment (FDI) is a crucial driver for economic growth and development, providing countries with much-needed capital to diversify their economies, create jobs, and boost infrastructure development. According to the latest World Investment Report 2024 by the United Nations Conference on Trade and Development (UNCTAD), African nations are seeing significant inflows of FDI, reflecting…