As part of a targeted labor migration agreement, Germany, the largest economy in Europe, has agreed to accept 250,000 qualified and semi-skilled workers from Kenya. The goal of the deal is to alleviate Germany’s labor scarcity and Kenya’s employment issues. Kenyans will be able to apply for and be granted a temporary residency permit…
Instead of only demanding a higher income, more Africans are quitting their employment in pursuit of a healthier work-life balance and a company culture. Indeed, the notion that laborers in developing nations with high rates of unemployment and economic hardship are fortunate to have jobs is no longer valid, since African workers have been…
A slowed rate of economic growth results from the growing number of unbanked people in certain areas, which in turn exacerbates the poverty headcount ratio. Large numbers of unbanked people who do not yet have access to financial services present a major obstacle to Africa’s financial inclusion efforts. According to the World Bank, nearly 1.6…
Which five African cities are the richest? According to the report, the number of millionaires in Africa is expected to increase by 65% over the next ten years. Lagos is ranked fifth out of the 20 wealthiest African cities in the most recent Henley & Partners report that highlights affluent cultures in the continent. Based…
The reasons behind the exodus of Africa’s millionaires and billionaires An AI depiction of a heterogeneous gathering of African millionaires in a company boardroom, with a private plane and an airport in the distance. The movement of Africa’s billionaires and millionaires to other regions of the world is a noteworthy trend that could…
CBN has no intention of defending the naira with foreign reserves. — Cardoso The value of the naira has increased in relation to the dollar in recent weeks, rising by more than 40%, from roughly ₦1,900/$ to roughly ₦1,000/$1. Yemi Cardoso, the Nigerian Central Bank Governor According to Central Bank of Nigeria (CBN)…
Ex-CBN Gov, Emefiele Gets N300 Million Bail, Denies N684.5m Note Printing The former Governor of the Central Bank (CBN) of Nigeria, Godwin Emefiele, was granted bail of N300 million by a…
Naira weakens somewhat versus the US dollar on the official market The naira fluctuated in value against the dollar at the Investors and Exporters (I&E) window, moving between ₦1,445.00 and ₦1,299.42. At the official market on Thursday, the value of the naira dropped slightly, closing at ₦1,402.67 to the US dollar. The naira dropped…
Import clearance costs increase by 23% due to exchange rate volatility The cost of clearing imports went from ₦1,150.16/$ on April 23, 2024, to ₦1,412.6/$ on May 8, 2024, a 23% rise in just 16 days. Due to currency changes, import clearance fees for Nigerian manufacturers and importers have increased by 23 percent. After…
Countries affected by the regional internet blackout A severe internet outage that is now plaguing several countries in the region is interfering with e-commerce and connection in those countries. This unplanned interruption has hurt both individuals and businesses by raising questions about the reliability and consistency of the internet network in the affected countries. The…
