NIGERIA BIGGEST ECONOMY IN AFRICA AGAIN: TWICE IS A CHARM!!!!!!!!

nigeria

By: Economic & Finance Report

Nigeria reclaimed its numero uno status as the biggest economy in Africa again, last week. The IMF indicated that Nigeria’s GDP contracted to $415 billion, while #2 runner up South Africa had $280 billion and rounding off #3 was Egypt, (which data has not come out yet when writing this piece).

The International Monetary Fund (IMF) also indicated Nigeria should be out of their recession by early 2017. Nigeria has seen recession before; during 1982-1984 when current Nigerian President Muhammadu Buhari was military head of state then, and in 1991 when Ibrahim Babangida was also head of state at the time. -SB

EGYPT PLAYS HOST TO AFRICAN ECONOMIC SUMMIT: HERALDS BOOSTING AFRICA INVESTMENT

Egypt Africa Summit 2016

By: Economic & Finance Report

Egypt this weekend heralded the Egypt African Economic Summit 2016, which engaged heads of state, political leaders and business titans from different regions of Africa came to Egypt, to establish and engage in economic policy, particularly business and economic investment on the rapidly developing continent.

Africa’s GDP hit over 2 trillion last year but it still lagged behind the world, with only 2 percent in regards, in global trading. Egypt who is the sponsor of the summit is positioning itself as the gatekeeper of foreign investment into Africa? Which seems interesting enough since the Egyptian economy has not been faring to well also. Egypt’s economy focuses heavily on the tourism industry which is apart of the service and leisure sector, and the last few years their economy has not been as productive.

During the summit countries such as Nigeria, Sudan, Gabon, Togo, Equatorial Guinea (just to name a few) along with other African countries, will be discussing trade and establishing trade agreements among their respective economies.  -SB

JORDAN STOPS A $15 BILLION DOLLAR DEAL FOR ISRAEL GAS SUPPLY

 

oil drilling

BY ECONOMIC & FINANCE REPORT

The Jordanian kingdom has stopped a business deal worth approx $15 billion dollars for Israel’s oil and gas supply, reported by the Jordanian  Ministry of Energy and Mineral Resources.

Instead the Jordanian govt has stated that it will sign  a mega gas/oil production deal with BG Group PLC, which is located outside the Gaza strip. The previous deal which has now been suspended; was with giant Israel based oil and gas company, Noble Energy (NBL). The deal was supposedly worth north of $15 billion dollars.

Jordan is doing this deal with tje BG Group PLC because of the halting of the gas/oil pipeline in Egypt, which affects the region especially Jordan directly. There has been constant pipeline bombings in Sinai, Egypt disrupting the production and output in the region.

-SB