Tag Archives: recession

Kampala, Uganda | THE INDEPENDENT | The Uganda Investment Authority-UIA the body in charge of attracting investors in Uganda has said that the economy is already in recession due to the COVID-19 pandemic. UIA Acting Executive Director Lawrence Byensi says that they have received calls from investors telling them that they …

Johannesburg, South Africa | AFP | The World Bank warned Thursday that sub-Saharan Africa could slip into its first recession in a quarter of century because of the coronavirus pandemic on the world’s most impoverished continent. “We project that economic growth in Sub-Saharan Africa will decline from 2.4 percent in 2019 …

Abuja, Nigeria | AFP |  Nigeria and South Africa have both exited recession, notching up economic growth of 0.6 percent and 2.5 percent respectively in the second quarter, official data showed on Tuesday. Nigeria’s economy returned to growth after five consecutive quarters of contraction, driven by a strong performance in …

  Nigerian economy glimpses dim light at end of tunnel Lagos, Nigeria | AFP |  Suffering from rampant inflation, stalled investment and mass layoffs, Nigeria is still gripped by one of the worst economic crises in its history. But for the first time in months, the West African economic giant …

Lagos, Nigeria | AFP |  It’s not Nigerian President Muhammadu Buhari’s fault that Nigeria’s economy is inextricably tied to the global price of oil, now half of its 2014 peak of over $100 per barrel. But the president’s response to the economic crisis has a growing number of people concerned …

Lagos, Nigeria | AFP |  Balogun Shakirat woke up with a start at 3:00 am and put on the light in her workshop in a crowded working class district of Nigeria’s commercial capital, Lagos. In the following three hours, she was able to sew shirts, trousers and a jacket. Then …

Abuja, Nigeria | AFP |  Nigeria’s President Muhammadu Buhari on Sunday pledged to reverse the country’s economic slump as his government also tackles endemic corruption and the security threat from Boko Haram Islamists. Recession was officially confirmed in Africa’s most populous nation last month, after a second successive quarter of …

By Geoffrey Onegi-Obel Last week Dr Onegi-Obel described the limitation of the government’s `resource envelop’ budget driven response to the global economic slowdown including its impact on Uganda’s job creation, domestic savings and domestic direct investment. In this last of a two part series, he discusses possible solutions including a …