ECOWAS Common Currency: To Be or Not To Be?

Lately, the proposal to adopt a common currency, ECO, for the Economic Community of West African States (ECOWAS) has elicited mixed reactions.

The goal of this plan is, inter alia, to merge the new currency with the West African CFA franc-used by the French-speaking members of ECOWAS.

The ECO, which is piloted by the West African Monetary Institute (WAMI), is expected to meet four primary criteria; viz:

Nigeria’s Policy Reforms Bearing Fruit

Against the backdrop of several deep-seated structural challenges stifling operating environment for businesses, Nigeria has persistently been ranked low by the World Bank in its Ease of Doing Business (EODB) report. Out of the 190 countries surveyed for 2017, the report ranked Nigeria 169th - a negligible improvement from 170th of 189 countries in 2016. On average, the country ranked 158th of 189 countries surveyed in the last 5 years and 37th of 48 countries in Sub-Saharan Africa for 2017.

Industrialisation: Doing it the Chinese Way

“Made in China’’ unarguably has become a dominant inscription on most products world over.

These products span across electronics, textile, pharmaceuticals, leather products, automobile, building materials, phones, accessories, military hardware, among others.

Available statistics indicate that that China has so far attracted over 139 trillion dollars in Foreign Direct Investment (FDI), the News Agency of Nigeria reports.

Wanted: 11 million Professionals to Save Africa from "Disaster"

Africa needs 11 million more doctors, nurses and teachers by 2030 to prevent a “social and economic disaster” that could propel millions to migrate, the United Nations said on Thursday.

It said the 11 million were needed to help the continent cope with a booming population, with the number of children set to increase by 170 million to 750 million in the next 13 years.

“We are at the most critical juncture for Africa’s children,” Leila Pakkala of the United Nations Children’s Fund (UNICEF) said in a statement.

IMF Reinforces Optimism on Global Growth Outlook

The International Monetary Fund (IMF) released its October 2017 World Economic Outlook this week as part of events marking the Annual Meetings of the World Bank Group (WBG) and the IMF holding between 10-15 October 2017. Titled “Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges”, the report expectedly reinforced the optimism on global growth acceleration against the backdrop of supportive financial condition, cyclical upswing of growth in advanced economies as well as resilient performance in emerging markets.

Nigeria –Investors’ Delight

Vice President Yemi Osinbajo on Monday declared that Nigeria is an investors’ delight as the Buhari Presidency is making specific efforts to enable the private sector to thrive.

Prof Osinbajo stated this at the Financial Times Africa Summit in London noting that the government of President Muhammadu Buhari, in the past months, had been working assiduously to improve macroeconomic conditions.

A copy of the speech was released to newsmen in Abuja.