Again, ICT sector grows, contributes 17.83% to Nigeria’s GDP

The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami has expressed his happiness on the growth of ICT’s contribution to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2020 (Q2 2020). According to a press release signed by the Technical Assistant (Information Technology) to the Honourable Minister of Communications and Digital Economy, Dr Femi Adeluyi, he said that “Nigeria’s GDP decreased by –6.10% (year-on-year) in real terms in the second quarter of 2020, largely attributable to significantly lower levels of both domestic and international economic…

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Hit By COVID-19, Switzerland Plunges Into ‘Historic’ Recession

Switzerland has plunged into recession after the coronavirus pandemic caused a “historic” 8.2-percent slump in economic activity in the second quarter, official figures showed Thursday. “In the second quarter, Switzerland’s GDP (gross domestic product) suffered the biggest decline since records of quarterly data began in 1980,” the economic affairs ministry (SECO) said in a statement. During the first quarter, the wealthy Alpine nation’s economy shrank 2.5 percent compared to the previous quarter, it said, revising the figure slightly from the 2.6 percent announced in June. Recession is defined as two…

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Manufacturing sector in Nigeria and the reality of a “new normal”

Across the globe, there is a pervading awareness that things will never be the same in the post-pandemic era. Already, some business ventures that were once considered the ‘crème’ of the global economy have taken serious hits in unimaginable measures, and some of the little ones which were regarded as below the rung, are fast rising to match up. With the new social rules in place, some businesses have come to the sad realisation that they may have to remain closed for much longer than they expected. Even for those…

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Tanzania Mortgage Market Grew by 5% in March 2020

The mortgage market in Tanzania registered a 5% growth in the value of mortgage loans as of 31 March 2020 compared to its corresponding quarter ended 31 March 2019. This was indicated in the Tanzania Mortgage Market Update 31 March 2020 released by the Bank of Tanzania on 23rd July 2020. During the same period, total lending by the banking sector for residential housing was TZS 436.02 billion, equivalent to USD 189.47million. The outstanding mortgage debt stood at TZS 436.02 billion equivalent to USD 189.47 million compared to TZS 414.79…

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COVID-19: India Competes for FDI Departing China

China is the global manufacturing hub that accounts for 12 percent of the world’s GDP growth. The strained economic diplomacy resulting from the allegations against China over its handling of the COVID-19 crisis have caused foreign investors to consider shifting their manufacturing activities from China to other South and Southeast Asian countries. While India, riding on the ‘Make in India’ wave, is hopeful to attract capital fleeing China, it may not be the first choice for many companies. A study exploring FDI in India, cites two studies that show that…

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