News and economy

‘Beating down’ food prices in Nigeria

As well as chicken in South Africa and more

Get your boxing gloves on: Nigeria’s president has formed a task force to ‘beat down’ food prices in Nigeria. It is feared that such a task force might introduce socialist measures such as price fixing. Food inflation has risen from about 10% at the start of 2016 to over 17% by the end of the year. The country may ament its VAT policy, the first time since 1994. Among the proposals is a rise in an increase of VAT on luxury items.

All about chicken: South Africa’s poultry industry workers held a protest accusing the European Union of dumping cheap chicken in the country. According to one estimate, up to 1,000 jobs could be lost for every 10,000 tonnes imported.

Meanwhile in Zambia, the government has stated that the sale of live birds on wholesale and retail basis at markets will be reserved for citizens and local companies. The state has also banned imports of edible oils in a bid to protect local processors.

Going on holiday: 97% of Nigeria’s 2016 tourism revenue was generated by domestic tourists!

Not out of the woods yet: While projections based on weather pointed to a potentially better harvest of corn in South Africa in 2017, an alien pest threatens to destroy this years harvest.

Tunisia’s central bank has kept its key interest rate unchanged at 4.25 percent and Tanzania’s current account deficit narrowed 56.6 percent in the year to November 2016.

Corporate News

Standard Chartered has appointed Mansa Nettey as the new Chief Executive Officer for its business in Ghana.

Out of 27.3 million carats of diamonds produced by De Beers in 2016, 20.5 million were from Debswana. De Beers forecasts that global diamond production could start declining in 2020.