How Nigeria can attract and keep the right kind of foreign direct investment

2 weeks ago
Nigeria's President Muhammadu Buhari at the US-Africa Business Forum in New York in 2016. EPA/Drew Angerer

Two of the largest banking and financial services institutions in the world, HSBC and UBS, have recently closed their local representative offices in Nigeria.

There’s also trouble brewing elsewhere in Nigeria’s business world that’s prompted fears about the climate for foreign direct investment in the country. Foreign direct investment is an investment made by a firm or individual in one country into business interests located in another country.

For instance, Nigeria’s government in September accused HSBC of money laundering after an analyst working for the lender said a second term for President Muhammadu Buhari may stall economic recovery in Africa’s biggest oil producer.

There are also tensions between Nigeria’s central bank and the South African telecom company MTN. In 2015, MTN was fined about $5bn for failing to cut off unregistered SIM cards. This was later reduced to $1.7 billion after a long legal dispute and the intervention of South Africa’s then President Jacob Zuma.

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Malawi Launches Construction of Five China-Aided Community Colleges

2 weeks 3 days ago

By Trouble Ziba

Zomba — Government finally launched the construction of the five community technical colleges on Saturday in Traditional Authority Nkagula in Zomba which will be constructed across the country to the tune of K8.9 billion.

The technical colleges will be built under the China- Aided Project for Malawi Community Technical Colleges in Mzimba, Ntcheu, Zomba, Mulanje and Nsanje districts.

Speaking during the official laying of the Foundation Stone of Sakata Community Technical College in Zomba-Nsondole, Minister of Labour, Youth, Sports and Manpower Development, Grace Chiumia, said with the youth comprising about 70 per cent of Malawi's population, the only way to empower them was to train them in various skills.



'Voluntary Colonialism'? No Thanks.

2 weeks 3 days ago

By Melissa Britz

Cape Town — As if the scramble for Africa wasn't bad enough, Germany's personal representative of Angela Merkel for Africa, Günther Nooke, says Europe deserves a second chance to screw the continent over.

In an interview with the BBC, Nooke touted the idea that African governments should lease land to European powers to establish autonomous cities that would supposedly provide quality services and create jobs. All this, he says, is necessary to push development that will discourage the large numbers of African migrants that are seeking refuge and economic opportunity in Europe.

Mhhhm. So yes, Africa does have huge governance challenges but so does the whole world. Most of Europe, influenced by regressive right-wing politics in the U.S. since the era of U.S. President Donald Trump, is seeing a resurgence of conservatism and anti-migrant sentiment. The U.S. and Europe act as if corruption and mismanagement is an African invention. It's one of the few things they'll actually give us credit for.


6 hours 31 minutes ago
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