News

Nigeria’s Economic Reviews Downspin: Multinationals Flee As Challenges Mount

Published

9 months ago

June 26, 2024

Nigeria, Africa’s largest economy and a former haven for foreign investment, is grappling with a disconcerting trend the mass exodus of multinational corporations. In recent years, a slew of prominent multinationals has bid farewell to Nigeria, citing an unfriendly business environment, economic instability, and daunting operational challenges. This disturbing trend has far-reaching implications for Nigeria’s economy, its people, and the African continent as a whole. Among the multinationals that have exited Nigeria are Unilever, GSK Plc, Procter &
Gamble, Cadbury, Co- ca-Cola, Heineken, Diageo, and recently Guinness. These companies’ departure has resulted in significant job losses, revenue decline, and reduced economic growth. According to the National Bureau of Statistics, foreign direct investment in Nigeria decreased by 43% in 2020, while the country’s GDP shrunk by 1.6% in 2021.

The unemployment rate has skyrocketed to 33.3%, exacerbating poverty and inequality. The root causes of this exodus are multifaceted. Economic instability, characterized by fluctuating oil prices, inflation, and currency fluctuations, has created an uncertain business environment. Corruption and bureaucratic red tape have also discouraged investment, while insecurity, terrorism, and kidnapping have become major concerns for businesses operating in Nigeria. Outdated regulations and inadequate infrastructure, including power and transportation, have further increased the cost of doing business.

To reverse this trend, the Nigerian government must take decisive action. Improving economic stability, strengthening institutions, reducing corruption, enhancing security, modernizing regulations, and investing in infrastructure development are essential steps. Encouraging public-private partnerships and promoting transparency and accountability are also crucial. By addressing these challenges, Nigeria can regain its status as a preferred investment destination and create a prosperous future for its people.

The African diaspora community has a vested interest in Nigeria’s economic success, and collective action is
necessary to promote economic stability and development in Africa.

Environment

UK Invests £180 Million In Solar Panels For Schools And Hospitals

Published

3 days ago

March 25, 2025

dwblogger

In a bid to reduce the country’s planet-warming emissions, the UK government has announced a £180 million investment in solar panels for hundreds of schools and hospitals across the country.

This move is part of the government’s efforts to achieve its long-term climate goals and reduce reliance on fossil fuels.

The investment, which is the first major project from Great British Energy, the government’s new state owned energy company, is expected to provide solar panels for 200 schools and 200 hospitals.

This will not only help reduce energy bills but also cut carbon emissions and promote sustainability.

According to Energy Secretary Ed Miliband, “Great British Energy’s first major project will be to help our vital public institutions save hundreds of millions on bills to reinvest on the frontline.”

He added that the project will help reduce the financial pressure of energy bills on schools and hospitals.

The announcement has been welcomed by schools, unions, and NHS estate managers, who have long been advocating for measures to reduce energy costs.

Paul Whiteman, NAHT general secretary, said that the investment is a “step in the right direction” and will help schools manage energy bills, which have been a significant financial burden in recent years.

However, not everyone is optimistic about the investment.

Andrew Bowie, shadow energy secretary, argued that the government’s net zero plans will make the country “poorer.”

He claimed that the investment will lead to increased reliance on foreign powers like Russia.

In contrast, energy experts believe that investing in renewable energy will reduce the UK’s reliance on imports.

Jess Ralston, energy analyst at the Energy and Climate Intelligence Unit, said that the investment in solar panels will improve energy security and reduce the amount of gas imported from countries like Russia.

The first solar panels are expected to be installed by the end of the summer, with a focus on areas of “highest need.”

Diaspora

Diaspora Watch – Vol. 39

Published

5 days ago

March 23, 2025

admin

Diaspora Watch Newspaper - Vol. 39 - WN March 10 - 16, 2025

Get ready for the most explosive edition yet! Diaspora Watch 39th edition is packed with breaking news, shocking revelations, and heartwarming stories that will leave you breathless!

Print on Demand & FREE Digital View:
https://www.magcloud.com/browse/issue/3036398?__r=1069759

Diaspora Watch on Amazon:
https://shorturl.at/1ZlB6

SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/

DIASPORA WATCH 39TH EDITION: GLOBAL NEWS EXPLOSION!

Putin and Trump hold the fate of Ukraine in the balance as they engage in high-stakes talks! What will be the outcome? Find out inside!

Mark Carney sworn in as Canadian Prime Minister! A new era begins in Canadian politics, but what does the future hold?

Trump drops a bombshell, declaring Biden’s last-minute pardons “null and void”! The implications are staggering – get the full story inside!

Global growth set to slow down in 2025 and 2026, warns OECD report! What does this mean for the global economy?

SpaceX capsule delivers four astronauts to International Space Station! A historic achievement in space exploration that will leave you starstruck!

Your WhatsApp account can be compromised in minutes – find out how to stay safe online!

African Union rejects parallel government in Sudan, warns of country’s partition! The AU takes a firm stance on Sudan’s political crisis – get the latest inside!

Nigeria set to appoint new envoys as vetting process begins! Who will make the cut?

Nnamdi Kanu expresses gratitude as Chief Justice reassigned terrorism case! A significant development in the Nnamdi Kanu case – find out more!

ECOWAS Parliament intervenes in Guinea-Bissau, Liberia crises! Regional leaders work towards a peaceful resolution – get the full story!

And in a heartwarming turn of events, Asake reconciles with ailing father, promises new house and responsibility for 11-year-old daughter!

Diaspora

Diaspora Watch – Vol. 38

Published

2 weeks ago

March 14, 2025

dwadmin

Diaspora Watch Unveils 38th Edition: Get ready for the most anticipated edition yet!

Print on Demand & FREE Digital View: https://www.magcloud.com/browse/issue/3030359?__r=1069759

SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/

Diaspora Watch is proud to present its 38th edition, packed with the latest news, trends, and analysis from around the world.

Our cover headlines are buzzing with hot topics: the mass trial of opposition figures in Tunisia, the UK government’s refusal to pay Rwanda over a canceled migrant deal, and Trump’s address to a joint session of Congress, outlining his vision for a second term.

But that’s not all – we’re also diving into the world of sports, with a special feature on Nigeria’s first Super Bowl winner, Moro Ojomo, who received a hero’s welcome at Aso Villa. And, meet the 35-year-old Nigerian man who’s making waves with his incredible talent for building helicopters and guns from rubber!

In our lifestyle section, we’re exploring the devastating consequences of procrastination and how to overcome it. Plus, find out why Nigerian celebrities are caught up in Lamborghini fever!

As always, Diaspora Watch is your premier source for compelling stories, analysis, and perspectives that matter to Africans everywhere.

So, grab your copy now and stay informed, inspired, and connected to the global African community!