News
Nigeria’s Economic Reviews Downspin: Multinationals Flee As Challenges Mount
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 Outdated regulations and inadequate infrastructure, including power and transportation, have further increased the cost of doing business.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.
In a move to strengthen regional stability and provide humanitarian support, Guyana’s National Assembly has approved $123 million (approximately $587,940 USD) for CARICOM nations, Diaspora Watch can report. This decision was made during the 89th Sitting of the National Assembly, where Minister of Foreign Affairs and International Cooperation, Hugh Todd, emphasized the government’s commitment to supporting its neighbors in need.
Diaspora Watch was told the funds will primarily support Haiti, which has been plagued by severe gang violence, resulting in over 2,500 people killed or wounded between January and March this year. Recall that the violence has led to a shortage of food, water, and other essential items, further exacerbating the humanitarian crisis. Minister Todd highlighted Guyana’s history of providing support to its Caribbean neighbors, citing the recent example of Hurricane Beryl, which devastated several Small Islands Developing States (SIDS) in the region.
Guyana provided contributions in kind to affected OECS countries, demonstrating its commitment to regional solidarity. The approval of these funds comes on the heels of a recent meeting between Heads of Government of Caribbean nations in Guyana, where they discussed the pressing issues of crime and gang violence in the region. The meeting highlighted the need for collective action to address these challenges, which have resulted in a 154% increase in regional security budgets between 2019 and 2024. In July, Guyana provided its first shipment of relief aid to Grenada, comprising vital items such as generators, water purification tablets, and hygiene products. This donation demonstrates Guyana’s commitment to providing tangible support to its neighbors in need.
Kimma Wreh (CIO, Excel Global Media Group Inc) provided keynote address on Cybersecurity and Data Protection in Africa at the Innovate Africa Conference 2024. The conference was held at George Washington University in Washington DC in September 2024.
To book Kimma, send email to exceltekay@gmail.com or call 832-483-4864.
The Olojo Festival, an ancient and vibrant Yoruba festival, is a grand celebration held annually in Ile-Ife, Nigeria, to honor Ogun, the god of iron and war, and the rich heritage of the Yoruba people. This deeply spiritual festival brings thousands of people together, showcasing traditional customs, colorful attire, music, and rituals that highlight Yoruba history and mythology.
The highlight of the event is the appearance of the Ooni of Ife, who dons the sacred Are Crown, believed to hold immense spiritual power. Through processions, sacrifices, and community gatherings, the Olojo Festival strengthens cultural identity, unites people, and pays homage to the gods. As an enduring celebration of Yoruba pride, it captivates locals and visitors alike, reminding all of the deep cultural legacy of Ile-Ife.
Welcome to the highly anticipated 23rd volume of Diaspora Watch, your indispensable source connecting the vibrant African diaspora around the world! This edition is packed with captivating stories and in-depth analysis.
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Nurture The Kids Celebrates Milestones In Empowering Children, Communities In Nigeria And US
Guyana Government Approves $123 Million For CARICOM Nations
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