<p>CNBC Africa, Africa’s leading business and finance channel, brings viewers unrivalled live coverage of the 47<sup>th</sup> annual World Economic Forum in Davos, Switzerland from January 17 to January 20.</p>
<p>On-air, online and across social media platforms, CNBC Africa will speak to the most influential CEOs and policy makers both globally and across the African continent.</p>
<p>The theme for WEF Davos this year is placed on responsive and responsible leadership.</p>
<p>“Global events this year have reminded decision-makers that the more complex a system, the greater a community’s concern about its future. The weakening of multiple systems has eroded confidence at the national, regional and global levels. And, in the absence of innovative and credible steps towards their renewal, the likelihood increases of a downward spiral of the global economy.”</p>
<p>WEF Davos will see delegates and thought leaders from across the globe converge to discuss current affairs and future goals that impact the model of future generations.</p>
<p><strong>Powering Africa</strong>, brought to you by <strong>Nedbank</strong>, will broadcast Tuesday, January 17 from 15:30pm to 16:30pm CAT on DStv channel 410. CNBC Africa’s Bronwyn Nielsen will moderate alongside a host of phenomenal panellists, including Aliko Dangote and Cyril Ramaphosa, to discuss the way forward in closing Africa’s energy gap and boosting economic growth with 30% by 2040.</p>
<p><strong>Building Africa</strong>, brought to you by <strong>Transnet</strong>, will broadcast on Thursday, January 18 at 10:30am CAT will look at what infrastructure is needed from power to hospitals, roads and technology to unlock Africa’s industrial potential.</p>
<p><strong>The Return of Carbon Markets</strong>, led by <strong>Bronwyn Nielsen</strong> on January 19, 10:15am to 11:15am CAT, will delve into the question can business and regulators work together to foster vibrant carbon markets?</p>
<p>Follow the pulse of WEF 2017, using the hashtags <strong>#DavosOn410 #Channel410 #Energy4All #PowerAfrica410 #BuildingAfrica410</strong>:</p>
<p><strong>Facebook</strong> – CNBC Africa</p>
<p><strong>Twitter </strong>– @cnbcafrica</p>
<p><strong>Instagram</strong> &#8211; @cnbcafrica﻿</p>


World Economic Forum Live From Davos

<p><em>This article first appeared on <a href="http://www.theglobalcommunique.com/2017/01/nigerias-market-women-express-their-views-on-matters-relating-to-nigerias-economy/">The Global Communiqué</a> and is republished with its permission. </em></p>
<p>Nigeria, one of Africa’s largest economies, slipped into an economic recession in 2016. Nigeria was particularly hit the hardest by the decline of global oil prices which make up 70% of government revenue. Various policies were put into place in 2016, with the aim of propping up the Nigerian economy; however, the economy currently remains in a quandary.</p>
<p>The most recent data from Nigeria’s National Bureau of Statistics reveal that inflation has now hit <a href="http://www.nigerianstat.gov.ng/report/495">18.55%</a> (an increase of 0.07% from the 18.48% inflation rate that was recorded in November 2016). The food index also rose from 17.19% to <a href="http://www.nigerianstat.gov.ng/report/495">17.39%</a>. Notwithstanding Nigeria’s current economic difficulty, the World Bank’s January 2017 Global Economic Prospects report forecasts that Nigeria will rebound from the recession and grow at <a href="http://www.worldbank.org/en/news/press-release/2017/01/10/global-growth-edges-up-to-2-7-percent-despite-weak-investment">1%</a> .</p>
<p>Despite all these figures and reports, what does all this mean for ordinary citizens going about their daily lives? This is what a late morning conversation with Ikotun Market’s small business owners illuminated: their view on life in Nigeria before and after the country’s economic recession, their views and opinions on Nigeria’s political landscape, as well as whether they would like to be involved (in some capacity) in the policy-making of their country. The interview was conducted on Tuesday, January 10<sup>th</sup>, 2017.</p>
<p>Q: Good morning. Please tell us your name and what you do for a living.</p>
<p>Grace: Good morning. My name is Grace. I sell dry fish.  </p>
<p>Esther: My name is Esther and I am a business woman. I sell “okrika” – second-hand clothing.</p>
<p>Victoria: Good morning. My name is Victoria and I own a boutique business. I sell ladies’ wear – gowns, skirts, trousers and jeans.</p>
<p>Q: Have you always sold items here in Ikotun Market?</p>
<p>Grace: I did not always live in Lagos. I was living at the village. I only moved to Lagos when my husband died. Following the death of my husband, I was suffering in the village with my 6 children. So that is when I decided to move to Lagos with my children and start this business of selling dry fish.</p>
<p>Esther: I used to sell dry fish and crayfish before selling okrika.I stopped selling the fish because it became dangerous to gather the fish before bringing them to the market to sell. The sea men were killing people. So I stopped selling the fish and instead started selling second-hand clothing. I buy the second-hand clothing from Cotonou (in Benin) and bring them here to the market to sell.</p>
<p>Victoria: I used to live in Aba, in Abia State before moving to Lagos. I was an employed woman in Aba – I was not engaged in a business. I moved to Lagos when my husband moved to Lagos. I have been selling here for 6 years now. I lived in Aba for 10 years.</p>
<p>Q: How has life been for you ever since Nigeria entered into an economic recession?</p>
<p>Grace: Life has really changed for me and my family. I did not know it could get like this. For example, this dry fish that you are seeing, I used to buy one packet to sell for only 8,000 naira [approximately US$25]. But today, the same packet of dry fish is 30,000 naira [approximately US$95]. Everything was low; now everything is high. As a widow, things are very difficult, school fees are high. My oldest child is 29 years and my youngest child is 14 years.</p>
<p>Esther: During the time of Jonathan, okrika was cheap. A bale was between 25,000 naira and 32,000 naira [approximately US$79 and US$100]; but today with Buhari okrika is 100,000 naira [approximately US$317]. Things used to be cheap for market women, now it is very expensive. That is not the only thing: since Buhari became president, the customs have started seizing second-hand clothes on our back from Cotonou. They say we cannot bring the clothing to the market. They do not give a reason, besides that the clothing is contraband. They do not give us alternatives, they just seize the clothing. This is making it very difficult for us market women. During Jonathan we were free and things were better. I used to eat freely: me and my family used to afford to buy chicken and we used to cook using four scoops of rice. But today, under Buhari, we cannot afford to eat chicken, it is too costly. Instead, we eat dry fish and cook using two scoops of rice.</p>
<p>Victoria: The present economic situation has not been easy at all. People are not buying clothing the way they used to. Life was better before the current economic situation. For example, in previous years, at Christmas time people used to come here and buy a lot of clothing, without a care on how much they were spending. But this past Christmas (2016), people hardly bought things – people cannot afford clothes. I want to switch over to selling food stuff – like rice and beans. People cannot do without food; but things like clothing, people can survive without them, so you get fewer buyers in situations like this.</p>
<p>Q: Do you blame this difficult economic situation on the current president, President Buhari?</p>
<p>Grace: Everything was low, now everything is high.Gari [a type of food] under Jonathan was 200 naira but today under Buhari, it is 800 naira. Now people are suffering.</p>
<p>Esther: Things used to be cheap for market women. I cannot eat the things I used to eat. People who said ‘change’ was coming are now regretting. In this market, you cannot see someone come out to publicly say that they voted for Buhari.</p>
<p>Victoria: I don’t want Buhari for another term.</p>
<p>Q: If your opinion was asked on how the government should improve the current economic situation, what would you say?</p>
<p>Grace: As a person, you don’t want to use your mouth to demand things. But what I can say is that people are suffering.</p>
<p>Esther: The customs should find other ways to seize contraband items, a way that does not affect the poor market women who rely on sellingokrikafor their livelihoods. The government should also give assistance to women like me who want to enter the farming business.</p>
<p>Victoria: If the government could give funding to small business owners, it would help. The government should also have a way to hear the voices of the poor.  </p>
<p>Q: Now that America is getting a new president, soon to be President Trump, is there anything in particular you would like to see him do for Africa, specifically Nigeria?</p>
<p>Esther: I do not want any president from any rich country to borrow Nigeria money – borrowed money will just get Nigeria deeper into problems because to pay that money back will become a problem.</p>
<p>Victoria: America can help us with enforcing the rule of law.</p>
<p>Q: Thank you for all of your time.</p>
<p>As the World Bank has made a rather promising forecast for Nigeria’s economy in the year 2017, what remains important is to remember that these economic figures that are frequently hurled about affect real people who would also like to be involved – in some capacity – in the decision-making of their own country.</p>
<p>Bearing in mind the rise in populist movements across the west, it is important to take stock of what was learnt in 2016, particularly as it relates to amplifying (and not disregarding) the voice of the general populace and those at the grassroots. In this case as Nigeria climbs out of its economic valley, the Nigerian government ought to create more inclusive and more effective policies for the benefit of the general populace.</p>
<p>In crafting such policies, it is fundamental to have community participation, in the form of incorporating the interests (and preferences) of the underprivileged groups, when formalizing policies in the higher echelons of government.</p>
<p>Banerjee and Duflo in their book &#8220;Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty&#8221; state that “if we listen to [those at the base of the pyramid] and force ourselves to understand the logic of their choices […] then we may be able […] to construct a toolbox of effective policies […]”. The creativity of small business women in going about the daily endeavours has the potential to bring transformational impact when rolled out on a larger scale, only if their voices are taken seriously.﻿</p>
<p> </p>


Op-Ed: Grassroots conversations at Nigeria’s Ikotun Market

<p>A new terminal at northern Nigeria&#8217;s Kaduna airport is still under construction with cables hanging from ceilings less than two months before it is due to become an aviation hub when the capital&#8217;s airport closes temporarily for runway repairs.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads2"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>Nigeria plans to shut Abuja airport for six weeks from March 8 to repair its runway and divert flights to Kaduna, an airport used primarily for domestic flights about 160 km (100 miles) to the north, after airlines threatened to stop flying to the capital.</p>
<p>Abuja-bound passengers will have to fly to Kaduna and travel in buses, guarded by security, on a road where kidnappings have taken place in the past few years.</p>
<p>Kaduna airport handled 12 flights in December 2015, the last month for which Nigeria&#8217;s airports authority has figures, compared with 812 that used Abuja.</p>
<p>The government hopes international carriers will use Kaduna during the closure but the new terminal, in the works for about four years, was still a building site when a Reuters team visited the airport on Jan. 10.</p>
<p>Bricks were stacked throughout what will be the lounges, cables hung from the ceiling and mounds of sand were dotted across the ground. Most of the workers, who numbered around 30, were sat idle outside.</p>
<p>&#8220;We will try and fast track the contractor to deliver the terminal building before the end of February so that we can take it over in March,&#8221; Aviation Minister Hadi Sirika told a forum of businesses and aviation industry figures this month.</p>
<p>&#8220;Whether that happens or not, we have an alternative,&#8221; he said, explaining that the existing terminal would be used.</p>
<p>Sirika said the building could handle up to 500 passengers, although a visual assessment by the Reuters team suggested the capacity may be far lower. The check-in desks have no computers and there is only one security checkpoint.</p>
<p>Airport officials, who did not want to be named, said modifications could be made to the building such as creating an extra entrance, covered by a canopy, to ease the flow of people.</p>
<p>An Aviation Ministry spokesman did not to respond to emailed questions on Monday about details of the contingency plan if the terminal is not finished on time and the size of its capacity.</p>
<p>&#8220;If the government says it will be ready, it will be ready,&#8221; Mohammed Joji, chairman of a government-appointed committee that is overseeing the temporary airport closure and transition, said last week.</p>
<p>The temporary closure of Abuja&#8217;s airport has been criticised by aviation labour unions, business leaders and diplomats.</p>
<p>&#8220;Some businesses will fold up and be unable to recover,&#8221; said three Nigerian aviation unions in an open letter, adding that the country&#8217;s aviation industry &#8220;will lose colossal sums of money&#8221;.﻿</p>
<p> </p>


Nigeria's Kaduna airport terminal still building site ahead of air hub switch

<p>The top judge in Gambia&#8217;s Supreme Court declined on Monday to rule on President Yahya Jammeh&#8217;s petition to overturn his election defeat, as many Gambians wait nervously to see how the veteran leader will react to his rival&#8217;s planned inauguration this week.</p>
<p>Jammeh initially conceded defeat to opposition leader Adama Barrow following the Dec. 1 poll but later changed his mind, drawing widespread condemnation and the threat of a military intervention by regional neighbours.</p>
<p>Whether Gambia succeeds in swearing in Barrow is viewed as a test for democracy in West Africa, a region which is seeking to draw a line under a history of coups and autocratic rule.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads3"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads2"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>The Supreme Court has not sat for over a year and all the judge&#8217;s seats bar that of the chief justice are unoccupied. Jammeh has hired judges from Nigeria and Sierra Leone to hear the petitions, but they have failed to arrive in Gambia.</p>
<p>&#8220;It is crystal clear that the justices from Nigeria and Serra Leone are not coming,&#8221; the court&#8217;s Nigerian Chief Justice Emmanuel Fagbenle said.</p>
<p>The chief justice said the court would be adjourned until the next regular session in either May or November, but added that the petitions could be heard if the judges arrived sooner.</p>
<p>The court&#8217;s inability to convene only deepens the political crisis in Gambia. Allies of Jammeh said there could be no inauguration with petitions still pending before the court.</p>
<p>&#8220;In the interest of justice, the petition must be heard and determined before the inauguration can take place,&#8221; said Edward Gomez, a lawyer for Jammeh&#8217;s APRC political party, reacting to the adjournment.</p>
<p>Tensions are rising in the capital Banjul as Barrow&#8217;s Jan. 19 inauguration approaches. Heavily armed security forces man checkpoints throughout the city.</p>
<p> </p>
<p>MEDIATION EFFORTS</p>
<p>Barrow, who is visiting neighbouring Senegal, insists the swearing in ceremony will go ahead.</p>
<p>Leaders of regional bloc ECOWAS have tried to convince Jammeh to step aside, rather than risk dragging the country into crisis or civil war. But the bloc has also indicated that military force could be used to install Barrow.</p>
<p>Jammeh has called ECOWAS&#8217;s placing of troops on alert &#8220;a declaration of war&#8221; and Gambia&#8217;s army chief has publicly declared his loyalty to the 51-year-old leader who seized power in a 1994 coup.</p>
<p>Jammeh is looking increasingly isolated on the African continent. The African Union said last week it would not recognise Jammeh as Gambia&#8217;s president after Jan. 19. [nL5N1F3453]</p>
<p>In a statement, Jammeh&#8217;s office described the AU&#8217;s stance as &#8220;irresponsible and malicious and only meant to annoy and aggravate the political situation in The Gambia.&#8221;</p>
<p>The most recent mediation mission on Friday failed.</p>
<p>&#8220;As far are we are concerned all the options are on the table,&#8221; an advisor to Senegal&#8217;s President Macky Sall told Reuters. &#8220;And from January 19th he will no longer be president &#8230; and all the countries will recognise Barrow.&#8221;﻿</p>
<p> </p>


Gambia Supreme Court judge declines to rule on president's election challenge

<p>Ivory Coast police fired teargas on Monday to disperse pupils and students protesting at government ministries in the main city, Abidjan, as nationwide strikes intensified, police and a senior union official said.</p>
<div class="teads-inread">
<div>
<div class="teads-ui-components-label"></div>
<div class="teads-player" id="teads3"></div>
<div class="teads-ui-components-credits"><a href="http://inread-experience.teads.tv/" target="_blank"></a></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-ui-components-label"></div>
<div class="teads-player" id="teads2"></div>
<div class="teads-ui-components-credits"><a href="http://inread-experience.teads.tv/" target="_blank"></a></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>Ivory Coast, French-speaking West Africa&#8217;s largest economy and the world&#8217;s top cocoa grower, is facing a growing wave of public sector strikes that threaten to paralyse the country and undermine an impressive post-war economic recovery.</p>
<p>&#8220;Our men dispersed the protesters &#8230; who were stopping workers going to their jobs in the ministries,&#8221; said a senior police official who asked not to be named. &#8220;They were obliged to use teargas.&#8221;</p>
<p>He said the protesters were young people claiming to be aligned with the FESCI student union.</p>
<p>&#8220;These were pupils who had gone to the Education Ministry to find a solution so that their teachers could get back to work,&#8221; said Theodore Zadi Gnangnan, the president of a grouping of more than 100 civil servants&#8217; syndicates.</p>
<p>Under the leadership of President Alassane Ouattara, who came to power in the wake of a 2011 civil war, Ivory Coast has emerged as one of the world&#8217;s fastest growing economies. But his critics say only a fraction of Ivorians have benefited.</p>
<p>The involvement of the FESCI &#8211; aligned with the Young Patriots street militia, which opposed Ouattara during Ivory Coast&#8217;s 2002-2011 political crisis &#8211; marks a significant escalation of the strike movement.</p>
<p>Young men entered school campuses across the country on Monday, forcing children out of classrooms. Pupils and high school students took to the streets in several cities.</p>
<p>Ivorian public school teachers went on strike last year.</p>
<p>They were joined last week by civil servants across the country, whose demands included salary increases, the reversal of a reduction in pensions, and payment of unpaid wages they say total around 243 billion CFA francs ($393 million).</p>
<p>Disgruntled soldiers, meanwhile, said they had still not received bonuses the authorities had promised to begin paying on Monday as part of an agreement to end an army mutiny earlier this month, raising the spectre of further unrest. [nL5N1F32FB]</p>
<p>A member of parliament in Bouake, the second largest city and the epicentre of the mutiny, said he had briefly been abducted on Monday by soldiers angry that they had not yet been paid.</p>
<p>&#8220;We have no news. We&#8217;ve been waiting for the money since this morning, but we don&#8217;t have anything yet,&#8221; said one of the leaders of the mutiny.</p>
<p> </p>
<p>($1 = 618.5400 CFA francs)﻿</p>


Ivory Coast police fire teargas to disperse protesting students

<p>Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.</p>
<p>Oxfam’s report, ‘An economy for the 99 percent’, shows that the gap between rich and poor is far greater than had been feared. It details how big business and the super-rich are fuelling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics. It calls for a fundamental change in the way we manage our economies so that they work for all people, and not just a fortunate few.</p>
<p>New and better data on the distribution of global wealth – particularly in India and China – indicates that the poorest half of the world has less wealth than had been previously thought.  Had this new data been available last year, it would have shown that nine billionaires owned the same wealth as the poorest half of the planet, and not 62, as Oxfam calculated at the time.</p>
<p>Winnie Byanyima, Executive Director of Oxfam International, said:</p>
<p>“It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day.  Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.</p>
<p>“Across the world, people are being left behind. Their wages are stagnating yet corporate bosses take home million dollar bonuses; their health and education services are cut while corporations and the super-rich dodge their taxes; their voices are ignored as governments sing to the tune of big business and a wealthy elite.”</p>
<p>Oxfam’s report shows how our broken economies are funnelling wealth to a rich elite at the expense of the poorest in society, the majority of whom are women. The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years.  To put this figure in perspective – you would need to spend $1 million every day for 2738 years to spend $1 trillion.</p>
<p>Public anger with inequality is already creating political shockwaves across the globe. Inequality has been cited as a significant factor in the election of Donald Trump in the US, the election of President Duterte in the Philippines, and Brexit in the UK.</p>
<p>Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years.  Between 1988 and 2011 the incomes of the poorest 10 percent increased by just $65 per person, while the incomes of the richest 1 percent grew by $11,800 per person – 182 times as much.</p>
<p>Women, who are often employed in low pay sectors, face high levels of discrimination in the work place, and who take on a disproportionate amount of unpaid care work often find themselves at the bottom of the pile.  On current trends it will take 170 years for women to be paid the same as men.</p>
<p>‘An Economy for the 99 percent’ also reveals how big business and the super-rich are fuelling the inequality crisis.  It shows how, in order to maximize returns to their wealthy shareholders, big corporations are dodging taxes, driving down wages for their workers and the prices paid to producers, and investing less in their business.</p>
<p>Oxfam interviewed women working in a garment factory in Vietnam who work 12 hours a day, 6 days a week and still struggle to get by on the $1 an hour they earn producing clothes for some of the world’s biggest fashion brands. The CEOs of these companies are some of the highest paid people in the world.   Corporate tax dodging costs poor countries at least $100 billion every year. This is enough money to provide an education for the 124 million children who aren’t in school and fund healthcare interventions that could prevent the deaths of at least six million children every year.</p>
<p>The report outlines how the super-rich use a network of tax havens to avoid paying their fair share of tax and an army of wealth managers to secure returns on their investments that would not be available to ordinary savers.  Contrary to popular belief, many of the super-rich are not ‘self-made’. Oxfam analysis shows over half the world’s billionaires either inherited their wealth or accumulated it through industries which are prone to corruption and cronyism.</p>
<p>It also demonstrates how big business and the super-rich use their money and connections to ensure government policy works for them. For example, billionaires in Brazil have sought to influence elections and successfully lobbied for a reduction in tax bills while oil corporations in Nigeria have managed to secure generous tax breaks.</p>
<p>Byanyima said: “The millions of people who have been left behind by our broken economies need solutions, not scapegoats. That is why Oxfam is setting out a new common sense approach to managing our economies so that they work for the majority and not just the fortunate few.”</p>
<p>“Governments are not helpless in the face of technological change and market forces.  If politicians stop obsessing with GDP, and focus on delivering for all their citizens and not just a wealthy few, a better future is possible for everyone.”</p>
<p>Oxfam’s blueprint for a more human economy includes:</p>
<p>· Governments end the extreme concentration of wealth to end poverty. Governments should increase taxes on both wealth and high incomes to ensure a more level playing field, and to generate funds needed to invest in healthcare, education and job creation.</p>
<p>· Governments cooperate rather than just compete. Governments should work together to ensure workers are paid a decent wage, and to put a stop to tax dodging and the race to the bottom on corporate tax.</p>
<p>· Governments support companies that benefit their workers and society rather than just their shareholders. The multi-billion Euro company Mondragon, is owned by its 74,000 strong workforce.  All employees receive a decent wage because its pay structure ensures that the highest paid member of staff earns no more than 9 times the amount of the lowest paid.</p>
<p>· Governments ensure economies work for women. They must help to dismantle the barriers to women’s economic progress such as access to education and the unfair burden of unpaid care work.</p>
<p>Oxfam is also calling on business leaders to play their part in building a human economy. The World Economic Forum has responsive and responsible leadership as its key theme this year.  They can make a start by committing to pay their fair share of tax and by ensuring their businesses pay a living wage.  People around the global can also join the campaign at <a href="http://www.evenitup.org/" target="_blank" rel="noopener">www.evenitup.org</a>.</p>
<p>Contacts</p>
<p>Anna Ratcliff: <a href="mailto:anna.ratcliff@oxfaminternational.org" target="_blank" rel="noopener">anna.ratcliff@oxfaminternational.org</a> or +44 (0) 7796993288</p>
<p>Notes to editors</p>
<p>Winnie Byanyima, Executive Director of Oxfam International will be attending the World Economic Forum in Davos, Switzerland from the 17 – 20 January 2017 to highlight the urgent need for action to tackle inequality.   For more information on WEF see <a href="http://www.weforum.org/" target="_blank" rel="noopener">www.weforum.org</a></p>
<p>The following materials are available for download here: <a href="https://oxfam.box.com/v/an-economy-for-99-percent" target="_blank" rel="noopener">https://oxfam.box.com/v/an-economy-for-99-percent</a></p>
<p>* Full report and executive summary of ‘An Economy for the 99 percent’<br />
* A document outlining the methodology behind the statistics in the report</p>
<p>VNR footage and shot list featuring the stories of people in Kenya, Vietnam and Brazil who face a daily struggle with inequality are available at the following links:</p>
<p>The world’s 8 richest people are, in order of net worth:</p>
<p>1. Bill Gates: America founder of Microsoft (net worth $75 billion)<br />
2. Amancio Ortega: Spanish founder of Inditex which owns the Zara fashion chain (net worth $67 billion)<br />
3. Warren Buffett: American CEO and largest shareholder in Berkshire Hathaway (net worth $60.8 billion)<br />
4. Carlos Slim Helu: Mexican owner of Grupo Carso (net worth: $50 billion)<br />
5. Jeff Bezos: American founder, chairman and chief executive of Amazon (net worth: $45.2 billion)<br />
6. Mark Zuckerberg: American chairman, chief executive officer, and co-founder of Facebook (net worth $44.6 billion)<br />
7. Larry Ellison: American co-founder and CEO of Oracle  (net worth $43.6 billion)<br />
8. Michael Bloomberg: American founder, owner and CEO of Bloomberg LP (net worth: $40 billion)</p>
<p>Oxfam’s calculations are based on global wealth distribution data provided by the Credit Suisse Global Wealth Data book 2016: <a href="http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD6F2B43-B17B-345E-E20A1A254A3E24A5" target="_blank" rel="noopener">http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD6F2B43-B17B-345E-E20A1A254A3E24A5</a></p>
<p>The wealth of the world’s richest people was calculated using<a href="https://www.geekwrapped.com/archive/forbes-billionaires-full-list-of-the-500-richest-people-in-the-world"> Forbes&#8217; billionaires list last published in March 2016</a>.</p>


Eight men own same wealth as half the world

<p>Gunmen kidnapped five students and two staff, including a Turkish national, from an international school in Nigeria&#8217;s southern state of Ogun, police said on Saturday.</p>
<p>The kidnappers, who abducted the six Nigerians and Turkish staff member late on Friday, have not made contact with police or school authorities and no arrest has been made, Ogun police spokesman Abimbola Oyeyemi said.</p>
<p>&#8220;We have deployed police operatives and are making serious efforts to release the victims unhurt and bring the culprits to book,&#8221; he said.</p>
<p>In September, Ogun state police rescued two kidnapped Chinese nationals who were working for a quarry company.﻿</p>
<p> </p>


Gunmen kidnap five students, two staff from Nigerian school-police

<p>Gambia&#8217;s President-elect Adama Barrow has left the country for neighbouring Senegal, a coalition member and local media said on Sunday, a day after West African leaders failed to persuade President Yahya Jammeh to step aside.</p>
<p>Barrow, a former real estate agent, won a Dec. 1 election in the former British colony by a slim margin. Long-ruling Jammeh conceded defeat but then changed his mind, plunging one of West Africa&#8217;s tourist hot spots into crisis and dimming hopes for democracy in a region accustomed to coups and autocratic rule.</p>
<p>Barrow, backed by the West and the African Union, is due to be inaugurated on Jan. 19, although Jammeh is seeking to block this pending a Supreme Court ruling on his legal challenge to poll results.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>&#8220;He (Barrow) is in Dakar. He will be back for the inauguration and we are mobilising the whole country for that,&#8221; said Isatou Toure, a member of Barrow&#8217;s coalition.</p>
<p>A spokesman for Senegal&#8217;s government was not immediately able to confirm his arrival which was also reported by state-owned news agency APS. Toure did not say why Barrow had gone to Dakar, although other supporters said he felt vulnerable given a lack of security.</p>
<p>The regional mediation mission to Banjul on Saturday, led by Nigeria&#8217;s President Buhari Muhammadu Buhari and Liberia&#8217;s President Ellen Johnson Sirleaf, was seen as the last attempt at a diplomatic resolution to the political impasse.</p>
<p>Talks with regional bloc ECOWAS in December had also failed.</p>
<p>The bloc will seek formal approval to send troops if Jammeh continues to refuse to step aside, U.N. Special Representative for West Africa and the Sahel Mohammed Ibn Chambas said earlier this week.</p>
<p>&#8220;His Excellency the President reiterated his position and that of The Gambia Government,&#8221; said a statement for Gambia&#8217;s President on the State House website after Saturday&#8217;s meeting.</p>
<p>Jammeh has cited irregularities in the polling process and is challenging the election results at Gambia&#8217;s Supreme Court.</p>
<p>But the court could not rule on his challenge this week because judges from Nigeria and Sierra Leone did not show up. The Supreme Court has indicated it may not be able to sit again until May.﻿</p>
<p> </p>


Gambia's President-elect arrives in Senegal after talks fail

<p>Nigeria&#8217;s state oil company has proposed legal amendments aimed at enabling the government to increase royalties and other revenues from deepwater oil production.</p>
<p>OPEC member Nigeria has been hit hard by a slump in crude oil prices in the last two years, which helped to push the country into recession. And militant attacks in the southern Niger Delta throughout 2016 have hampered production.</p>
<p>The proposed amendments relate to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>The Nigerian National Petroleum Corporation (NNPC) said the calculation of what was due to the government should be &#8220;based on production and price to guarantee fairness and balance between PSC contractors and government&#8221;.</p>
<p>In a presentation to the lower house of parliament, NNPC&#8217;s chief operating officer for upstream operations, Bello Rabiu, said the current graduated royalty scale should be removed.</p>
<p>&#8220;It is our opinion that the proposal to increase the royalty rate for terrains beyond 1000 metres, from zero percent to 3 percent, is commendable but it is necessary to also make corresponding adjustments in other categories,&#8221; he said.</p>
<p>NNPC also said the petroleum minister should have powers to intermittently set royalties payable for acreages located in deep offshore and inland basin production-sharing contracts.</p>
<p>The company also said some incentives should be removed, including the investment tax credit, investment tax allowance and capital allowances to PSC contractors.﻿</p>
<p> </p>


Nigeria's NNPC proposes changes to increase deepwater oil revenues

<p>The political party of Gambia&#8217;s President Yahya Jammeh, who lost an election last month but has refused to accept his defeat, filed a request on Thursday with the Supreme Court for an injunction aimed at blocking the swearing in of his rival.</p>
<p>The question of whether Gambia can install opposition figure Adama Barrow as president is seen as a test case for African democracy in a region accustomed to coups and political unrest.</p>
<p>Barrow, who won the poll and has received the support of the international community, has said he will go ahead with his inauguration on Jan. 19 despite Jammeh&#8217;s rejection of the result.</p>
<div class="teads-inread">
<div>
<div class="teads-ui-components-label"></div>
<div class="teads-player" id="teads1"></div>
<div class="teads-ui-components-credits"><a href="http://inread-experience.teads.tv/" target="_blank"></a></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>Supreme Court Chief Justice Emmanuel Fagbenle, confirmed receipt of the petition, which was filed by Jammeh&#8217;s Alliance for Patriotic Reorientation and Construction (APRC). </p>
<p>&#8220;It is filed today with the court registrar,&#8221; said Fagbenle, who did not say when a decision on the petition might be made.</p>
<p>Aziz Bensouda, the secretary general of the Gambia Bar Association, said an injunction would be unconstitutional.</p>
<p>&#8220;The inauguration of the president-elect should be held when Jammeh&#8217;s term officially ends. The court does not have any mandate to put an inauguration on hold,&#8221; he said.</p>
<p>The election defeat of Jammeh, a former coup leader, after 22 years of increasingly authoritarian rule was celebrated across the tiny West African nation, and the incumbent initially accepted the result.</p>
<p>However, in a U-turn a week later that drew international condemnation, he denounced what he claimed was widespread fraud.</p>
<p>The APRC filed a challenge to the poll results, but the Supreme Court was unable to hear the petition on Tuesday after several judges failed to show up. [nL5N1F059Z]</p>
<p>Fagbenle adjourned the hearing until Jan. 16.</p>
<p>The Supreme Court, which rights campaigners say is heavily influenced by Jammeh, has not sat in over a year. Two chief justices have been dismissed since 2013. One of them was jailed.</p>
<p>The court hired four foreign judges from Nigeria and Sierra Leone to hear Jammeh&#8217;s appeal. Legal sources said this week that the judges had not yet arrived in Gambia.</p>
<p>Regional bloc ECOWAS has sought to negotiate Jammeh&#8217;s peaceful departure and Nigeria&#8217;s President Muhammadu Buhari is leading a mediation mission to Gambia on Friday.</p>
<p>On Thursday, Nigeria&#8217;s lower house of parliament approved a motion to authorise Buhari to offer Jammeh asylum if he steps down. [nL5N1F24V6]</p>
<p>However, ECOWAS has also hinted at possible military action if he stays beyond the end of his term in office next week, raising the prospect of violence.</p>
<p>The U.S. Department of State, which has already advised against travel to Gambia, warned American citizens on Thursday to avoid the capital Banjul&#8217;s city centre. Embassy staff were required to be off the streets by 6 p.m. (1800 GMT) until further notice.﻿</p>
<p> </p>


Gambian president's party seeks to block rival's inauguration

<p>The former regional heads for Africa at private equity giants KKR and Carlyle are setting up an investment firm, Arkana Partners, to target local equity investments of up to $100 million.</p>
<p>Kayode Akinola told Reuters on Wednesday that he was leaving KKR to join forces with Marlon Chigwende, who left his role as Africa chief at rival Carlyle in 2016, as private equity opportunities in Africa are often seen as too small for the buyout industry&#8217;s titans.</p>
<p>&#8220;We will be focused on the mid-cap, where we believe the bulk of opportunities are,&#8221; Akinola said, adding that while the emphasis will be on private equity investments the new firm will be flexible in its approach.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>&#8220;You need to bring your entire tool bag to the market. (In Africa) you can&#8217;t just say you&#8217;re only going to do buy-outs or just greenfield,&#8221; he said, referring to developing projects, often in infrastructure, from scratch.</p>
<p>The new firm will look for ventures which are ready to absorb up to $100 million but will mostly focus on opportunities requiring between $20 and $60 million of equity, Akinola said, highlighting that what counts as &#8220;mid-cap&#8221; can vary widely in different African economies.</p>
<p>It remained unclear when fundraising for the new venture would take place or how much the firm aimed to raise.</p>
<p>KKR, a global investment firm with more than $131 billion in assets under management, invests in Africa with its European private equity fund and targets at least $125 million in equity but more typically between $200 and $250 million, according to sources close to the firm.</p>
<p>Akinola joined KKR in 2013 amid growing hopes for the region to lead and develop the firm&#8217;s African efforts from Africa-focused Helios Investment Partners. Since then KKR has managed one investment in Africa, putting $200 million into Afriflora, a flower company in Ethiopia. Akinola remains on its board.</p>
<p>KKR will continue to examine deals in the region on a selective basis, the sources said.</p>
<p>Akinola, a Nigerian, and Chigwende who is originally from Zimbabwe, are setting up their firm as Sub-Saharan Africa&#8217;s two biggest economies face significant political and economic headwinds.</p>
<p>Nigeria&#8217;s economic recession deepened in the third quarter of last year as production of oil, its main export, fell.</p>
<p>Meanwhile South Africa&#8217;s economy barely grew in the same quarter as the manufacturing sector contracted sharply and investors worry whether the government can implement policies to boost growth.</p>
<p>Akinola remains unperturbed by any macroeconomic fears over Africa, where the U.N. says more than half of the world&#8217;s population growth between now and 2050 is projected to take place.</p>
<p>&#8220;The thing about emerging markets is that sometimes you have to be countercyclical. Africa continues to be a market where structural demand across most sectors will drive long term growth.&#8221;﻿</p>
<p> </p>


Former Africa heads at Carlyle and KKR to set up investment firm

<p>A Nigerian oil labour union has suspended a nationwide three-day strike over job losses that hit petrol stations and oil tankers, following talks with the government on Wednesday.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is one of several labour unions that have criticised oil companies for sacking workers in the last few months.</p>
<p>Nigeria has been hit hard by a slump in crude oil prices in the past two years, which helped to push the country into recession. A wave of militant attacks in the southern Niger Delta oil hub throughout 2016 has hampered production.</p>
<p>The decision to call off the industrial action followed talks with Nigeria&#8217;s labour minister in the capital, Abuja.</p>
<p>&#8220;All issues have been addressed one after the other. We are very satisfied with the commitment shown,&#8221; said NUPENG President Igwe Achese.</p>
<p>&#8220;We have decided to suspend the three day strike that commenced today and also asked our members&#8230; to do all that is necessary to keep the industry flowing,&#8221; he added.</p>
<p>On the issue of severance packages and benefits, Labour Minister Chris Ngige said workers will be entitled to all their entitlements, salaries and allowances. He did not elaborate.</p>
<p>The minister said the talks had led to &#8220;very fruitful conclusions&#8221; and there would be another meeting on Jan. 24.</p>
<p>The strike was the latest in a number of walk-outs orchestrated by NUPENG.</p>
<p>Earlier on Wednesday, the union said workers had gone on strike in a separate walkout at seven crude oil flow stations in and around Oleh, a town in Delta state, which is in the Niger Delta. </p>
<p>Tokunbo Korodo, a senior NUPENG official, said the strike suspension included these stations.</p>
<p>Last week, the labour union held a strike at Total&#8217;s fuel depots in a protest over sackings, but it was suspended after one day once an agreement was reached. No details have emerged about that deal. ﻿</p>
<p> </p>


Nigeria oil union suspends three-day strike after talks

<p>Taiwan objected on Thursday to a Nigerian request to the island to relocate its representative office in the African country, a request Taiwan sees as more pressure by China to isolate it.</p>
<p>Beijing regards Taiwan as a renegade province, ineligible for state-to-state relations, and to be taken back by force if necessary, especially if it makes moves toward independence.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>Taiwan has no diplomatic ties with Nigeria, but has an office for handling business affairs in Abuja.</p>
<p>But Taiwan&#8217;s foreign ministry said Nigeria has asked Taipei to move its office from Abuja to its former capital, Lagos.</p>
<p>Taiwan called on Nigeria to consider the issue as both sides have an understanding based on reciprocity, under which Nigeria runs a trade office in Taiwan&#8217;s capital, Taipei.</p>
<p>&#8220;The foreign ministry urges Nigeria to leave room for discussion,&#8221; Taiwan&#8217;s ministry said in a statement, referring to the request to move the trade office.</p>
<p>&#8220;The foreign ministry seriously objects and condemns the unreasonable actions by the Nigerian government,&#8221; it said.</p>
<p>Nigerian officials met their Chinese counterparts in Abuja on Wednesday and pledged to stick to Beijing&#8217;s &#8220;one China&#8221; policy, that Taiwan is a part of China, media reported.</p>
<p>Taiwan has 21 formal allies, only two in Africa. Last month, former African ally Sao Tome switched its diplomatic recognition from Taiwan to China.</p>
<p>In countries with which Taiwan has no formal diplomatic relations it often sets up trade and commerce offices, in capitals and major cities.</p>
<p>While economic ties between the mainland and Taiwan have grown considerably in recent years, their relations have worsened since Tsai Ing-wen, who heads a pro-independence party, was elected president of the island last year.</p>
<p>Beijing has been stepping up pressure on her to concede to its &#8220;one China&#8221; principle.﻿</p>
<p> </p>


Taiwan says Nigeria wants it to move its trade office

<p>Africa Finance Corp (AFC), a pan-African multilateral institution based in Nigeria, is likely to make a debut U.S. dollar sukuk issue by early February, banking sources close to the deal said on Wednesday.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>If AFC makes a final decision to go ahead with the proposed debt sale over coming days, the sukuk will be issued in two or three weeks through a private sale, a banking source familiar with the transaction said.</p>
<p>At least one of the banks arranging the transaction is based in the United Arab Emirates, the source added. A spokeswoman at AFC declined to comment.</p>
<p>A private placement normally requires less documentation than a bond listed on a public exchange.</p>
<p>The sukuk would be structured with a murabaha format, a popular cost-plus structure in Islamic finance, and use Nasdaq Dubai&#8217;s platform for murabaha transactions, according to a report by Moody&#8217;s Investors Service, which assigned a provisional A3 credit rating to the Cayman-domiciled special purpose vehicle.</p>
<p>&#8220;We will see more sukuk issuance from Africa-based issuers over the next few years&#8221; as borrowers seek to expand their investor bases, said Dr. Mohamed Damak, global head of Islamic finance at S&amp;P Global Ratings.</p>
<p>&#8220;Another reason for issuers in Africa to choose the sukuk route is that sometimes sukuk can be cheaper than (conventional) bonds in terms of cost of funding, especially when it attracts significant interest from the market.&#8221;</p>
<p>AFC obtained a 15-year, $50 million line of financing from the Saudi Arabia-based Islamic Development Bank [ISDBA.UL] in 2015. It issued a debut $750 million conventional bond in 2015, a five-year deal that offered a 4.375 percent coupon.</p>
<p>Last year it issued a 100 million Swiss franc bond. That paper, with a maturity of three years and 150 days, pays a 0.85 percent coupon and was arranged by Deutsche Bank and UBS.</p>
<p> </p>
<p>(Editing by Andrew Torchia)﻿</p>
<p> </p>


Maiden sukuk for Africa Finance Corp

<p>African judges due to help Gambia&#8217;s supreme court hear a challenge by President Yahya Jammeh&#8217;s electoral defeat last December failed to show up on Tuesday, forcing the chief justice to adjourn the session.</p>
<p>Chief Justice Emmanuel Fagbenle delayed the hearing until Jan. 16, meaning the court will hear the challenge filed by Jammeh&#8217;s ruling APRC party only two days before the end of the long-ruling president&#8217;s mandate.</p>
<p>Legal sources said the foreign judges named to the court have not yet arrived in the West African country.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>Outside the courtroom, hundreds of people wearing green for the ruling APRC put on a show of support not seen since the polls for the eccentric and repressive ruler. Jammeh initially accepted his defeat but later questioned its validity.</p>
<p>&#8220;No to cheating,&#8221; the crowd chanted, echoing Jammeh&#8217;s speech rejecting the poll outcome.</p>
<p>The legal challenge has shone a rare light on the idiosyncrasies of Gambia&#8217;s legal system, which opponents say has long been manipulated by Jammeh.</p>
<p>The supreme court has not sat in over a year, partly because would-be judges are too afraid of being confronted with unpredictable charges themselves. Two chief justices have been dismissed since 2013, one of them being arrested and jailed.</p>
<p>Because of this, the court hired four foreign judges from Nigeria and Sierra Leone to hear the appeal. But the absence on Tuesday of these &#8220;mercenary judges&#8221;, as the opposition calls them, raised questions about that option as well.</p>
<p>A document seen by Reuters and signed by Nigeria&#8217;s acting chief justice said that the timing of the extraordinary January session was &#8220;unfavourable&#8221;. Gambia&#8217;s supreme court normally sits in May and November.</p>
<p>Fagbenle confirmed the document and said he had received a similar one from the chief justice in Sierra Leone.</p>
<p>The question of whether the tiny country can overcome its current political impasse and instate President-Elect Adama Barrow next week is seen as a test case for African democracy in a region used to coups and autocratic rule.</p>
<p>The presidents of Nigeria, Sierra Leone and Liberia will visit Jammeh on Wednesday in a second attempt to press him to hand over power.</p>
<p>While many Gambians as well as Western powers have publicly called for Jammeh to step aside, and even hinted at removing him by force, the army and most of the cabinet have remained loyal.</p>
<p>Many Gambians are afraid of Jammeh&#8217;s brutal security forces, who have been accused of locking up hundreds of opponents during his 22-year rule. Others believe he has mystical powers.</p>
<p>Jammeh boasts that he can cure both AIDS and infertility through herbal medicine.</p>
<p> </p>
<p>(Reporting by Lamin Jahateh; Writing by Emma Farge; Editing by Tom Heneghan)﻿</p>
<p> </p>


Gambia's top court adjourns Jammeh's poll challenge

<p>Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors&#8217; faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years.</p>
<p>Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa&#8217;s largest economy. Troops in military camps across the country then joined the mutiny, the second in less than three years in the world&#8217;s top cocoa exporter.</p>
<p>The government conceded to the low-ranking soldiers&#8217; demands and agreed to pay bonuses likely to cost state coffers tens of millions of dollars.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>Yet Ivory Coast&#8217;s dollar-bonds maturing in 2024, 2028 and 2032 &#8211; the main exposure point of foreign portfolio investors to the western African nation &#8211; have edged down less than a couple of cents across the curve, according to data from Tradeweb.</p>
<p>&#8220;There is a great deal of confidence in President Ouattara himself and his ability to manage the country since he took over,&#8221; said Jan Dehn, head of research at emerging market focussed asset manager Ashmore.</p>
<p>&#8220;But it is also a relatively simple matter: Soldiers had not been paid their salaries for a couple of months, they got pissed off, they went out and caused some havoc&#8230;. They paid them the salary, and that is why things calmed down now.&#8221;</p>
<p>Ivory Coast emerged from a 2002-2011 political crisis as one of the continent&#8217;s rising stars with an economy that has grown by around 10 percent or just below annually in the four years to 2015, according to World Bank data.</p>
<p>It has been praised for structural reforms such as a sweeping overhaul of its cocoa sector and investment in infrastructure. In September, Washington lifted decade-old sanctions against the country citing the successful 2015 presidential election and progress in tackling illegal trafficking of arms and natural resources.</p>
<p>To reaffirm his control, Ouattara dismissed the heads of the army, police and gendarmes on Monday. Prime Minister Daniel Kablan Duncan also resigned and dissolved the government.</p>
<p>The swiftness with which the mutiny was quelled also reassured investors, said Samir Gadio, head of Africa Strategy FICC Research at Standard Chartered Bank.</p>
<p>&#8220;What the market sees in Ivory Coast is an improving story in an environment where other Eurobond issuers actually have seen their fundamentals deteriorate in recent years,&#8221; he said.</p>
<p>&#8220;Investors have been constructive on Ivory Coast, they recognise that fundamentals have improved, that policy making is on track, and I don&#8217;t think that one-off event is going to lead to a significant reassessment of the country&#8217;s credit profile.&#8221;</p>
<p>African governments designated as frontier markets have been keen issuers on international capital markets in recent years, but momentum has ground to a halt amid soaring borrowing costs.</p>
<p>However some investors warn that Ouattara&#8217;s failure to rein in the army, cobbled together from rival rebel groups and government soldiers, could threaten economic recovery and political stability.</p>
<p>&#8220;This is a very unstable country &#8211; both politically and economically. Exports are heavily focused on certain commodities and institutions are very, very underdeveloped,&#8221; said Lutz Roehmeyer at Landesbank Berlin Investment.</p>
<p>While he was not looking to add to the small dollar-bond exposure he currently holds, Roehmeyer said having the West African CFA Franc currency pegged to the euro made local debt a more compelling investment opportunity.</p>
<p>Ivory Coast offered a yield of over 5 percent for a CFA issue in December. The government said last year it hoped to develop its local bond market and issue to foreign investors.</p>
<p>&#8220;If you look at other countries in Africa that had to devalue dramatically last year such as Egypt, Nigeria, Angola or Mozambique you see they already have dramatic problems and that the currency weakness is yet another issue weighing them down, which Ivory Coast does not have. It is a massive bonus to have a stable currency,&#8221; said Roehmeyer.﻿</p>
<p> </p>


Investors unfazed by Ivory Coast's two-day mutiny

<p>A Nigerian oil labour union has begun a nationwide strike involving petrol filling stations and tankers in a protest over job losses, a union official said on Wednesday.</p>
<p>Cogent Ojobo, Warri zonal chairman of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), said the industrial action had started.</p>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads1"></div>
</div>
</div>
<div class="teads-inread">
<div>
<div class="teads-player" id="teads0"></div>
</div>
</div>
<p>&#8220;Filling stations, petrol tankers and all NUPENG members are involved,&#8221; he said. The union previously said the strike would last for three days and involve around 10,000 workers.</p>
<p>Ojobo said union officials would hold talks with the labour minister in the capital, Abuja, later on Wednesday. &#8220;If the issues at stake are resolved and a communique signed, the strike would be called off,&#8221; he said.</p>
<p>Nigeria, an OPEC member, has already been hit by low crude prices and by a wave of militant attacks in its southern Niger Delta oil hub throughout 2016 which hampered production.</p>
<p>Nigerian labour unions have criticised oil companies for sacking workers in the last few months.</p>
<p>Last week NUPENG held a strike at Total&#8217;s fuel depots in a protest over sackings, but it was suspended after one day after an agreement was reached. No details have emerged about the deal.﻿</p>
<p> </p>


Nigeria

World Economic Forum Live From Davos

Op-Ed: Grassroots conversations at Nigeria’s Ikotun Market

Nigeria's Kaduna airport terminal still building site ahead of air hub switch

Gambia Supreme Court judge declines to rule on president's election challenge

Ivory Coast police fire teargas to disperse protesting students

Eight men own same wealth as half the world

Gunmen kidnap five students, two staff from Nigerian school-police

Gambia's President-elect arrives in Senegal after talks fail

Nigeria's NNPC proposes changes to increase deepwater oil revenues

Gambian president's party seeks to block rival's inauguration

Former Africa heads at Carlyle and KKR to set up investment firm

Nigeria oil union suspends three-day strike after talks

Taiwan says Nigeria wants it to move its trade office

Maiden sukuk for Africa Finance Corp

Gambia's top court adjourns Jammeh's poll challenge

Investors unfazed by Ivory Coast's two-day mutiny

Nigerians to strike over oil sector job losses

News Tips

Advertise With Us

Nigeria

World Economic Forum Live From Davos

Op-Ed: Grassroots conversations at Nigeria’s Ikotun Market

Nigeria's Kaduna airport terminal still building site ahead of air hub switch

Gambia Supreme Court judge declines to rule on president's election challenge

Ivory Coast police fire teargas to disperse protesting students

Eight men own same wealth as half the world

Gunmen kidnap five students, two staff from Nigerian school-police

Gambia's President-elect arrives in Senegal after talks fail

Nigeria's NNPC proposes changes to increase deepwater oil revenues

Gambian president's party seeks to block rival's inauguration

Former Africa heads at Carlyle and KKR to set up investment firm

Nigeria oil union suspends three-day strike after talks

Taiwan says Nigeria wants it to move its trade office

Maiden sukuk for Africa Finance Corp

Gambia's top court adjourns Jammeh's poll challenge

Investors unfazed by Ivory Coast's two-day mutiny

Nigerians to strike over oil sector job losses

News Tips

Advertise With Us

Newsletters