FDI in manufacturing rises by $644m, says NBS

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Africa Headlines

FDI in manufacturing rises by $644m, says NBS - Despite a shrinking overall foreign investment trend in Nigeria, the manufacturing sector saw a significant upsurge in 2023, attracting $1.5 billion, the highest among all sectors. This represents a 39% share of the total foreign investments received that year. However, compared to 2022, foreign investments in Nigeria dipped by $1.5 billion to $3.8 billion. Lagos remained the top destination for foreign investments, followed by Abuja. Worryingly, 29 states failed to attract any foreign investments in 2023, highlighting a concerning regional disparity. This continues a downward trend seen since 2019, with Nigeria attracting $18.6 billion less in foreign investments over the past four years. Lagos and the Federal Capital Territory continue to dominate foreign investment inflows, while eight states, primarily in the north and east, have seen no foreign investment in recent years.

Agriculture, others suffer as economy slows to three-year low - Nigeria's 2023 GDP growth fell to 2.74%, marking the slowest since the pandemic-induced recession in 2020. Both agriculture and manufacturing sectors saw reduced growth compared to 2022, and the non-oil sector also slowed down. Despite increased oil production, the oil sector remained negative. This performance fell short of global projections by institutions like the World Bank and IMF. While the fourth quarter showed a slight improvement, experts attribute this partly to a comparison with an election-dampened Q4 in 2022. High production costs and stagnant oil output are seen as concerning factors for future growth.

FAAC: FG, states, LG share N1.15tn as revenue rises - The Nigerian government distributed N1.15 trillion to itself, states, and local governments in January 2024, down from N1.44 trillion the previous year. This came from a total revenue of N2.07 trillion, with N200 billion saved. While statutory revenue and some taxes like company income tax rose, others like value added tax decreased. The federal government received the largest share (N407 billion), followed by states (N379 billion) and local governments (N278 billion). Additionally, N85 billion was distributed to mineral-producing states. Despite increased revenue, this distribution fell short of January 2023's amount. The remaining balance in the Excess Crude Account stood at $473 million.

Zambia bans maize exports over dry spell - Zambia has banned maize and mealie meal exports due to a prolonged dry spell threatening the upcoming harvest. Minister of Agriculture Reuben Phiri emphasized prioritizing national food security and announced the restrictions until a harvest assessment is conducted. They've deployed security forces to guard smuggling routes and increase patrols in vulnerable areas to prevent illegal exports. This action raises concerns about the dry spell's potential impact on Zambia's food supply and their commitment to safeguarding domestic needs.

Global Headlines 

US, European powers back outgoing Dutch PM Mark Rutte as next NATO head - Major NATO powers including the US, UK, France, and Germany are backing Dutch Prime Minister Mark Rutte to become the alliance's next Secretary General. This comes at a critical time as Russia's war in Ukraine rages on. Rutte's potential leadership is praised for his experience and commitment to strengthening NATO. While he enjoys strong support from key members, some analysts anticipate potential opposition from Turkey and Hungary. Despite previous reluctance, Rutte is now open to the position and seen as a frontrunner with Washington's backing. His past relationships with leaders and focus on European defense efforts further bolster his candidacy. If chosen, Rutte will face the challenge of maintaining unity and support for Ukraine while navigating a complex geopolitical landscape.

Former Barcelona star Alves sentenced to four and a half years for rape - Former Barcelona footballer Dani Alves has been found guilty of sexual assault and sentenced to 4.5 years in prison. The court ruled that the victim did not consent and awarded her €150,000 compensation. This high-profile case has drawn attention due to Alves's fame and the growing focus on gender violence in Spain. The verdict, based on evidence beyond the victim's testimony, reflects changes in Spanish law that prioritize consent and impose harsher sentences for violent assaults. While Alves's lawyers may appeal, his legal team initially expressed satisfaction with the verdict's recognition of the victim's truth and suffering. This case marks a significant moment in Spain's fight against gender violence and highlights the evolving legal landscape around sexual assault.

Google Backtracks on AI Image Tool Amid Accusations of Racial Bias - Google has paused its Gemini AI model's ability to generate images of people after facing backlash over its bias towards depicting non-white individuals. This issue came to light when users shared images generated by Gemini that largely excluded white people, even in historical contexts where they should have been present. Critics accused Google of prioritizing political correctness over accuracy and pointed out instances like images of Black and Asian Nazi soldiers. This isn't the first time AI models have been criticized for racial bias, and Google, already behind competitors like OpenAI, faces further setbacks in its AI development efforts. This decision comes after a previous mishap where Google's AI chatbot Bard falsely claimed credit for the James Webb Space Telescope's achievements. While Google seeks to address the issue and release an improved version of Gemini, the incident highlights ongoing challenges in ensuring fairness and inclusivity in AI development.