AFCON: Super Eagles pip hosts Elephants 1-0 in epic group tie

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Africa Headlines

AFCON: Super Eagles pip hosts Elephants 1-0 in epic group tie – In what is generally regarded as a piece of good news for Nigerians to begin the weekend, the Super Eagles dismissed their awful draw result with Equatorial Guinea on Sunday to record a win against the host country at the ongoing AFCON yesterday. In a Group A match at the Africa Cup of Nations, Nigeria secured a 1-0 victory over Cote d’Ivoire. William Troost-Ekong, the captain of Nigeria's national team, scored the winning goal from a penalty in the second half. The penalty was awarded after a VAR check following a foul on Victor Osimhen. With this win, Nigeria earned their first victory in the group stage after drawing 1-1 against Equatorial Guinea in their opening match. Nigeria and Equatorial Guinea are currently tied at the top of Group A with four points each, while Cote d’Ivoire sits behind them with three points. Guinea-Bissau has already been eliminated from the tournament after suffering defeats in both of their games. Cote d’Ivoire must defeat Equatorial Guinea in their final match to ensure progression, while Nigeria only needs to avoid defeat against Guinea-Bissau to secure a top-two finish. The match attracted a crowd of 49,517 spectators, which was significantly higher than the turnout for the hosts' previous game.

Court grants Emefiele permission to travel out of FCT – Justice Hamza Muazu of the Federal Capital Territory High Court has granted the request of Godwin Emefiele, former governor of the Central Bank of Nigeria, to travel outside the Federal Capital Territory (FCT) while remaining in the country. The charges against Emefiele were amended from six to 20, including offenses such as criminal breach of trust, forgery, conspiracy to commit forgery, procurement fraud, and conspiracy to commit felony. Emefiele's lawyer requested a variation of his bail terms, and the counsel for the Economic and Financial Crimes Commission did not object, provided that Emefiele provided a written undertaking to remain in the country. Previously, Emefiele was granted bail in the amount of N300 million with two sureties in like sum, and he was required to deposit all his travel documents with the court registrar and stay within the Abuja Municipal Area Council while remanded in Kuje Prison. Emefiele was released from prison after his lawyers fulfilled the bail conditions.

UNDP launches "timbuktoo" initiative in Davos to revolutionize Africa's startup ecosystem – The United Nations Development Programme (UNDP) launched the "timbuktoo" initiative in collaboration with African countries at the World Economic Forum in Davos. The initiative aims to be the world's largest financing facility, uniting catalytic and commercial capital to support Africa's startup ecosystem. African leaders, including President Paul Kagame of Rwanda and President Nana Akufo-Addo of Ghana, presented the initiative, which seeks to spark the African Startup Revolution by leveraging Africa's youth demographic and innovative talent. The timbuktoo initiative will address critical gaps in the African startup ecosystem by partnering with governments, investors, corporates, and universities. It aims to create opportunities for African youth by establishing the timbuktoo Africa Innovation Fund and mobilizing $1 billion to transform 100 million livelihoods and create 10 million jobs. The initiative aims to attract both global and local investment and foster a pan-African approach to supporting startups and strengthening the entire ecosystem.

Outbreak of Cholera has claimed over 400 deaths in Zambia, as vaccines begin to arrive – Authorities in Zambia are battling an outbreak of Cholera. The disease has already claimed over 400 lives and infected more that 10,000. The country has now received the first batch of 1.4 million oral cholera vaccines from GAVI. The crisis started about a week ago, and analysts describe as one of the worst in recent years. To contain the spread of the disease, funerals and family burials have been banned, in addition to more emergency rules. The AP reports that the Zambian government is embarking on mass vaccinations in the communities affected and providing clean water of about 2.4 million litres daily to affected communities. Zambia is one of the poorest countries in the world. GDP growth was 4.6% in 2021 and 3% in 2022. It was the first country to default on its debt since Covid – 19 and has been able to restructure its debt, with the support of the International Monetary Fund (IMF).

Global Headlines

India’s growth will fuel per capita income and consumption, Goldman Sach predicts – The gap in India’s growth trajectory that is often expressed by international investors is the slow catch up in consumption in the country. Goldman Sachs, according to reports on CNBC, now predicts that is about to change.  Goldman Sachs has predicted that about 100 million people will earn more than US $10,000 by 2027, and the consumer market is expected to be the third largest by then. The growth in the number of affluent people means growth in the number of those with sizeable discretionary income. The growth in discretionary income means growth in consumption of luxury goods, rise in savings and investments, etc. Last year, India recorded GDP growth of 7.2%, the largest of any major economy. It became the fifth largest economy and the largest populated country in the world. The country is set for a general election in the second quarter of this year, with Narendra Modi expected to be re-elected.

China to promote new measures to boost growth in the private sector – According to China Daily, the Chinese government is set to announce new measures that will seek to boost investment and growth. Some of the measures will require changes in legislation and institutional arrangements. The announcement was made by the country’s National Development and Reform Commission (NDRC), China’s third ranked executive department of the State Council, which functions as a macroeconomic management agency. Though founded in 1952, the agency has taking on increasingly important role recently as the Chinese economy started to slow compared to years before now. In 2023, GDP growth was 5.2%, an historical low. As shared here yesterday, the country’s working population is also down by more than 10 million while those over 60 years increased by more than 15 million. China has become the second most populated country, after India, when its birth rate fell last year for the first time by 3%. It is not clear from the reports what the measures will be and when they will be made. 

Prospect of a war in an increasingly polarised world – It is very clear to any current affairs watcher that the world is more polarised today than any time in the last two decades. Since Covid – 19, there has been increasing geopolitical tensions – the Russia / Ukraine war, the Israel / Gaza crisis, and the trade and technology tensions between the two largest economies in the world. In Yemen, the Houthis are disrupting oil shipments in the Red Sea, while significant supply chains issues that emerged in 2020 and 2021 have led to the prospect of changes and shifts in the global production process. Now, yesterday, according to UK Telegraph, the North Atlantic Treaty Organisation (NATO) should prepare for a war with Russia in the next 20 years. The publication quoted a top NATO military official. The military official was quoted as saying it is critical that civilians in NATO countries prepare for war as peace can no longer be taking for granted.