Big Three lie? Questions raised about credit rating of Africa as experts doubt methodology
At the UN Development Programme, the agency instrumental in the push to get credit ratings for sub-Saharan nations, senior economist Raymond Gilpin disagreed, saying it was “unconscionable” that the Big Three didn’t have a larger presence on the continent. At the same time, he said he saw no bias in the way the Big Three apply their methodologies, and he echoed other officials and academics when he told said that the rating agencies’ work can be hampered by local realities.
Nigeria’s President Tinubu calls for end to hardship protests, says he won’t stand ‘idly’ as looting persists
The protests, which began on Thursday, have been accompanied by reports of looting and vandalism, as well as accusations that security forces have used excessive force. Amnesty International has reported the deaths of nine protesters in clashes with police, while another four were killed by a bomb. The Nigerian police denied the Amnesty report.
As African leaders fret about biased credit rating, here’s how continent’s craving for modernity fuelled debt bomb
Essential to the plan were the “Big Three” US-based credit rating agencies – S&P Global Ratings, Moody’s Ratings and Fitch Ratings, which together account for more than 90 per cent of global ratings. The rating agencies collected fees for their services and began applying their complex analyses to the region.
President Tinubu feels the heat as Nigerian youth prepare for nationwide protests against government
Religious clerics, traditional rulers and other prominent Nigerians have joined the government in discouraging young people from embarking on protests slated to begin from August 1, fearing Kenya-style protests will wreak havoc on the economy.
South Africa’s government of national unity on trial as DA takes its partner ANC to court in sign
The coalition, referred to as a “government of national unity,” created a new political landscape for South Africa after the ANC had governed since the end of the apartheid system of white minority rule in 1994.
Kenyan youth-inspired uprising spreads in Africa as Nigeria’s police chief warns against Gen Z-style protests
In what could be President Bola Tinubu’s biggest challenge, Nigerians have taken inspiration from young Kenyans whose protests forced a government U-turn on tax hikes. They are using X and Instagram platforms to call for peaceful protests from August 1.
Nigerian novelist Wole Soyinka calls Trump a nerd, ‘consummate liar who studied, understands American psyche and right chord to tweak’
Soyinka said Nigeria has had one consummate liar, but said he is just a copycat besides Trump. He said: “We have had one here also, but he is just a copycat beside Donald Trump. If you want to find out what is going on, look at all the many lies of this fellow called Trump. So many lies. But I don’t want to go in that direction. Let’s just remark it and move on.
United States donates over $200 million to war-torn Sudan amid major humanitarian crisis
The northeastern African country descended into chaos in April 2023 when simmering tensions between the country’s military and a notorious paramilitary group, the Rapid Support Forces, exploded into open fighting in the capital of Khartoum.
Nigeria’s President Tinubu agrees to double minimum wage for civil servants after strikes and talks
Public sector workers in Nigeria on the minimum wage will see their salaries double after the government reached an agreement on Thursday with labour unions that have been threatening further strikes as the cost of living spirals. The new minimum monthly wage is set at 70,000 naira ($44), six times...
President Ramaphosa hails South Africa’s coalition government as united and tackling poverty
Cyril Ramaphosa’s address began what South Africa calls “the seventh administration” — just the seventh government to be formed since the country was freed from the racist system of apartheid in 1994 and people of all races were allowed to vote.
