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By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra Ghana- The World Travel & Tourism Council (WTTC) has revealed the Travel & Tourism sector in Nigeria is expected to create 2.6 million new jobs over the next decade, doubling the number of those employed within the sector by 2032. The forecast from WTTC’s Economic Impact Report (EIR) shows an average of nearly 260,000 new jobs will be created every year for the next 10 years, to reach more than 5.1 million. According to the report, Nigeria’s Travel & Tourism’s contribution to GDP is forecasted to grow at an average rate of 5.4% between 2022-2032, significantly outpacing the 3% growth rate of the overall economy. This will catapult the sector’s contribution to GDP to nearly ₦12.3 trillion by 2032, representing 4.9% of...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra Ghana- Angola’s national oil company Sonangol has announced the addition of a production unit at the country’s only operating oil refinery, the 65,000 barrel per day (bpd) Luanda Refinery. Built with support from Italian energy major, Eni, the unit will significantly improve the production of refined fuel products in Angola, enhancing energy security and saving the government millions of dollars’ worth of imports. The refinery expansion comes at a time when global oil prices are in a constant state of fluctuation owing to the ongoing Russia-Ukraine conflict. By bringing another production unit online at the refinery, Angola will increase fuel production fourfold to 1,580,000 liters per day, reducing imports by up to 15% annuall...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra Ghana- The East African Community has unveiled the Regional Bioeconomic Strategy 2021/22-2031/3 at the EAC Headquarters in Arusha, Tanzania. The strategy will offer an opportunity for Partners States to achieve their individual aspirations, making use of the region’s abundant natural resources, including underutilized agricultural waste materials, to produce value-added products with applications in many sectors including food, health, energy and industrial goods. Among the key interventions proposed in the strategy that was unveiled by the EAC Deputy Secretary General in charge of Planning and Infrastructure, Eng. Steven Mlote, on behalf of the Secretary General, is the creation of new forms of sustainable bioenergy, and the...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra Ghana- AFEX, Nigeria’s commodities exchange and commodities market player, has announced its expansion into Kenya, following a successful pilot phase in the most diversified economy in East Africa. As part of the expansion, AFEX Fair Trade Limited (AFTL), has launched a $1 million loan program that will allow farmers to gain access to seed and fertiliser for their crops, to mitigate ever rising commodities prices. Under the program, 5000 Kenyan farmers will be able to take out input loans to access timely inputs and gradually scale their businesses. Part of the company’s broader pan-African growth targets, the expansion will allow AFEX to replicate its success in Nigeria in securing better livelihoods for smallholder...