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Botswana lifts 2021 economic growth forecast to 9.7%

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Botswana now expects economic growth of 9.7 per cent in 2021, compared with the 8.8 per cent forecast in February, helped by higher diamond sales and a recent rebasing of Gross 0omestic Product (GDP) accounts.

The country’s Finance Minister Peggy Serame disclosed this in an interview with Reuters on Monday.

She added the 2021 budget deficit was expected to widen to 3.9 per cent from the 2.8 per cent seen in February.

In July, Botswana revised its real GDP accounts base year to 2016 from 2006, seeking to improve the accuracy of its measurement of economic growth.

Due to the rebasing, last year’s economic contraction is now much deeper – at 8.5 per cent – rather than the 7.9 per cent originally reported, while nominal GDP is now 4.6per cent lower at 172,552 million pula ($15.5 billion).

“The larger than forecast contraction in 2020 is, however, expected to be offset by an improvement in growth in 2021 which has now been revised upwards to 9.7 per cent growth for the year,” Serame said in response to emailed questions.

She said the upward revision was due to a combination of technical changes resulting from the rebasing of GDP by Statistics Botswana in July 2021, alongside the strong performance of the diamond sector in the first half of 2021.

After falling by 30 per cent in 2020, sales of rough diamonds by Debswana Diamond Company, a joint venture between the government and Anglo American’s (AAL.L) De Beers, jumped 41 per cent in the first half of 2021, fuelled by demand from major markets the United States and China.

Serame said the government was in advanced talks for a $130 million budget support loan from the African Development Bank, part of plans to tap external and domestic borrowing sources to help fund its budget deficit. (Reuters/NAN)

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Developmental

Tinubu to inaugurate FCT projects May 27 – June 6 – Wike

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President Bola Tinubu has approved May 27 to June 6 as Federal Capital Territory Week for the inauguration of various projects executed under his administration.

The Minister of FCT, Mr Nyesom Wike, stated this while inspecting some of the projects in preparation for the inauguration to celebrate Tinubu’s one year in office.

“By the approval of Mr President, we believe that from May 27, we shall begin the inauguration of various projects and will end on June 6.

“Particularly on May 27, President Tinubu will inaugurate commercial operations of the Abuja Light Rail also known as Abuja Metro Line, and we will carry out the final inspection of the project on May 20.

“From what we have seen, I think we are good to go,” he said.

Wike also expressed confidence that the Vice-President’s residence, located along Aso Drive, would be completed and may be inaugurated on June 6.

He explained that the 9-day inauguration activities would demonstrate to the world the Tinubu-led administration’s determination to renew the hope of Nigerians.

He added: “We have a lot of projects being executed that will be inaugurated. So many projects that I cannot begin to list them.

“We are happy; the contractors are meeting up, and all the promises made they have fulfilled.

“We have also fulfilled our own part, by making sure that we make the needed cash available and none of the contractors is complaining in terms of cash.”

The minister added that other projects like the construction of bus terminals and the FCT Court of Appeal Division and other projects would be inaugurated within the period.

On the non-functionality of some of the streetlights in parts of the city, Wike explained that some of the streetlights were being worked on, while others were being tested.

He assured the residents that the streetlights would come on once the contractors finished working on them.

“As I speak to you, most of the streetlights are being worked on and with the project we are executing, you don’t expect the light to be on.

“The contractors are test-running them, so most of the ones that are not working are those that are being worked on.

“We believe that before the inauguration you will see that most of the streetlights will be on,” the minister said.

When asked whether he was being distracted by the development in Rivers, Wike simply said: “I am not distracted.  If I am distracted you won’t see this performance.

“I focus on my work. So, I am not interested. I am the Minister of FCT, and work is going on, why will I be distracted? I don’t even think about it at all.”

(NAN)

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Developmental

Nigerian govt to formally commission Zuba Estate Tuesday

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The Federal Government of Nigeria is set to formally commission the Zuba Housing Estate on Tuesday.

The estate built by the Federal Housing Authority consists of 746 housing units.

President Muhammadu Buhari is expected to perform the official opening by 10 am while the Minister of Works and Housing, Babatunde Fashola is the chief host.

The Zuba Mass Housing Estate is a pilot project of the Federal Housing Authority, which would be replicated across the country.

The project sits on 18 hectares of land, housing 764 units of various house types giving a total of 16 blocks of 3-bedroom flats in a block of 8 flats; 32 blocks of 2-bedroom flats in a block of 8 flats; 14 blocks of 1-bedroom flats in a block of 16 flats and 5 blocks of terrace duplexes in 4 rows.

The estate is already serviced with completed standard infrastructure such as roads and drains, external water distribution network, electricity external reticulation, perimeter fence work, 3 water stations, injector transformers, civil works and servicing of blocks with underground cables.

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Africa

Buhari attends AU summit in Niamey, inaugurates boulevard named after him

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President Muhammadu Buhari will, today, travel to Niamey, the Republic of Niger, to attend the African Union Summit on Industrialisation and Economic Diversification, as well as the Extraordinary Session on African Continental Free Trade Area (AfCFTA).

The President, during the trip, will also attend launch of the French version of the book, entitled, ‘Muhammadu Buhari: The Challenges of Leadership in Nigeria’, as well as inaugurate the ‘Muhammadu Buhari Boulevard’, named after him by the government of the Republic of Niger.

Naming of the boulevard and launch of the book, written by John Paden, a professor of International Studies, at George Mason University, Northern Virginia, United States, precedes the AU Summit on Friday, November 25, 2022.

Buhari is expected to deliver his national statement at the summit, which has the theme, ‘Industrialising Africa: Renewed Commitment towards an Inclusive and Sustainable Industrialisation and Economic Diversification.’

The high-level summit, being convened as part of the Africa Industrialisation Week commemorative activities, is expected to adopt a declaration, highlighting the importance of industrialisation and economic transformation in the continent and how to make progress in that regard.

The 20th of every November is commemorated as Africa Industrialisation Day, adopted by the Assembly of Heads of State and Government of the Organisation of African Unity in July 1989, in Addis Ababa, Ethiopia. The President wil return to the country tomorrow, Friday, November 25.

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