Nigeria’s accumulated government debt is just 18.6 per cent of its annual economic output, one of the lowest levels in the world, implying that its debt burden is more than manageable.
But is this a fair reflection of reality? Using a different metric, the Nigerian government’s gross debt is 320 per cent of its annual revenues, according to figures from Fitch Ratings, one of the highest figures in the world.
The euro was up 0.1 per cent to $1.1640 Friday, retracing in part its earlier rise, which saw it closing in on levels last seen in August 2015. It has now gained about 11 per cent so far this year.
The euro is building on the momentum that followed Thursday’s press conference from ECB president Mario Draghi who failed to take an opportunity to rein in the single currency’s rally.
Microsoft almost doubled revenues from its cloud computing service Azure in the most recent quarter, as it battles to narrow the gap with Amazon in the fast-growing market for corporate web services. The figures for its cloud businesses were the highlight of results that showed a 9 per cent increase in adjusted revenues to $24.7bn and better than expected profits. Revenues were up 4 per cent, excluding the addition of LinkedIn, which it acquired last year. The software company reported $7.7bn in adjusted net income, up from $5.5bn in the same period last year and about 40 per cent higher than expected.
2, 3 and 5
It is now no longer news that Nigeria will have the 4th largest millennial population in the world by 2030, at around 90 million. The real news is the regional pattern of population growth in the country. Recent estimates show that while the average number of children to a family in the South West is around two, the figure for the South East is three and a frightening five for the northern region of Nigeria.
The Tony Elumelu foundation’s main goal of creating 10,000 thriving entrepreneurs in 10 years now attracts as many as 90,000 applications from around Africa each year. The programme is primed to create one million jobs in the time and add a whooping $10bn to Africa’s GDP.
This week’s humour
A man who wants to do something will find a way; a man who doesn’t will find an excuse.
Most of us can read the writing on the wall; we just assume it is addressed to someone else.