Africa News Updates on South African Economy, Energy Production and Nigerian Foreign Relations

New definition South Africa’s GDP is 11% higher than previously thought

South African officials said this week that the country’s economy is 11 percent higher than previous estimates after it changed its strategy to calculate gross domestic product. The National Statistics Service will use the new definition of refined, more modern activities, new sources of information and a new reference year (2015 instead of 2010). The new definition changes estimates for other key variables, including household consumption, relative to gross domestic product (GDP) and per capita GDP, up 16 percent and 9 percent, respectively. This high gross domestic product (GDP) also means that Africa (still) the second largest economy has a lower debt burden than previously thought. According to Anabel Bishop, chief economist at Invek Bank Limited, the new definition means that South Africa’s gross domestic product (GDP) will remain below 80 percent between 20 and 2023-2024, while previous estimates were 87.3 percent. Read about South Africa’s debt burden and how the country’s economy has fared during the epidemic.

Meanwhile, Bloomberg reports that South Africa’s unemployment rate is the highest in 82 countries. Unemployment rose to 34.4 percent in the second quarter of 2021, up from 32.6 percent in the first quarter. South Africa is not the only country in the region to have such a high unemployment rate: second only to Sub-Saharan Africa (33.4 percent) and Nigeria (33.3 percent), according to Bloomberg. Widespread unemployment rates in South Africa reached 44.4 percent, up 1.2 percent in the first quarter. Advice on policies to create jobs for young people in South Africa: “Will South Africa solve unemployment: tourism, horticulture, agro-processing or logistics hold the key?” See

New energy projects have been launched in Rwanda, including the replacement of landfills, solar and wind power, and the construction and upgrading of nuclear power plants.

This week, the Rwandan capital, Kigali, announced a new environmentally friendly project to generate energy for the national grid using Nuduba’s landfill. A.D. By 2020, the area has been designated an environmental and health hazard, and this new project will change the waste so it can convert those gases into energy and energy. Dry waste can be converted into other materials such as plastic and recycled into materials such as bricks, electric poles and chairs. According to The New Times, waste disposal and use of waste, energy conversion, and aerobic fertilization can all contribute to reducing greenhouse gas emissions. Overall, the government plans to invest $ 28 million in gas-fired power projects, which are expected to create new green jobs.

The government argues that such action is necessary because of Rwanda’s rapid urbanization – the population of Kigali alone increased from 600,000 people in 2002 to 20 million by 1.6 million.

At the graduation ceremony, Environment Minister Jean de Arc Mujamariam explained the reason and outlined the next steps that await the effort: “The waste should not be wasted. We must turn garbage into income. We will work with investors to ensure that their families are able to provide incentives for their families after they receive recycling. The project is part of an agreement reached between the Rwandan Ministry of Environment and the Luxembourg government and is part of an effort to strengthen diplomatic ties and assistance between the two countries.

Other renewable energy sources, such as the sun, continue to grow across the continent. Investment companies GridWorks and New Gex have announced a $ 40 million investment in Sub-Saharan Africa, particularly Ghana and 100 MW to build more solar power plants. Nigeria. The investment in SSS is the second in Gridwork since 2019, when it spent $ 31 million to develop 45 megawatts of solar power in the region.

In related news, South Africa plans to expand its solar and wind capacity by 2.6 GW and received 102 bids from companies this month. The Department of Minerals and Energy, which is financing the projects, said it will announce the winning bidders in October and November this year, and the winners must complete the projects by April 2024.

As part of efforts to reduce dependence on carbon-based energy sources, South African energy regulators are seeking to increase the country’s nuclear capacity. Last week, Minister of Mines and Energy, Guede Manta Ashe, announced plans to build a new 2,500 megawatt nuclear power plant by 2024. The announcement was met with some initial opposition, but the Undoing Tax Abuse (OUTA) project was “unfair, inappropriate and unacceptable.”

South Africa currently has the continent’s only nuclear power plant (Coberberg) near Cape Town, which generates 5 percent of the country’s electricity. In particular, a new $ 1.2 billion program was recently launched to extend the plant’s lifespan, including the replacement of six steam generators and forced air conditioning units, as well as repairs to the turbine system. The amendments are expected to extend the lifespan of the plant, which has been linked to the national grid since 1984, by 20 years.

Nigeria has strengthened ties with Russia and South Korea

This week, Nigeria and Russia signed a military cooperation agreement with the West African country, which outlines a weapons training program. According to Nigeria’s ambassador to Russia, President Muhammadu Buhari feels that Russia will help Nigeria by defeating Boko Haram, which is contributing to instability in northern Nigeria.

The agreement is another step towards strengthening ties between the two countries – for example, in October 2019, Russia hosted its first summit with Africa, which included 43 heads of state or government, with the aim of stimulating the economy, politics and military. Russian influence in Africa. At the Guba summit, Russia made the first of many security and economic agreements, including a contract to supply attack helicopters to Nigeria. For more on Africa-Russia relations, see the 2019 edition of “Vladimir Putin Tine Reforms Russia’s Agenda Against US and China.”

In related news, Korea’s first foreign minister, Choi Jong-un, visited Nigeria earlier this week to discuss ways to expand political, economic and defense ties between Nigeria and South Korea. In fact, during the visit, Kun said Kovid’s situation is to increase direct flights between the two countries’ capitals as well as cultural cooperation, technology, education and trade over the next five years. During the visit, Kun and Nigerian Transport Minister Rotimi Amaichi met and the two countries are looking to cooperate on security issues.

The trip is another step in the long-term pursuit of long-term mutual benefit with Africa: for example, Korea has sent $ 200 million in mask and medical equipment to fight COVID-19. In March this year, South Korea’s ambassador to Nigeria said the South Korean embassy was interested in a joint children’s program as well as other cultural programs to help Nigerians understand culture. The Korea International Cooperation Agency (Koika) has also been rapidly increasing its assistance to the region since 2016.

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