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The House She Built a Source of Conflict

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There was a time when everything seemed to be going right for Amara . She was a beautiful woman, not only in appearance but in the way she carried herself. She grew up in a loving home, surrounded by parents who worked hard and believed that their children should never lack opportunities. Her father was a respected man who worked tirelessly to provide for the family, while her mother was equally hardworking. They raised their daughters with discipline, kindness, and the belief that education and hard work were the keys to a good life. Amara was the elder daughter. Her younger sister, Nadia , was also intelligent and ambitious. The two sisters grew up watching their parents work together, and they learned an important lesson from them: nothing worthwhile comes without sacrifice. As the years passed, both sisters became successful in their own ways. Amara worked hard, saved her money, and eventually achieved something she had dreamed about since she was young. She bought a beauti...
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Africa Africa’s largest economy unexpectedly exits recession

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 In the fourth quarter as restrictions to curb the spread of the coronavirus were eased.

Image: KC Nwakalor/Bloomberg

Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased.

Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data.

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The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase this year. It could also point to the growing dominance of the non-crude sector, according to Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos.

Oil production fell to 1.56 million barrels a day in the fourth quarter from 1.67 million barrels in the previous three months. While crude contributes less than 10% to the country’s GDP, it accounts for nearly all foreign-exchange earnings and half of government revenue in continent’s biggest producer of the commodity.

The government’s forecast for growth of 3% this year is double that of the IMF.

A stronger recovery could ease pressure on the central bank to stoke activity, paving the way for a renewed focus on its price stability mandate. That means the monetary policy committee could start raising interest rates again to fight inflation that’s been above the target band of 6% to 9% for more than five years. The panel eased by 200 basis points in 2020.

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