Algeria’s economic growth remained dynamic in 2023, with GDP recording a 4.1 percent increase, driven by robust performance in the nonhydrocarbon and hydrocarbon sectors, according to the World Bank’s Spring 2024 Algeria Economic Update. Economic activity was stimulated by dynamic private consumption and strong investment growth, fueling a marked increase in imports. Hydrocarbon production was supported by record-high natural gas production, compensating for the decline in crude oil production amidst voluntary OPEC quota reductions.

Despite the decline in global hydrocarbon prices and an increase in imports causing Algeria’s’ trade balance to shrink, the country’s foreign reserves continued to increase, reaching a comfortable 16.1 months of imports by the end of 2023. Consumer price inflation moderated to 5.0 percent in the first quarter of 2024, down from 9.3 percent in 2023, aided by a strong dinar and a decrease in fresh food and import prices. 

The report underscores the strategic importance of data in informing policy decisions and the potential to leverage alternative data sources to shed light on real-time economic developments in Algeria. These sources, such as satellite data on nighttime lights, crop development, as well as data on shipping vessels arriving at and departing from Algerian ports, can provide a more detailed view of the economy. The report looks at how these data sources represent a useful complement to conventional economic and social statistics while stressing that improving the availability, granularity, and timeliness of official economic data, most notably relating to activity, investment, and the labor market, remains of utmost importance.

“In 2022 and 2023, Algerian authorities accelerated digitalization efforts and elevated the strengthening of data systems as a policy priority,” said Kamel Braham, the World Bank’s Resident Representative to Algeria. “In addition to supporting evidence-based policymaking, robust economic data reduces economic uncertainty and supports investment, growth, and diversification.”

Looking ahead, the report projects a temporary growth slowdown in 2024, followed by a robust recovery in 2025. Despite the positive outlook it finds that continued public spending and import growth amidst moderating hydrocarbon exports would put renewed pressure on the fiscal and trade balances. Additionally, significant uncertainties with respect to global commodity prices and climate conditions remain. 

Cyril Desponts, the World Bank’s Senior Economist for Algeria, underlined the usefulness of alternative data sources, “Unconventional data bring precision to our analysis because they are highly disaggregated across time and space, and available with only a short delay. In early 2024, data suggest that activity remained dynamic across the country, but to a lesser extent in oil-producing regions, affected by quota reductions and that Eastern regions saw a recovery in rainfall and crop development, feeding into our macroeconomic projections.”

The report also highlights the significance of recent reforms and the importance of supporting diversification by accelerating private sector investment in non-hydrocarbon sectors. The 2022 Investment Law, the 2023 Banking and Monetary Law, formal adhesion to the Africa Continental Free Trade Agreement, the 2023 Land Law, and initiation of state-owned bank reforms are all aimed at boosting private investment to foster diversification. Strengthening these efforts is even more important now that public investment, previously the engine of Algeria’s growth, is increasingly constrained by expanding current expenditures.

Distributed by APO Group on behalf of The World Bank Group.

World Rugby has proudly announced the selection of Nigerian Princess Alban Ugonwaezeh-Agugo for the Capgemini Women in Rugby Leadership Programme for 2024 and 2025. This prestigious program aims to elevate the visibility of female leaders within the rugby community and accelerate the development of the women’s and girls’ game, in the lead-up to the Women’s Rugby World Cup 2025.

Princess Ugonwaezeh-Agugo, 37, hails from Adazi-Nnukwu, Anaocha LGA in Anambra State, Nigeria. She is one of only four individuals selected from Africa and one of 25 chosen globally by World Rugby to participate in this groundbreaking initiative. Joining her from Africa are Ingrid Sibusisiwe Mangcu from South Africa, Nour Khaled from Tunisia, and Menna Sedky from Egypt.

Participants in the Capgemini Women in Rugby Leadership Programme will gain access to top-tier learning opportunities through the Capgemini University. Each scholar will be paired with a mentor appointed by World Rugby as well as a Capgemini coach. Additionally, they are eligible to apply for an extra discretionary grant of up to £5,000 to support their development and learning.

An excited Princess Ugonwaezeh-Agugo shared her enthusiasm with NRFF media, stating, “This is a significant achievement for Nigeria, and it will help inspire other women to reach for the sky. I am really excited about this program because it means so much to me and for the growth of the game in my locality and Nigeria at large. I hope I can bring whatever I learn back home and implement it to foster the development of rugby in the country.”

Earlier this year, Princess Ugonwaezeh-Agugo was awarded a similar scholarship by Rugby Africa to study Sports Management at the Lunex University of Luxembourg. This accolade marked the first time a Nigerian received such recognition from Rugby Africa, highlighting her pioneering role in advancing the sport within her country.

Under the leadership of Dr. Ademola Are, the Nigeria Rugby Football Federation (NRFF) is opening new opportunities for Nigerians to embrace rugby and encouraging greater female participation in the sport. The federation’s efforts are paving the way for the next generation of female leaders in rugby, ensuring the sport’s growth and development across Nigeria and beyond.

Princess Ugonwaezeh-Agugo’s selection for this international program not only brings honor to Nigeria but also underscores the country’s potential to produce world-class talent and leaders in the sport of rugby. As she prepares to embark on this journey, the entire nation watches with pride and anticipation, eager to see the positive impact she will make on the global stage and back home.

Office of the President of
Nigeria Rugby Football Federation

Distributed by APO Group on behalf of Nigeria Rugby Football Federation (NRFF).

It is with profound sadness that we inform you of a tragic traffic accident involving five of our valued Mukuru Tendeseka (www.Mukuru.com) employees on the evening of 21 May 2024. 

The accident occurred as a staff vehicle transported employees home at the end of the workday. Three of our colleagues have tragically lost their lives. Two employees died at the scene of the accident, and a third succumbed to injuries en route to the hospital. The remains of Tarisai Chigwande, Felix Java and Ednah Ndogwedu have been transferred to Nyaradzo Funeral Parlour. 

Two of our employees survived the accident with serious injuries and are currently receiving medical treatment in hospital. One has been admitted to high care with head trauma and multiple broken bones, while the other has suffered a broken leg and is recovering in the general ward. 

Mukuru CEO Andy Jury says, “Our senior managers are on the ground working together with so many others to ensure we get the best care for the survivors while communicating with the next of kin who lost their loved ones in this tragic accident. 

“We know, this morning as the sun rises, many hearts are broken and lives shattered. We will do everything we can to keep serving the customers they cared so much about while assisting our injured colleagues and the families grieving this terrible loss. 

“I, and the entire Mukuru team, send them our condolences as we continue to support the survivors in their recovery.” 

In this time of immense grief, we have arranged for counseling and support for the colleagues of the injured and deceased. We are committed to ensuring they receive the care and support they need while continuing to serve the needs of our customers at this difficult time. 

We have also extended the services of bereavement counselling to the immediate families of our beloved colleagues and have personally engaged with them to offer support during this time. We have also provided financial assistance and we will continue supporting them where we can.   

Our thoughts and deepest sympathies are with the families, friends, and colleagues of those affected by this devastating incident. 

Distributed by APO Group on behalf of Mukuru.

About Mukuru:
Mukuru is a leading next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 16 million+ across Africa, Asia and Europe. 

With over 100 million transactions to date, our core was built providing international money transfers and from this base, we’ve developed a set of services to address the broader financial needs of our customers. We now operate in over 60 countries and across over 500 remittance corridors. 

We are a business that puts the customer at the centre of everything we do, and for that reason, we serve clients across physical and digital channels, by various payment methods (cash, card, wallet) as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network. 

Mukuru has, for the fifth consecutive year, been listed as one of the top 100 Cross Border Payments businesses in the world in the 2024 FXC Intelligence Top 100 Cross-Border Payment Companies (https://apo-opa.co/3WWWTx7), one of only six African companies to receive this accolade. 

In 2023, Mukuru officially ranked sixth on the LinkedIn Top Companies List in South Africa. 

Mukuru was celebrated for innovation and excellence at the 2023 Africa Tech Festival Awards, receiving the Fintech Innovation of the Year Award – an acknowledgment of the transformative power of financial technology in driving economic growth, financial inclusion, and digital transformation.  

Further information can be found at https://www.Mukuru.com.

The Board of Directors of the African Development Bank Group (www.AfDB.org) approved the mid-term review of the Country Strategy Paper (CSP) 2022-26 for Rwanda in Abidjan on 21 May 2024. The progress during the first half of the implementation period has been significant.

The CSP for Rwanda was approved by the Boards of Directors of the African Development Bank and the African Development Fund – the Bank Group’s concessional funding window – in November 2021, focused on two priority areas. The first is strengthening physical infrastructure to increase productive resources and reduce the cost of doing business, and the second is developing skills and financial capacity to boost the private sector and drive growth based on productivity.

In the first priority area, 66% of the transport sector indicators have been achieved and have contributed to reducing travel time from over three hours to less than one, improving access to markets and commercial opportunities, and reducing the cost of doing business. Around 50% of the targets have been met in the energy sector, including national access to electricity, which rose from 40.5% in 2017 to nearly 75% in December 2023. An additional 375,543 households and 2,306 connections for schools, healthcare facilities, small businesses, and national offices have benefited from grid and off-grid power connections, improving livelihoods. Similarly, around 50% of the water sector results indicators have been achieved by connecting 1.5 million more people to drinking water, improving their quality of life as a result.

All of the results indicators in the second priority area have been achieved. A total of 120 targeted specialist graduates were employed within a year of graduating and 100 sustainable digital businesses have been created by young people, helping increase revenues in the beneficiary population.

In addition, new priority studies were completed on projected growth drivers between now and 2035 and to identify top investment strategies to support the preparation of the second national transformation strategy 2024 = 2029. These studies have strengthened the dialogue on growth, private sector development and the formulation of the country’s industrial policy.

“These are reassuring results for the next stage of implementing the CSP. There are still challenges and the remaining phase of the CSP will continue to tackle them following the same objective, namely helping Rwanda to encourage the development of productive capacity to boost growth based on productivity, free up the potential of the private sector and ultimately, accelerate the country’s structural transformation,” commented Aïssa Touré-Sarr, African Development Bank Country Manager in Rwanda.

On 30 April 2024, the Bank Group’s active portfolio in Rwanda comprised 22 operations, with a total value of $1.72 billion.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Alexis Adélé
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org