Saturday, 28 September 2019
Saturday, 28 September 2019 14:20

Spain to prioritise investment in Nollywood

Mr Marcelino Ansorena, Ambassador of Spain to Nigeria, says the country would prioritise investment in Nollywood to strengthen the ties between them.
Ansorena said this in an interview with newsmen on the sidelines of the Spanish contemporary dance concert entitled “Alguien vendrá a buscarnos” held on Friday night in Abuja.
The concert organised by the Embassy of Spain in Nigeria is a yearly practice that sought to promote Spanish and Nigerian culture.
“Nigeria and Spain have many things in common; also we have security threats in common, for us the security and stability of Nigeria is very important.
“We have important investments; we are the second-largest partner with very important commercial ties, because we both have a lot of oil and gas.
“So, we think that Nigeria’s stability is very important for Spain, but we believe in the future of Nigeria.
“Last year, we participated in the film festival which held in Abuja, we will continue to present Spanish films in Nigeria.
“We are interested in Nollywood; Nollyhood is our priority, we will continue to support it,” Ansorena said.
He commended the relationship between both countries to have been built upon historic foundation since Nigeria’s independence in 1960.
“I wish Nigeria the best in the celebration of independence on October 1,” said the diplomat.
He noted that the bilateral relations between Nigeria and Spain is built on peace and security, economic development and culture, saying more will be done to strengthen their ties.
Published in Business

Alain Robert, dubbed the French “Spiderman” for his exploits in scaling tall building around the world, climbed himself into trouble in Frankfurt Germany on Saturday.

He was arrested by German police after scaling the “Skyper” tower.

Robert, 57, reached the top of 154-metre (500 feet), 42-floor building in just half an hour — without permission nor safety equipment — causing passersby to stop, stare and take photos.

Back on the ground, police moved into to arrest Robert who has chalked up a series of similar stunts across the globe since 1994, among them the world’s tallest building, the Burj Khalifa in Dubai, and the Eiffel Tower in Paris.

In August, he climbed a Hong Kong skyscraper and unfolded a “peace” banner as massive and sometimes violent pro-democracy protests rocked the city.

He gave no reason for his Skyper climb.

Published in World

The Economist Intelligence Unit (EIU) analysts project Angola’s economy will return to growth only in 2021, expecting a rate of 2.5% after consecutive years of economic contraction, including in 2019, when the country is expected to see Gross Domestic Product (GDP) fall by 2.2%.

The latest EIU report on Angola states that when Angola’s economy returns to growth, 2022 and 2023 will be much more positive with expected growth rates of 4.1% and 5.0% respectively due to a gradual rise in oil prices and the non-oil economy improving its performance.

The economic studies department of South Africa’s Standard Bank projected that Angola’s economy would contract this year at a rate of -1.0%, before growing again in 2020 with a 1.4% expansion of GDP.

The EIU said in the statement that the weak economic scenario will continue to weigh heavily on the national currency, the kwanza, which this year is expected to depreciate to 345.6 kwanzas per dollar, which will worsen further towards the end of the period covered by this report to 400.1 kwanzas for every dollar.

The report recalled that oil production fell by almost 10% in 2018 to an average of 1.478 million barrels per day due to the maturity of oil fields and the lack of investment in new exploration and noted that despite the various tax benefits offered Angola has been unable to attract investors to the exploration of deep and ultra-deep wells where costs are highest.

The forthcoming concession of new blocks in two Angolan basins will only bring potential benefits in several years, so EIU analysts predict Angolan oil production will continue to decline in 2019 and 2020 as investment decisions are postponed.

The anticipated economic growth for the 2021-2023 period, with an annual average of 3.9%, is due to the improved performance of the non-oil economy, namely in agriculture, mining, construction, manufacturing and services, as access to credit increases.

The document underscored the efforts being made to attract investment and reduce nepotism and corruption but noted that the fundamental impediment to reform is the control that politicians have of the country’s economy, resisting changes to introduce greater transparency and reduce opportunities for anyone who just wants to have an income.




Published in Economy
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