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Sub-Saharan Africa: Projected decline in growth in 2020 [Business Africa]

Business Africa

Economic growth in sub-Saharan Africa in 2020 is projected at 2.9% compared to the 3.2% previously announced by the World Bank.

The year 2020 is off to a timid start in sub-Saharan Africa. The region’s economic growth is significantly lower than the forecasts announced by the World Bank.

In its latest World Economic Outlook report, the organization reports a drop in economic growth to 2.9% compared to the 3.2% previously announced.

Nigeria: lower taxes to boost SMEs

Nigeria has decided to support SMEs this year with a significant tax cut.

It’s a new bill deemed salutary by the Nigerian authorities. Increasing government revenue through an increase in value added tax and tax cuts.

In concrete terms, this is a policy of increasing tax revenue as part of efforts to diversify its economy to reduce its dependence on the sale of crude oil.