Nigeria is currently hobbled by macro-economic instability, inadequate infrastructure and vast poverty. This is despite the fact that the country is blessed with a whole lot of natural and human resources, writes Amilia Jiji Ugboma

In its Economic Development in Africa Report 2012 published recently, the United Nations Conference on Trade and Development (Unctad) focuses on the continent’s dependence on natural resources as drivers of economic growth. The agency noted that though Africa has experienced relatively fast growth since the start of the new millennium, the pace of the expansion is unsustainable.

African politicians and policymakers have probably been watching with a sense of schadenfreude the unfolding drama of the public debt dilemma facing governments in the West. Not too long ago western commentators were poking fun at African nations crippled by high debt burdens, while multilateral agencies were advising African leaders on the wisdom of financial prudence.

Small and medium-sized businesses (SMEs) in Africa are expected to benefit from a $500 million fund set to guarantee their borrowings from local commercial banks, says Africa Guarantee Fund (AGF) chief executive Felix Bikpo

As Nigeria's economy continues to grow off the back of non-oil and gas resources and more money pours into the country, the demand for luxury is growing steadily and Africa's largest hospitality group is well placed to move into the country with deluxe African Pride Hotels.

Nigeria looks set to overtake South Africa as the continent's biggest issuer of local government debt with a planned $650 million auction by one of its states in October, but sub-national bonds remain far off for much of Africa.

The rate of return on foreign investment is higher in Africa than in any other developing region. Global executives and investors must pay heed

Africa is on the brink of an era of unprecedented growth, but it is still hampered by “woeful” progress on trade reform and broken promises by the world’s wealthiest countries, an international commission has concluded.

Nigeria will stop issuing universal banking licences next month and enforce new minimum capital requirements for lenders in a bid to avoid a repeat of last year's near collapse of several banks.

African equity funds have attracted net new cash in 51 of the last year's 52 weeks, EPFR Global has said, underscoring the evolution of the continent's frontier markets as a serious investment play.