THOMPSON AYODELE and ROGER BATE explain how nations across Africa can enjoy prosperity

LAST month, the International Monetary Fund and the African Export-Import Bank made $800-million in credit available to Zimbabwe.

This initiative is meant to help the country restore its ravaged economy. But for Zim and other nations that lack the basic institutions required to build wealth, simply loaning or giving them money is not an effective strategy for reducing poverty. What's needed instead are programmes that foster the conditions that cause long-term prosperity and well-being. Click to Learn More

Nigeria tends to make headlines for corruption but it has made impressive progress in fighting counterfeit medicines, through the determined actions of its National Agency for Food and Drug Administration and Control (NAFDAC), started under the brave leadership of the legendary Dora Akunyili. These analysts describe their new research that updates their frightening discoveries of fakes in 2007.

For at least three decades, Nigeria has been plagued by counterfeit and poor-quality medicines. In 2002, the World Health Organization reported that 70% of medicines in Nigeria were fake or substandard while the National Agency for Food and Drug Administration and Control (NAFDAC) estimated a full 41% were fake. Today, it offers a rare model of improvement. Click to Learn More

THE Central Bank of Nigeria (CBN) has completed an audit of 10 out of 24 banks, of which only five banks scaled through. Consequently, the Managing Directors (MDs) and Chief Executive Officers (CEOs) of the affected five banks were fired, followed by an injection of about $2.6 billion in convertible loan to stabilize the affected banks and preserve public confidence.

As at now, the government has injected funds and guarantee loans of the 'Five'. However, this should be seen as a temporary rather than an ultimate solution. Account cooking might actually increase as other banks may risk insolvency in the future, believing that the government can always bail them out when in distress. Click to Learn More