BREAKING: CAF Picks Equatorial Guinea as new host of AFCON 2015

The Confederation of African Football, CAF, has announced Equatorial Guinea as the new host of the 2015 Africa Cup of Nations, AFCON following the withdrawal of hitherto designated hosts, Morocco.

The African football governing body said in a statement that Equatorial Guinean President Teodoro Obiang had accepted a request from CAF president Issa Hayatou to stage the tournament from 17 January to 8 February as originally scheduled.

Morocco had asked for a shift in date if they are to stay on as hosts but the request was turned down by CAF.

New host Equatorial Guniea are not new to hosting CAF tournaments having successfully hosted the Women’s Nations Cup and jointly hosted the 2012 edition of the AFCON.

Nigeria are the reigning African champions but interestingly failed to qualify for the edition held in Equatorial Guniea last term.

Many will pray the same situation doesn’t repeat itself this term yet again.


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  • Mentor

    While we wait for the other 5 parts of the analysis, this first part suggests a series that appear to be dead on arrival. We remain to be convinced. The real issue is relative price of tradeables to non-tradeables which depends on relative productivity of the tradeables and non tradeables. You have an economy that is dominated by services sector accounting for 52% of GDP, but where productivity is very low and services account for large chunk of foreign exchange utilization while it exports and generate low foreign earnings.

    The Asian countries cited had investment rate close to 40% of GDP, while Nigeria’s investment rate is closer to 15%, and productivity growth rate in Nigeria is nil or negative. The Asian countries used manufacturing as the kick start for their industrialization, while Nigeria’s manufacturing sector remain comatose as the farm to factory migration is by passed leading to high level of employment.

    • CJ

      @ Mentor, by your analysis, are you implying that it is currency controls that will add value to Nigeria’s tradeables or kick-start sustainable industrialization?

      • Mentor

        I have not implied what you have suggested, neither has the original author stated what will add value to tradeables or kick-start sustainable industrialization. What will do that is investment and productivity of that investment, which in turn are driven by effective institutional governance, efficiency of infrastructure, technological innovation, and quality of human capital. Debasing your currency is not what will you give that. There has been too much noise around the importance of devaluation when other factors are not in place. Devaluation only helps you to export more of what you already produce, unfortunately it will not help you produce and export more oil.

        Capital controls do have is usefulness in the context of monetary policy trilemma during a crisis as Malaysia demonstrated during the Asian financial crisis. It has to be partial and temporary and well targeted. Perhaps, there would be no need for capital controls if institutional governance has been effective in checking fiscal and foreign reserves leakages and corruption. Asians have been far more disciplined people than we have been on this matter. You may wish to know that Korea, Indonesia and Nigeria have roughly about the same per capita income in 1960. Today, Korea has per capita income 10 times that of Nigeria in spite of the fact that the Naira has gone from less that 1 to 200 against the dollar. If you decompose Nigeria’s per capita income by non oil sector and oil sector, the former’s contribution to per capita income is 10 times that of the oil sector.

  • Funso Alabi

    Wow…this is making microeconomics easy to grasp. Great stuff. Looking forward to the whole series in this age when the professional economists have retreated to their shell in policy making and criticism, leaving the field to lawyers, accountants and other pretenders. Thanks for this injection of common sense.

    • Oluseye Ajuwon

      Injection of common sense indeed.

  • Paul Young

    Funny that they think the President doesn’t have his own economic and financial team that he should be taking advice from premiumtimes blogger

  • Biodun Abiodun

    Good. You mentioned it will help you export, but the problems with that is we do not have any major export aside from crude oil. The price of crude oil does not change if Naira is devalued as its control internationally.
    They also claims it s help international investment. That is a big like. Take for instance someone (foreigner/Nigerian) that invested $2000 in NIGERIA say about 10 years ago. His or her the would have been @ 80 Naira equals 160,000Naira then lets supposed that his investment has doubled, today he will have 320, 000 Naira. Now he wants to cash in and takes his investment out of Nigeria with official rate, he investment has shrunk to $1,600 and at black market half of his investment has gone. Which sensible investor wants to do that?

  • Kickboxer

    Oh…no….what is wrong with some Igbos….allow the moronic “technically intelligentsia” to run down the place…

    Unless you are looking for govt. job I have no ideas why you have to waste your time writing such a quality article. Keep it to yourself or write a paper in a peer-reviewed journal.

  • hyperbole123

    this is absolute nonsense. bunch of technical banalities that can never work here. a play of semantics and befuddlement. if they dash me phd economics i no go take. obvious it sends the mind in an irretrievably wrong direction1

    • Oluseye Ajuwon

      I am an Economist and I do not belief in the absolute nonsense writing here. If somebody’s income has not changed and the currency is exchange for less in accordance with other country what will you call that? My friend your currency is becoming weak not the rubbish this guy presented here.

      • Mentor

        Don’t mind the pseudo economists writing here. The question you raised can be described as real exchange rate (RER). If income is 18000 Naira per month and exchange rate is N200, the RER is $90. If the exchange rate is now N400, the RER is now worth $50.

  • Xanthos1

    Stimulating analysis…