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Nigeria’s 2017 capex to hit 440.9BN naira next week: Finance Minister

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Nigeria plans to release 100 billion naira for capital projects, taking its total spending in the 2017 budget for infrastructure to 440.9 billion naira ($1.44 bln) by next week, its finance minister said on Tuesday. Kemi Adeosun said the government had spent 1.5 trillion naira on recurrent expenditure so far. “We concluded our Sukuk last week, the money will be ...

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Guinea says economic growth to dip to 5.8% in 2018

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Guinea’s economy will grow 5.8 percent in 2018, down from an expected 6.7 percent in 2017, the budget minister said on Tuesday, as it struggles with low commodity prices and unrest that has interrupted bauxite mining. The forecast is lower than the 7 percent growth target authorities had been hoping to exceed in 2018, Budget Minister Mohamed Lamine Doumbouya told ...

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Nigeria: Dangote – Rumour of 10-Year Tax Holiday Granted Me Preposterous, Untrue

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Africa’s richest man and business mogul, Aliko Dangote, has debunked the rumours in public domain that his company will benefit 10-year tax holiday after constructing the 35 kilometres Apapa-Oworonshoki highway end of the Lagos-Ibadan expressway, describing it as preposterous and untrue. Speaking to a cross section of journalists in his Ikoyi office yesterday, the Group Executive Director, Strategy, Portfolio Development ...

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Nigeria Recovers $3 Billion Unpaid Oil Monies, Says NEITI

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The total amount of unpaid oil and gas monies that Nigeria’s government has recovered using audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) has hit $3billion, the Executive Secretary of NEITI, Mr. Waziri Adio has disclosed. Adio stated in a presentation he made at the 2017 edition of the annual lecture series of the Dauda Adegbenro Foundation held ...

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Nigeria’s Buhari says will not allow state to be dismembered by secessionists

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Nigeria’s President Muhammadu Buhari said on Sunday he would not allow the country to be dismembered as it faces calls for secession in a region formerly known as Biafra and the Niger Delta oil hub along with a separatist insurgency by Boko Haram. Nigeria is Africa’s most populous nation and has the continent’s largest economy but it has struggled for ...

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“Africa will become the food basket of the world” – Dangote

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Nigerian business leader Aliko Dangote told investors Africa will become the food basket of the world.” In a packed room at the headquarters of global law firm Shearman and Sterling LLC  high-level business leaders and international diplomats invited by the Corporate Council for Africa to hear Africa’s richest man, Aliko Dangote, and Rwandan president Paul Kagame openly converse on Africa’s ...

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Nigeria central bank holds benchmark interest rate at 14%

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Nigeria’s central bank held its benchmark interest rate at 14 percent on Tuesday, its governor said following a Monetary Policy Committee meeting. Fourteen of 15 economists polled by Reuters last week predicted rates would stay on hold while one forecast a 200 basis point cut. – Credit: CNBC Africa

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Nigeria asks Senate to amend law for govt to settle 2.7 TRN naira debt

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Nigeria’s government has asked parliament to amend its spending law to enable a debt program to settle 2.7 trillion naira ($8.6 bln) worth of obligations including pensions and salary arrears, according to a letter from Vice President Yemi Osinbajo. The letter, read out in the Senate on Tuesday, requested amendments to the law, which stipulates allocation of government spending, to ...

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“Africa will become the food basket of the world” – Dangote

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Nigerian business leader Aliko Dangote told investors “Agriculture, agriculture, agriculture. Africa will become the food basket of the world.” In a packed room at the headquarters of global law firm Shearman and Sterling LLC  high level business leaders and international diplomats invited by the Corporate Council for Africa to hear Africa’s richest man, Aliko Dangote, and Rwandan president Paul Kagame ...

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Nigeria seeks to diversify from oil with $41bn of rail

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Nigeria has started a $41bn railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the capital, Abuja. Africa’s biggest oil ...

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Ghana Business News