Category: Africa
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Microsoft co-founder to sell mini solar plants in Kenya
According to the Business Daily, Microsoft co-founder Paul Allen plans to sell 10 small-scale solar plants in Kenya that his private company has constructed in recent years. Paul Allen’s multi-billion dollar private firm, Vulcan, has been operating electricity mini grids in the last two years in Samburu and Kajiado, connecting homes and businesses to solar…
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Tanzania to develop multi-million dollar water project with China
Construction of an over TZS 600bn water project to cater for an industry boom in Mtwara Region is scheduled to start this financial year, the government affirmed on Tuesday 1 November, reports the Tanzania Daily News.. Upon completion, the project which is expected to consume USD 281m (about TZS 604bn) will supply the region with…
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Nigerian tomato plant to close, layoff workers
A Nigerian tomato paste plant said on Thursday it is shutting down, firing 1,500 staff and moving abroad as it is unable to obtain the hard currency it needs to operate, in a public embarrassment for President Muhammadu Buhari and his plan to diversify the economy. Buhari, elected last year on a ticket to fix…
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Nigeria to add more than 500 megawatts to national grid
Nigeria has signed agreements to add more than 500 megawatts of capacity to its national grid, the office of the vice president said on Thursday. Africa’s most populous nation produces less than 4,000 megawatts (MW) but requires around 10 times that amount to guarantee power for its 180 million inhabitants. Chronic power shortages have hindered…
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Nigeria: Oil Output Nearly Back to Normal – Govt
Nigeria’s oil production is nearly back to normal following a sharp drop earlier this year due to rebels attacking pipelines, the oil minister said Tuesday. “The reality is that as of today and this morning, we are at 2.1 million barrels production. That’s substantial,” Minister of State for Petroleum Emmanuel Kachikwu said in the nation’s…
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Nearly half Kenya’s banks handled NYS Sh1.6bn dirty cash
Nearly half of Kenya’s banks handled the hundreds of millions of shillings that were stolen from the National Youth Service (NYS). The Financial Reporting Centre (FRC) reckons that 15 of Kenya’s 41 banks raised 42 alerts over suspicious transactions relating to the Sh1.6 billion that was stolen through fictitious tenders. The Central Bank of Kenya…
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Nigeria: El-Rufai Announces Waiver for $50 Million Investment in Manufacturing, Agro-Allied
The Governor of Kaduna State, Mallam Nasiru El-rufai has disclosed that his administration would grant waiver to investors willing to put down $50m in the industrial/ manufacturing and Agro-Allied sectors that would lead to the creation of 2000 jobs in each sectors. The governor who stated this in Abuja yesterday at the opening ceremony of…
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Kenya:Kabura took out sacks of cash without security
Embattled businesswoman Josephine Kabura was on Tuesday at pains to explain her dealings with the National Youth Service (NYS), including the withdrawal of more than Sh100 million in cash from a bank without security arrangements. The withdrawals were made in March 2015 from an account held by Roof and All Trading — one of Ms…
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Egypt’s Supply Ministry Raises Subsidised Sugar Prices By 40 Pct. Amid Shortage
Egypt’s supply ministry decided to raise the price of subsidised sugar by 40 percent from EGP 5 to EGP 7 per kg as of Tuesday amid a sugar shortage, a ministry official said. The official who chose to stay anonymous told Aswat Masriya that the ministry has decided to unify the price of sugar sold…
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South Africa doing well if you strip out growth says Moody’s
South Africa measures favourably in most indices bar economic growth, which the Treasury has forecast will be 0.5 percent this year, a Moody’s representative said on Tuesday. “South Africa is doing relatively well in a lot of the indices when you strip out growth … and when we look at a sovereign rating you’ve got…