Category: Africa
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Nigeria: Buhari Reacts to Senate’s Decision to Reject U.S.$30 Billion Loan
The Presidency has said it will not dispute the decision of the Senate to reject the request of President Muhammadu Buhari to borrow $29.9 billion. The Senior Special Assistant to President Buhari on National Assembly Matters, Sen. Ita Enang, disclosed this while briefing journalists in Abuja on Tuesday. The Senate on Tuesday rejected the request…
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Egyptian Pound Official Rate Remains Steady, Plummets On Black Market
Egypt’s central bank kept the pound steady at the official rate on Tuesday, while it traded at an unprecedented 18 pounds to the dollar on the black market in the past two days. The central bank said it sold $120 million at the weekly sale, with the cut off price stable at the official rate…
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Nigeria’s Senate deals blow to President Muhammadu Buhari’s borrowing plan
Nigeria’s Senate dealt an unexpected blow to President Muhammadu Buhari on Tuesday by rejecting his plan to borrow $30 billion abroad for infrastructure projects and budget support until 2018. Senators threw out the plan, introduced last week, without debate. When a surprised Senate President Bukola Saraki held a second vote, most senators shouted again “Nay”.…
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Mozambique to launch next oil and gas licensing round
CAPE TOWN Nov 1 (Reuters) – Mozambique, which has vast offshore gas reserves, will hold its sixth round of oil and gas licensing round late in 2017 or in 2018, a government official told an industry conference on Tuesday. Augusto Macuvele, a senior official with Mozambique’s National Petroleum Institute, provided few details about the rounds in…
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Kenya:Safaricom underlines role in economy with 845,000 jobs
Telecoms operator Safaricom’s voice, data and M-Pesa business sustained more than 845,846 jobs in the year to March 2016, a newly released study shows. The report by consulting firm KPMG — ordered and paid for by Safaricom — says the telecoms operator sustained the jobs through its own workers and the linkages created by products…
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Nigeria: Niger to Produce One Million Metric Tonnes of Rice
Niger State Governor, Alhaji Abubakar Sani Bello has said that adequate provision has been made to enable rice farmers in the state produce one million metric tonnes of rice this dry season. Also, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh has disclosed federal government’s plan to provide irrigation equipment to rice farmers…
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World Bank cautions Kenya to tame borrowing spree
Kenya is building a potentially dangerous mountain of debt that could in the long run expose the economy to systemic risks, the World Bank has warned in a newly-released report. The World Bank warns in the report that while Kenya’s public debt remains sustainable, the margin for further debt accumulation is narrowing at an uncomfortably…
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Nigeria: Breaking – Senate Rejects Buhari’s Request to Borrow $30 Billion
The Senate has rejected President Muhammadu Buhari’s request for authorisation to borrow about $30 billion. The president, last Tuesday, forwarded a request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018. He made the requests in two separate letters to…
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Algeria: Air Algerie Plans to Launch New International Routes, Says CEO
CEO of Air Algérie, Mohamed Abdou Bouderbala, on Monday in El -Oued announced plans to reinforce national airline’s air transportation network by the launching of new international routes. “Air Algérie plan to launch new international routes is part of the airline strategy to meet the demands of its customers from the Algerian community abroad and…
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Egypt: Alternative Fuels Can Help Power Egypt’s Cement Sector, IFC Study Finds
A new report by IFC, a member of the World Bank Group, finds that Egypt’s cement producers could save money and lower greenhouse gas emissions by using waste, so-called alternative fuels, to power their production facilities. The study, Unlocking Value: Alternative Fuels for Egypt’s Cement Industry, assessed the potential for producers to increase the use…