Category: Africa
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Nigeria: State Loses Another N90 Billion to Attacks in Niger Delta
The revenue allocation to federal, states and local governments for September dropped by about N90.27 billion, as they shared a total of N420 billion for the month. About N510.2 billion was shared at the Federation Account Allocation Committee (FAAC) meeting in August. The permanent secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, said the total revenue…
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Kenya:Saccos cut interest rates to retain edge over Kenyan banks
Savings and Credit Co-operatives (Saccos) are reducing loan rates to retain their competitive edge after banks were forced to cut price of lending in line with the new interest capping law. Their pricing, which has long kept interest rates at an average 12 per cent per annum (far below bank rates) has been their biggest…
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Egypt’s Transportation Ministry Turns to Solar Energy
Egypt’s Ministry of Transportation said on Monday that it will use the roofs of government buildings and affiliated agencies to establish solar power stations. Egypt has been taking measures recently to diversify sources of energy, in a bid to face increasing demand. In a statement, the ministry said that above-ground metro stations will be among…
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Kenya:Uhuru launches Sh5.3 billion dual carriageway project
President Uhuru Kenyatta Thursday launched the Sh5.3 billion roadworks to dual the Athi River-Machakos section of Mombasa Road as he led the country in celebrating this year’s Mashujaa Day. China Railway 21st Bureau Group is constructing the 20km dual carriageway – the latest of the multi-billion shilling infrastructure projects Mr Kenyatta has launched in recent…
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Algeria: Revised Investment Bill to Help Algeria Attract More FDI, Says IMF
The revision of Investment Bill will help Algeria to attract an important flow of Foreign Direct Investment, forecast the International Monetary Fund (IMF). In its report on the prospects of growth for the region of Middle-East, North Africa, Afghanistan and Pakistan (Moanap), the Fund said that the countries like Algeria, Saudi Arabia or Qatar which…
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S.A: This is what S&P will be looking for in S.A’s mini-budget
When Standard & Poors gave South Africa a stay of execution in June, they cited three factors that would result in a ratings downgrade in December. First and foremost, their key long-term measure is the country’s growth rate, which would need to show improvement. On this point, growth has picked up somewhat, but not nearly…
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Nigeria: Air Crashes Imminent in Nigeria, Senate Warns
The Senate on Thursday warned of imminent plane crashes in the country if the aviation industry was not fixed immediately. The alert followed a motion tagged “Disturbing Development in the Nigerian Aviation Industry” by Dino Melaye. Contributing to the motion, the Minority Leader, Godswill Akpabio, said the fear of plane crashes was real as airlines…
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Rwanda: Moroccans to Venture Into Rwanda Agriculture Sector
Rwanda and the Kingdom of Morocco, yesterday, signed bilateral pacts that could turn around Rwanda’s agriculture sector in terms of productivity and cutting cost of operation. The agreements were signed in the presence of King Mohammed VI of Morocco and President Paul Kagame at Marriott Hotel, as part of the former’s visit to Rwanda. Geraldine…
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Sh1.8bn rotten maize stocks deepen Kenya’s food crisis
More than 754,000 bags of maize held in the national Strategic Grain Reserve is unfit for human consumption, deepening the food security crisis as the country grapples with a severe drought that has left more than 1.3 million facing starvation. Auditor-General Edward Ouko says in a newly released report that the maize stock, valued at…
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S.A’s Telkom states its position on Integrated ICT Policy White Paper
Telkom has welcomed the publication of the Integrated Information and Communication Technology Policy White Paper noting in particular the policy’s attempt to balance universal access with the need to innovate and grow the industry. Speaking at a technology conference today, Chief Commercial Officer, Dr Brian Armstrong set out Telkom’s high-level observations on the positive and…