Category: Africa
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Nigeria: W’Bank – Nigeria’s Economy to Rebound, Grow By 1% in 2017
The World Bank has predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017. The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the…
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Kenya to Raise $1.05 Billion Syndicated Loans to Fund Budget
Kenya is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, as East Africa’s biggest economy seeks to plug a widening budget deficit. PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received…
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Tanzania: We Have Enough Food – Ministry
Despite food shortage reports in some parts of the country, preliminary food production forecast for 2015/2016 indicates that the country has a surplus of more than 3 million metric tonnes. However, officials of the Ministry of Agriculture, Livestock and Fisheries have linked the current situation with the alarming weather condition that has got farmers worried…
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Zimbabwe: With Water Short, Zimbabwe’s Farmers Turn to Capturing Rain
Kuziwa Matongo’s rainwater harvesting system may not look like much, but its impact is huge. Triangular metal gutters run below the corrugated roofs on all the buildings at his home, transporting water into storage tanks below. The spartan system allows Matongo to collect enough water to get through the dry season – an ever more…
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Zimbabwe: ‘Command Agric’ Project Benefits Women
The Government-initiated Command Agriculture programme has benefited women who had the zeal to farm but were facing challenges in accessing loans from banks due to stringent requirements, a beneficiary of the programme Mrs Patience Tapomwa of Belford North Estate in Mazowe has said. Mrs Tapomwa, a beneficiary of the land reform programme, committed 40 hectares…
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South Africa: R12 Million for Foreign Firm to Manage SA’s Airline Mergers
It will cost government R12.1m to make use of the services of Bain and Company, the Boston-based consultancy firm appointed to manage the merger of South Africa’s three state airlines – SAA, Mango and SA Express, said Public Enterprises Minister Lynne Brown. Responding to a parliamentary question posed by the DA’s Alf Lees, Brown said…
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Nigerians to strike over oil sector job losses
A Nigerian oil labour union has begun a nationwide strike involving petrol filling stations and tankers in a protest over job losses, a union official said on Wednesday. Cogent Ojobo, Warri zonal chairman of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), said the industrial action had started. “Filling stations, petrol tankers and…
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Investors unfazed by Ivory Coast’s two-day mutiny
Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors’ faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in…
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East Africa: Uganda, Tanzania to Hire Adviser On Oil Pipeline Financing
Uganda, Tanzania and French oil company Total E&P, the lead joint venture partner on the proposed crude oil export pipeline are considering getting on board a transactionary adviser to advise them on getting a lead investor and the $3.55b (Shs12.6 trillion) required for financing the project. A concept brief for the project issued by the…
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Nigeria Reclaims Africa’s Top Oil Producer Spot
Nigeria may have reclaimed its position as Africa’s top oil producer which it lost to fellow African oil producer, Angola earlier in March 2016. According to the December 2016 Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), crude oil production from Nigeria rose slightly above that of Angola even before…