Category: West Africa
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Nigeria: CBN Discovers Over N2 Million Counterfeit Notes in Kano
The Central Bank of Nigeria (CBN) has disclosed that from January to November 2016 financial year; the Central Bank has discovered, N2,97120.00 counterfeit currency notes in circulation in Kano State as against N2, 101,400.00 discovered in 2015. This was disclosed by the CBN branch controller Kano State, Mrs. Abubakar Ameena Pindar during the 2015/2016 Kano…
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Tanzania: Coal Debate Lingers Despite Dangote’s Assurance to JPM
The owner of the Mtwara-based Dangote cement factory, Mr Aliko Dngote, says he is against his company’s decision to import coal and gypsum for use at the factory. According to Africa’s richest man, importing goods that are locally available amounts to importing poverty into Tanzania and exporting jobs outside the country, adding that his company…
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Nigeria, Morocco to Build Gas Pipeline Link
Nigeria and Morocco are set to jointly promote a gas pipeline that will connect the two countries and some other African countries. This was one of the agreement reached during the three-day visit of Moroccan King President Mohammed VI. Speaking to State House Correspondents, The Minister of Foreign Affairs, Dr Geoffrey Onyema, said the gas…
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European share markets stabilize after U.S election
European share markets continued to stabilize today after Asian stocks rebounded from Wednesday’s sharp sell-off in the immediate aftermath of Donald Trump’s US election victory. Hopes that Mr. Trump will introduce a pro-business agenda to stimulate US economic growth helped to blunt concerns about his surprise win. In London, Paris and Frankfurt, the main stock…
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Nigeria to recieve $600 mn loan from African Development Bank
The African Development Bank’s board approved a $600 million loan for Nigeria on Wednesday aimed at helping Africa’s largest economy plug its budget deficit as it grapples with its first recession in more than 20 years, a senior bank official said. The loan is the first tranche of a total $1 billion budget support package.…
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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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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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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…