Category: West Africa
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Africa needs $621bn to meet UN Sustainable Development Goals
The Global Infrastructure Hub, a G20 initiative, has today published two reports that reveal an urgent need for infrastructure investment in 10 Compact with Africa countries, and highlight the reforms required to encourage greater investment. The first of these reports, Global Infrastructure Outlook: Infrastructure Investment Need in the Compact with Africa Countries, reveals that, unless…
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Low internet penetration in Africa due to lack of terrestrial fibre
Experts at the Africa Session of the International Telecoms Week conference in Chicago have described terrestrial fibre constraints as the mother of all bottlenecks hindering increased Internet penetration on the continent. During his presentation on the theme “Enabling Content on the African Continent”, Chief Executive Officer of research firm, Xalam Analytics, Guy Zibi analyzed the…
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Nigeria: Reps Mull Buhari’s Impeachment Over $496m Tucano Aircraft Purchase
Miffed by his unilateral decision to expend the whopping $496,374,470.00 for the purchase of Super Tucano aircraft, members of the House of Representatives almost began moves to impeach President Muhammadu Buhari. The lawmakers queried the powers of President Muhammadu Buhari to appropriate and spend money without any recourse to the National Assembly, which statutory function…
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IMF endorses crpto currency
IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde…
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Private sector operators welcome African Continental free Trade Area Agreement
Intra-African Connect, an organization committed to promoting and enabling Intra-African Trade and investment has lauded the signing of the African Continental Free Trade Agreement. The organization’s founder Mr. Nana Yao Lee was part of a group of private sector stakeholders that were taking part in the African Union Business Forum, held on the 20th of…
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Nigeria Earned $476.3 Million From Crude Oil, Gas Exports in December 2017 – NNPC
The Nigerian National Petroleum Corporation says it earned about $476.25 million from crude oil and gas exports in December, 2017. The corporation said in its monthly Financial and Operations Report for December, 2017 released on Tuesday that the figure more than doubled the export receipts $201.11 million realised in November, 2017. The report said while…
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Nigeria: Govt Identifies 130,000 Individuals, Firms Likely Culpable in Tax Underpayment – Adeosun
The data mining efforts of the federal government through the Federal Ministry of Finance has identified a new batch of over 130,000 high net worth individuals and companies that have potential tax underpayments. The Honourable Minister of Finance, Mrs. Kemi Adeosun, revealed this on Tuesday while appearing on the Good Morning Nigeria programme of the…
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Nigeria: Senate Summons Aviation Minister Over Air Mishaps
Following the recent frequent air mishap in the country, the Nigerian Senate has, Tuesday, summoned the Minister of State Aviation, Hadi Sirika, to appear before it and explain why such mishaps have been occurring and measures taken to avoid subsequent occurrences. A motion filed by Senator Gbenga Ashafa brought to the notice of the senators…
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Britain to add Nigeria’s naira to list of accepted trade currencies
Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with…
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Nigeria sues JP Morgan for $875 mln over Malabu oilfield deal
Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the…