Category: INTERNATIONAL
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Nigeria Spends 1.4 Trillion On Importion of Used Vehicles
Managing Director of Volkswagen Nigeria, Tokunbo Aromolaran, has said that Nigeria spends about N1.4trillion yearly on importation of used vehicles from different countries of the world. Speaking in Abuja, at a two-day workshop for heads of mass transit companies in Nigeria, Aromolaran, who delivered a paper titled; ‘Local Demand for Bus and Assembly Plants as…
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Algeria – IMF Expects Progressive Drop in Budget Deficit Over Next Five Years
Algeria’s budget deficit, which increased in 2015, would progress over the next five years, according to the last forecasts of the International Monetary Fund (IMF) released Wednesday. The global budget deficit will decrease as from this year to -12.9% against -16.2% of the GDP and will progressively decline to -3.9% of the GDP in 2021,…
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Zimbabwe losing $1 billion a year to corruption – report
Zimbabwe is losing at least $1 billion (784.67 million pound) annually to corruption, with police and local government officials among the worst offenders, Transparency International said in a report on Tuesday. Social media groups like #ThisFlag and #Tajamuka have cited corruption in President Robert Mugabe’s government and police roadblocks where money is taken from motorists…
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Ethiopia opens new rail line
Ethiopia opened a new train line on Wednesday linking its land-locked capital to the Red Sea state of Djibouti, part of Addis Ababa’s infrastructure programme aimed at turning the poor, agrarian nation into an industrial hub. Ethiopia’s economy is one of the fastest growing in Africa, even though it has suffered a severe drought for…
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South Africa’s Blue Label Telecoms pays $400 million for Cell C stake
South African distributor of prepaid airtime Blue Label Telecoms will pay 5.5 billion rand ($400 million) for a 45 percent stake in debt-laden mobile phone group Cell C Ltd, it said on Wednesday. The deal is part of Cell C’s efforts to pay down debts which last year forced it into a restructuring with bondholders…
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Kenya:Global conferences in Nairobi hand businesses Q3 boost
A rebound in tourism in the third quarter of the year helped local ventures gain new business and reverse declining fortunes from the second quarter, the latest Purchasing Managers Index (PMI) released by Stanbic Bank and market research firm IHS Markit shows. During the quarter, Kenya hosted two high-profile international conferences — the UNCTAD 14…
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South Africa says gas-to-power projects to cost around $3.7 bln
South Africa’s planned gas-to-power projects will cost around 50 billion rand ($3.7 billion) and will require 1.6 million tonnes a year of gas imports, department of energy official Karen Breytenbach said on Tuesday. South Africa will announce preferred bidders for gas-to-power projects by the end of March as part of efforts to diversify electricity production…
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Nigeria’s Buhari sends 2017 draft budget framework for Senate approval
Nigerian President Muhammadu Buhari on Tuesday sent a draft budget framework for 2017, outlining spending plans for Africa’s biggest economy, to the upper house of parliament for approval. The figures contained in the document, referred to as the medium-term expenditure framework, must be approved by the Senate before the final budget is submitted. Overall spending…
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Kenya:Hilton replies to hotel rivals with 45-floor Nairobi tower
Real estate developers Jabavu Village Limited and White Lotus Projects are the names behind plans to build Nairobi’s tallest building, which will be the new home of the city’s Hilton Hotel. The Sh11 billion twin towers building, whose construction has begun in Nairobi’s Upper Hill, is scheduled to be completed by 2020. Developers of the…
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Tanzania & Congo sign deal for exploration in Lake Tanganyika
Tanzania and the Democratic Republic of the Congo signed a memorandum of understanding on Tuesday for joint exploration and development of hydrocarbons in Lake Tanganyika. The lake, which straddles the border between Tanzania, Democratic Republic of Congo, Burundi and Zambia, is the world’s second largest by volume and second deepest, according to officials. “We have…