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Nigeria: FG to Stabilise Price of Rice By April

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The Federal Government said on Saturday that it would stabilise the price of rice from April to make it affordable to everybody in the country. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, made this known while declaring open the 2016 National wheat farmers field day in Alkamawa village in Bunkure Local Government of Kano state. Ogbeh said ...

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AU commends Ghana over decision to introduce visa-on-arrival for AU citizens

AU commends Ghana over decision to introduce visa-on-arrival for AU citizens

The Chairperson of the African Union Commission (AUC), Dr. Nkosazana Dlamini Zuma, has welcomed Ghana’s decision to introduce a visa-on-arrival policy for citizens of African Union Member States. The President of Ghana, H.E. John Dramani Mahama, announced the decision in his State of the Nations address to the Ghanaian Parliament on 25 February 2016. “With effect from July this year, ...

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Togolese reinsurer CICA-RE makes Kenyan market debut

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CICA-RE, a Togo-based reinsurer, has entered the Kenyan market hoping to replicate its success in Francophone Africa countries by using Nairobi as a launch pad into the east African region. The Nairobi office will act as a liaison under the guidelines of the Insurance Regulatory Authority (IRA) and will be required to become a subsidiary company within the next three ...

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Malawi: Drought Brings Fresh Misery, Hunger to Flood Survivors

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Deadly floods in Malawi robbed Fanny Josamu of her husband last year and now drought threatens her two children with starvation. For weeks, Josamu has relied on unripened watermelons and vegetables to keep her small family alive in Chikwawa, one of the most disaster-prone areas in southern Malawi. “When they eat the children collapse because it’s not tasty and they ...

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Nigeria: Fuel Queues Persist as Oil Workers End Strike

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Oil workers yesterday suspended the day-old strike they embarked upon to protest a major restructuring at the Nigerian National Petroleum Corporation (NNPC). Fuel queues however persist in major cities across the country despite the suspension of the industrial action, Daily Trust findings showed. At major fillings stations yesterday, chaos reigned as motorists struggled to buy fuel. Soldiers were drafted to ...

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Do Nigerians want local goods?

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About 97 per cent of Nigerians have said they would buy locally made products in order to strengthen the country’s economy; this is according to a recent public opinion survey by NOI Polls. Bell Ihua, CEO of NOI Polls said it felt it was important to look into this considering recent economic challenges and the heavy depreciation of the naira. ...

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S.Africa’s M&R sees lower 2017 earnings as oil clients cut back

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South African engineering and building group Murray & Roberts expects earnings to fall further in its next financial year as clients in the energy industry slash expenditure to cope with low crude prices, its CEO said on Thursday. Like its peers, Murray & Roberts is battling a market hit by a commodities price rout that has seen producers in the ...

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Africans should utilise digital banking more to grow GDP

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A recent Moody’s Estimates Migration report to electronic payments added 296 Billion US dollars to GDP across 70 Countries but African countries have only experienced a mere 0.05 per cent increase in the GDP. Lucy Mbabazi, Visa Rwanda’s Country Manager joined CNBC Africa for a look at the correlation between Electronic Payments and Economic Growth. Mbabazi strongly urged Africans to ...

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Big banks cartel hurting economy with expensive loans, says WB

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A few big banks have gained a stranglehold on Kenya’s lending market, rendering it non-competitive with devastating consequences on the economy, casting the spotlight on the Competition Authority of Kenya (CAK) which has been investigating the sector since last year. The high interest spreads that the commercial lenders continue to enjoy at the expense of the rest of the economy ...

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MTN proposes to pay $1.5bn to settle Nigeria fine

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MTN Group has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers that the government claims included Boko Haram Islamist insurgents. Africa’s biggest wireless operator made the written offer, comprised of cash installments, bond purchases and network access, to the Nigerian government on February 24, ...

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