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“Africa will become the food basket of the world” – Dangote

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Nigerian business leader Aliko Dangote told investors “Agriculture, agriculture, agriculture. Africa will become the food basket of the world.” In a packed room at the headquarters of global law firm Shearman and Sterling LLC  high level business leaders and international diplomats invited by the Corporate Council for Africa to hear Africa’s richest man, Aliko Dangote, and Rwandan president Paul Kagame ...

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Nigeria seeks to diversify from oil with $41bn of rail

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Nigeria has started a $41bn railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the capital, Abuja. Africa’s biggest oil ...

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Africa’s two biggest economies likely out of recession

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Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday. Nigeria and South Africa have both benefited from a recovery in commodity prices since early 2016, though not as much as their main trading partners – China, the United States and ...

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Nigeria’s Buhari delighted that economy is improving

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Nigerian President Muhammadu Buhari, back at the helm after prolonged sick-leave, said he was delighted by the way Africa’s biggest economy was improving after briefings from ministers and the central bank, his office said on Monday. Nigeria, the continent’s most populous country, is in its second year of recession and has been contending with a currency crisis and dollar shortages ...

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Kenya presidential election cancelled by Supreme Court

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Kenya’s Supreme Court has annulled the result of the country’s recent presidential election. Citing irregularities, the Supreme Court said a new poll should be held within 60 days. The election commission had declared incumbent President Uhuru Kenyatta the winner of last month’s election. But opposition candidate Raila Odinga claimed that the commission’s IT system had been hacked to manipulate the ...

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Nigerian Investor Sets Up $135 Million Commodities Exchange

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A Nigerian startup is developing a new agricultural commodities exchange in Africa’s most populous country to take advantage of the government’s efforts to boost farming output to reduce reliance on oil. The exchange, Integrated Produce City Ltd., will be located near the southern city of Benin, about 300 kilometers (186 miles) east of Lagos, Nigeria’s commercial hub, a site accessible to ...

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Nigeria: Zenith Bank makes provision on 30% of its 9mobile loan: executive

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Nigeria’s Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria, the bank’s chief executive said on Monday. “We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing restructuring … to prepare for a new ...

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Nigeria to permanently seize ex-oil minister’s $37.5 million property

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Nigeria has been told by a court it can permanently seize a $37.5 million apartment block owned by a former oil minister who is wanted for money laundering. The property belongs to former petroleum minister Diezani Alison-Madueke, who was in office between 2011 and 2015. It had previously been seized temporarily. Alison-Madueke’s whereabouts are unclear, but she was last known ...

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Nigeria: 57 Streets Write Ikeja Electric – No Pre-Paid Metres, No Bill Payment

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“No Light No Bill,” “Total Darkness, Crazy Bills, Why?” “Don’t We Have the Right to Express Our Rights?” “We Want Prepaid Metres,” were some of the inscriptions displayed by protesting residents of Onipanu, Odi-Olowo/Ojuwoye LCDA of Lagos State at the headquarters of Ikeja Electricity Plc, weekend. The residents of about 57 streets in the area, on the platform of Concerned ...

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