The Transmission Company of Nigeria (TCN) has secured $1.55 billion from the African Development Bank (AfDB), the Islamic Development Bank (IDB), the Japan International Cooperation Agency (JICA) and the European Union, to execute numerous projects in the country. Usman Mohammed, Managing Director of TCN, disclosed this while briefing the press in Kano on Monday. He said the fund aims to...

In Nigeria, the Federal Government has commenced a $41 billion railway expansion project which aims to improve movement of goods across the country. The new project involves the construction of a 1,100-kilometer railway line to connect the nation’s two biggest cities, Lagos, and Kano and another coastal railway that will connect Lagos to the eastern city of Calabar. The two new railways...

The Federal Government of Nigeria has approved a N39 billion ($106 million) loan facility to Electricity Distribution Companies (DISCOs) for the supply of meters, according to Babatunde Fashola (photo), Minister of Power, Works and Housing. This, he disclosed at the 18th Monthly Power Sector Stakeholders Meeting hosted by Kano Electricity Distribution Company (KEDCO) in Kano on Monday. He...

Mauritius must reinforce its monetary policy to tackle shocks and contain inflation which threatens its economy, according to the International Monetary Fund (IMF). “Inflationary pressures spurred back due to the offer’s shocks, however they are solutions to contain it,” said a team from the institution at the end of its annual mission in the country. “Government should tackle...

It seems the road has come to an end for Algeria’s Prime Minister, Abdelmadjib Tebboune. Indeed, according to APS, the minister was removed from his office by President Abdelzaziz Bouteflika himself, three months only after he assumed the position. “Purusant to article 91, paragraph 5 of the Constitution, his Excellency, Mr. Abdelaziz Bouteflika, President of the Republic, has removed from...

Over the next four years, Uganda’s flower sector will receive a $17.8 million investment from three firms, East African Business Week reports. According to the source, the companies concerned here are Wagagai Ltd ($14.1 million), Jambo Roses Ltd ($1.8 million) and Ugarose Flowers ($1.9 million), which all operate in the sector. Daniel Kiryango, Managing Director of Jambo Roses, said the...

Dangote Group has on Monday disclosed plans to invest $450million in agriculture development in Niger State over the next three years. Aliko Dangote, the President of Dangote Group who disclosed this during the 2017 Niger State Investment Summit in Minna, explained that the funds would be used to establish a large-scale rice processing mill to process over 200,000 metric tonnes of rice...

In Nigeria, the Lagos state government on Monday raised N85.14 billion ($271 million) through the issue of 7- and 10-year bonds to fund infrastructure and environmental projects across the state. According to Akinyemi Ashade, the state commissioner for finance, the bond consists of a N46.37 billion in 7-year debt with a 16.75% interest rate and a N38.77 billion in 10-year paper with 17.25%...

The United Nations Food and Agriculture Organization (FAO) has organized on August 10th and 11th in Bouna, in the North Eastern part of Ivory Coast, a workshop on rural land tenue in the country, Agence ivoirienne de Presse (AIP) reported. Co-held with the UNESCO and the Ivoirian ministry of agriculture and rural development, the workshop was financed by the United Nations Peacebuilding...

The Nigerian Minister of Finance, Kemi Adeosun (photo), has revealed plans by the Federal government to refinance $3 billion worth of short-term treasury bills denominated in the local currency with dollar borrowing of up to three years’ maturity. The Minister who disclosed this after the weekly Federal Executive Council (FEC) meeting held on Wednesday in Abuja, explained that the...