The Acting President of Nigeria, Yemi Osinbajo (photo), has written to the National Assembly to seek approval for the virement of N136 billion ($398m) to fund some critical projects and programmes in the country. In a letter addressed to Yakubu Dogara, the Speaker of the House of Assembly, he explained that the funds will be transfered from various budget lines in the 2017 Appropriation...

The Nigerian Senate has expressed concerns that the recent suspension of Nigeria’s Financial Intelligence Unit (NFIU) from the Egmont Group will affect the country’s economy. This they expressed at a plenary on Wednesday. NFIU, an agency set up by the government to represent the country, was suspended from the Egmont Group at a meeting in China in July, this year. This was due to the...

The Research and Development division of the Nigerian National Petroleum Corporation (NNPC) has entered into partnership with U.S-based Halliburton Corporation to use its innovative Neftex solution to locate viable crude oil deposits in Nigeria’s inland basins. According to Bola Afolabi, the Group General Manager in charge of the R&D Division, the Halliburton's Neftex solution will enhance...

The Nigerian government has approved a new oil policy designed to reduce the importation of refined products and promote stability in the industry. This policy also aims to restructure the Nigeria National Petroleum Corporation (NNPC) to ensure efficiency and accountability. The Minister of oil, Emmanuel Kachikwu (photo), who disclosed this while addressing the press on Wednesday, said:...

Industrial land in Algeria is largely underused, according to a study carried out by the country’s ministries of Interior and Industry. “The report shows that there are 11,600 hectares of land reserves which are destined to investment that are being underused. These include 5,530ha of non-attributed plots, of which 2,773ha in industrial areas and 2,757ha in business areas. The same study...

The World Bank will provide Guinea $503 million to finance 12 projects aimed at developing its power, mining, agriculture and infrastructure sectors. This was disclosed last Tuesday, on the national TV, by World Bank’s vice president Africa, Makhtar Diop, after meeting with President Alpha Condé. The financial aid, which intends to support the economy’s diversification as it currently...

Malawi’s power utility EGENCO signed with Japanese firm Mitsubishi Corporation a contract to boost its power output by 18MW. The related project received a $52 million subsidy from the Japanese government via its international cooperation agency. Under the agreement, Mitsubishi will, starting next October, begin the construction of a hydropower plant at Tedzani. The project is expected...

The Federal Government of Nigeria on Tuesday said it has granted Ondo state an oil block licence for the exploration of bitumen in the state. This is in line with efforts to diversify the economy from oil and boost the country’s foreign exchange, according to Mohammed Amate, Director of Mining Licence at the Ministry of Mines and Steel Development. Amate disclosed this at the first Ondo...

There are strong indications that Bharti Airtel will emerged as a potential bidder for Etisalat Nigeria (now officially 9mobile), as the Indian company is looking to boost its assets in the country. According to Economic Times of India, Nigeria is Airtel’s biggest African market, with about 30% of its revenues coming from the region. The collapse of Etisalat Nigeria is, however, seen as a...

The Federal Government of Nigeria has revealed plans to commit a sum of N1 trillion ($2.9 billion) to the construction of housing units under the new Social Housing Programme. This aims to fill the housing gap in the country and stimulate economic growth. Speaking at a Housing Show held at the International Conference Centre in Abuja on Monday, the National Chairman of the All Progressives...