The World Bank has approved an additional loan of $27 million for Cape Verde to finance reforms launched since 2013 in its transport sector, the country’s government recently announced. According to the government, the reforms project aims, not only at improving the nation’s road network, but the performances of companies operating in the transport industry as well. Out of the...

The Ebonyi state government in partnership with the Bank of Industry (BoI), has jointly earmarked N2billion ($5.8million) to assist Micro, Small and Medium Enterprises (MSMEs) in the state. Under the pact, the government of the state will provide N1 billion ($2.9million), while the BoI will provide the remaining N1 billion. Money from the fund will be distributed in form of loan with a single...

The Nigerian National Petroleum Corporation (NNPC) has revealed plans to recommence drilling activities in the Benue Trough, where seismic activities are currently taking place. Speaking in a podcast message to the Corporation’s Staff to mark One-Year Anniversary of his appointment as the Group managing director of the state oil company, Maikanti Baru, said drilling in the country’s...

Ecobank Nigeria says it has entered into a strategic partnership with Transfast, a leading international provider of cross-border payments and remittance solutions, to ease the transfer of funds by expatriates across the world to Nigeria. Under the partnership, Nigerians in diaspora can send money in local currency directly to beneficiary’s bank account 24/7 via any of Ecobank’s wide branch...

Unlike announced earlier on, the 4800 MW Inga III hydropower dam of DR Congo will start operating in 2024/2025, as compared to 2020/2021 before. This is what Bruno Kapandji, the head of the congolese agency in charge of the project, told Reuters on July 3, 2017. "We are working for this timing (in 2024 or 2025) now that the potential developer has been identified," he said. Indeed, last month,...

The Nigerian National Petroleum Corporation (NNPC), has said that for the past one year, it has saved $2billion by renegotiating upstream servicing contracts as part of its quest to continually reduce the high cost of production in the industry. “For the upstream, cost reduction and efficiency are key features that we will pay attention to,” Maikanti Baru (photo), the Group Managing...

To insure food security in Gabon, boosting access to land is a must. This was one of the main recommendations that emerged from the conference on agriculture held from June 28 to July 1, in Libreville. It was in this framework that the government decided to identify all agricultural lands in order to secure and later make them accessible to farmers. However, prior to that, a law to restructure...

Nigeria has been advised to explore renewable energy by using its untapped energy sources, estimated at 93, 950MW, as the country’s energy sector is currently experiencing a chronic crisis. “Nigeria has an untapped potential to produce 93,950MW from carbon-emission-free energy sources, which include small and large hydroelectric power plants, 68 percent and nuclear power, 21 percent. Also,...

Seplat Petroleum Development Company PLC, a leading Nigerian indigenous oil and gas company, says that its three-year revolving credit facility which was expected to expire at the end of 2017 has been successfully extended till December 31, 2018. According to the group, the credit facility has also been restructured to enable it to pay the outstanding debt of $150 million in equal...

Orange and Vodafone Group, amongst other potential buyers, have showed strong interest in acquiring Etisalat Nigeria’s 65% stake. Including the two telephone operators, more than five companies have showed interest in purchasing the shares of Etisalat Nigeria. This is after talks to restructure a $1.2 billion loan failed prompting the major foreign shareholder, Etisalat Group, to exit...