From January to now, Algeria’s foreign exchange reserves have fallen by $6.1 billion standing at $108 billion, Reuters reported citing the governor of Central Bank, Mohamed Loukal. The official explains that the decrease was due to significant imports. Truly, over the first four months of the year, imports in the country reached $15.2 billion, which is 0.14% less than over the...

The European Union (EU) has said it is withdrawing its financial support for Nigeria, claiming that the country has sufficient resources to meet its developmental needs. “We are not offering more financial support, we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology, more advocacy for more private investments and...

Nigeria can generate more than $10 billion from selling honey and other hive products locally and internationally, according to David Musa, the Team leader for USAID Bee Keeping Pollination Project. Speaking on the sideline of a capacity building workshop tagged “EU Third Country Listing; An Eligibility Criteria to Export Honey to the EU Market” for bee-farmers in Nasarawa State on...

The African Development Bank (AfDB) has restated its commitment in assisting the Federal Government of Nigeria address the power challenges that the country faces. Expressing himself in Abuja on Thursday, the Country Director of AfDB, Ebraima Faal, said the bank will support efforts to find a durable solution to the power challenges. He however, did not give further details regarding the nature...

The Shell Petroleum Development Company (SPDC) has lifted the force majeure on export of Bonny Light eleven months after it was declared. The force majeure was lifted after repairs were completed on the Nembe Creek Trunk Line (NCTL) by Aiteo E&P Company Limited. The 100km NCTL which has a capacity of 600, 000bpd feeds the Bonny export terminal in Rivers State. “The force majeure on Bonny Light...

The Nigerian National Petroleum Corporation (NNPC) says it has entered into a tripartite agreement with First Exploration and Petroleum Development Company and Schlumberger to develop the Anyala and Madu fields in OMLs 83 and 85. Under the agreement, international oil service company, Schlumberger would provide the $700 million investment needed to develop the fields. Nigeria, Africa’s...

Mauritius’ economy should grow slightly to 3.9% this year, against 3.8% in 2016. The increase will be driven by construction sector mainly, but also transformation, according to official data reported by Reuters. According to the country’s statistics office, construction should record a significant growth soaring to 7% after stagnating (0%) in 2016. As for the manufacturing industry, it...

Export-Import Bank of Korea (Korea Exim Bank) and World Bank have awarded Uganda a loan worth $150 million to support a programme that aims to boost the capacities of local farmers, kfm.co.ug reported. Extending over 5 years, the initiative will help farmers get used to modern agricultural methods thus enabling them to switch from subsistence farming to commercial farming. Under the...

The Climate Investment Funds (CIF) has granted Liberia $23.25 million to develop its renewable energy sub-sector. The facility will be used to develop a 9.8 MW hydropower plant at the Gbedin falls, on the Mano River, in Nimba County. The provision of the fund falls under the Scaling-up Renewable Energy Program, a program of CIF which aims to support the growth of developing countries by...

By 2040, 50 million out of 773 million people on the job market in Africa may lose their job. This is according to a study conducted by the Tony Blair Institute based on a World Bank report on demographic dividends in Africa. “Unless action is taken, Africa is facing a shortfall of 50 million jobs by 2040. This should serve as a serious wake up call for all. This daunting figure will not only...