Chinese firm Dongfang Electric will construct in the Ethiopian state of Somali a 120-MW wind park. Ethiopia’s government expects works for the project to begin in July as pre-construction work is undergoing. “The wind farm project is expected to need 18 months to finish, cost about $257 million to construct with 85% of the funding coming from the China’s Export-Import Bank and the...

The Nigerian National Petroleum Company (NNPC) is about to seal $6 billion worth deals to swap more than 300,000 barrels of crude oil per day for imported gasoline and diesel, Reuters reported citing sources with knowledge of the matter. The contracts are to come into execution starting from July 1. So far, at least 10 groups have signed these, with more to follow by Friday, the sources...

Due to a lack of raw materials, the Dangote Farms Ltd tomato-processing factory in Kano had to shut. This was disclosed by Abdulkareem Kaita, manager of Dangote Farms. “We don’t have enough supply,” Kaita said. “We are hoping to reopen when we get the supplies that meet our demand,” he added. According to the executive, tomato farmers contracted by the group to supply the input...

On the sidelines of a meeting to discuss the land registration issue, the regional chamber of the notaries of the East denounced archaic land rules saying they are detrimental to the economy. According to El Watan which reported the news, the meeting was organized by the Association of notaries of the Béijaïa notaries. The legislation denounced here are the decree 76/63 of March 25, 1976...

Total Nigeria Plc, subsidiary of French firm Total, has reiterated its commitment to build in Nigeria more solar-powered service stations. “Total Nigeria Plc is reiterating its commitment to better energy not only through the introduction of the first solar service station in West Africa in 2013 but also further deployment of solar hybrid solutions in its strategic service stations spread...

In the first quarter of 2017, Nigeria processed 10 million barrels of crude oil, against 8 million barrels and 24 million respectively for the whole of 2015 and 2016. “Refining activities peaked at 10 million barrels of crude oil in the first quarter,” said NNPC Group Managing Director Maikanti Baru (photo) in a statement. The official attributes this performance to peace talks with...

The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Afriland First Bank Guinea have entered into a Joint Strategic Collaboration to establish an Islamic window in Guinea. The MoU was signed by Mr. Khaled Al-Aboodi CEO of ICD and Dr. Paul Fokam, Chairman of Afriland First Bank during the IDB 42nd Annual meeting at Hotel Hilton in...

Within the past 10 years, foreign investments in Nigeria’s hospitality sector have slumped by a whopping 98%, data from the Central Bank of Nigeria (CBN) reveals. From up to $45 million in 2007, the investments plunged to about $750,000 in 2016. This according to the apex bank was due to a combination of the 2014 Ebola breakout, threat of terrorism, recession and lower government...

The FINACTU Group is pleased to be assisting Côte d'Ivoire’s National Social Security Fund in its project to extend their social security system through the implementation of three new schemes: a supplementary pension scheme, funded for its current population of insured persons: employees in the private sector, two pension and retirement plans For the self-employed (formal and informal...

At the side lines of the landmark IsDB 42nd Annual Meeting in Jeddah, a memorandum of understanding (MoU) was signed between the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group and China-Africa Development Fund (CADFund), a Beijing-based private equity firm and subsidiary of the China Development Bank which...