Nigeria’s crude oil export to India dropped by 54% in January due to several attacks on the Trans Forcados Pipeline. The Trans Forcados Pipeline, which is the major trunk line within the Forcados oil pipeline system, has been shut since last year, making the South Asian country turn to Angola. However, Austin Avuru, the Chief Executive Officer of Seplat Petroleum Development Company Plc, a...

US firm Cargill aims to become one of the major actors of the Egyptian agro-food industry. After announcing in 2015 a $100 million investment, the trader aims to bring this amount up to $300 million. This was revealed by Tarek Kabil, Egypt’s minister of industry and trade. Through this move, the group will be able to expand its portfolio of activities especially in terms of transport...

The government of Rwanda just dropped a biogas production project worth $35 million. Officials of the National Industrial Research and Development Agency (NIRDA) told Rwanda Today that the decision was taken due to the lack of viability of the project. According to Joseph Mungarurire, director general of NIRDA, challenges met to collect raw materials and raise funds necessary to its...

Next April, payment of land taxes via mobile will be experimented in Cote d’Ivoire, revealed the government. This falls in line with its goal to “improve the management of small tax payers and better fight fiscal fraud”, said the Tax head office. The land management office will now integrate the reform for e-payment which was announced on February 10 by Karim Traoré, Director of cabinet...

An e-payment statistics for 2012-2016 released on Tuesday by the Central Bank of Nigeria (CBN) has revealed that the value of transactions through Instant electronic fund transfer, otherwise known as Nigeria Inter-Bank Settlement System Instant Payments (NIPs), increased from the N3.8 trillion in 2012 to N29.6 trillion in 2016, the highest amongst six other payment channels in Nigeria. The other...

Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL), an arm of the Central bank of Nigeria (CBN) has announced plans to launch a $300 million agribusiness loan project for young farmers across the country. According to the Executive Director of NIRSAL, Babajide Arowosafe, the project known as ‘Youth Enable’ is to be financed by the African Development Bank...

The Central Bank of Nigeria has dismissed claims by its former deputy governor, Obadiah Mailafia that up to 20% of naira in circulation was fake. According to a statement by CBN’s Acting Director, Corporate Communications, Isaac Okoroafor (photo), the bank has stringent policies put in place in the country to ensure that the prevalence of the counterfeit note is minimal. “While we...

Power Africa plans to invest about $1billion in the Nigerian power sector, Andrew Herscowitz, the Programme Coordinator, revealed on Tuesday. According to Herscowitz, the U.S has already committed billions of dollars in the funding of energy projects in Nigeria and the country needs to see capital flow in the entire energy value chain. “Since Power Africa was launched, U.S’ Trade...

Oil majors Shell and Eni have asked the Nigerian court to withdraw the order it issued last month regarding the forfeiture of assets and transfer of operations of their OPL 245 oil field, which is involved in the Malabu scandal. Royal Dutch Shell in a court filling, a copy of which was obtained by Reuters on Tuesday, said that the Economic and Financial Crimes Commission (EFCC),...

In the Democratic Republic of Congo, the Eastern Kasaï which is located in the central part of the country is the most affected by land-related conflicts. This was revealed in a report of the ad-hoc commission established by the customary district of Bakwa Kashile. “The Bakwa Kashile district, in the Bakwa Kalonji chieftaincy, also located in Tshilenge territory, Eastern Kasaï, appears as...