The Nigerian Ministry of Budget and National Planning, Udoma Udo Udoma (photo), forecast an economic growth of at least 7% by 2020, under the medium-term economic recovery plan. “Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth,” the minister said in a statement. According to him, the plan's top priorities are agriculture, food...

The Nigerian Minister of mines and steel development, Kayode Fayemi (photo), together with other African ministers of mines are leading a new drive to reverse the unlawful outflow of the continent's mineral resource wealth. This is coming after new data from the United Nations Economic Commission for Africa (UNECA) showed that over $50 billion is lost by African countries every year to...

Power Africa, a United States’ energy project, has added 30,000 new solar connections in Nigeria, U.S Ambassador to Nigeria, Stuart Symington, said in a statement on Monday. The Ambassador made the declaration during a fact-finding assessment visit in Abuja. In 2016, the U.S. through its Overseas Private Investment Corporation (OPIC) signed an agreement with Lumos, an off-grid electricity...

Nigeria is looking to pass an anti-piracy law that will reduce the activities of pirates and other maritime offenders in the country, an official revealed on Monday. Speaking on the progress of the law, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dakuku Peterside (photo), said, when passed, the bill will make Nigeria become the first African country...

Senegal secured CFA79 billion ($129 million) to implement programmes to boost mechanization and acquire more agricultural equipment. The announcement was made by Lamine Lô, head of the cabinet of Senegal’s minister of agriculture and rural equipment which shed some lights on the various sources of financing for the programmes. The Brazilian programme “Maïs Alimentos” will direct FCFA45...

In 2016, African private companies were the second largest source of financing for infrastructure construction. This was revealed by a report recently published by audit firm Deloitte. The firms according to Deloitte provided 14% of funds needed for the projects, behind African governments that provided 28.3% of the resources. Despite all their good faith, international finance institutions...

The Governor of Edo State, Godwin Obaseki (photo), has announced that his administration is ready to partner with energy giant, Siemens Gas and Power Limited, to develop a project that will allow the State to produce 1,000 megawatts (MW) of electricity over the next four years. The governor declared this while receiving members of the senior management team of Siemens Gas and Power Limited in...

Hundreds of Nigerians have taken to the streets of Lagos to call for a change of government over the state of the economy. “Unemployed people are hungry and angry. Government of the rich, for the rich, making rules for the poor,” the protesters chanted. In response to the protest, the Acting President of Nigeria, Yemi Osinbajo, through his Senior Special Assistant on Media and...

This year, Proparco, the Agence Française de Développement subsidiary dedicated to private sector financing, is adopting a new strategy for 2017-2020. Objective 2020: double its annual commitments to EUR 2bn in order to increase the private sector's contribution to devlopment. The objective is to triple its impacts on substainable development (employment, climate, innovation, education, health...

A Nigerian civil society group, Socio-Economic Rights and Accountability Project (SERAP), has called on the President of the United States, Donald Trump (photo), to release the about $500 million worth of assets stashed in the US by late Sani Abacha, a former military dictator. According to the group, the call is in line with the United Nations Convention against Corruption which was...