The Microsoft Corporation and Libreville in Gabon have signed a partnership agreement on March 16, 2016 regarding the implementation of CityNext program. At the launching of the CityNext program in 2013, Laura Ipsen, Vice President of Microsoft Worldwide public sector division, said the program would allow for the establishment of a digital environment that favors the development of new growth...

The Federal Government of Nigeria plans to develop 4,000 MW from nuclear plants. “Nigeria is aspiring to start a programme in the coming years that will give this country 1,000 MW of electricity in the first instance, to be increased to 4,000 MW thereafter, Senior Special Assistant to the President on Media and Publicity,” Garba Shehu said in a statement. To achieve this, the nation will...

The stoppage of supply from the Shell Petroleum Development Company Limited (SPDC) joint venture at the Forcados facility has in a positive way affected the price of crude oil in the global market, the Nation reports. Shell had declared force majeure on shipment from the Forcados export terminal in Delta State due to the damage of the export pipeline, causing the company to lose approximately...

The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu has revealed that measures are currently being put in place for private investors to come and help improve the Nigeria’s gas output and supply infrastructure. Kachikwu stated that in order to achieve that, works on new terms for gas businesses has already commenced in the ministry. “We need to finalize gas terms. A team...

Nigerian Subsidiary of Agro-food dealer Nestlé offered its shareholders a dividend of N29 per share, after a year which has proven quite challenging given the country’s economic environment. The dividend comprises N10 interim payment for 2014 and N19 per share dividend for 2015. Overall, the firm, which exports to neighboring countries, had positive results. Total turnover hiked to N151.27...

Despite China’s economic slowdown, Beijing says it plans to keep its pledge regarding investing $60 billion in Africa over 3 years, China’s ambassador to Ethiopia, La Yifan, said on March 16. “In spite of all the doubts, I can share with you that the relevant government departments, development banks, and insurance companies in China are engaging… their African counterparts on how...

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has said that plans by the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN) to source foreign exchange for oil marketers will help ease the fuel scarcity situation in the country. According to the South-West Chairman of NUPENG, Tokunbo Korodo (photo), NNPC as the only importer of petrol was not...

A spokesman for the National Oil Corporation in Libya, Mohamed al-Harari, has said that for the past two weeks the county’s oil output plunged between 295,000 and 350,000 bpd due to long-lasting power supply problems. He said the unavailability of power from the public electricity network had hindered the supply of oil from the eastern Sarir and Messla fields, but he is confident that output...

The Vice President of World Bank’s Middle East and North Africa (MENA) division, Hafez Ghanem, announced on March 16 that the institution intends to grant Tunisia $4 billion to restart its economy after political transition that followed overthrowing of Ben Ali in 2011. “World Bank should grant Tunisia between 750 million and 1 billion dollars each year as part of its aid program which...

In 2015, total debt in emerging economies rose by $1.6 trillion exceeding $62 trillion, a report published on March 16 by Institute of International Finance says. The institution, which acts as a syndicate of major investment and commercial banks and other global finance operators, said $730 billion of bonds issued by emerging markets governments and companies from emerging...