The Federal Government of Nigeria on Tuesday said it has granted Ondo state an oil block licence for the exploration of bitumen in the state. This is in line with efforts to diversify the economy from oil and boost the country’s foreign exchange, according to Mohammed Amate, Director of Mining Licence at the Ministry of Mines and Steel Development. Amate disclosed this at the first Ondo...

There are strong indications that Bharti Airtel will emerged as a potential bidder for Etisalat Nigeria (now officially 9mobile), as the Indian company is looking to boost its assets in the country. According to Economic Times of India, Nigeria is Airtel’s biggest African market, with about 30% of its revenues coming from the region. The collapse of Etisalat Nigeria is, however, seen as a...

The Federal Government of Nigeria has revealed plans to commit a sum of N1 trillion ($2.9 billion) to the construction of housing units under the new Social Housing Programme. This aims to fill the housing gap in the country and stimulate economic growth. Speaking at a Housing Show held at the International Conference Centre in Abuja on Monday, the National Chairman of the All Progressives...

Master Reality International Concepts Limited has revealed plans to construct a N5 billion ($14.6 million) Information Communication Technology (ICT) mart and laboratory in Lagos, Nigeria. To be sited on a three-acre land in Ikeja, Lagos, the ICT centre will be a one-stop shop solution to all ICT related issues, provide content, and help in diversifying the Nigerian economy from oil, according...

The Republic of Indonesia has expressed readiness to expand and promote trade relations with Nigeria which has a large population and high growth rates. In this framework, the country is sending a trade mission team to the West African nation from July 20-26, 2017. In a press statement on Wednesday, Trade Minister, Enggartiasto Lukita (photo), explained that the visit was scheduled to fast...

In Madagascar, 2,800 land deeds were issued to farmers of Andriambilany, in the central region, in the framework of the project for Agricultural growth and improvement of land tenure (CASEF), News Mada reported. “Valued at $53 million which were secured through a loan from World Bank, CASEF has been implemented in various parts of the country in the past year. In the Andriambilany...

The Nigerian Stock Exchange (NSE) on Monday said it has launched a new market surveillance platform that will enable it reduce fraud in the Nigerian market. Powered by SMARTS, a Nasdaq’s flagship surveillance solution, the platform will allow NSE monitor market manipulation, detect and prevent manipulative tendencies and carry out multi-asset and cross-market surveillance, among...

Idriss Linge and Brice Mbodiam, both journalists of Agence Ecofin (Ecofin Agency) are laureates of the third and fourth promotions of the Bloomberg Media Initiative Africa (BMIA). Last July 10, the two pressmen received in Lagos, Nigeria, where they took a 6-month course offered by experts of Bloomberg and the Lagos Business School, which partnered the initiative. The Bloomberg foundation...

The FINACTU Group has just finalized the actuarial valuation and certification of the technical commitments for the Mutuelle Agricole Marocaine D'Assurance (MAMDA), the Mutuelle Centrale Marocaine d’Assurance (MCMA), and the Mutuelle Ataamine Chaabi (MAC). Since 2011, FINACTU has conducted an annual audit of the technical commitments of these mutual insurance companies and produced an...

The improvement in foreign-exchange supply in the market has made Nigerian banks increase dollar spending limits for payment cards denominated in local currency by tenfold, Bloomberg reports. Indeed banks like Guaranty Trust Bank, the country’s biggest bank by market value, increased the maximum amount its Mastercard holders can spend abroad in a month from $100 to $1,000. Ecobank...