Qatar and Morocco signed a partnership agreement to build the Fask hydropower dam on the Oued Sayad 40 km East of Guelmin. The agreement was initialed in Rabat by Abdallah Daoussari, Qatar’s ambassador to Morocco, Charafat Afilal, Morocco’s deputy minister of Water and Mohamed Hassad, the Moroccan minister of interior. Fully funded by Qatar ($150 million), the Fask hydropower dam project...

South Korean car maker Kia Moors plans to build in Batna, Algeria, a car assembly unit, reported Algerian radio station Chaine III on Feb 15, 2017, citing the region’s governor, Mohamed Salamani. “Three files are being examined by the authorities of the Batna wilaya and the ministries of industry and power. These include a project to build a Kia car assembly unit with Korean partners,”...

The Catfish Association of Nigeria (CAFAN) on Tuesday revealed that Nigeria produced 370,000 metric tonnes of catfish in 2016. The National President of the Association, Tayo Akingbolagun who disclosed this during the association’s Annual General Meeting in Benin puts the value of the production at over N175 billion ($556million). Akingbolagun noted that fish feeds alone accounts for...

The Tertiary Education Trust Fund (TETFund) has announced that the Federal Government approved the 2016 intervention fund for tertiary institutions in Nigeria with the release and utilization to be implemented this year. This was disclosed by the Executive Secretary of TETFund, Abdullahi Baffa (photo), at a media briefing on Monday. According to him, the fund is valued at more than N213.4...

The President of Nigeria, Muhammadu Buhari (photo), has again written, demanding a longer period of rest in the UK. According to Vanguard, Buhari wrote through his Special Adviser, Media and Publicity, Femi Adesina on Tuesday. “President Muhammadu Buhari thanks millions of Nigerians who have been sending good wishes and praying for his health and well-being in mosques and churches...

The Nigerian Minister of Finance, Kemi Adeosun (photo, left), has said that Nigeria does not need to apply for an International Monetary Fund programme to fund its budget deficit as the government is currently pursuing its own economic reform plan. “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn't have balance of payments problems...

The Federal Government of Nigeria has acquired 110 rice milling machines to be installed in different parts of the country to boost rice production, according to Garba Shehu, the Senior Special Assistant on Media and Publicity to the President. “To support the growing rice industry, the Federal Government just acquired 110 rice milling machines which will be installed in different parts of...

The FINACTU team is happy to announce its contribution in the implementation of YEELEN, an investment fund dedicated to the financial sector in Western Africa. Created at the initiative of the West African Development Bank (BOAD), which is already its first historical contributor, YEELEN FINANCIAL FUND LP aims to raise the equivalent of € 150 million in two tranches, with regional and...

The Nigerian National Petroleum Corporation (NNPC) has said that the combined operational performance of Nigeria’s three refineries based on capacity utilization, was below 15% in 2016. The refineries namely, Warri Refining and Petrochemical Company (WRPC), Port Harcourt Refining Company (PHRC), and the Kaduna Refining and Petrochemical Company (KRPC), got 445,000 barrels of crude oil per day...

The Nigerian Minister of Agriculture and Rural Development, Audu Ogbeh has revealed that the $4.5bn worth of machinery expected from the Chinese government will be used to effectively boost agricultural mechanization in the country. The Minister disclosed this during a meeting with some governors and the representatives of China-Africa Machinery Corporation (CAMACO) in Abuja to balance...