Nigerian’s parliament has approved the issuance of a $1bn Eurobond to finance the nation’s budget deficit and infrastructure projects. This was announced on Feb 8 by the Senate spokesperson, Aliyu Sabi Abdullahi (photo). “... the only request for approval from the executive was ... for the issuance of $1 billion Eurobond ... for the funding of the 2016 budget deficit, and we...

Efforts by Nigerian government to curb attacks on oil facilities by militants in the Niger Delta region have not yet been able to boost the country’s oil output to the level it is hoping to achieve. Peace process by the government has only been able to reduce the frequency of attacks in the region but the country’s third largest export terminal, Forcados, is still closed and shipments have...

The FINACTU Group is actively assisting the ATLANTIC Group in the acquisition of the Beninese life-insurance company ARGG and in obtaining a new accreditation for non-life insurance in Benin. As part of its long-term technical assistance mission carried out for the ATLANTIC Group since 2014, FINACTU had the honor of being mandated to conduct the acquisition process of the company...

The Government of Lagos State has entered into a Memorandum of Understanding (MoU) with Paynesville, a city in Liberia, to facilitate information sharing on resilience in both cities, with the aim of achieving economic development. The state governor, Akinwunmi Ambode (photo), declared this after receiving a Lagos Certificate of Admission as one of the 100 Resilient Cities in the world (an...

The Federal Government of Nigeria has approved N650 billion ($2billion) for social and infrastructural development programmes in the country, the Minister of State for budget and planning, Zainab Ahmed (photo) has revealed. According to Ahmed, the fund falls under the 2017 budget which aims to restore the recession-hit economy. She added that the budget identified several challenges in 2016...

The Federal Government of Nigeria plans to reduce the importation of petroleum products by 60% by 2019, the Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), revealed on Tuesday. He said the government aims to achieve this goal by creating an enabling environment that would promote local refining of crude. “We are looking at modular refineries, about 60 licences were given...

The Federal Government of Nigerian through the Ministry of Communication plans to partner with the European Union Commission (EUC) in creating a Digital Single Market in the country. Speaking during a meeting with EUC officials, Adebayo Shittu (photo), the Minister of Communications, noted that high returns in investment and an emerging market makes Nigeria one of the new frontiers for...

In 2017, banks operating in sub-Saharan Africa will record lower profits than last year as a result of a difficult economic situation in the region. This was revealed by Fitch Ratings in a report it published on February 7. “SSA banks are facing severe macro challenges, including slow GDP growth, foreign-currency scarcity and external risks,” Fitch said in the report. “In this difficult...

Once again, there is mutiny in the Ivorian army. This time around, it is the Special Forces that are at it. Reuters which reports the news says there were gunshots at coastal town Adiake where the forces are based. Populations, following the event, fled and locked themselves indoors. Reasons for the new mutiny are the same as for those that preceded it. The soldiers are now asking for the...

Ivorian ministry of agriculture and rural development has secured from the African Development Bank (AfDB) FCFA3.8 billion ($6.2 million), reads a note published by l’Agence ivoirienne de presse. “The grant which was provided in line with AfDB’s 2013-2017 Country Strategy Paper will be used to boost rural land management in the country. It will be used to establish Village Committees for...