The Nigerian National Petroleum Corporation (NNPC) has announced that it has received 128 bids from companies interested in swapping processed fuel for 800,000 bpd of unrefined crude this year. According to Maikanti Baru (photo), the Group Managing Director of NNPC, in exchange for the crude oil, Nigeria will get fuel with a Sulphur content of 50 parts per million (PPM). Nigeria, in 2016,...

The Nigerian Minister of Agriculture and Rural Development, Audu Ogbeh (photo), has said that the Federal Government is dedicated to supporting all agricultural investments so as to boost food production in the country. According to him, the government will continue to assist the agricultural sector considering the prevailing economic situation in Nigeria. “The federal government is determined...

DR Congo’s minister of land affairs, Félix Kabange Numbi, while meeting with his staff reiterated his commitment to curb land conflicts in the country, reports l’Agence d’information d’Afrique centrale. “Each of us must contribute to reducing land conflicts which tarnish the reputation of our ministry. We must make sure to quench all these conflicts across the nation. It is possible if...

Forte Oil has raised N9 billion ($30 million) from the sale of five-year bonds, with an interest rate coupon of 17.5%, its advisers said on Wednesday. They added that the bonds, which were issued under a N50 billion debt programme, came at a par value of N1,000 each. The Nigerian oil company in March 2016 disclosed plans to raise capital to expand its operations in the country, either through a...

The Federal Government of Nigeria has secured a $1.5 billion counterpart loan from China to fund the Lagos-Ibadan rail project expected to commence by March this year. This was declared by the Minister of Transportation, Rotimi Amaechi, on Wednesday. According to him, the project which the federal government has already released a N72 billion counterpart funding for, would begin before the...

The Nigerian Government has approved a new project financing model for the Transmission Company of Nigeria (TCN). Through this new model, private investors would be invited to bid, procure fund and develop some of the company. According to the Managing Director on TCN, Abubakar Atiku (photo), the new financing model is aimed at allowing the company reinforce and renovate the transmission grid...

The Federal Executive Council (FEC) has approved a new National Tax Policy will be used as a guideline for operations, help review the Nigeria’s tax system and provide a foundation for future tax legislation and administration. ‎According to Kemi Adeosun (photo), Minister of Finance, the implementation of the policy, which begins immediately, would bring about a rise in Value Added Tax (VAT)...

Donor countries and global financial institutions such as the World Bank and the International Monetary Fund (IMF) will monitor the implementation of the 2017 budget, in order to ensure proper utilization of funds for projects. According to the Guardian, countries like Netherlands, United Kingdom, United States, China and other development partners have voiced concerns over the humanitarian...

Morocco is looking at issuing bonds worth about $1 billion on the international market this year. According to a senior official from Morocco’s ministry of finance who asked not to be named, the fundraising will be the Kingdom’s first step toward plugging its budget deficit, Reuters reports. While this deficit is expected to expand to 3% of the gross domestic product for 2017, the...

As part of the reform of the Société nationale d’investissement (SNI – National Investment Company), the secular arm of the Cameroonian State in the creation or acquisition of stake in companies, the government should solicit funding from the World Bank, the African Development Company or Proparco, we learned from good sources. These lending institutions should enable the launch of the...