According to a report from the International Monetary Fund (IMF) on the economic situation in Chad, this country in recession (growth rate of -3% in 2016 according to President Déby) due to the drop in international prices for crude oil received from Cameroon, in 2016, a bilateral loan worth a total of FCfa 30 billion. This revelation by the IMF confirms the comments of the Chadian Head of...

The Nigerian National Petroleum Corporation (NNPC) has announced that it is planning to reduce the country’s importation of petroleum products by increasing the capacity usage of the nation's refineries to 60% by the end of 2017. According to the Group Managing Director (GMD) of NNPC, Maikanti Baru (photo), NNPC is keen on putting an end to product importation in a few years. He added that a...

Nigerian President Muhammadu Buhari, has announced plans to hold a meeting with four other West African leaders in Abuja on Monday as part of the ongoing efforts to ensure a peaceful transition of power in The Gambia. The aim of the meeting is to resolve the political crisis that has broken out in the country. Other West African leaders to be present at the meeting are Liberian President, Ellen...

Nigeria’s President Muhammadu Buhari has reiterated commitment in ensuring the safe return of the 276 abducted school girls as the country on Sunday, January 8, 2017 marked the 1000th day, since the mass kidnap from the country’s northeast by Boko Haram fighters. Buhari said he remained committed to making sure that the abducted schoolgirls are reunited with their families as soon as...

The Buhari-led administration in keeping with its campaign promises during the 2015 presidential election, has commenced the payment of N5, 000 ($16) monthly stipends to unemployed and vulnerable Nigerians. This scheme which was reported to have started last week is part of the Conditional Cash Transfer (CCT) of the administration’s Social Investment Programmes (SIP) for which N500 billion was...

The Lagos Chamber of Commerce and Industry (LCCI) has urged private company owners to invest into the power sector so as to boost the country’s power supply this year. According to the LCCl Director General, Muda Yusuf (photo), the provision of a stable power supply could make Nigeria become self-reliant and attract foreign investors into the country. The Nigerian power sector lost an...

Mining giant Glencore, 6th largest mining company in the world according to PwC, announced last Friday it would increase its stake in the Mutanda copper and cobalt mine in DR Congo. The company, which already holds 69% of the project, is currently looking at its options, and may well buy all or part of the 31% stake held by its partner Fleurette Group. It said it will make an announcement in...

Investment group AfricInvest said it will inject €17.3 million in the capital of Azalaï Hotels, a hospitality group present in many West African countries, with a total of 1,000 rooms. The investment came through the AfricInvest III LLC fund. It aims to help the group in its expansion across the region, but also boost its capacities and improve its services. Azalaï Group wishes to...

In Tanzania, export revenues from clove exports amounted to $54 million at the end of October 2016, $34.3 million more than in the same period the year before. The surge in revenues results from an increase in the quantities of clove exported in 2016, knowingly 6,817 tons, thus 4 910 tons more than in 2015, according to data provided in the Economic Review of the Bank of Tanzania...

Ethiopia and Turkey signed five cooperation agreements to boost trade between the two countries and strengthen cooperation in several sectors such as industry, energy, telecommunications and banking. The agreements were initialed in Addis Ababa, the Capital city, by Nihat Zeybekci (photo), the Turkish Minister of Economy and various Ethiopian high officials. Regarding industry, “both sides...