The $1.29 billion 700MW hydroelectric power plant in Zungeru, Niger State, is 47% complete, according to CNEEC-Sinohydro Consortium, the Chinese firm handling the project. The deputy project manager of the company, Xiao Nie, who disclosed this to press in Abuja last week, said that the plant was expected to be completed in 2020. He explained that the project comprises of four units of 175mw...

The Nigeria Incentive based Risk Sharing system for Agricultural Lending (NIRSAL) has disbursed the sum N3.3 billion ($8.98 million) revolving loan facility to 31,808 rice farmers in Kebbi to boost rice production in the state. According to John Kpetum, the Head, Monitoring and Reporting Department of the programme, the loan is part of the Central Bank of Nigeria (CBN)’s Anchor Borrowers...

In Nigeria, the Kwara State government has approved the release of N937.5 million ($2.6 million) to contractors carrying out infrastructural projects across the state. This was disclosed in a statement issued by the State Commissioner for Finance, Demola Banu, during the weekend. Banu in the statement explained that the fund was released to ensure that ongoing projects and new projects were...

Nigeria and Morocco have signed an initial feasibility studies agreement to advance the construction of a new coastal pipeline that would transport gas from Escravos to Morocco, according to Ndu Ughamadu, the Group General Manager Public Affairs of the Nigerian National Petroleum Corporation (NNPC). Ughamadu who confirmed this to ThisDay, explained that the funds for the project’s initial...

An indigenous company, Nigus, has revealed plans to introduce electric vehicles into the Nigerian automobile market in 2018. To this end, the company is partnering with a Chinese firm, Build Your Dreams (BYD). Malik Ado-Ibrahim (photo, left), chairman of Nigus, who disclosed this last Thursday, revealed that the firm would deliver a local assembly plant for electric vehicles by 2020, still in...

Lebanese private equity firm, EuroMena Fund LP, is working to establish a $200 million debt fund which will benefit African companies. The fund which will provide loans to the firms will close by the end of 2017. According to Bloomberg which reported the news, the fund and another of $100 million also in the pipeline, fall under the investor’s strategy which aims at tapping into the...

During a press conference held at the end of a mission in Sierra Leone, UN expert, Baskut Tuncak, denounced fragile protection of land rights of indigenous populations against multinationals. Amongst the latter, Luxembourg firm Socfin, which has palm oil plantations. Recalling the numerous accusations of land grabs against Socfin, the expert told AFP that “the government of Sierra Leone should...

In Algeria, actors of the agrofood industry gathered at the first agrofood fair held from August 22 to 26 at the Maison de l’environnement of Bourmerdès, in the Northern part of the country. At the occasion, the investors shed light on some of the administrative challenges they often face, El Watan reported. “There is a number of administrative roadblocks at the customs level. Also, before...

According to latest data from the National Bureau of Statistics (NBS), the total value of capital imported into Nigeria stood at $1.792 billion in the second quarter of 2017. This represents an $884.1 million increase from the figure recorded in Q1 2017. Capital Importation can be divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and...

The United States has invested over $50 million in clean energy projects across 18 states in Nigeria, according to Brent E. Omdahl, Head of U.S Commercial Service Unit, United States Trade and Development Agency (USTDA). The USTDA head made this known in Lagos at the second Interactive Forum organized by Power Sector Group of Lagos Chamber of Commerce and Industry (LCCI), on...