Foreign capital for new investments in Africa soared by 40% in 2016 to $92.3 billion. This was disclosed by Financial Times in its 2017 report on investments in Africa. The document also indicates that the number of projects that received these funds decreased by 16% to 602. According to Adrienne Klasa, author of the report, this trend is to be attributed to an increase in prices of fossil...

The China Civil Engineering Construction Corporation (CCECC) on Tuesday disclosed that the first phase of a rail transit project in Abuja, Nigeria will be commissioned by December. Addressing reporters in Abuja, Project Manager, CCECC, Kong Tao, explained that the rail transit project, which costs $823 million, has a length of 45 km with 12 passengers' stations. The rail, he said, links...

Over the first seven months of 2017, Algeria’s trade deficit has slumped 42%. Indeed, the value which stood at $10.61 billion a year earlier, over the same period, fell to $6.17 billion. The country’s customs office believe the decrease is due to exports rising, by 25.6%, to $20.71 billion (against $16.55 billion in 2016), while imports decreased slighted...

Over the 2016-17 season, Rwanda’s meat exports generated $22.9 million of revenues, up 30% compared to 2015-16. The increase is due to volumes sold rising and global prices of the commodity also, over the period. According to data from Rwanda’s agricultural exports office reported by Newtimes, volumes exported soared 17% to 6,200 tons. Meanwhile, a kg of meat was sold for $3.67...

On October 4-5, 2017, Stockholm, Sweden’s capital, will host the 3rd international conference on community land and resource rights. The event which will be held under the theme “Reducing inequality in a turbulent world: Scaling-up strategies to secure indigenous, community, and women’s land rights”, will be co-organized by Ngo Rights and Resources and Swedish International Development...

In Nigeria, the Cross River State Government has discovered new solid mineral deposits across the three Senatorial Districts of the state. These deposits, if properly utilized would greatly transform the economy of the state and reduce its reliance on federal allocations, according to the state’s Commissioner for Solid Minerals, George Oben’Etchi. According to him, the discovery comes after...

In Nigeria, the Sokoto state government on Tuesday announced that it has paid the sum of N1.8 billion ($4.9 million) as counterpart funding for various initiatives entered into with UNICEF to boost basic education, healthcare delivery and sanitation in the state. The Governor of the state, Aminu Tambuwal (photo), made this known at the opening of a three-day forum on high-level advocacy and...

In Nigeria, the Odu’a Group of Companies in partnership with Afe Babalola University, Ado Ekiti (ABUAD) has revealed plans to spend N12 billion ($32.5 million) to revive its textile mill in Ado Ekiti, converting it into an industrial park. Adewale Raji (photo), the GMD of Odua conglomerate, said on the occasion of the announcement: “In this partnership, ABUAD is 60 per cent shareholder...

Royal Dutch Shell has on Wednesday announced the commencement of gas production from the second phase of the Gbaran-Ubie project in Bayelsa State, Nigeria. The Phase 2 follows the success of Phase 1 of the Gbaran-Ubie integrated oil and gas development commissioned in June 2010. According to Shell, the project would reach peak production of around 175,000 barrels of oil equivalent per day in...

Nigeria is partnering with China to address the importation of substandard products into the country, an official said Monday. Addressing the press in Abuja, Ye Shuijin, President of China Chamber of Commerce Nigeria (CCCN), confirmed that most of the fake products imported into Nigeria were not made in China. He said the CCCN and the Standards Organization of Nigeria (SON) had put measures in...