The Federal Government is seeking assistance from the African Development Bank (AFDB) to finance coal-to-power projects across Nigeria, according to Yinka Oyebode, the Special Assistant to the Minister of Mines and Steel Development on Media. It is not clear how much assistance the Federal Government is seeking from the bank but the funding arrangement, which the Ministry is facilitating,...

Sirius Petroleum, the investing company focused on oil and gas exploration and development opportunities in Nigeria, has said that it is in talks with BP over the financing of the development of the offshore Ororo field. According to the company, the discussion involves an offtake and pre-payment facility to support the financing of its planned drilling programme on the...

Nigeria's acting president, Yemi Osinbajo (photo), has at last signed the 2017 budget into law. “This budget is a budget of economic recovery and growth. It is designed to bring Nigeria out of recession,” Osinbajo said after the signing. According to him, the economy is gradually recovering and the budget will be implemented based on the country's recovery plans. The Nigerian...

Erin Energy has said that drilling operations at its Oyo-9 development well in Nigeria are scheduled for next month and are expected to be completed before the end of this year. The Oyo-9 development well is capable of boosting the Oyo field’s production by between 6 000 and 7 000 bopd and increase Erin’s current production of 6 000 bpd by twofold. In additions to the...

The International Institute of Tropical Agriculture (IITA) says it has launched a new research station at Ago-Owu in Osun State Nigeria. This is in line with efforts by the company to expand its research agenda with the aim of improving agricultural productivity and job creation. In detail, the facility will mostly carry out research on cassava, maize, yam, soybean, banana/plantain and...

In Nigeria, Power Distribution Company, Ikeja Electric Plc has launched with Deloitte a whistle blowing platform to allow customers report theft and other illegal activities across its network. Launched last week, the platform which will be independently managed by Deloitte, one of Nigeria’s leading professional service companies. Through this platform, clients can confidently report issues...

In 2016, foreign direct investments worldwide slumped by about 2% to $1.75 trillion. In developing countries, these investments fell further by 14%. According to a UNCTAD report released on June 7, 2017, the same trend was recorded by Sub-Saharan Africa. Foreign investment to Africa fell by 3% to $59 billion, last year. Indeed, in spite of Egypt performing better in regards to FDIs,...

In Cote d’Ivoire, output forecasts for the 2017-18 cotton season stand at 350,000 tons, Reuters was told by Christophe N’Dry, executive secretary of the Ivorian ginners association. Though this figure exceeds by 10,000 tons last season’s output, it still remains below 450,000 tons recorded in the 2014-15 season. Third largest producer of the crop in West Africa, behind Burkina Faso and...

In Touggourt, in the northern part of Algeria, a particular accent is put on industrialization as no less than 559 plots have been dedicated to industrial use in this wilaya, Algérie Presse Service (APS) reports. “The plots are part from a group of 879 which are to be awarded to investors for projects development in the wilaya. More than 509 investment projects have been recorded since 2011...

Oil and gas exploration and production company, Lekoil, says it has gotten Ministerial approval to complete the transfer of its original 17.14% participating interest in OPL 310 to Mayfair Assets and Trust Limited, the company’s subsidiary. “We are delighted to have received ministerial consent on our original 17.14% participating interest in OPL 310. This is an asset with tremendous...