Ten generating companies in Nigeria have received N12billion ($37million) from the N701billion ($2.2billion) intervention fund approved by the Federal Executive Council (FEC) to sustain steady power generation in the country, according to the Nigerian Bulk Electricity Trader (NBET). “The N701 billion intervention of the federal government is a loan to NBET to, in the short term, enable it meet...

The Federal Government of Nigeria has said that it will distribute 40,000 metric tons of food including rice, maize sorghum and soya beans, to displaced persons in the country’s northeast. This is in line with plans to reach 1.8 million people in the region where attacks by militant insurgency have weakened the economy and have almost driven the population to famine. The operation estimated to...

Tunisia’s aquaculture output stood at 15,200 tons in 2016, up 20% as compared to that of 2015 (12,653 tons), revealed the US department of agriculture in a report released on May 31, 2017. Main aquaculture products in terms of quantity and value are the sea bram and bass. In terms of exports, the institution said the country exported 4,000 tons of aquaculture products. Its main export markets...

West-African think tank Initiative Prospective Agricole et Rurale (IPAR) which specializes on agricultural and land matters, launches its 2017-2021 strategic plan on June 8. Following this, will take place a debate on challenges faced in the implementation of land reforms in West Africa, especially in Senegal. “This plan aims to provide IPAR with guidelines as well a strategic framework over...

The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia. On behalf of the CEO of ICD, Mr Khaled Al Aboodi, Mr. Mohammed Alammari, Director of Internal Audit at ICD signed the financing agreements for the amount of USD5...

The Lekki Free Trade Zone (LFTZ), a zone being developed by a consortium of Chinese investors and the Lagos State government, will reduce export of raw materials from Nigeria by about 50%, according to Ding Yonghua, Managing Director of Lekki Free Zone Development Company. Yonghua, who disclosed this during a visit by members of the diplomatic corps and trade missions, lamented that one of the...

Eland Oil and Gas Plc has said that it wants to raise up to $19.5 million to increase production from the OML 40 licence in Nigeria, by three-fold. According to the company, the money will be raised through placing of shares at an accelerated bookbuild. An accelerated bookbuild is a form of offering in the equity capital markets which involves offering shares in a short time period, with...

Royal Dutch Shell has at last lifted the force majeure placed on exports of the Forcados crude oil, bringing all oil exports from Nigeria fully online for the first time in 16 months. Forcados which exports 200,000 to 240,000 barrels of crude per day had been under force majeure since February 2016, following a military attack on the Trans-Forcados Pipeline, its main export route. “The...

The Federal Government of Nigeria plans to construct a $1billion ICT company to improve indigenous technology in the country, Acting President, Yemi Osinbajo (photo) revealed on Tuesday. Speaking at the 2017 Digital Africa Conference and Exhibition in Abuja, Osinbajo explained that such achievement will transform Nigeria from a dumping ground for ICT products and services. “The...

The Central Bank of Nigeria (CBN) has said that it will start selling dollars to manufacturers, airlines, fuel importers and agriculture businesses in the country at a special market intervention. This aims to clear outstanding backlog of foreign exchange obligations. The apex bank intends to settle the orders by combining spot and short-term forward deals. “Authorised dealers' accounts...