The Federal Government of Nigeria has decided to team up with the African Development Bank (AfDB) to fund coal projects across the country. This was disclosed by the Minister of Mines and Steel Development, Kayode Fayemi (photo), during a meeting in Enugu State with stakeholders of the mining sector. According to Fayemi, the funds mobilized through the cooperation with AfDB will help exploit...

Moroccan lender Attijariwafa Bank will help Cote d’Ivoire establish two investment funds which aim to finance its tourism sector. This was revealed by Ivoirian minister of tourism, Siandou Fofana, during a meeting of the Club Afrique Development held on April 20, 2017. The first of the two funds is a "private investment fund dedicated to tourism and hospitality". According to M. Fofana, the...

Airing on Radio M on April 24, the chief executive officer of the Hasnaoui group of companies, Brahim Hasnaoui, pleaded for the liberalization of land by the Algerian government to “facilitate housing construction”. A reform which should boost real estate market in Algeria amid a quite difficult economic context. “The State must liberalize land and facilitate the introduction of...

According to statistics released by the Tunisian Foreign Investments Promotion Agency, foreign direct investments (FDIs) in Tunisia rose 18% to $177.68 million during Q1 2017, as compared to the same period the year before. Amongst sectors that captured most foreign investments are manufacturing and services. The first attracted $59 million worth of FDIs while the second...

The Lagos State has redeemed N57.5 billion ($183 million) worth of local currency bonds issued 7 years ago, Reuters reported citing finance commissioner, Akinyemi Ashade. According to the official, redeeming the bonds aims to help the state raise new funds for infrastructure investment. He recalled that the redeemed bonds were sold in 2010 to fund infrastructure development. Ashade further...

The Lagos State government generated in 2016 N436.3 billion ($1.4 billion) internal revenue. This exceeds N399.4 billion ($1.2 billion) generated in 2015. Disclosing this at the ministerial press briefing, Akinyemi Ashade (photo), state commissioner, Ministry of Finance, attributed the positive performance to innovative ideas and continuous sensitization.  In details, the Lagos State...

Nigeria’ digital economy has the potential to generate $88 billion and create over 3 million new jobs over the next 10 years. This was revealed on April 25 during a meeting in Geneva where ministers from developing nations gathered to draw a policy agenda to bridge the digital gap and provide long-term development solutions. According to the minister of industry, trade and investment,...

Cote d’Ivoire secured a FCFA196 billion (more than $325 million) loan from World Bank’s arm, the International Development Association (IDA). The facility comes with an interest rate of 3% and a 25-year maturity period. Secured during the World Bank/IMF Spring Meetings, the loan will be used to rehabilitate and extend the national transport and power distribution network. Part of it...

Nigeria is, in Sub-Saharan African, the country that captured the most funds sent by migrants in 2016 (remittances). This was revealed in a report entitled “Migration and Remittances: Recent developments and outlook”, released by World Bank. Africa’s most populated nation captured last year $19 billion of remittances, down 10% as compared to 2015, according to the report. In the...

Due to militant attacks on key infrastructures and global slump in oil prices, the dividend paid to the Federal Government by the Nigeria Liquefied Natural Gas (NLNG) Limited slumped to $356.1 million in 2016 against $1.043 billion the year before. This was reported by The Nation. According to 2017 statistics disclosed last week by the management of NLNG, the various taxes paid by the...