The Federal Government has set aside N2 bn ($6.3 million) in the 2017 budget to kick-start its Rural Electrification Fund (REF), according to Louis Edozien, the Permanent Secretary of the Ministry of Power. Edozien explained that the REF is aimed at enabling private investors with viable off-grid renewable electricity projects in rural communities across the country get access to financing to...

The European Union (EU), under phase III of its Water Supply and Sanitation Sector Reform Programme, has set aside €40 million to boost water supply in three states in Nigeria. These states are Ekiti, Adamawa and Plateau. According to an EU official, Alaba Ogunsajo, the three states and their local governments contributed to about €4 million in the same framework. Speaking on the...

Twelve Nigerian companies have taken a total of $101.33 million (30%) out of the $367 million special foreign exchange sales carried out by the Central Bank of Nigeria (CBN) on March 2nd, 2017. The firms include Dangote Sugar Refinery Plc which took up $25.55 million of the sales to import raw sugar, De-United Food Plc bought $9.6 million to import wheat, seasoning materials...

Nigeria’s Debt Management Office (DMO) on Thursday said it raised N2.07 billion ($6.6 million) from a new two-year savings bond meant for retail investors. The operation aimed at expanding the nation’s funding base. According to the office, the bond, which is to be sold on a monthly basis, registered this month more than 2,500 subscriptions. The DMO added that the next sale will be on April...

The Federal Government of Nigeria has effected a new visa policy under which visas will be processed within 48 hours. This is in line with efforts to attract foreign investors and guarantee ease of doing business in the country. The government has also given visa waivers to some countries to travel to Nigeria for tourism, business, amongst others without having to obtain a visa. “The...

In Cote d’Ivoire, cashew growers and exporters are concerned by the smuggling of the nuts to neighboring countries Indeed, the actors fear that the phenomenon might be fueled by a growing demand for the crop this season. According to their estimates, about 100,000 metric tons of cashew could be smuggled to neighboring countries, mainly Ghana, before the end of the ongoing season. Many of the...

Zenith Bank has cancelled its plans to raise N100 billion ($318 million) through the sales of bonds and shares, due to the country’s weak capital markets and the struggling economy. “The request for shareholders' approval to raise fresh capital has been withdrawn,” said Michael Anyimah, Zenith's head of investor relations. He added that the bank had strong buffers to support its...

In Cote d’Ivoire, each day, about 17 billion CFA francs pass through Mobile Money. This was revealed by René Tano, executive of BICICI, subsidiary of BNP Paribas, during the 5th edition of the currency and e-payment forum taking place in Casablanca, Morocco. Citing the regulatory organ of telecommunications in Cote d’Ivoire (ARTCI), Tano said the sum mentioned takes into account all...

Cadaster and land registration operations have officially begun in Cote d’Ivoire, precisely in the Yabayo, Oupoyo and Meagui communities in Nawa, a region that is located in the South Eastern part of the country. The works which fall under the 2017 national city and community cadaster programme should last three months. “The Ivorian State, pressured by the growing demand of populations for...

The Nigerian Federal Executive Council (FEC) has approved N80 billion ($256.5million) for the rehabilitation of 12 federal roads across the country. Babatunde Fashola (photo), the Minister of Power, Works and Housing, who disclosed this on Wednesday said road projects approved across the states include the construction of access roads 1 and 2 to link Asaba in Delta State and Onitsha in Anambra...