Contrary to the World Bank’s projection of a 1% growth in Nigeria’s economy in 2017, the International Monetary Fund (IMF) in its World Economic Outlook report, predicts that the country’s GDP will only grow by 0.8% this year and 2.3% in 2018. According to the report, Nigeria’s economy was raised, on prospects of higher oil production and better security in the Niger Delta. Maurice...

Acacia Mining announced last Friday it was in talks with Endeavour Mining regarding a probable merger. However, though the news was confirmed by Endeavour, the two firms said no agreement had been signed yet. Given the assets of the two companies in Africa, the merger could be big news for the continent. Indeed, Acacia Mining holds mines in Tanzania, Kenya, Burkina Faso and Mali while Endeavour...

The Abu Dhabi Fund for Development (ADFD), in partnership with the International Renewable Energy Agency (IRENA), backs an energy project which aims to provide power to 150,000 people in Niger. The project involves the development of a 2.1 MW mini photovoltaic plant, paired with domestic solar units. Besides the targeted populations, about 100 schools will be powered under the initiative which...

The project for a textile-dedicated industrial zone which is being established in Morocco is in its final stage, daily newspaper L’economiste reveals. The project is led by the Association Marocaine de l’Industrie du Textile et de l’Habillement de la region Nord (AMITH Nord) in partnership with the Moroccan ministry of trade and industry. Situated near Tangiers, in the northern part of the...

The Cameroonian Federation of Football (Fecafoot) published on 12 January 2017 a communiqué setting the structure for the bonuses of the Indomitable Lions of Cameroon as part of their participation in the Africa Cup of Nations (AfCON) being played in Gabon since 14 January, and until 5 February. The Lions will therefore benefit from a show up premium of FCfa 500,000 (1000 Fcfa = 1.6 $)....

The House of Representatives is set to meet with the Central Bank governor and chief executives of all revenues generating agencies in the country, as regards the funding of the proposed 2017 budget. These revenues generating agencies (NNPC, Customs, FIRS), are expected to interact with the House, to ensure that the revenues projections mentioned by President Muhammadu Buhari (photo) in the...

The latest industry data on sector reforms and activities have revealed that the collapse of seven power plants across Nigeria has resulted in a total electricity load loss of 1, 899.7 Megawatts. This report indicated that four out of this plants owned by the National Integrated Power Projects were shutdown, while the remaining have been functional for days. “Partial collapse occurred on...

Twin blast from suicide bombers at the University of Maiduguri on Monday has left four people dead and over 17 injured. The attack which took place around 5:00 am was said to have occurred in two different locations within the University. According to the Spokesman from the National Emergency Management Agency (NEMA), AbdulKadir Ibrahim, officials have been mobilized to the university campus,...

The Nigerian National Assembly in an effort to strengthen the country’s economy, has proposed the removal of mineral resources from the exclusive list to the concurrent list in the ongoing 1999 constitution amendment. This they said will allow state governors develop all the mineral resources in their various states. The proposal is part of the amendment to be included in the new constitution...

As part of efforts to confront the employment crisis in the country, Africa’s richest man and leading entrepreneur, Aliko Dangote (photo), is setting up a $100 million vehicle assembly plant in Lagos. Dangote is partnering with National Heavy Duty Truck Group Company Limited, SINOTRUCK, to produce some thousands of trucks mostly used for haulage business from its newly promoted assembly...