The African Development Bank (AfDB) will lend Nigeria $4.1 billion to finance its agriculture and power industries, between 2016 and 2017, said Akinwumi Adesina, the bank’s director. The bank aims here to help the nation overcome its budget deficit and develop infrastructures. “All in all we have a portfolio of $4.1 billion dollars from 2016 to 2017 but we intend to raise it to a...

On an official visit to Nigeria, Akinwumi Adesina, the President of African Development Bank said his institution and the federal government of nigeria have found an agreement for a $1 billion loan. The transaction which will be finalized next month has a concessional interest rate of 1.2% for a 40-year maturity period. Amid global oil price slump, the federal government of Africa’s most...

Kenya Airways is negotiating with foreign institutional investors about buying a stake in its capital, its chief executive Mbuvi Ngunze told Reuters. “We are talking to about three or four parties,” he said. Kenya Airways seeks for a strategic partner to raise cash to overcome $253 million deficit it recorded in the last fiscal year. The move is part of its restructuring plan,...

Egypt wishes to grab $10 billion of foreign direct investments (FDI) next year in order to automate firm creation process, boost foreign exchange and revive its economy, said Mohamed Khodeir, Chief of the General Authority for Investments (GAFI). The nation has attracted more than $6.8 billion of FDI in 2015-2016, and aims in 2016-2017 for $10 billion which it use to rehabilitate...

A helicopter has crashed on the way to a Chevron oil platform off the Angolan coast leaving four people dead and two missing. According to the U.S oil company, the helicopter left Malongo port in Angola's Cabinda province on Monday to make the short journey to the Tombua-Landana offshore oil platform but did not reach its destination. “The helicopter did not reach its intended destination. It...

The International Energy Agency (IEA) has extended its global oil market outlook until late 2017 as major oil producing nations prepare to gather for talks in Algiers on Wednesday. This is coming after the Agency on September 13, 2016 announced that oil supply will exceed demand at least through H1 of 2017. “We don’t see the oil market re-balancing until late 2017 provided there’s no...

The World Bank in its report entitled “Migration and Development: A role for the World Bank Group” said remittances to developing countries have tripled public development aid to $432 billion in 2015. Despite migration affecting welfare of migrants, their households’ as well that of the community they left, and that of host country, it has a few advantages of which benefits of...

Hyperdynamics Corporation has received an improved exploration risk assessment of the Fatala 1 and Buried Hill 1 deepwater prospects, increasing its chances of a successful drilling operation offshore Guinea. According to the company, the assessment is coming after the reprocessing of 3D seismic data by eSeis on the two prospects, by means of a more advanced technology that produced perfect...

Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, has signed three new petroleum agreements worth $595 million for the Egyptian General Petroleum Corporation (EGPC).The deal, which was with the Italian Egyptian Oil Company (IEOC), a subsidiary of Eni and BP, is for the exploration and production of oil and natural gas as well as the drilling of 12 new wells to produce...

The world’s largest hotel operator Marriott has announced plans to double its workforce in Africa and the Middle East by 30,000 people over the next three years. “Within three years, we are going to grow to 90,000 rooms across the region,” said Mariott’s president for Africa and the Middle East. The company which has been very active in Africa and in East Africa especially over the past...