Chinese car manufacturer Beijing Automobile International Corporation (BAIC) will build a factory in an industrial zone situated in the Eastern Cape province, South Africa, for R11 billion ($823.30 million), the zone’s operator announced on August 18, 2016. An agreement for the investment was signed between the Public Chinese Group and the Coega Development Corporation, which manages the...

The Congolese government announced in a statement released on August 19 that it has scaled down its growth forecasts for 2016 to 4.3% from 5.3% earlier, as a result of low commodity prices. The authorities which initially expected a 9% growth this year has cut its projections thrice, in August and June, as demand for commodities slumped due to slowdown of Chinese economy and lower prices of...

On an inspection visit in Bejaia Wednesday, the Algerian Minister of territory, tourism and craftsmanship, Nouri Abdelwaheb announced that an investigation commission would be quickly set up to review tourism lands in the Kabyle wilaya and assess how State properties are attributed to private investors “Putting some order in the management of lands should solely profit investors that may add...

Crowdfunding, internet-based collective fundraising model that allows multiple individuals to directly finance (in a traceable manner) projects, is fully expanding across East Africa. In fact, online crowdfunding platforms have raised in 2015, $37.2 million, in four East African nations: Kenya -$22 million, Uganda - $7.5 million, Tanzania - $4.2 million and Rwanda -$3.5 million....

In Africa, the five most attractive nations for international investors are Ethiopia, Nigeria, Morocco, Ghana and Senegal. This was revealed in the latest study of consulting firm Havas Horizons and the Choiseul Institute covering 2016 to 2020 and entitled “Financing African Growth by 2020: Global Investors’ View”. In the framework of the study, 55 global investors active in Africa...

Nigeria’s crude oil production has dropped by 29% to 1.56 million barrels per day, against the country’s budget target of 2.2 million bpd, the Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo) revealed. The Minister said the country’s production reduced by 700,000 bpd below the budget’s target production. The shortfall was as a result of the crisis in the Niger Delta...

Royal Dutch Shell is to become the first client to start lifting oil from the Tweneboa, Enyenra and Ntomme (TEN) oil field as the company is expected to lift some hundreds of thousands of barrels of oil from the field before the end of August.This is coming a day after the TEN field achieved its first oil flow on budget and on schedule, signaling commercial oil production from Ghana’s second...

The Tanzanian government is currently looking at the possibilities of building an oil trading center in Tanga to supply fuel to East and Central Africa.This would be an added advantage as the country had been selected for the planned Uganda crude oil export pipeline this year. According to the Minister for Industry, Trade and Investments, Charles Mwijage (photo), the government had begun working...

The President of Nigeria, Muhammadu Buhari through the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has given the green light for the commencement of production from four wells in Lagos state. Aliyu Mohammed, the Chairman of the RMAFC Indices and Disbursement Committee, said the group was planning a visit to Lagos to validate the production of crude oil and gas from the Aje oil...

The National Oil Corporation (NOC) in Libya has announced that an agreement has been made by rival forces to let a tanker berth at Zueitina port to load oil and transport it the Al-Zawiya refinery. This is due to concerns of a possible clash between the Petroleum Facilities Guard (PFG) and forces loyal to eastern commander Khalifa Haftar. The PFG had signed a deal with the U.N.-backed...