Lagos state has been officially declared an oil producing state in Nigeria after Niger Delta. This is coming after Yinka Folawiyo Petroleum Company Limited discovered crude oil in Badagry, Lagos state. According to the Lagos State Governor, Akinwunmi Ambode (photo), by the provision of Section 162 Sub-Section 2 of the Nigeria Constitution, the state is now officially among the League of Oil...

Tunisian telecom operator Tunisie Telecom has finally decided during its board meeting on April 29, 2016, to acquire a stake in the capital of Maltese mobile telephony operator GO. The Tunisian company plans to buy a 60% stake in GO. This stake is currently held by GO’s co-shareholder, Emirates International Telecommunications (EIT), subsidiary of sovereign fund Dubai Holding. After the deal,...

Compared to last year, cashew exports in Cote d’Ivoire have plunged sharply. This was revealed by Malamine Sanogo, director of Cotton-Cashew Council (CCA in French), which is in charge of the sector. According to data published, “at this stage, 200,000 tons of nuts have been exported compared to 330,000 tons in 2015, over the same period, thus slumping by 40%”. For Cote d’Ivoire, number...

Burkina Faso will issue FCFA40 billion (around $69.18 million) of treasury bills, West African Regional Agency for Planning of WAMU-Securities Debt announced on May 13. Issuance is planned for May 19 and mature on November 7, 2016, the same source added. The treasury bills, which will have multiple interest rates, will be proposed to investors from the eight member-states of the West...

In Ghana, the Volta River Authority (VRA) has announced that the construction of Aboano’s coal-fired plant will start in April 2017. “Based on the project timelines, we expect to start construction on April 17, 2017. But that is also dependant on getting a permit from the Environmental Protection Agency (EPA),” said Ben A. Sackey, Manager, Environment and Social Impact-VRA. The plant will...

Members of BRICS (Brazil, Russia, India, and South Africa) plan to set up a credit ratings agency for emerging markets as they aim to counter western hegemony in the world of finance, Economic Times of India revealed on May 16, citing sources informed of the plan. The new ratings agency, which should provide credit risk ratings to other emerging or developing markets, should be launched at the...

To support its farmers, the state of Sokoto in Nigeria will buy 9,000 tons of fertilizers and 16,000 water pumps for N1.7 billion ($8,533,000), Alhaji Umaru Nagwari, State Commissioner for Agriculture, announced. These products will be shared between the 23 local governments of the Northern State of Nigeria and dispatched to farmers, during the dry and raining season. The investment aims mostly...

On the sidelines of the World Economy Forum on Africa held in Kigali, Rwanda, from May 11 to May 13, Rwanda has signed with Ericsson an agreement to boost m-commerce and expand Mobile Money service. The country with the help of the Sweden Company will develop a national interoperability switch which is based on Ericsson’s M-commerce Interconnect solution. The platform developed will connect...

Naspers has launched its video on demand servcie, Showmax, in 36 African countries. The service goes from Botswana to Ethiopia and Djibouti, and is available also in Kenya, Tanzania, Senegal and Mauritius. The firm is presently in discussions to introduce the service in Nigeria and Egypt. With the expansion comes a wider range of content, with Swahili (Spoken in Eastern Africa) programs and...

ASX-listed Magnis Resources signed with American firm Symbion Power, a power development agreement for its Nachu graphite project. Under the agreement, Symbion will develop and exploit a 30 MW gas-fired station, connected to a sub-station and a 132KV transmission line to connect the project to the main power grid. “Magnis has closely studied a variety of power supply options for Nachu and we...