Nigerian parliament approved an increase of budget for 2018 fiscal year, Bloomberg reports stressing that this decision was spurred by an increase in revenues. From an initial amount of $23.8 billion announced by President Muhammadu Buhari in November 2017, Nigerian lawmakers set total government spending at $25.2 billion. This represents an increase by nearly 6%. A document...

Mozambican province Manica will benefit from a grapefruit production project worth 374 million meticals ($6.2 million), the region’s governor Alberto Mondlane announced. The initiative will be funded and led by a pool of Chinese investors, powered by the consortium Jiangsu Huaxi Group. In this regard, Wu Xie'en, president of the consortium, said that a request for 2000 hectares to...

The Kenyan government will disburse KSh1.5 billion (about $15 million) to implement various projects to improve electricity supply in the western region. This was reported by Ken Tarus (photo), CEO of Kenya Power, the national power utility. “We are undertaking massive projects which include repair works on existing substations and distribution lines, installation of additional...

Today May 15, ASX and AIM-listed company Base Resources, appointed two firms including Mineral Technologies and Lycopodium to carry out a prefeasibility study for its Toliara mineral sands project in Madagascar. Both firms have strategically aligned to combine technical, advanced innovation and project execution skills to support Base Resources. “As a team, Mineral...

Moroccan government will grant various bonus to mills that will source soft wheat on the domestic market for the yield campaign which begins tomorrow May 16 and ends next October 15, Reuters reports. This bonus measures include a reduction by MAD10 per 100 kg of soft wheat, from the MAD280 usual price. In addition, a MAD2 premium on the same quantity will be offered to stockholding...

China’s Sinosteel Corporation agreed to invest $1 billion in Zimbabwe to boost ferrochrome output and build a power plant, Zimbabwean president Emmerson Mnangagwa (photo) disclosed yesterday May 14. According to information reported by Reuters which quoted Andong Liu, the Chinese group’s chairman, Sinosteel plan to build three additional furnaces for operations at its...

On the sidelines of the dissemination Workshop of the land for housing Report held in Abidjan, the Ivorian Minister of Construction, Housing, Sanitation and Urban Planning, Claude Isaac Dé (photo), announced that his ministry is working to make land offers more attractive. Abidjan.net reports. “The Minister promised more speed and security, through the simplification and...

In Zimbabwe, revenues from tobacco exports amounted to $360 million since the beginning of this year according to the Herald, quoting data from Tobacco Industry and Marketing Board (TIMB). Out of this figure, the regulator indicates that farmers captured the largest share ($236.3 million) while exporters received $123.9 million. Although these export revenues are down by 15% from the...

Angola plans to secure a Loan worth more than $15.5 billion under a credit facility agreement from China to develop many multisector projects. This was revealed by the Angolan government in a memo sent to investors within the framework of a new bond issuance. Therefore, Angolan authorities hope to secure over $2.5 billion from Exim bank China for infrastructure and energy projects. Out...

At the end of March 2018, the South African group Sanlam announced it has reached an agreement to acquire the rest of Moroccan group SAHAM Finances for $1 billion. A transaction whose completion is subject to prior approvals including that of the Moroccan Insurance and Social Security Supervisory Authority (ACAPS). However, according to information reported by Le Desk, this...