Investment

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Investment Money market

Nigeria’s downgrade by rating agency worrisome – Obi

Abuja, Feb. 2, 2023 – Peter Obi, the Labour Party Presidential Candidate, says the downgrade of Nigeria’s credit rating by Moody’s Investors Service from B3 to junk bonds is worrisome. Obi said the downgrade was a verdict on the government’s inability to fix the Nigerian economy. According to a statement by his campaign organization in Abuja on Wednesday, Obi, however, said that the situation did not call for any blame games.   “The seriousness of the issue does not call for blame games, but a determined effort to provide the …

Foreign Investment

Senegal’s power plant reaches €154m in project cost

Casablanca, Jan.  23, 2023 – The 120 Megawatts power plant in Malicounda, Senegal, co-developed by Africa50 and its partners has reached financial close for a total project cost of €154 million. The combined cycle power plant is capable of producing more than 956 GWh of baseload energy a year, increasing the country’s power generation capacity by 8% while substantially reducing generation costs. The Malicounda power plant is also designed to convert to the use of natural gas as soon it comes on stream from domestic fields which are currently under development, shifting Senegal’s …

Business Planning General News Investment

Economy will be private sector-led if elected – Tinubu

Lagos, Jan. 13, 2023 – Bola Tinubu, the Presidential Candidate of All Progressives Congress (APC),  has promised that the Nigerian economy will be private sector-driven if elected. Tinubu made the promise on Friday in Lagos while presenting his economic plan before the organised private sector under the aegis of the Nigerian Economic Summit Group (NESG). Tinubu stressed the need to end the fuel subsidy regime, insisting that it has overstayed.  “My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the …

General News Investment

FG recovers N1.8bn from sale of forfeited assets

Abuja, Jan. 12, 2023 – The federal government has realized over N1.828 billion naira proceeds from the sale of some forfeited assets. Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, said this today during a presentation of the President Buhari’s Administration Scorecard in Abuja. He said the $641 million recovered loot from the late Gen. Sani Abacha had been used for social investment and development of critical infrastructure.  Malami also said that $319 million out of the $641 million was spent on the Lagos-Ibadan Expressway, the Second …

Investment Travel

Ogun cargo airport ready by March – Commissioner

Abeokuta, Jan. 12, 2023 – The Ogun Commissioner for Finance, Dapo Okubadejo, says the state agro-cargo airport will be ready before the end of March. Okubadejo, who gave a breakdown of the state’s 2023 budget to journalists in Abeokuta on Wednesday, also said the state government had concluded plans to launch Ogun’s ultra-modern transport scheme during the year. The commissioner said the airport would provide both cargo and passenger services when it comes on stream. “It is not just an airport. The facility is an aerotropolis, an airport city. The …

Business Solutions Investment

Digital skills alleviate unemployment, poverty, hunger -expert

Empowerment Ibadan, Dec. 23, 2022 (NAN) Mr Oludayo Olusoga, the Executive Director, BetaX Digital Literacy for Sustainable Development Initiative, says the initiative will empower African youths to alleviate poverty, solve hunger and reduce unemployment. Olusoga said this at the graduation of the first set of free Digital Skills Training organised by the institution in Ibadan on Thursday where certificates were presented to the graduands. According to him, the initiative is positioned to empower African youths, alleviate poverty, solve hunger problems and reduce unemployment. “BetaX is a tech non-profit foundation tackling …

Foreign Investment Trade

Afreximbank launches TRADAR Club to empower international businesses

Cairo, Dec. 19 2022 – The  African Export-Import Bank (Afreximbank) has launched Afreximbank TRADAR Club, a member-driven network aimed at empowering international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory. services. A statement by Afreximbank on Monday said the club was launched in Cairo on December 18, 2022.   “TRADAR Club will deliver innovative digital tools and networking opportunities, helping members to discover new markets, grow their business, save time, access dedicated expert support, post and respond to new business opportunities network, meet business/trading partners …

General News Investment

African Development Fund mobilizes $8.9 billion for Africa’s low-income countries

Tangier, Dec. 7, 2022 – Development partners of the African Development Fund (ADF) have agreed to commit $8.9 billion to its 2023 to 2025 financing cycle. A statement from the African Development Bank (AfDB) on Wednesday said this would be the largest replenishment in the history of the Fund. ADF is the concessional window of the African Development Bank Group, providing grants and soft loans to the continent’s low-income countries. The $8.9 billion replenishment package includes $8.5 billion in core ADF funding and $429 million for the newly created Climate …

General News Investment Oil and Gas

Nigeria’s Export processing zones attracted $47bn investments in 30 years – official

Abuja, Dec.1, 2022 – Export processing zones in Nigeria have attracted $467 billion worth of investments over the past 30 years.   Prof. Adesoji Adesugba, the Managing Director of Nigeria Export Processing Zones Authority (NEPZA) and Sen. Tijjani Kaura, the Chief Executive of Oil and Gas Free Zones Authority (OGFZA),  said this at the 30th anniversary of free trade zones scheme in Nigeria on Wednesday in Abuja. Adesugba said trade zones being regulated by NEPZA attracted over 30 billion dollars investments since inception of the scheme in 1992, while Kaura …

Investment Vogue

Afreximbank announces $1bn funding to boost African creative art

Abidjan, 29 November 2022 – Prof. Benedict Oramah, the President of African Export-Import Bank (Afreximbank), has announced a funding package of US$1 billion to support  Africa’s creative industries under the auspices of the CANEX. Oramah announced the new package at the opening of a three-day event of CANEX organised by Afreximbank in partnership with the Government of Republic of Côte d’Ivoire. The CANEX WKND brought together about 3 000 cultural and creative talents, as well as investors, industry leaders, government representatives, and the media from Africa and the Diaspora, at the …