Tag: Africa Business
Nigeria Wins Back Africa’s Biggest Oil Field
AFRICANGLOBE - Nineteen years after it was first awarded to a controversial firm, OPL 245 has reverted back to the federal government. The block, considered the richest in Africa, is estimated to contain over 9 billion barrels of crude and even larger volume of gas reserves.
2017 Will Be Africa’s Year?
AFRICANGLOBE - For the economic juggernauts of Africa, economic diversification is no longer an option, improving the non-resource tax systems is a must, and enhancing agricultural productivity is not an outdated concept. Consider this: Higher productivity would not only raise the incomes of farmers, it would also free up resources, such as labor, for other economic sectors.
Kenya’s Lake Turkana Wind Project To Begin Power Production
AFRICANGLOBE - Africa's biggest wind power scheme, the Lake Turkana Wind Power project in Kenya, should be fully connected to the national electricity grid and producing power by the end of June, a director at the consortium building the project said on Wednesday.
Dangote And Sinotruck Set Up Truck Assembly Plant In Nigeria
AFRICANGLOBE - Africa's richest man Aliko Dangote has partnered with China's heavy duty truck group Sinotruck to set up a $100 million plant to assemble trucks and cars in Nigeria for local use and export, the executive director of Dangote group said. The joint venture, which is 65% owned by Dangote and 35% by Sinotruck will assemble components and knocked down parts imported from Sinotruck to the Nigerian plant.
African Countries To Watch In 2017
AFRICANGLOBE - African countries face many challenges in 2017, but, alongside these, there are the fundamentally positive dynamics of many of their economies, including a growing labor force, increased urbanization, and advances in technology, as I argued recently in a new Atlantic Council Strategy Paper, A Measured US Strategy for the New Africa.
African Economies Threatened By The US Dollar
AFRICANGLOBE - According to data from the World Bank, for 2015, the gross domestic product (GDP) of the top 10 African economies represents about 78.2% of the overall GDP of Africa. The top five economies are Nigeria, Egypt, South Africa, Algeria and Angola, representing about 63% of the African GDP. From 2005 till 2015, compared to the US dollar, the local currencies of these respective countries have depreciated by 47%, 33%, 101%, 37% and 38%.
Nigeria Back On Top As Africa’s Largest Oil Producer
AFRICANGLOBE - Nigeria may have reclaimed its position as Africa's top oil producer which it lost to fellow African oil producer, Angola earlier in March 2016. According to the December 2016 Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), crude oil production from Nigeria rose slightly above that of Angola even before the January 2017 planned production cut agreed by OPEC and non-OPEC producers.
Ethiopia-Djibouti Railway Officially Completed
AFRICANGLOBE - The completion of the Addis Ababa-Djibouti Railway, a new 752km track linking Ethiopia’s capital with the Port of Djibouti, was officially marked recently at a ceremony at Nagad Railway Station in Djibouti. In the presence of Djibouti’s President, His Excellency Ismail Omar Guelleh, and Ethiopia’s Prime Minister, His Excellency Hailemariam Desalegn.
Ethiopian Airlines Records Another Spectacular Year
AFRICANGLOBE - Africa's largest Airline Group, Ethiopian Airlines, has ended yet another year of fast and profitable growth in 2016, highlighted by fleet and network expansion as well as significant investment in customer services in the air and on the ground.
Somalia Awakens As East Africa’s Oil Province
AFRICANGLOBE - As Somalia announces plans to open its first offshore exploration license round in 1Q 2017, explorers analyzing new seismic data have recognized the potential of finding reserves to match those of its neighbors in East Africa. Beyond that, critically, they are discovering that Somalia’s potential is not just gas: Here lies a gem of an unexplored oil basin.
Ethiopia’s 1,870mw Gibe III Dam Begins Full Operations
AFRICANGLOBE - Ethiopia on Saturday inaugurated the €1.5 billion ($1.57 billion) Gibe III hydro plant on River Omo. The plant has 10 turbines each with a capacity of 187MW, and will increase Ethiopia's total electricity output to 4,238 megawatts.
South Africa To Invite Bids For New Nuclear Power Plants
AFRICANGLOBE - South Africa, which has the continent's only nuclear power station, has earmarked nuclear expansion as the centrepiece of a plan to increase power generation to ease the country's reliance on an ageing fleet of coal-fired plants and has asked Eskom to procure an additional 9,600 megawatts (MW) of capacity.
Algeria Turns To Africa To Solve Its Economic Problems
AFRICANGLOBE - When oil prices plunged, the Algerian economy followed piling pressure on policymakers to find a sustainable solution. The government in response to this opted to diversify. They launched a new economic strategy that looked at developing new ideas to take the country away from oil revenue dependency. The government opted to slow public expenditure by 9 per cent in reaction to low oil prices.
Chinese Company To Build $6bn Industrial Park In Zimbabwe
AFRICANGLOBE - Qingdao Hengshun Zhongsheng Group, a Chinese multi-billion dollar firm, is on the verge of starting work to set up an industrial park in Zimbabwe. And if all goes according to plan, work on the major investment project, that is set to change the Zimbabwean economy forever, will start taking shape next year.
Nigeria To Increase Oil Production By 22% By December
AFRICANGLOBE - Nigeria expects its oil production rate to jump by 22% by the end of the year to 2.2m barrels per day (bpd) from current levels, its oil minister said on Monday, adding he hoped a force majeure on all its oil fields would be lifted by December or January.
South Africa Overtakes Nigeria As Africa’s Largest Economy
AFRICANGLOBE - In dollar terms, South Africa is once again the biggest economy on the African continent, a position it reclaimed from Nigeria. This was attributed to the appreciation of the rand, South Africa's currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange regime.
