Market News Page No. 199| Africa Business News

Nigeria reclaims position as Africa�s top oil producer

Nigeria may have reclaimed its position as Africa’s top oil producer beating Angola. Angola had led the African oil producing countries with its 1.7 million barrels of crude oil a day, well above Nigeria’s 1.5 million barrels per day, in September 2016, for seven straight months. According to the December 2016 Monthly oil Market report (MOMR) of the OPEC, crude oil production from Nigeria went a notch above that of Angola even.... Read more »

Posted on : Saturday , 22nd April 2017

Ethiopia's poultry giants: From $3,500 start-up now hitting $1.6m in sales

The high demand for poultry in Ethiopia is shaping the lives of a group of friends who came together in 2010 to start a poultry farm. In the capital Addis Ababa, Friendship Agroindustry is now the second largest supplier of chicken and other poultry products. The company was started after they put their personal savings together and took a loan of 3,500 US dollars as capital. In seven years, the business has grown.... Read more »

Posted on : Saturday , 22nd April 2017

Dangote could be world's largest rice exporter by 2021

Africa’s richest man, Aliko Dangote, could be the world’s biggest rice exporter in the next five years. This is according to the head of the African Development Bank (AfDB), Akinwumi Adesina. Akinwumi was Nigeria’s Agriculture minister when Dangote was the largest importer of rice into Africa’s most populous nation. He recounted how the billionaire businessman once walked into his office and resolved to switch from.... Read more »

Posted on : Saturday , 22nd April 2017

AFDB discloses a $12bn power plan for Africa

The African Development Bank (AFDB) has unveiled plan to invest $12 billion over the next five years under its new electrification programme. The fund will support its New Deal on energy for Africa which aims to achieve universal access to Africa by 2025. The plan was born out of the Energy Week conference held in Abidjan, Ivory Coast in March which brought stakeholders together to discuss methods of improving energy access. Until.... Read more »

Posted on : Saturday , 22nd April 2017

Rwanda launches first peat-fired power plant in Africa

Rwandans are likely to begin benefiting from more power from their national grid following the latest opening of a new peat-fired power plant in Gishoma, western Rwanda, which is the first of its kind in Africa. The project, which is said to be valued US $39.2 million, is estimated to begin feeding at least 15 megawatts of power in to the national grid directly. Another key peat-fired plant, which costs US $350 million,.... Read more »

Posted on : Tuesday , 18th April 2017

Africa: Renewable Energy Could be Cheaper Than Fossil Fuels in Ten Years - UN Backed Report

A new United Nations-backed report has revealed overwhelming consensus that renewable power will dominate in the future, with many experts saying that even large international corporations are increasingly choosing renewable energy products either from utilities or through direct investment in their own generating capacity. "[The report] is meant to spur discussion and debate about both the opportunities and challenges of achieving.... Read more »

Posted on : Thursday , 6th April 2017

Kenya: Demand for Electricity Expected to Increase by 7.9 Percent Annually

Kenya's demand for electricity will rise at an annual average of 7.9 per cent over the next decade, the latest research indicates. BMI Research, a company that provides macroeconomic, industry and financial market analysis said growth would be driven by the rising number of those who are getting connected to the national grid under the rural electrification programme. "An increase in electrification rates, as the Kenyan.... Read more »

Posted on : Thursday , 6th April 2017

Tanzania: EWURA Announces Drop in Petrol Prices

MOTORISTS in Tanzania will pay 3/- less for a litre of petrol effective today while pump prices for diesel and kerosene have increased by 12/- and 7/-, respectively, for the same quantity, according to monthly indicative prices announced by the industry regulator, yesterday. The Energy and Water Utilities Regulatory Authority (EWURA) attributed the changes to variations in prices of petroleum products in the world market, changes in.... Read more »

Posted on : Thursday , 6th April 2017

Tanzania: VP Invites Korean Investors, Pledges to Improve Investment Climate

Vice President Samia Suluhu Hassan has invited South Korean investors to invest in the industrial sector and pledged the government would continue to improve investment climate. Speaking to the South Korean investment council's delegation at the State House in Dar es Salaam yesterday, Ms Hassan said the ongoing investment in the industrial sector would play vital role in boosting the national income and job creation to.... Read more »

Posted on : Thursday , 6th April 2017

Ethiopia: Cement Production Transforming Construction Sector

The construction industry is booming in Ethiopia. Years ago, the country had been importing cement at huge costs for its developmental projects. In 2010/11 the country imported 0.3 million tonnes cement by spending millions of USD. However, owing to the growing numbers of cement factories, these days, the country has begun exporting beyond meeting local consumption. The number of cement and chemical producing industries has been increasing.... Read more »

Posted on : Tuesday , 4th April 2017

Africa: White House Choices Shape Africa Policies

Washington, DC - Little has been said about Africa policy by the new U.S. President or his administration, but recent announcements and appointments provide an emerging outline of an approach that gives priority to security concerns. Support for democracy, development and health may no longer be policy cornerstones as they have been for all post-Cold War presidents, Democratic and Republican. On 30 March, the Pentagon announced President.... Read more »

Posted on : Tuesday , 4th April 2017

Tanzania: Women, Youngsters Urged to Own Land for Collateral Use

WOMEN and youths have been encouraged to own land that they may use as collateral when applying for business loans from financial institutions such as banks in the country. The call was made by a member of the Parliamentary Committee on Administration and Local Government Affairs, Ms Halima Mohamed, Unguja Special Seat MP when the committee visited the Property and Business Formalisation Programme popularly known by its Kiswahili.... Read more »

Posted on : Tuesday , 28th March 2017