Market News Page No. 369| Africa Business News

Nigeria: Construction of 550 Megawatts Power Plant to Begin in June

Handlers of the 550megawatts (mw) Independent Power Plant (IPP) in Ondo State said the construction activities will begin by June this year as the Nigerian Electricity Regulatory Commission (NERC) has issued a licence for it. The plant will be built and operated by the Ondo State Government and its partners, Kingline Development Company, a South Korean Company. Kingline Head of Nigeria Operations, Engr. Akinnola Fola who.... Read more »

Posted on : Tuesday , 29th March 2016

Nigeria: U.S.$44 Million Owerri Mall to Give Huge Boost to Retail Sector

The Nigerian retail sector is taking a big leap forward, with the unveiling of Owerri Mall in the Imo State capital - courtesy of a South African-based property developer - Resilient Africa. The property, located at Egbu Road, housing 45 trading outfits including Shoprite was commissioned last week by the Imo state Governor, Rochas Okorocha. The project was in partnership with Messrs Somachi Investment Limited, a company owned.... Read more »

Posted on : Tuesday , 29th March 2016

Nigeria: Cement Co. Begins N700 Million Concrete Road Construction

A subsidiary of Lafarge Africa Plc, and member of LafargeHolcim, Ashaka Cement Plc has flagged-off an eight kilometres concrete road construction in Maiganga, Gombe State. The Maiganga Concrete Road Construction project is one of such several projects Lafarge Africa Plc has embarked on in the past few months. Chairman, Board of Directors, Ashaka Cement Plc, Mallam Suleiman Yahyah, who welcomed the Executive Governor of Gombe.... Read more »

Posted on : Tuesday , 29th March 2016

Zimbabwe: Govt to Utilize Solar Geysers to Save 300MW

GOVERNMENT is pursuing initiatives to save up to 300 Mega Watts of electricity by 2018 through using solar water heaters in homes and public institutions, an official has said. At least 20 percent of electricity is consumed wastefully, especially in domestic households. Speaking at a stakeholder consultative workshop on the national solar water heating program, Energy and Power Development permanent secretary Patson Mbiriri said about 40 percent.... Read more »

Posted on : Saturday , 26th March 2016

Zimbabwe: Increased Gold Production Expected From Small-Scale Miners in 2016

Gold production for 2016 is forecast at 24 tonnes buoyed mainly expected increase from small scale miners. Small scale miners last year produced seven tonnes while big players produced 14 tonnes. The expected increase in production for small scale miners will be driven by $5 million worth of mining equipment expected from China by the end of May this year."Last year we went out on a mobilisation programme to small scale miners telling them.... Read more »

Posted on : Saturday , 26th March 2016

Nigeria: N6.06 Trillion Budget to Focus on Power, Housing, Transport

Abuja — This year's N6.06trillion budget as passed by the National Assembly (NASS) will pay strict attention to addressing perennial issues in power, housing and transport infrastructure, which got the lion's share of the capital votes. The total budget figure is, however, N17 billion less than the 6,077,680,000000 proposed on December 22, 2015 by President Muhammadu Buhari . A review of the sectoral allocations of the.... Read more »

Posted on : Saturday , 26th March 2016

Kenya: 13 Firms Sign Up for Land at Tatu Mega City

Mega real estate mixed-use project Tatu City announced on Thursday it had set aside money for initial infrastructure after sealing deals with 13 companies in the Sh350 billion planned development in Ruiru. This, even as its parent investor, private equity firm Rendeavour, said it was scouting for more land in Africa. Rendeavour country head Nick Langford said the Sh2.2 billion will bankroll infrastructural upgrade for roads as.... Read more »

Posted on : Saturday , 26th March 2016

Kenya Economy Gets Positive Outlook from Moody's

British-based global ratings agency Moody's has given Kenya's economy a positive outlook based on its growth trend, stability as well as its future and fiscal trajectory. According to the agency's latest report, the country's infrastructure push and rapidly expanding services underpin one of the strongest growth rates in sub-Saharan Africa over the past two years. Kenya's household consumption is expected to remain a key driver.... Read more »

Posted on : Friday , 25th March 2016

Tanzania: Japan Commits to TCP with TRA on Oil, Gas Taxation Capacity

JAPAN has expressed its commitment to a new technical cooperation project with Tanzania Revenue Authority (TRA) in enhancing training programmes on minerals, oil and gas taxation. The new pledge came after the completion of the four-year project dubbed 'Project for Enhancement of Taxation Training in Tanzania, which reached its climax yesterday. TRA has with Japan International Cooperation Agency (JICA) support been.... Read more »

Posted on : Friday , 25th March 2016

Nigeria: State Govt. Sets Aside 50,000 Hectares for Rice Production

Abakaliki — Not lesser than 50,000 hectares of land have been identified and set aside by the state government across the 13 local government areas of the State for rice farming and production. Similarly, the state government after procuring 13 graders among other equipment to aid rice production, decided through the State Ministry of Agriculture and Natural Resources to choose three Pilots schools, Girls' Technical College Agba.... Read more »

Posted on : Thursday , 24th March 2016

Angola: U.S.$ 900 Million Invested in Soyo Combined Cycle Project

Luanda — The Angolan Government has invested about Usd 900 million in the Soyo Combined Cycle power project in northern Zaire province. The information was released Tuesday by the minister of Energy and Water, João Baptista Borges, who said the project will be complete in 2017. The project that involves several power substations and transportation lines will produce 750 MW, to meet a large part of the needs of the.... Read more »

Posted on : Thursday , 24th March 2016

Nigeria: President Targets 10,000MW of Electricity Generation

President Muhammadu Buhari on Monday said his administration has set a target of delivering 10,000 megawatts of electricity generation in the next three years. The president, who stated this while addressing the National Economic Council retreat held at the State House, Abuja, said this year alone the administration would add 2000 megawatts to the national grid. Mr. Buhari assumed office on May 29 last year. He said,.... Read more »

Posted on : Wednesday , 23rd March 2016