Market News Page No. 453| Africa Business News | Afrotrade

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NIRP to boost Africa manufacturing sector

The Nigeria Industrial Revolution Plan (NIRP) is likely to increase the annual revenue of the nation’s manufacturing sector to US$25bn, said Nigerian minister for industry, trade and investment Olusegun Aganga construction The minister said that the goal of the NIRP was to increase the contribution of the manufacturing sector’s GDP from the current seven per cent to more than 10 per cent in the next five years. The NIRP, a.... Read more »

Posted on : Thursday , 10th September 2015

Kenya: Erin Energy awarded licence extension offshore Kenya - still seeking farm-in partners

Erin Energy has obtained an eighteen-month extension of the Initial Exploration Period (IEP) of its offshore Kenya Blocks, L27 and L28. The IEP on blocks L27 and L28 has been extended to February 2017. 'We are delighted to receive this eighteen-month extension,' said Segun Omidele, Senior Vice President, Exploration and Production. 'This additional time to evaluate these blocks will allow us to acquire 3D seismic data and to look for.... Read more »

Posted on : Thursday , 10th September 2015

KENYA AND SOUTH AFRICA BRING AFRICAN TRADE ONE STEP CLOSER

Kenya and South Africa have faced diplomatic tensions due to strict visa regulations; however the recent launch of the Kenya/South Africa joint business council is seen as a step towards enabling relations between the two countries. “The relationship has been there but [the] business partnership has not been very strong,” says Laban Onditi, vice- national chairman at the Kenya National Chambers of Commerce and.... Read more »

Posted on : Thursday , 10th September 2015

Kenya Power starts Sh1.2bn Mombasa street lighting project

Kenya Power on Wednesday launched a major network upgrade and street lighting project in the coastal city of Mombasa. The street lighting project will include Mombasa’s Old Town at a cost of Sh45 million and will involve retrofitting of 500 existing High Pressure Sodium (HSP) lamps to Light Emitting Diode (LED) lamps, replacing 5km of existing overhead streetlight conductors with aero-bundled cable conductors and the automation of the.... Read more »

Posted on : Thursday , 10th September 2015

Kenya looking at the world, not East or West

Kenya is neither looking East nor West for investors but for opportunities across the world whether in traditional ally markets or in emerging markets, Foreign Affairs and International Trade Cabinet Secretary Amina Mohamed has said. Speaking at the Barclays Africa Forum in Canary Wharf London, CS Mohamed said the arguments that Kenya was looking East towards China and other Asian countries while abandoning her traditional allies was.... Read more »

Posted on : Thursday , 10th September 2015

Germans lend Exim Bank Tanzania $20m

DAR ES SALAAM, Tanzania - Exim Bank Tanzania Limited has signed a $20 million (about Tsh42 billion) loan with Germany’s private enterprise lender, Deutsche Investitions und Entwicklungsgesellschaft MBH (DEG) writes LEONARD MAGOMBA. “Signing this loan agreement with DEG asserts the confidence of these International DFIs in this ‘argest local Tanzanian bank,” Chief Finance Officer, Selemani Ponda told.... Read more »

Posted on : Thursday , 10th September 2015

Crystal Telecom announces dividends

KIGALI, Rwanda - Crystal Telecom’s board announced recently its shareholders will receive a dividend payout of Rwf 1,017,000,000 (about $1.43 million) making it Rwf3.75 per share writes AGNES BATETA. This is just over a month since the listing of Crystal Telecom as announced in statement released last week in Kigali. “As stated in the last offer period, we expected a special dividend to be paid out as a result.... Read more »

Posted on : Thursday , 10th September 2015

Renewed hope for agriculture as Kenya�s North Rift all set for fertiliser plant

Fertiliser prices are expected to drop once a Sh127.4 billion processing plant being constructed in Uasin Gishu County is completed. Deputy President William Ruto last week officiated over its groundbreaking. The plant is also expected to boost access to fertiliser for farmers in the region, encouraging more people to take up agribusiness. Cereal farmers in the North Rift have especially struggled with shortages of the input and its high.... Read more »

Posted on : Thursday , 10th September 2015

Kenyas private sector new consortium eyes big tenders

Kenya’s private sector has formed a consortium in a move to tap into billions of shillings worth of investment opportunities arising from the Northern Corridor Integration Projects (NCIP). This comes following renewed calls by the private sector to have local companies play a bigger role in the development of mega-projects in the East African region, which are currently dominated almost entirely by Chinese State-owned firms. The.... Read more »

Posted on : Thursday , 10th September 2015

ERC to draft new policy to regulate energy use

The Energy Regulatory Commission (ERC) will publish new policy guidelines to regulate use of energy. According to the regulator, under the proposed guidelines, consumers who use electricity to boil at least 1,000 litres of water or more would be required to install solar panels, among a raft of other measures. ERC Director General Joe Ng'ang'a said the new initiative will help curb unnecessary power usage. Ng'ang'a said the policy will also help.... Read more »

Posted on : Thursday , 10th September 2015

Construction of Rusumo Falls Hydropower Project along Rwanda-Tanzania border to begin

Construction works of the 80MW Rusumo Falls hydropower project which is funded by the World Bank and the African Development Bank is set to begin next year. The construction project will be located at Rusumo Falls along Rwanda-Tanzania border . The announcement comes after the families who were living in the area were relocated. “Holding other factors constant, the civil works should start in the first quarter of.... Read more »

Posted on : Wednesday , 9th September 2015

Africa�s largest solar carport in Kenya to be opened at newly constructed Garden City mall

Africa’s largest solar carport in Kenya constructed by Solarcentury is set to be opened at the newly constructed Garden City mall. The move is set to cut carbon emissions by around 745 tonnes annually. Solarcentury said that the constructed solar carport in Kenya will use the dual-mode technology which is a highly innovative energy solution that provides solar energy during the day implying that less is used from the grid;.... Read more »

Posted on : Wednesday , 9th September 2015

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