Market News Page No. 530| Africa Business News | Afrotrade

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Innoson Unveils First 'Made-in-Nigeria' Cars

When Nigeria, on October 3, 2013, announced the introduction of a new automotive policy aimed at discouraging the importation of wholly assembled automobile and encouraging local manufacturing, it seemed like a tall dream. But building on recent local assembly successes, by Hyundai and Nissan, was last week’s unveiling of a new brand of cars by indigenous company, Innoson Motors. Innoson Vehicle Manufacturing Company Limited founded by.... Read more »

Posted on : Thursday , 11th December 2014

Lafarge Africa Set to Buy-Out Minorities in Ashaka Cement

Lafarge Africa, the Nigerian unit of the French cement maker, Lafarge, is poised to make a cash offer valued at about $122 million to buy-out minority shareholders in its Nigerian business, Ashaka Cement, it emerged on Tuesday. According to Reuters, the bid comes shortly after the $1.35 billion union of Lafarge Africa’s Nigerian and South African businesses, which has already gotten approval from shareholders in July this.... Read more »

Posted on : Thursday , 11th December 2014

Delphi Automotive Opens Third Factory in Morocco

Auto parts maker, Delphi Automotive Plc, has opened its third production unit in Kenitra, Morocco. The facility will provide jobs for another 1,700 people, bring the company’s total workforce to about 9000 people. It also confirms the attractiveness of Morocco’s automotive sector to European manufacturers. “Morocco offers a competitive environment for the manufacturing of automotive components due to its proximity to.... Read more »

Posted on : Thursday , 11th December 2014

Africa: Launch of the Continental Free Trade Area - trade agreements and investment trends

A three-day meeting of experts opened on Monday this week at the African Union Headquarters in Addis Ababa in advance of the 9th Ordinary Session of the African Union Conference of Ministers of Trade to be held on 4-5 December. The experts are deliberating the implications of mega regional trade agreements and current investment trends in the context of Africa's commitment to forge its economic integration. The discussions are particularly.... Read more »

Posted on : Thursday , 11th December 2014

Africa:Nexus Alliance Bags Contract with GE's Industrial Facility

General Electric (GE) has awarded Nexus Alliance Limited, contract for the technical training and capacity development of all personnel that will be engaged at its (GE's) Multimillion dollar Manufacturing and Assembly facility situated in Calabar, Cross River State. Vice Chairman of GE Mr. John Rice, this in Abuja during a recent visit to Nigeria. He said the contract award was in fulfillment of the pledge made by Chairman of GE, Mr. Jeff.... Read more »

Posted on : Thursday , 11th December 2014

15 Firms Plan Multi-Million Investment Manufacturing Industrialization

Fifteen firms from four countries have indicated interests to invest in key sectors of the economy such as agriculture and manufacturing. This was made known by the Nigerian Ambassador in Argentina, Amb. Chive Kaave, when he led the investors from Argentina, Peru, Cuba and Paraguay to meet with the Executive Secretary of the Nigerian Investment Promotion Commission, NIPC, Mrs. Saratu Umar. He said the visit was in response to the federal.... Read more »

Posted on : Thursday , 11th December 2014

Siemens extend devepolment to African Manufacturing�Sector

THE Managing Director, Siemens Nigeria, Onyech Tifase, has described the company's feat in addressing challenges in Nigeria's real sector as a testimonial to the fact that the company fully understands the Nigerian terrain and is deeply committed to the country's development. According to her, Siemens is ready to assist its customers to surmount the challenges in the manufacturing environment, with inadequate levels of infrastructure,.... Read more »

Posted on : Thursday , 11th December 2014

Tanzania s Off Grid Electric raises $16 million from SolarCity, Zouk Capital & Microsoft co-founder -

Things are looking bright for East Africa this season. At least that’s the case for the solar as a service startup Off Grid Electric and its customers. Tanzanian-based solar company Off Grid Electric has raised a massive US$16-million (about R184-million) lead by the US alternative energy giant and NASDAQ-listed, SolarCity, the UK’s Zouk Capital as well as Microsoft co-founder Paul Allen’s Vulcan Capital. The.... Read more »

Posted on : Thursday , 11th December 2014

SolarCity invests in US$16 million fund for off-grid solar in Africa

US installer SolarCity is among the investors in a US$16 million funding round closed this week by Off Grid Electric, a company offering pre-paid solar systems in Africa. Apart from SolarCity, infrastructure fund manager, Zouk Capital and Vulcan Capital, the private investment firm of Microsoft co-Founder Paul Allen, led this second round of investment funding for Off Grid Electric. The first round last year, raised US$7 million..... Read more »

Posted on : Thursday , 11th December 2014

ERHC retains Deloitte as strategic advisor on its assets in Sub-Saharan Africa

Sub-Saharan Africa oil and gas explorer ERHC Energy has announced it has retained the services of Deloitte Corporate Finance LLC (DCF) to advise on the Company’s oil assets in the Republics of Chad and Kenya. Deloitte will advise ERHC on matters related to possible joint ventures, alliances sales and/or divestitures on the Chad and Kenya licenses at a time where the drop in global oil prices has prompted consolidation among.... Read more »

Posted on : Wednesday , 10th December 2014

South Africa, Mozambique Governments Sign Agreement to Evaluate Viability of a Gas pipeline

South Africa’s Public Investment Corporation SOC Limited (SacOil) and the Instituto de Gestão das Participações do Estado (“IGEPE”) in Mozambique (have signed a Joint Development Agreement to evaluate the technical and commercial feasibility of a transnational terrestrial gas pipeline and distribution facility that will carry natural gas from Mozambique’s Rovuma fields into South Africa, with.... Read more »

Posted on : Wednesday , 10th December 2014

US$116m set aside for construction of two open markets in Kenya

The Government of Kenya is planning to construct a US$ 74.2m open market in Athi River, Machakos County and another US$ 42m market in Murang’a, Murang’a County. East African Affairs, Commerce and Tourism secretary Phyllis Kandie indicated that the tendering process for the project will be done next year, and that the project is expected to be complete within two years after the process. The open market construction.... Read more »

Posted on : Wednesday , 10th December 2014

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