Market News Page No. 347| Africa Business News

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

Gambia: FAO, Ministry of Agriculture Launch D20 Million TCP Project On Commercial Poultry Production

The Gambia government and the Food and Agriculture Organisation (FAO) Thursday launched the Technical Cooperation Project (TCP) /GAM/3503; Title "Assistanceto EnhanceCommercialPoultryProduction for Food Security". The TCP worth USD489,330 or close to D20 million was signed between the Ministry of Agriculture and FAO on 30 November 2015. In his launching statement, Dr. Duto Sainey Fofana, Director General the.... Read more »

Posted on : Wednesday , 23rd March 2016

Zimbabwe: Mining Company's Gold Production On The Up

Caledonia Mining Corporation's annual gold production rose in 2015 despite work on a major upgrade at its 49 percent owned Zimbabwe mining unit, Blanket mine. Production at Blanket Mine for the year was 42 800 ounces against 41 800 ounces and all largely due to higher output in the fourth quarter of 11 510 ounces.Grades during the period were lower on average and this pushed up costs while revenues were also affected by the lower gold price.... Read more »

Posted on : Wednesday , 23rd March 2016

Floating Power Station Inaugurated in Mozambique

Maputo — The Mozambican and Zambian Presidents, Filipe Nyusi and Edgar Lungu, on Saturday inaugurated a floating power station in Nacala in the northern province of Nampula. The power station can generate 100 megawatts and can supply northern Mozambique and Zambia. The Turkish vessel containing the power station has been docked at Nacala port since 18 February. 110 kilovolt cables were connected, linking the ship to two.... Read more »

Posted on : Tuesday , 22nd March 2016

Uganda: Solar Power Plant to Add 10MW to National Grid

Kampala — Energy ministry in partnership with Access Uganda Solar Limited has launched a 10MW solar power plant in Soroti District, aimed at increasing power access in the eastern district. The power produced from the $19m (about Shs64b) solar power plant is expected to be added to the national grid in July and will power 40,000 homes and businesses in an area where electricity access is still very low. Speaking at the.... Read more »

Posted on : Tuesday , 22nd March 2016

Kenya: County to Utilize Solar Energy to Pump Underground Water

Tharaka-Nithi county will use solar energy to pump underground water to generate electricity. Speaking in Tunyai on Saturday where he commissioned a Sh1.3 million solar powered domestic water pump, Physical Planning, Energy and Lands chief officer Sebastian Mwangangi said "we are determined to use heat from the sun in changing lives of the locals." The project is funded by USAID and the county government. A.... Read more »

Posted on : Tuesday , 22nd March 2016

Nigeria: Construction begins on U.S.$300 Million Stadium Project in Nnewi

Awka — Chairman FC Ifeanyi Ubah, Chief Ifeanyi Ubah, has disclosed that his club has started the construction of a $300 million stadium project in Nnewi, Anambra State. Ubah said while fielding questions from journalists on Friday in Nnewi that the stadium would create about 5,000 jobs on completion, while it would be the first of its kind in Nigeria. He added: "The stadium would be made up of a games village, youth.... Read more »

Posted on : Tuesday , 22nd March 2016