Category archives for: Business

Remittance Into Nigeria Increased by 14% to Reach $25 Billion in 2018 — PwC

by YINKA AWOSANYA In 2018, a total of $25.08 billion was remitted by Nigerians in diaspora into the country, PricewaterhouseCoopers (PwC) estimates. This represents about 14% increase from 2017 and 83% of the federal government’s 2018 budget in value. This is almost $3 billion higher than the World Bank’s previous estimate which, at $22 billion, […]

Ghana Seeks $300 Million to Prop Up Loss-Making Cocoa Board

EKOW DONTOH Ghana is in talks with lenders for $300 million in loans to support the country’s loss-making cocoa regulator. Ghana Cocoa Board, which oversees sales and purchases in the world’s second-biggest grower of the chocolate-ingredient, needs 1.1 billion cedis ($223 million) to meet its commitments for the annual season through September, according to a […]

Fears Grow in Africa That the Flood of Funds From China Will Start to Ebb

by Richard Partington  Concerns over Chinese growth could spell problems for Africa and other parts of the developing world. Beijing funded an overseas investment boom in the past few decades as it strove to become the world’s second largest economic superpower, while also buying vast amounts of the natural resources produced by emerging nations. The […]

Africa Embraces Huawei Despite Security Concerns

by Allan Olingo  Concerns over Chinese growth Chinese technology giants Huawei and Zhongxing Telecommunications Equipment Corporation (ZTE) have established their presence on the continent and become the foundation of Africa’s telecom infrastructure. And they are not slowing down, despite the US placing restrictions on investment by the two firms, and roping in its allies in […]

Millions Invested But Significant Gold Mining Underexploited in West Africa

Mining companies have invested at least $5bn towards gold exploration in West Africa in the past decade but significant reserves are underexploited, mineral industry experts say. Delegates at the Ecomof mining and petroleum forum in the Ivory Coast commercial capital Abidjan were told that more must be done to attract international investors to develop mining […]

China Buys Up East Africa Soybean

The effects of the trade war between the US and China have spilled over into East Africa as Beijing starts looking to the region as one of its alternative soybean sources. China’s interest has caused a soybean shortage and an increase in prices, with processing companies like African Improved Foods (AIF) in Rwanda, which import […]

Ethiopia Overtakes Dubai as Top Feeder of Air Traffic to Africa

Ethiopia has overtaken Dubai as a conduit for long-haul passengers to Africa, highlighting the success of the state airline’s expansion drive and the reforms of its new prime minister. Travel consultancy ForwardKeys said on Wednesday Addis Ababa airport had increased the number of international transfer passengers to sub-Saharan Africa for five years in a row, […]

Remittance Income Boosts Growth

by EMMA OKONJI Despite experiencing an overall market slowdown, countries across the continent are reported to have a positive economic outlook. Countries in the East African region are projected to grow by 6.3% due to inflows, with remittances serving as a key economic driver for most countries across all regions. The third quarter 2018 report […]

Djibouti Commissions $3.5 Billion Chinese-built Free Trade Zone

by ABDOURAHIM ARTEH Djibouti commissioned a $3.5 billion, Chinese-built free trade zone on Thursday, deepening ties with the Asian giant and helping the Horn of Africa nation generate more jobs for its youths. Djibouti, with a population of 876,000, already hosts Chinese, U.S. and French naval bases and it also handles roughly 95 percent of […]

Ivory Coast eyes bio-mass power generation from cocoa waste

The world’s top cocoa producer Ivory Coast plans to build a 60 to 70 megawatt (MW) capacity biomass power generation plant running on waste from cocoa pods, part of its aim of developing 424 MW of bio-mass power generation capacity by 2030. The plant, which will enable Ivory Coast to diversify its electricity generation sources, […]