Nigeria’s apex bank defends selective forex restriction

Nigeria’s apex bank defends selective forex restriction

The Central Bank of Nigeria (CBN) has defended its decision to stop the use of foreign exchange for the importation of certain goods.A statement by the CBN Director of Corporate ...

Mozambique vows to raise power supply to meet demand

Mozambique vows to raise power supply to meet demand

Mozambique's Minister of Mineral Resources and Energy, Pedro Couto, has said that increasing access to electricity is a fundamental priority for the government, but the electricity ...

Mozambique in good shape but must control state firms-IMF

Mozambique in good shape but must control state firms-IMF

The International Monetary Fund (IMF) has said strong economic growth in Mozambique is supported by major investments in the coal mining and natural gas sectors but stricter control ...

Sierra Leone Bank to investigate fire incident

Sierra Leone Bank to investigate fire incident

The management of the Sierra Leone Commercial Bank (SLCB) has on Thursday promised an investigation into the cause of a fire incident which engulfed its branch in the northern ...

Malawi signs number of deals worth $1.1bn

Malawi signs number of deals worth $1.1bn

Malawi has successfully sold its opportunities to potential investors by signing deals worth over $1.1billion during its Investment Forum.According to a Communiqué read during a ...

Congo gets $22.5m AfDB loan to improve investment climate

Congo gets $22.5m AfDB loan to improve investment climate

The African Development Bank (AfDB) on Wednesday approved a $22.5 million loan to the Republic of Congo to help finance the country's Investment Climate and Forest Governance ...

Kenya launches $11m steel plant

Kenya launches $11m steel plant

Kenya's Industrialization Cabinet Secretary Aden Mohammed on Wednesday launched a $11 million steel plant in Kiambu County, 30 Km from the capital Nairobi.The new plant is expected ...

Nigeria’s apex bank defends selective forex restriction

The Central Bank of Nigeria (CBN) has defended its decision to stop the use of foreign exchange for the importation of certain goods.A statement by the CBN Director of Corporate Communications, Ibrahim Mu'azu, in Abuja on Saturday said the CBN took the decision because it was important and the right thing to do. The statement, which was in reply to “The Economist Magazine's article of July 4, titled ...

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Ghanaian President urges strengthened support from Afreximbank

Ghanaian President John Mahama has urged the African Export-Import Bank (Afreximbank) to further strengthen its trade finance support to the Ghanaian business sector, particularly in the areas of agro-processing and pharmaceuticals. Speaking when Dr. Benedict Oramah, President Designate of the Bank, paid him courtesy visit on Friday in Accra, President Mahama highlighted the increasingly important roles of ...

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Mozambique: Minister pledges support for ex-S/African miners

Mozambique's Labour and Social Security Minister Vitoria Diogo has pledged continued government support for the Mambadine Agricultural and Livestock Association in the southern Inhambane province, which was set up by former miners and the widows of Mozambican miners who died in South African gold and platinum mines.State-run AIM news agency reported Friday that Diogo met with the members of the association ...

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Germany approves US$142m aid for Mozambique

Germany has agreed to donate US$142 million for various development projects in Mozambique under an agreement signed in Maputo on Friday.The agreement was signed by Mozambican Foreign Minister Oldemiro Baloi and German ambassador Philipp Schauer and would cover a two year period. A joint media statement said the grant, which would cover a two-year period, would support “the three priority areas in the ...

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Nigeria: Agency attributes fuel scarcity to drop in lifting of product

Nigeria's Department of Petroleum Resources (DPR) has attributed the re-emergence of fuel queues in Abuja and environs to a sharp drop in the lifting of oil by marketers from Suleja Depot. A senior official of the DPR, who preferred anonymity, said in Abuja on Friday that the daily supply to Abuja started dropping since the beginning of the week. The source said that average daily supply to Abuja was between ...

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Nigeria inaugurates committee on conservation of energy in housing construction

Nigeria's Federal Ministry of Lands, Housing and Urban Development has inaugurated an Inter-ministerial Committee to device ways of conserving energy in public buildings in the country.The Chairman of the committee and Permanent Secretary in the ministry, Mr. George Ossi, said on Friday in Abuja that the committee was in line with the renewed commitment of the ECOWAS Heads of State and Government. Ossi ...

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Zambia: No tariff hike amidst power outages

Zambian Vice President Inonge Wina has ruled out electricity tariff hikes as the country grapples with crippling power outages attributed to low water levels in the Kafue and Zambezi Rivers from where the country generates hydroelectricity.Wina said on Friday that although the power supply company, the state owned Zambia Electricity Supply Company (ZESCO) was incurring massive losses as a result of the power ...

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Gambia: Plastic bag factories closed down

The Gambia government has ordered plastic bag manufacturing factories to cease manufacturing and their owners and importers warned not to sell their remaining stock in the country.Jobe Mbous, a local plastic bag manufacturing factory and other major plastic bag importers in Banjul, confirmed to the African Press Agency on Friday, that they had received directives to stop producing and selling plastic bags in ...

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Nigeria’s foreign reserves down to $29bn

Nigeria's foreign reserves level fell by $594.83 million or 2.00 percent in one month to $29.00 billion on June 30, down from $29.59 billion as at May 28, 2015. According to the data released by the Central Bank of Nigeria (CBN) on Thursday, this represented a decline in the second quarter of the year to $789.231 million or 2.64 percent from $29.789 billion in the corresponding period of March. But on a ...

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Nigeria rakes in over $9bn from taxes in 1Q

The acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Sunday Ogungbesan, has said that the service generated a whopping N1.842 trillion (about $9.3bn) from taxes into the federation account in the first half of the year. Nigeria's This Day newspaper report on Friday said that Ogungbesan told Senate President Bukola Saraki on Thursday in Abuja that the figure was a far cry from what ...

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