AFRICAReports Economy News & Reports

Dangote Cement ships first clinker cargo to Senegal ….declares N162.9 Billion Profits In 6 Months

Dangote Cement Plc has announced that it has shipped its first clinker cargo to Senegal from its new cement terminal in Apapa, Lagos, Nigeria. While disclosing this to news men in Lagos, the Group Managing Director, Mr Michel Puchercos, said that It has been a long journey for Nigeria, from being one of the largest …read more →

Infrastructure Infrastructure Financing News & Reports Power

Nigeria Approves €18.94 mn Counterpart Funding for Siemens Upgrade of its Power Infrastructure

President Muhammadu Buhari has approved €18.94 million counterpart funding for a deal that will see Siemens AG upgrade the nation’s dilapidated power infrastructure. Nigeria, Africa’s most populous nation, last year contracted the German engineering company to rehabilitate and expand its electricity grid. The president granted “anticipatory approval” for €18.94 million, or 15 percent of the …read more →

Banking and Finance

COVID-19: First Bank Offers Support to SMEs in Education Sector

First Bank of Nigeria Ltd. has offered to give financial support to Small and Medium Enterprises (SMEs) in the education sector to cushion the effects of the COVID-19 pandemic. The Head, Transaction Banking Products of First Bank, Mr Bankole Adediran, made this known at the bank’s SMEConnect webinar with theme: “Managing Your School through the …read more →

AVIATION News & Reports WORLDReport

China-Developed World’s Largest Amphibious Aircraft Completes Maiden Flight From Sea.

China’s indigenously-developed AG600 large amphibious aircraft succeeded in its maiden flight over sea on Sunday morning in Qingdao, east China’s Shandong Province, its developer announced. The aircraft took off from the sea off Qingdao at 10:18 a.m. and completed the test flight after flying for about 31 minutes, said state-owned plane-maker Aviation Industry Corporation of …read more →

Banking and Finance Economy News & Reports

CBN Retains MPR at 12 Percent to Stabilise Economy

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained Monetary Policy Rate (MPR) at 12.5 percent and held all other policy parameters constant. The CBN Governor, Mr. Godwin Emefiele made the pronouncement while reading the communique after the MPC meeting in Abuja yesterday. Emefiele also said that the committee retained …read more →

Banking and Finance Economy News & Reports

Diaspora Contributions to Development Excites President Buhari

President Muhammadu Buhari has commended the contributions of Nigerians in Diaspora to the social-economic development of the country. Buhari said this at the maiden Virtual National Diaspora Day celebration held via Webinar with the theme for the event was “Leverage the Diaspora Resources for National Development.” He said that over the past three years, Nigerians …read more →

Banking and Finance News & Reports

CBN Okays N50b revival fund for Textile Industry

The Central Bank of Nigeria (CBN) has announced N50 billion special mechanism funds to revive the ailing textiles industry. The funds which will be administered by the Bank of industry (BoI) at 4.5 per cent interest rate will use any of the CBN-approved non-interest financing instruments for refinancing of projects, long- term financing for acquisition …read more →

AFRICAReports Banking and Finance News & Reports Telecom

Cross-Border Money Transfers: Airtel Africa Partners Mukuru in 12 African Countries

Airtel Africa and Mukuru have partnered to enable Mukuru customers to instantly send cross-border transfers directly to Airtel Money customer wallets in 12 African countries. Mr Raghunath Mandava, the Chief Executive Officer, Airtel Africa, said this in a statement made available to newsmen on Thursday, in Lagos. According to Mandava, the partnership will, particularly, be …read more →

AFRICAReports Economy Infrastructure News & Reports

Rwanda Gets $97.67 Mn Loan from AfDB to Strengthen Budget 2020

The African Development Bank on Thursday approved a concessional loan of $97.675 million to Rwanda to strengthen its national budget as it works to mitigate impacts of the COVID-19 pandemic. The funding will take the form of an African Development Fund loan, which the Bank is providing under its COVID-19 Response Facility. Rwanda mounted a …read more →