The African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) have said that they have partnered with the African Organisation for Standardisation (ARSO) to launch a new Arab-Africa Trade Bridges Program (AATB) initiative called the Harmonisation of Standards for Pharmaceutical and Medical Devices in Africa. The partnership is expected to promote the …read more →
AFRICAReports
IMF Approves Over $15 Bn for Africa’s Recovery …says continent needs more + reforms
The IMF has approved more than $15 billion in financial assistance and debt-service relief to sub-Saharan African countries to offset the impact of the pandemic and “certainly will be doing more in the years ahead. The International Monetary Fund (IMF) has said that Sub-Saharan Africa will need hundreds of billions of dollars and reforms that …read more →
AfDB to Develop PPP Framework for Infrastructure Development in Africa
The African Development Bank (AfDB), has begun developing a Public-Private Partnership (PPP) framework to strengthen support for PPPs and enhance economic and social infrastructure development in the continent. According to a statement from AfDB, representatives of the bank, Development Finance Institutions (DFIs), private sector, and professional associations made this known in a virtual meeting hosted …read more →
BUA Group Plans to Build 200,000 Bpd Capacity Refinery in Akwa Ibom
The BUA Group is planning to construct a 200,000 barrel per day (bpd) refinery and petrochemicals plant in Akwa Ibom, the French company that won the contract for the project has revealed. France’s Axens said in a statement that it has been selected for the multibillion-dollar Petrochemicals and Refinery plant in Nigeria. This announcement is …read more →
Access Bank, Wigwe emerge winners at 2020 African Banker Awards
Access Bank PLC and its Group Managing Director, Herbert Wigwe, were recognised as winners of the ‘Agriculture Deal of the Year’ and ‘African Banker of the Year’ categories at the 2020 African Banker Awards. Access Bank was awarded for its role in helping Olam develop their rice operations in Nigeria by using a model hinged …read more →
Nigeria Plans to Build Shipyard in its Bayelsa State
The Federal Government of Nigeria has flagged off the feasibility study for the construction of a shipyard in Brass Island, Bayelsa State. In a statement in Abuja, the Nigerian Content Development and Monitoring Board (NCDMB), said the government had engaged China Harbour Engineering Company for the studies, adding that when completed, the shipyard would cater …read more →
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 →
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 →
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 →
Nigeria Set to Produce Bitumen for its Roads Construction
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari, has approved a new policy on local production of bitumen to further diversify the nation’s economy. The Minister of Works and Housing, Babatunde Fashola (SAN), disclosed this at the end of the Council meeting which lasted for over eight hours on Wednesday. He said …read more →