Saudi developer ACWA Power and the state-owned Central Energy Fund of South Africa are linking up to invest in US $10bn for renewable energy projects in the southern African country in bid to revive to the country’s troubled energy sector. Confirming the statement was ACWA Power chairman Mohammad Abunayyan who said they are committed to…
Nigeria’s President Muhammadu Buhari is set to commission the recently-completed first phase of the Abuja light rail project and to to flag-off the railway services signalling the commencement of operations of the long-awaited rail services in the Federal Capital Territory (FCT) Abuja. A statement signed by the Chief Press Secretary to FCT Minister, Cosmas Uzodinma,…
Zimbabwe and Zambia have agreed on principles for the US $5bn Batoka Gorge Hydro Electricity project secured by Harare, paving way for a technical meeting this week between experts from two the countries. Zimbabwe recently received an expression of interest from General Electric Africa to undertake the 1 600MW power project along the Zambezi River,…
The island nation of Mauritius has set itself apart as the wealthiest country on the African continent on a per capita basis. Over the past 10 years (2007 to 2017) total wealth held in Mauritius has risen by 195% (in US$ terms), making it the fastest growing wealth market in Africa and one of the…
East Africa has enjoyed stronger and more resilient economic growth than the other regions in Africa, at over 4 per cent per year since 1990, on the back of a more diversified economy. A new joint report by the African Union Commission (AUC) and Organisation for Economic Co-operation and Development (OECD) shows that East Africa and West Africa managed to reduce extreme poverty…
Aliko Dangote has made a fortune out of cement and food processing. Now, Africa’s richest person is embarking on a bigger challenge: a $15 billion investment in oil, gas and petrochemicals that could, if he pulls it off, transform Nigeria’s economy. Aliko Dangote The 61-year-old is building one of the world’s biggest oil refineries near Lagos, the commercial…
Impact on Africa; Micro-Finance remains the key growth in Africa. EFG Hermes continues and grows its African footprint and importance into sector of high relevance. ASA has an extensive African footprint, including Nigeria, Kenya, Ghana, Tanzania. Ghana, Tanzania, 13 July 2018 (Dubai and London) — EFG Hermes, a leading financial services corporation in…
Ethiopia needs $7.5 billion to finish infrastructure projects such as a massive dam and roads that the government hopes will drive industrialisation, the new prime minister said on Friday. Speaking to parliament before its vote on the 2018/19 budget, Abiy Ahmed said the government needed to be more efficient and prudent in its spending of…
Dangote Cement Plc, Africa’s biggest producer of the building material, may carry out its long-planned listing of shares in London after Nigerian elections early next year, as it considers expansion through takeovers. “We are working on it and we’ll look at it in 2019,” Edwin Devakumar, group executive director at Dangote Industries Ltd., said in an interview…
Tanzania has had to defend the proposed Stiegler Gorge power project to the United Nations Educational, Scientific and Cultural Organisation (Unesco) at the 42nd meeting of the World Heritage Committee, in Bahrain. The multi-billion project, which is expected to generate 2,100MW after the construction of a large dam along the Rufiji River in the Selous…