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…
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…
An innovative multi-million-dollar programme in Kenya seeks to connect 14,000 households and businesses to green mini-grids by the end of 2018. The programme dubbed the Green Mini Grid (GMG) Facility Kenya aims to achieve this through scaling up private utilities delivering renewable electricity to rural communities. It is based on results-based financing and could be a model…
Le Morne; Johannesburg, Lagos, Nairobi, Cairo, London, New York, 18 June 2018: Africa investor (Ai), a leading international investment and communications group, today announced the winners of the 2018 Africa investor (Ai) Infrastructure Investment Awards. These first-of-their-kind Awards reward and showcase excellence amongst Africa’s infrastructure investors, to a growing pan-African and global infrastructure investment and development finance community.…
In Africa, there has been the emergence of an ecosystem built around pension funds. A recent institutional investor study estimated that the ten largest funds in Africa held a combined $310 billion in assets. This has transpired for a number of reasons, not least being the fact that many of these countries are switching from…
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today launched its Connect Africa initiative which will mobilize more than $1 billion to projects that support transportation, communications, and value chains in Africa over the next three years. The announcement comes as OPIC’s President and Chief Executive Officer Ray W. Washburne embarks…
Angola plans to allow miners to sell up to 60% of rough diamonds to companies of their choice, including to their own trading divisions, Reuters reported last week. The changes are part of the country’s reforms to its diamond sector under President João Lourenço, who came to power in September. Producers must currently sell through…