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BUSINESS & DEVELOPMENT

Nigeria to eliminate forex black market, says Finance Minister

Nigeria’s Finance Minister, Kemi Adeosun, has announced on Tuesday that the federal government had instructed the Central Bank to eliminate currency black market, where foreign currencies fetch more naira than the official rate.“The CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy,” Ms Adeosun told a conference …

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Egypt sees ‘three-year strategy’ to revive economy

AFP│ Egypt has an ambitious three-year reform plan that, with foreign help, can revive its struggling economy, the minister of international cooperation said. In an interview, Sahar Nasr said the “three-year strategy” will lead to a return of investments, boost industrial production and create jobs.  It comes as Egypt faces not only falling growth and a currency crisis following years …

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How Zimbabwe is responding to limitations of hydro power

James Shepherd, Managing Director, Aggreko Africa, on how his company is partnering with the government of Zimbabwe to solve the country’s energy crisis caused by extended drought in the region.There are parts of Zimbabwe where consistent drought is putting intolerable pressure on local communities. Indeed, many rural areas are in difficulty thanks to the impact of the extreme weather, which …

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Nigeria bans importation of vehicles through land borders

The Federal Government of Nigeria has banned the importation of vehicles into Nigeria through the land borders. The ban takes effect from 1 January 2017. According to a statement by the Public Relations Officer of the Nigerian Customs, Wale Adeniyi, “The prohibition order covers all new and used vehicles.” He added, “The ban is sequel to a Presidential Directive restricting …

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Using training and technology to help women entrepreneurs in Africa grow their business

Njideka Harry, in commemoration of this year’s Women’s Entrepreneurship Day, writes on how Youth for Technology Foundation in partnership with Mastercard supports two women’s journey to self-fulfillment and financial freedom in Africa’s most populous country.Statistics show that female entrepreneurs in Africa serve as the backbone of the economy and have the power to drive incredible growth. A Global Entrepreneurship Monitor …

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Scepticism greets Zimbabwe’s new bond notes

Struggling with a shortage of cash Zimbabwe has introduced a new currency, a “bond note”, redeemable against US dollars, which has been the country’s official currency since 2009. However, many people fear the bond note will wipe out savings and trigger printing of money, which raged out of control in 2008, leading to the adoption of the dollar.The secrecy of …

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German-South African Binational Commission meets in Berlin

On 15 and 16 November, the 9th session of the German-South Africa Binational Commission took place in Berlin. High ranked representatives from both countries come together every other year to debate on global challenges and establish an agenda for future joint co-operation.The Binational Commission (BNC) is an important instrument to steer intra-governmental relations between Germany and South Africa. On 15 …

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Lagos woos German investors as Charles Huber visits Nigeria

The Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, has said that the state, Nigeria’s most populous and its economic heartbeat, remains a prime destination for foreign investors, considering its improved infrastructure and secured environment.Obasa made the assertion when a delegation of German parliamentarians paid a courtesy call on him in his office at Ikeja on Monday, 31 October.He …

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Mauritius, Rwanda, South Africa make doing business easier, says new World Bank report

WASHINGTON, 25 October 2016 – Sub-Saharan Africa economies carried out a record number of reforms in the past year to improve the business climate for local entrepreneurs, says the World Bank Group’s annual ease of doing business report.“Doing Business 2017: Equal Opportunity for All,” released today, finds that 37 of the region’s 48 economies adopted 80 reforms in the past …

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Abuja hosts inaugural Nigeria Mining Week

A series of events, including exhibitions, conferences and workshops, dedicated to the mining industry in Nigeria takes place in the capital city Abuja from 25-27 October. Minister of Mines and Steel Development, Dr Kayode Fayemi, will deliver the welcome address at the inaugural Nigeria Mining Week.Mining is being reactivated by the administration of President Muhammadu Buhari to play a more …

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African leaders sign ‘historic’ maritime deal against piracy and smuggling

African leaders on Saturday [15 October] signed a deal to boost security off the continent’s economically crucial coasts, hoping to shore up development by tackling maritime crimes like piracy and smuggling.Congolese President Denis Sassou Nguesso hailed the African Union agreement as “historic”, while Kenya’s President Uhuru Kenyatta said it showed Africa’s ability to put together a continent-wide strategy.Sassou Nguesso said …

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Nigeria’s President Buhari seeks closer business ties with Germany in Berlin

During an official state visit to Germany, President Muhammadu Buhari called for closer economic ties. But faced with an economic downturn in Nigeria, German companies point to major hurdles to investment, reports Naomi Conrad.In the end, it took two attempts: As Chancellor Angela Merkel struggled to pronounce Muhammadu Buhari’s name at a joint press conference in Berlin, the Nigerian President …

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Nigerians point way forward for their country in Hamburg

Amid the gloom of recession and a tightening of belts in the homeland, Nigerian academics, business people and other professionals met with German companies to discuss ways of forging ahead in Hamburg, reports Michael Nnaji.Nigerians living in Germany gathered in the port city of Hamburg recently to parley on what the great Nigerian writer Chinua Achebe once described as the …

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Modern Railway linking Ethiopia to Djibouti opens

A $3.4 billion Chinese-built railway linking the Ethiopian capital Addis Ababa and the port city of Djibouti has opened, a boost to both African countries’ economies and an important milestone for Chinese investments in Africa.The new 750-km line, which completely replaces a long-defunct French line built in the early 20th century, will reduce travel time between the two cities to …

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HomeSend, Mastercard aim to transform the $3bn remittance industry in Ethiopia

HomeSend and the Commercial Bank of Ethiopia (CBE) have announced a new remittance service that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country.Launched in 2014, HomeSend is a joint venture of Mastercard, eServGlobal and BICS that enables business to business cross-border and cross-network transfers. Consumers can send money …

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US-Africa Business Forum 2016

The United States Chamber of Commerce and the Bloomberg Philanthropies co-hosted the US-Africa Business Forum in New York on 21 September. The forum played host to African business and political leaders and their American counterparts.Development in Africa is really shaping up, as more trade partnerships are being made with several global investors and stakeholders towards evolving the continent’s image, rather …

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“Let us come together in Hamburg,” NIDO president invites Nigerians in Germany

The president of the Nigerians in Diaspora Organisation (NIDO) Germany, Kenneth Gbandi, has called on his compatriots to turn out in large numbers at the forthcoming 4th Nigerian Business & Investment Summit scheduled for 30 September and 1 October in Hamburg. The event, part of the activities of the NIDO Germany Day 2016 to mark Nigeria’s 56th independence celebrations, will …

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What German companies found during a recent exploratory visit to DR Congo

Cologne-based business lawyer Christophe Kabambe accompanied a German business delegation on an exploratory visit to the Congolese city of Lubumbashi. He reports on the revelations of the journey.A delegation of German businessmen recently visited the city of Lubumbashi in the deep south of the Democratic Republic of Congo (DRC) in June. Lubumbashi, with an estimated population of more than two …

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