BUSINESS

Senegal’s international music star Akon is planning a solar investment programme for Sierra Leone as part of plans to support the government of President Julius Maada Bio. Akon, real name Aliaume Damala Badara, met with the president in the United States on the sidelines of the ongoing United Nations General Assembly, UNGA. Local media reports that his investment will comprise the …

The Commercial Bank of Ethiopia (CBE) has launched a scheme under which it will grant mortgage loans to nationals in the diaspora. The bank in a statement issued on Friday (5 October) said the loan targets non-resident Ethiopians and foreign nationals of Ethiopian origin. CBE chief Bacha Gina said the product was part of the bank’s vision to serve and …

A robust manufacturing sector is broadly understood as a fundamental path to economic growth and development. Despite their manufacturing potential and promising trajectories, most African countries have remained relatively dearth of factories, writes Professor Landry Signé. How to unlock the manufacturing and industrialization potential in Africa? The United Nations General Assembly has proclaimed the Third Industrial Development Decade for Africa …

Despite an economic slowdown, most African countries are reported to have a positive economic outlook. This is according to ICAEW’s (the institute of Chartered Accountants in England and Wales) latest report, In Economic Insight: Africa Q3 2018. The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, provides a snapshot of the region’s economic performance. The regions …

Leading international money transfer company WorldRemit has launched a new digital service within Africa, making it easier to send and receive money across the continent. The new digital service will reduce the cost of sending money across borders. The prohibitive charges that individuals and businesses pay to transfer money within Africa are recognised as a major obstacle to the growing …

The UK Government has announced a new £70-million programme to create 100,000 jobs in Nigeria, says the Minister of State for Africa, Harriett Baldwin. Baldwin said this during a business event as part of the activities for Prime Minister Theresa May’s visit to Nigeria on Wednesday. Baldwin, who led a business delegation to the event, said that the programme would …

At the recent Nigerian Diaspora Global Development Conference in London, government officials and business people from Nigeria exchanged ideas and experiences with the country’s nationals living abroad on how the Diaspora can better contribute to national development. Under the theme “Supporting the Development Roadmap for Nigeria”, the 3-day (26-28 July) event looked at the challenges confronting the country and identified …

With its sponsorship of and active participation in the recently-concluded Nigeria-Austria Business Forum and the Nigerian Cultural Festival 2018 in Vienna, Austria, Ecobank Nigeria Plc seek to consolidate its leadership position in Diaspora banking services. A member of Ecobank, the leading independent pan-African bank, headquartered in Lomé, Togo, Ecobank Nigeria has been active in Diaspora banking activities in the West African region for …

The leaders of Brazil, Russia, India, China and South Africa have a series of ambitious plans as South Africa hosts the 10th summit of the BRICS bloc in Johannesburg. Martina Schwikowski reports. South Africa’s government is hosting the tenth BRICS annual summit in Johannesburg on July 25-27, 2018. The Summit will be held under the theme: “BRICS in Africa: Collaboration for conclusive Growth …

Social media giant, Twitter Inc., has announced the appointment of Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala, to its board of directors. Also appointed is former World Bank chief, Robert Zoellick, as the microblogging site reshuffled its board, Twitter said Thursday. According to the Executive Chairman of Twitter, Omid Kordestani, Okonjo-Iweala would be an incredible asset for the company as …

Nigeria-Austria Business Forum 2018 took place recently in Vienna and was attended by businesspeople from countries and Nigerian government officials, including Governor Willie Obiano of Anambra State. The second Nigeria-Austria Business Forum took place on 28 June 2018 in Vienna, Austria, and it was dedicated to deepening trade ties between both countries. The event was jointly organised by the Embassy …

French President Emmanuel Macron offered a bold and new vision of France’s relationship with Africa, speaking at an exclusive session hosted by the Tony Elumelu Foundation in Lagos during his visit to Lagos last week. He passionately advocated a new partnership, prioritizing the role of entrepreneurship in driving Africa’s renaissance, highlighting the importance of the private sector and most importantly …

Two of the world’s top ten universities, Imperial College London and MIT in the US, have launched a search for collaborating institutions in Africa to drive innovation from across the continent. Imperial College London and the Massachusetts Institute of Technology (MIT) are launching a search for collaborating institutions in Africa to drive innovation from across the continent. The two universities …

The German government trained 10,000 Nigerian youths in vocational education between June 2016 and this month, an official of the German National Agency for International Cooperation (GIZ), Mr Horst Bauernfeind, has said. He made this known on Sunday in Abeokuta, capital of Ogun State, at the closing ceremony of the programme. Bauernfeind explained that the scheme was part of ongoing …

Swedish car maker Volvo says its vehicles built in China might actually be superior in quality to those it makes in Europe. In an interview with Australia’s Go Auto, Volvo’s senior vice-president of design, Robin Page, admitted that some were concerned about the automaker’s decision to build many of its vehicles in China. “What we’re finding is that the quality …

Africa’s economy is projected to continue to rise to 3.2% in 2018 and to a further 3.5% in 2019. This is according to the latest World Bank report released early 2018. According to the report, non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth. South Africa, Nigeria and Angola, the region’s largest growing …

Billions of dollars in remittances flowed to Africa in 2017. The money could go further if it wasn’t more expensive to send money to Africa than anywhere else in the world, a new World Bank study finds. Immigrants sent a $38 billion (€31.1 billion) back home to Africa in 2017, according to a new World Bank briefing paper. Nigeria accounts …

AfricanTide Union, an organization that runs a refugee shelter and multiple programs for migrants and refugees in Dortmund, Germany, inaugurated its latest project on Monday, 9 April. Under the name “Friend”, the association now offers regular training for entrepreneurs with a migration background. “People with a migration background are quick to take entrepreneurial risk. However, it often comes to the …

Political and business leaders from Germany and Africa will gather at the Hamburg Chamber of Commerce on 24-25 April for the 12th German-African Energy Forum. The annual event offers a platform for players in the energy sector for interaction, networking and deal-making. The event this year will focus on the increasing role of renewable energies in the African continent’s electricity …

According to the latest Africa Investment Index 2018 by Quantum Global Research Lab, an independent research arm of Quantum Global, Morocco has been named the most attractive investment destination in Africa, followed closely by Egypt and Algeria. ‘‘Morocco has been consistent in attracting an inward flow of foreign capital, specifically in banking, tourism and energy sectors and through the development …