Special

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 …

Western Union moved money into Nigeria from more than 195 countries and territories in 2015

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 …

MoneyGram now offers customers in France, Germany, Ireland, Italy and Spain the possibility of sending money directly into personal bank accounts in Nigeria. Users of the MoneyGram’s cash to account service in the European countries can send money to friends and family in Nigeria who have bank accounts with First Bank, UBA, Ecobank, Fidelity, GTB, Zenith Bank and other banks …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

Sub-Sahara Africans living outside their home countries sent US$35.2 billion home in 2015, according to the latest figures released by the World Bank. Nigerians alone accounted for $21bn of all remittances to the region. The Bank’s figures also show that officially recorded remittances to developing countries amounted to $431.6bn in 2015, an increase of 0.4 percent over $430bn in 2014. …

Leading global money transfer company expands service further in Africa

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, …

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 …

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 …

The German chapter of the Nigerians In Diaspora Organization (NIDO) will hold its annual summit in Hamburg on 30 September-1 October. The event will feature a business conference and an award ceremony. The 4th Nigerian Business & Investment Summit is dedicated to discussions on the necessity for, and opportunities in, the diversification of the Nigerian economy, which is currently experiencing …

Koroma woos foreign investors for post-Ebola growth Sierra Leone is still counting the costs of the Ebola epidemic, not least on its economy which contracted in 2014 and 2015, after several years of solid growth. Now the West African country is trying to woo back investors and attract new ones. Though Sierra Leone has been declared free of the dreaded …

The Central Bank of Nigeria (CBN) has licensed 11 new International Money Transfer Operators (IMTOs). The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN in early August. The new operators are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink …

Sequel to the decision of the Central Bank of Nigeria (CBN) allowing only three companies to offer money transfer services to the country, MoneyGram International, Inc. has announced a renewed commitment to its operations in Nigeria. The CBN decision, announced on 2 August, named Western Union, MoneyGram and Ria as the only officially licensed providers of remittance services to Nigeria. …