Africa Business Nigeria West Africa World 

Dangote has world’s largest crude distillation equipment

Dangote has announced that it has taken delivery of the “world’s largest single train crude distillation column” at its Oil Refinery in Nigeria. The company said in a statement on Sunday that “this magnificent engineering masterpiece weighs 2250 MT (excluding internal trays); 112.5 m long; 14m wide and 13.75m tall and can fractionally distill 650,000 Barrels Per Stream Day.” In 2018 Aliko Dangote signed a $650 million loan facility with the African Export-Import Bank (Afreximbank). The loan facility was meant to fund Dangote’s oil refinery project in Nigeria. Dangote industries…

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Africa Business Ghana West Africa World 

Ghana’s new banknotes spark confusion over relevance

Ghana’s economy has over the last decade been on a roller coaster with signs of positivity and growth; decreasing inflation and subtle macro-economic stability at times. A recent four year deal with the International Monetary Fund was to ensure that the country resets its economic fundamentals and build on that. But one major thing has been a challenge for the economy; its currency the cedi. Often a tool for political propaganda, successive governments have supervised a more than 300 percent depreciation of the local currency after a re-denomination exercise in…

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Africa Business Nigeria West Africa World 

Nigeria secures $210 mln loan from AfDB for power project

The African Development Bank (AfDB) has approved a $210 million loan to help Nigeria upgrade its dilapidated electricity transmission and distribution network. The loan to Transmission Company of Nigeria (TCN) will support construction of 330KV double circuit quad transmission lines and sub-stations across the country, the bank said in a statement late on Friday. The AfDB funded project will run across seven states and will improve the capacity of power grid where it is most constrained. Nigeria privatised most of its power sector in 2013 but retained control of its…

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Africa Business Ghana World 

African economies to benefit from safer Gulf of Guinea

African economies stand a huge chance of growing significantly if the Gulf of Guinea is protected from the activities of pirates and illegal trade. Every year the Gulf of Guinea serves as a trade route amounting to over $1 billion countries globally transport goods across the Atlantic. Many of the vessels that travel across the Gulf of Guinea serve African countries, transporting to and from them. 70 percent of Africa’s trade with European Union takes place by sea. Significant oil resources from Africa are also transported via the Gulf of…

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Africa Business Ghana West Africa World 

Volkswagen to open plant in Ghana early 2020

German car-maker, Volkswagen is set to open an assembling plant in Ghana early 2020. In 2018 the company announced plans to set up a plant in Ghana as it continues to expand across Africa. Volkswagen already builds vehicles in Kenya and recently opened another car plant in Rwanda as part of its expansion project in East Africa. The Rwanda project was the first of such plants in the East African nation expected to led to the building of up to 5,000 cars per year. VW CEO for Africa, Thomas Schafer…

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Africa Business Cameroon World 

Jumia is shutting down in parts of Africa in portfolio review

Online retailer Jumia Technologies has announced the shutting down of its portfolio in Tanzania. The company announced this decision weeks after shutting its office and operations in Cameroon. Widely regarded as “the Amazon of Africa,” the company said in a statement on Thursday that “As part of our ongoing portfolio optimisation effort, Jumia has come to the difficult decision to cease our operations in Tanzania effective on November 27.” Jumia this year listed 17.6% of its shares at $14.50 a share on the New York Exchange with hopes of raking in…

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Africa Business World 

Why you should consider commodity trading

Looking to get into commodities trading? It’s a smart idea. While many traders stick with stocks and bonds, commodities give you the chance to diverse your portfolio while at the same time reducing risk. It’s win-win. Now is a good time to make a start, too, with energy commodity prices sitting 1.4% higher than they did a year ago. Like all things to do with forex trading platforms, though, it helps a lot to sharpen your knowledge before you make a start. In this article, we’re going to take a…

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Africa Business West Africa World 

Easy Solar reaches 300,000 users in Sierra Leone

Easy Solar, Sierra Leone’s leading provider of accessible and affordable solar products announced today it had reached a new milestone of 300,000 users nationwide. “We are thrilled to be making life easier for so many individuals who do not have access to reliable electricity. No one should have to live in the dark.” said Nthabiseng Mosia, co-founder and Director of Customer Experience at Easy Solar. “Our customers are families and small scale entrepreneurs in urban and rural areas. We believe they should be empowered by electricity, not limited by it.…

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Africa Business World 

IMF says 40% of African countries are in debt crisis

The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world. “Africa is a continent of opportunities and what we are looking for is for this opportunity to be harnessed to the maximum. It is also a continent with many troubles; so,…

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Africa Business China Southern Africa World Zimbabwe 

China ‘angry’ with Zimbabwe for understating financial support

China has said that Zimbabwe has been understating its financial help to the southern African nation. Zimbabwe’s recently released budget figures ranked China poorly when it comes to foreign countries  supporting it. The country’s Finance Minister Mthuli Ncube said in a budget statement last week that the country received $194m from bilateral donors between January and September this year. Out of that figure Ncube said China provided $3.6m, a figure that was considered meager due to the publicized relations between China and Zimbabwe. But the Chinese embassy in Harare has…

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