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AfricaMoney | October 13, 2016

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Nigeria

Foreign funding: Africa to see FDI inflows rise to USD 80 billion in 2014

May 22, 2014 | The manufacturing and service sectors will continue to attract a big share of the foreign direct investments into Africa, expected to fetch as much as USD 67.1 billion this year, according to the African Economic Outlook 2014. (Image: AfDB) In what signals the final death knell ...
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Mauritius’ financial markets much more developed than rest of Africa: report

April 21, 2014 | Retail banking in sub-Saharan Africa is anticipated to grow at a compound annual rate of 15% between now and 2020, bringing the sector’s contribution to the continent’s collective GDP to 19% from an estimated 11% in 2009. (Image: KPMG) Africa’s financial services sector is...
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Nigeria: rich or poor or a bit of both?

April 14, 2014 | Even as the government of Nigeria rejected the World Bank’s ranking on extreme poverty, citing the forthcoming GDP rebasing exercise, it is critical to note that Nigeria’s higher GDP is shared among such a vast population that its net effect on reducing per capita poverty is quite insign...
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Mauritius woos Nigerian investors with insights into tax and regulatory regime

April 10, 2014 | Nigeria is increasing drawing eyeballs for its higher disposable income and spending than was estimated earlier, with a revised per capita income of $2,688 making it No. 121 in the world, up from No. 135. (Image: Financial Times) With Nigeria being crowned the largest economy in...
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Nigeria races past South Africa with GDP rejig; crowned Africa’s biggest economy

April 7, 2014 | Apart from the necessary adjustment for inflation, updating the base year from 1990 to 2010 also meant that the country had to factor in previously unaccounted industries like telecom, information technology, music, online sales, airlines, and film production. (Image: Wikimedia) ...
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Mauritius ranked first in Sub-Saharan Africa for enabling trade

April 7, 2014 | The report notes that Mauritius is one of the success stories in terms of trade development in Africa and its strong trade performance is reflected in the results it achieves on the enabling trade index. (Image: WEF) Mauritius won top honours in Sub-Saharan Africa (SSA) with 4.7 ...
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ActionAid warns Nigeria that Mauritius tax treaty could ‘hurt’ economy

March 13, 2014 | ActionAid Nigeria (AAN), asked the Federal government to abstain from ratifying the tax treaty until all grey areas of the draft documents that could hurt the economy have been amended. (Image: ActionAid) In what could prove to be a setback to Mauritius in cementing its position ...
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Dölberg Asset Finance signs 200 million rand agreement with Inno Vent

February 17, 2014 | Kamil Patel, Chief Executive Officer of Dölberg Asset Finance (left) and Shane Merriman, Managing Director of InnoVent shake hands on the deal (Image: Company) An agreement worth 200 million Rand (around Rs 556.17 million) was recently signed between Mauritius-based leasing fi...
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Mauritius: Standard Bank in Top 10 African Banks by asset growth

February 7, 2014 | Standard Bank Mauritius notched fourth place among the top 10 African Banks by asset growth, observed the report by The Banker, ranking the Top 400 African Banks. (Image: Standard Bank) In the recent ranking of Top 400 African Banks by The Banker, Standard Bank ...
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Mauritius poised for 4.1% GDP growth in 2014: World Bank

January 17, 2014 | Sub-Saharan Africa’s real Gross Domestic Product (GDP) growth picked up to 4.7% in 2013, making it the second-fastest growing region in the world. (Image: AfDB) According to the World Bank, Mauritius is poised to achieve higher GDP growth over the next 3 years, moving up to 4....
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Mauritius in top 10 countries globally on Economic Freedom Index

January 16, 2014 | The island nation’s economic freedom score is 76.5, making its economy the 8th freest in the 2014 Index, with the same rank as last year’s. Mauritius has once done the continent proud, not only making it to first place among all Sub-Saharan African countries on economic free...
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Trading thin? Nigeria must do more Africa business

January 13, 2014 | The Visa Africa Integration Index 2013 describes Nigeria as one of the least regionally integrated economies on the continent. (Image: Visa Report) In two years, experts predict that Nigeria will replace South Africa as the continent’s largest economy, but the West African fro...
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Stocks in Sub-Saharan Africa to face slower growth in 2014

January 10, 2014 | Amid this slowing market, analysts peg Mauritius’ banking major Mauritius Commercial Bank, Rwanda’s Bank of Kigali and Botswana microfinance company Letshego as the stocks most likely to make a mark in 2014. African stocks appear to be losing steam, after a tough 2013 on the ...
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China-Africa trade hits $172.83 billion from Jan to Oct 2013

January 3, 2014 | China-Africa trade and investment have witnessed an increase of 5.5% from January to October 2013, on the back of strong economic ties between the two countries (Image: globaltimes.cn). China and Africa trade totalled $172.83 billion from January to October 2013, representing an ...
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Financial inclusion in Africa a distant dream

December 27, 2013 | A rare sight? Formal banking rates in Nigeria range from a maximum of 49 per cent in the South-West Region to a low of 19 per cent in the North-West Region, according to a recent report by the Central Bank of Nigeria (Image: World Folio) Even as financial innovations like mobil...
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Nigeria set to overtake South Africa on cloud computing in 2014

December 24, 2013 | In a twist to the tale, the study concludes that, despite its current dominance, South Africa will be replaced by Nigeria with a wide margin as the leader in Cloud in 2014. (Image: Experts Integrated Systems) Nigeria will take a lead over South Africa on cloud computing by the e...
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Mauritius in top five global economies on Internet Affordability Index

December 11, 2013 | The top five emerging countries highlighted in the report are as follows: Malaysia, Mauritius, Brazil, Peru, and Colombia. (Image: BGR) ICT hub Mauritius has once again shown its dominance in the technology landscape of Africa, and indeed, globally, featuring among the top five e...
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Will Nigeria snatch ‘largest African economy’ crown from South Africa?

December 10, 2013 | When Nigeria publishes the preliminary rebased gross domestic product (GDP) figures due out tomorrow, the results may show the size of the economy jumping by 40 percent. (Image: NLNG) That population is more a boon than a bane will be more than proved in the case of the booming ...
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Mauritians missing even as African billionaires abound

October 14, 2013 | The Ventures magazine African billionaire roll showed that the richest person in Africa is Aliko Dangote, a Nigerian who has interests in cement, food, oil and other industries and whose wealth is estimated at more than $20bn. (Image: Forbes) Two rich lists r...
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Nigeria pips Egypt, nips SA’s heels in investment attractiveness

October 1, 2013 |

Nigeria is fast emerging as the new mecca for corporate investors, threatening to overtake South Africa as the most preferred corporate investment destination in Africa, according to an annual survey by South-Africa based Rand Merchant Bank (RMB).

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NNPC restructuring, legislative reforms to fuel Nigeria’s oil sector

September 30, 2013 |

The Nigerian National Petroleum Corporation (NNPC), Nigeria’s state-owned corporation which produces more than 90% of the country’s oil and gas through partnerships with oil firms, has expressed interest in acquiring assets of international oil companies (IOCs) un...
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Nigerian tycoon Dangote to build Africa’s largest oil refinery

September 30, 2013 | Africa’s richest man, Alhaji Aliko Dangote, President of Nigeria-based conglomerate Dangote Industries Limited (DIL), sealed a $3.3 billion (N512 billion) financing deal in Nigeria on Wednesday to build Africa’s biggest oil refinery. Large fertiliser and petrochemical plants are also covered und...
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Ethiopian Airlines to fly to Enugu, Nigeria

August 1, 2013 |

Ethiopian Airlines, the fastest growing airline in Africa, has announced the commencement of new services to Enugu, Nigeria as of August 24, 2013 becoming the first international carrier to fly to the city. Ethiopian will also increase its five weekly flights to Abuja...
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Arik Air introduces new aircraft to its fleet

July 11, 2013 |

Arik Air, Nigeria and West Africa’s leading commercial airline announced this week that it has increased its fleet to 24 aircraft with the introduction of an Airbus A330-200 twin-engine aircraft. This latest addition to the fleet marks the first of four A330 aircraf...
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New Bill offers hope for Nigeria’s gas and oil industry

May 3, 2013 |

The Petroleum Industry Bill aims to resolve some of the many issues that have affected Africa's largest oil producer and pave the way for future growth and investment. Growth in Africa’s oil and gas industry has been accelerating in recent years. The continent’s ...
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World Bank to help Nigeria improve gas supply and reliability

April 24, 2013 |

The World Bank provided its first Partial Risk Guarantee (PRG) for US$145 million to support Nigeria’s gas sector and bring more electricity to Nigerian consumers.  The PRG agreements in support of a Gas Supply and Aggregation Agreement (GSAA) were signed this week...
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Dangote to boost Nigeria oil production

April 17, 2013 |

Billionaire business tycoon and Africa richest man, Aliko Dangote has revealed plans to build an $8 billion refinery with a capacity of around 400,000 barrels a day by late 2016; almost double Nigeria’s current refining capacity.  Nigeria is Africa’s largest oil ...
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Nigeria to strengthen trade ties with Canada

April 13, 2013 |

Nigeria is prepared improve on its economic relations with Canada in areas of power generation, petrol chemicals, mining, aviation, agriculture, health, education and film production as the nation’s Vice President, Namadi Sambo, prepares to lead a Federal Government...
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NLNG receives $360m loan from South Korean EXIM Bank

March 23, 2013 | The South Korean Export-Import Bank according to report, announced this week a $360 million loan to the Nigerian Liquefied Natural Gas (NLNG) Limited.  Korean agency Yonhap News reported the loan to NLNG has a maturity of 9.5 years.The transaction comes under the state-owned South Korean bank’s p...
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Chinese firms to build four airport terminals in Nigeria

March 13, 2013 |

March 13, 2013 - A number of Chinese construction companies have outlined plans to start the construction of four Nigerian airport terminals in Lagos, Abuja, Kano and Port Harcourt and in June 2013. The Federal Airports Authority of Nigeria (FAAN) managing director Ge...
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