Category Archives: African News

African Business News

Bioko Oil Terminal Project Attracts New Interest; Aims to Transform African Oil Industry

Equatorial Guinea’s Bioko Oil Terminal (BOT) project continues to gain important new partners as Nigeria’s Oranto Petroleum submits its interest in investing in the crude oil and petroleum products storage facility. The Ministry of Mines and Hydrocarbons of Equatorial Guinea believes the BOT project will be a “revolutionary” regional development, bringing new efficiencies to western Africa’s petroleum industry and positioning a world-class facility between the North Atlantic, West and Central African, and Asian markets.

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Irofit Technologies, Sokowatch & Vugapay win Innotribe’s 2017 Startup Challenge for Africa

Winning startups receive a 10,000 EUR cash prize each and will share their insights about FinTech innovation in Africa with the global financial community during Sibos

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The Islamic Corporation for the Development of the Private Sector (ICD) signs MoU with China-Africa Development Fund to boost infrastructure investment and growth in selected African countries

The MoU was signed by Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr. Shi Jiyang, President and Chief Executive Officer of CADFund

At the side lines of the landmark IsDB 42nd Annual Meeting in Jeddah, a memorandum of understanding (MoU) was signed between the Islamic Corporation for the Development of the Private Sector (ICD) (ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group and China-Africa Development Fund (CADFund) (CADFund.com), a Beijing-based private equity firm and subsidiary of the China Development Bank which focuses on Africa.

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FAO addresses Pan-African Parliament on unlocking Africa’s agriculture potential

Africa accounts for 45 percent of the world’s surface area suitable for agricultural production. Even with some large arid and semi-arid areas, the continent’s vast water resources are, on average underutilized, with only about 2-3 percent of renewable water resource in use, compared to five percent worldwide. Africa is also home to an abundant supply of labour for agriculture-related products and services.

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5 SUSPECTED CASES OF EBOLA IN DR CONGO

EBOLA IN DR CONGO

Last week, WHO was informed of a cluster of undiagnosed illness and deaths including haemorrhagic symptoms in Likati Health Zone, Bas Uele Province in the north of the Democratic Republic of the Congo (DRC), bordering Central African Republic. Since 22 April, nine cases including three deaths have been reported. Six cases are currently hospitalized. According to WHO risk assessment – based on the currently available information, any restriction of travel and trade to DRC is not required.

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8th annual API Summit & Expo to Focus on New Avenues for Property Development in Africa.

2016 saw a boom of property and real estate development in many African cities with Mauritius capitalizing on property ownership and expanding the countries per capita wealth. These developments are happening on the fast rise and thus, a need for a sustainable strategy for managing the sector in Africa for a prolonged benefit. On August 24th and 25th 2017, API Events (www.APIevents.com) will be holding the 8th annual API Summit & Expo (www.APIsummit.co.za) in Johannesburg. The 2017 API Summit and Expo promises to delve in-depth into each of these topics, and more, with participation from over 35 countries, 600 delegates and 250 companies, providing insights, thought-leadership and solution-focused tools.

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Mauritius: Country with Highest Millionaire Growth in Africa.

The Oberoi Mauritius

A new analysis from AfrAsia has it that Mauritius is fast rising and has the highest increasing number of millionaires in Africa although South Africa remains the lead country for highest number of millionaires. According to the report, the country experienced an exponential rise in per capita wealth – estimated at around 20 per cent and had the highest wealth per capita in Africa for the year 2016. The estimated value per capita for Mauritius was $25,700 followed by South Africa at an estimated $11,300.

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Lack of skilled power and the cost it has on doing business

Globally, education is famed as a vital basis for economic growth. Ethiopia, a country praised for robust economic growth to take itself out of poverty to become middle income status country, is also striving to invest on quality education. At all levels quality education results a more efficient skilled and productive working force which in turn brings up overall economic development enhancing living standards of people.

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Well-Managed Development Of Natural Resources In Ghana Will Spur Employment And Growth.

Alumni of Australian funded mining course studies in West Africa have met in Accra to share knowledge and understanding of current challenges and opportunities in the region on attracting responsible mining investment and sustainable development. Ghana’s Minister of Lands and Natural Resources was present as a speaker and also Mr Henry Antwi, Head of Mining and Metals at Oman Oil Company, and Dr Kojo Busia Coordinator African Minerals Development Centre. During the minister’s speech, he mentioned that “Investing in West African mining for sustainable regional development.” Mr Andrew Barnes, Australian High Commissioner also mentioned at the forum that, “Australia is pleased to support development of the necessary skills in Ghana through our various scholarship programs and exchanges. Through their studies and experiences in Australia, Australian alumni bring cutting edge knowledge and skills to their jobs in the mining industry to the huge benefit of their countries.” The session focused on areas such as investment promotion, regulatory frameworks and incentives, political risks, social license to operate, local content, and transparency of information.

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PwC records highest level of confidence among CEOs in Africa

PwC (www.PwC.com) research across the continent shows that 91% of CEOs are confident about their own companies’ growth prospects in the medium term. “This is the highest level of confidence since we started our research on CEOs in Africa in 2012,” Hein Boegman CEO for PwC Africa said this while speaking on challenges and opportunities facing Africa’s CEOs at a press briefing held by PwC at the World Economic Forum on Africa 2017 in Durban, South Africa. Conversely, CEOs are concerned about uncertain economic growth and the impact this will have on their business as they anticipate growth prospects. “The returns for doing business on the continent are high, but so are the risks. Africa’s CEOs are operating in difficult times – infrastructure on the continent remains a challenge, finding and retaining the right talent for their businesses, dealing with many of the hurdles that come with working with governments, and managing growth plans across the continent,” Boegman added. Additionally, Dion Shango, CEO for PwC Southern Africa said “It is no longer enough for business leaders to steer their organizations through a complicated and challenging environment – they will need to adapt swiftly to change.”

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