Africa Brief: Nigerian economy passes SA, Zim croc farmers focus on own meat market and more…
Nigerian economy passes SA
The Nigerian economy surpassed South Africa’s as the largest on the continent after its gross domestic product (GDP) data were overhauled for the first time in two decades. The size of the economy was estimated at 80.3 trillion naira (R5.1 trillion) for 2013, based on production patterns in 2010, increasing the number of industries it measures to 46 from 33 and giving greater weighting to sectors such as telecommunications and financial services. The economy grew by 60 percent when it recalculated its goods and services production in 2012.
For the full story read: Nigerian economy passes SA by Bloomberg & Sapa AP published by The Star Business Report on 07/04/2014
Nigeria : AfDB to assist power investors
The African Development Bank (AfDB) is in talks with Nigerian officials to boost the value of its partial-risk guarantee for power industry investments by $200 million (R2.1 billion) this year.
Excerpt from: Nigeria, AFDB to assist power investors by Reuters published by Bloomberg on 07/04/2014
Rwanda Atlas Mara to buy state stake
Atlas Mara, an investment company backed by former Barclays CEO Bob Diamond, has planned to buy a controlling stake in state-run Development Bank of Rwanda to build a regional financial services firm.
Excerpt from: Rwanda Atlas Mara to buy state stake by Reuters published by The Star Business Report on 07/04/2014
Zambia : Electricity hike could hit mines
Zambia’s decision to increase electricity by almost 29 percent is likely to affect operations in Africa’s second-largest copper producer. The bulk power supply agreement tariffs between Zesco and Copperbelt Energy Corporation were increased last week to 6.84c per kilowatt-hour from 5.31c a kilowatt-hour.
Excerpt from: Zambia : Electricity hike could hit mines by Reuters published by The Star Business Report on 07/04/2014
Zim croc farmers focus on own meat market
Crocodile meat may soon be served on Zimbabweans’ menus due to continued depressed demand from traditional Asian and European markets. Since Mugabe’s regime forcibly evicted white commercial farmers from their land, the agricultural devastation that has followed has left Zimbabwe a net importer of most commodities, including meat. It has banned imports of poultry in order to boost local production, but capacity is still low. Padenga Holdings, the Zimbabwean-listed crocodile farming group, has announced that it was switching its marketing focus onto the local market. Although not as popular in Zimbabwe, the company is expecting to push through significant volumes, which were facing take-up hurdles in the traditionally stronger Asian and European markets.
Excerpt from: Zim croc farmers focus on own meat market by Tawanda Karombo published by The Star Business Report on 07/04/2014