Africa Brief: Nigeria reserves, Kenya power line, the World Economic Forum on Africa and more
Nigeria: Reserves to keep growing
Nigeria‘s foreign currency reserves would probably keep expanding while facing risks from lower-than-projected oil output and falling prices. Oil production in Africa’s biggest producer fell to 1.81 million barrels a day in March, the lowest level since September 2009.
For the full story, read Nigeria: Reserves to keep growing by Bloomberg, published by The Star, Business Report on 08/05/13
Kenya: Banks to fund new power line
The World Bank and African Development Bank (AfDB) will provide 80 percent of the funds needed for a $1.26 billion (Rll.4bn) line that will take power to Kenya from Ethiopia. The World Bank would lend the countries $684 million for the 1 070km line that would run from Wolayta-Sodo in Ethiopia to Suswa and the AfDB was lending $338m for the project.
For the full story, read Kenya: Banks to fund new power line by Bloomberg, published by The Star, Business Report on 08/05/13
Zambia: Minister says no to subsidies
Zambia, Africa’s biggest copper producer, must avoid an unsustainable “regime of subsidies”, Finance Minister Alexander Chikwanda said yesterday, after the government scrapped support for fuel this month. He said the government would resist the “cheap popularity” that subsidies provided because this would become too expensive.
It’s not good for the Zambian people. Government is not here to preside over fiscal irresponsibility”.
For the full story, read Zambia: Minister says no to subsidies by Bloomberg, published by The Star, Business Report on 08/05/13
Free trade alliance to put World Economic Forum: Africa on Map, says Gigaba
The integration of three of Africa’s economic communities — the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (Comesa) and the Economic Community Of West African States (Ecowas) — would create a huge market on the continent which would provide investors with good business opportunities.
We need the countries of the world to understand that Africa is the place where everything is now happening,” Public Enterprises Minister Malusi Gigaba said.
Therefore we need more investments. African countries and world investors must take note of the free trade alliance that we are establishing between SADC, Comesa and Ecowas. As this will increase the population of this free trade area, it will also increase our buying power and the opportunities for investors to make business out of this important new regional bloc,” he said.
For the full story, read Free trade alliance to put World Economic Forum: Africa on Map, says Gigaba by Linda Ensor, published by Business Day on 09/05/13
Plans to build locomotives for Africa
General Electric (GE), the Chicago-based transport, healthcare and industrial conglomerate, plans to build locomotives for Angola and Mozambique in SA, a move that will see the company extending its existing relationship with Transnet Engineering (TE). GE is partnering with TE, the train-building unit of State-owned freight and logistics group Transnet, to build heavy-haul locomotives at the former’s vast Koedoespoort factory outside Pretoria. The manufacturing of trains in SA to supply other African countries is a small step towards realising the dream fostered by the Department of Public Enterprises, Transnet’s shareholder, of reviving SA’s rail engineering industry and deepening industrial development in SA. The order for 10 locomotives from CFM, which is Transnet’s counterpart in Mozambique, would be built at TE’s Koedoespoort plant. A further 15 locomotives for the Angolan government would also be built by TE. GE is one of the global rail giants hoping to win the tender to supply 465 diesel locomotives to TFR, which are being ordered to support the Transnet Group’s seven-year market demand strategy aimed at boosting its capacity and stimulate economic activity
For the full story, read Plans to build locomotives for Africa by Nicky Smith, published by Business Day on 09/05/13
About David Okwara
Africa, African Development Bank, Alexander Chikwanda, Angola, Common Market for Eastern and Southern Africa, Economic Community Of West African States, Ethiopia, Finance Minister, General Electric, government, Kenya, Malusi Gigaba, Nicky Smith, Nigeria, Nigeria reserves, Nigeria's foreign, oil production, power line, Suswa, the Southern African Development Community, The World Bank, Transnet Engineering, Wolayta-Sodo, World Economic Forum