Nigeria aims to rise the proportion of government spending devoted to infrastructure to 30 percent from 10 percent and to mobilize private capital for additional funding.
With a track record exhibiting profound resilience and foresight, it comes as no surprise that Dangote Group and its Founder and CEO, Aliko Dangote, are ardent on building the multinational conglomerate into a $100 billion market capitalization business.
“If you are in Africa or in Nigeria for the short-term, then you shouldn’t be there,” says Aliko Dangote, the President of Dangote Group.
African private equity is having its moment in the sun, with pension funds on the continent ready to invest in their own backyard as investment banks continue to retreat from lending and domestic strategies mature.
It’s been a tough year for Nigerian President Muhammadu Buhari. The mood in Africa’s most populous nation is a far cry from the euphoria that greeted his historic 2015 election.
Nigeria outlined a plan to overhaul state oil company NNPC and eventually list it on the stock exchange in a bid to modernize and streamline the industry.
African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank.
U.S. industrial firm General Electric plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday.
Oando has announced the execution of a definitive agreement with Helios Investment Partners to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP).
Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years.
Standard Chartered Plc will look beyond Angola’s oil and gas industry to pursue growth. The bank remains committed to Angola even as the country has had to deal with the plunge in crude prices.
Large companies in Africa are growing faster than their peers in the rest of the world, raking in $1.4 trillion in annual profits and contributing to government taxes and higher wages, a new McKinsey report finds.
Nigeria’s economy has officially entered a recession. The latest growth figures shows the economy shrunk by 2.06% between April and June.
Konza Tech City – The much-hyped Konza Tech City – or “Silicon Savannah” – is hoped to be a world-class hub of entrepreneurship. The $15 billion site, set in 5,000 acres to the south of Nairobi, will accommodate almost 200,000 people, complete with universities, research facilities, and IT centers.
In March 2015, Anambra was ranked the most transparent and accountable state in Nigeria, complying with all the set standards in public sector accounting, according to the International Public Sector Accounting Standards (IPSAS).
After the first day of trading following a currency float, the value of Nigeria’s naira dipped by 31%, selling at 288.85 naira as markets closed on Monday (June 20).
While Africa’s 2015 GDP is down 1.2% from 4.6% in 2014, it is still among the fastest growing regions in world.
RenCap’s Global Economist Charles Robertson discusses frontier markets and the economic outlook for various nations in Africa.
Angola’s sovereign wealth fund said it put more than half of its investments in private equity funds focused in the country and across sub-Saharan Africa last year, describing its performance as “solid,” particularly in light of the global economic turbulence.
African private equity firms cashed in on investments last year at the highest rate in almost a decade, with South Africa, Egypt, Nigeria and Kenya accounting for two-thirds of these exits.
The Boston Consulting Group has opened an office in the Nigerian city of Lagos, its fourth in Africa.
Total assets of Nigeria’s sovereign wealth fund grew to 213.67 billion naira ($1.07 billion) in 2015, up by 20 percent compared with the previous year, its managing director said on Friday.
Between 2011 and 2012, the price of oil was at its highest levels in recent times, at close to $110 per barrel. By the end of 2014, an oversupply of oil saw the price of oil drop to below $100 per barrel. In 2015, prices dropped as low as $49. In 2016, prices have dipped as low as $30 and currently stand at about $40 per barrel.
General Electric Co. sees the potential to double its African revenue and employees as the company expands in countries including Ethiopia and Mozambique, GE Africa President Jay Ireland said.
Nigeria, Africa’s top oil producer, wants to remove the need for imported petroleum products within 18 months, Minister of State for Petroleum Emmanuel Ibe Kachikwu said on Tuesday.
We have always maintained that Nigeria’s future does not lie with oil, and are encouraged by the high quality government team that is pushing hard for diversification.
Nigeria is to break up its state oil firm into 30 separate companies as it seeks to reform the organization, the country’s Minister of State for Petroleum Resources Ibe Kachikwu said Thursday.
Investor and philanthropist George Soros has described Africa as ‘one of the few bright spots on the global economic horizon’, while consultants McKinsey say that the continent offers higher returns than any other developing region.
Africa’s equity capital markets are set for a strong 2016 following a reasonable 2015 despite commodity price falls and capital flight from emerging markets hitting the continent’s major economies.
A steady increase in African deal flow and interest from overseas investors since the financial crisis points to the increasing maturity of African countries as a destination for M&A.
Strong investment flows to Africa will sustain high economic growth on the continent even amid low oil prices and a slowdown in China, African Development Bank President Akinwumi Adesina said.
Rolls-Royce Power Systems plans to replicate the 100 megawatt (MW) Mozambique gas-fired power station it is commissioning elsewhere in Africa as the company expands its footprint across the continent.
The Norwegian Investment Fund for Developing Countries is considering investments in financial-services and clean-energy businesses in Ghana as the institution extends its scope to West Africa.
Respected former head of Nigeria’s Central Bank Lamido Sanusi has said the government should end its policy of trying to maintain the value of the currency, the naira.
While SSA was predicted to grow above 5% year-over-year in 2015 at the beginning of the year, actual GDP growth is more likely to come in at around 3–4% year-over-year.
Nigeria’s government is in talks for concessionary loans worth $3.5 billion from the World Bank and African Development Bank to help finance a planned record budget this year, Finance Minister Kemi Adeosun said.