The proposed Bakassi Deep Seaport, to be located in Cross River State, is to gulp between $1.7 billion and $2 billion, according to figures released at the weekend by the Debt Review and Project Development Commission. The commission, set up recently by the state Governor, Professor Ben Ayade, told journalists in Calabar that the funds for the project would be sourced mainly from foreign investors. The Chairman of the commission, Chief Chris Agara, said with the approval obtained from the federal government, through the Federal Ministry of Transportation, the state government would ensure that the project, which would be of immense economic benefit to the state and the country, is realized. He said the issuance of the OBC was a go-ahead for the construction of the proposed port.
The President of African Development Bank (AfDB), Akinwunmi Adesina has been nominated for a second term by President Muhammadu Buhari ahead of the bank’s election scheduled to hold in 2020. This was disclosed at an award ceremony organized by the Hallmark of Labour Foundation yesterday where Adesina clinched the Emeka Anyaoku lifetime achievement award. Elated by the development, Adesina took to the stage to share how the dream began. He noted that the opportunity first began under former President Goodluck Jonathan’s tenure where he was made to serve as Minister of Agriculture. Reeling out a list of his achievements in his first term, Adesina noted that 16 million people had been provided access to electricity. With these achievements , Adesina announced his intentions to contest for a second term in office. He hoped it would complete the work he started at the bank. He also pledged his support to work hard to fast track the development of the African continent with the support of donors.
The federal government has given approval to the Central Bank of Nigeria and the Bankers Committee to reconstruct the National Theatre, Iganmu, Lagos, into a world-class convention center. The development is meant to boost the growth of the creative sector in diverse areas like entertainment, movie, music, fashion, and ICT. Lagos State Governor, Babajide Sanwo Olu, who represented President Muhammadu Buhari at the handover ceremony, explained that the creative village will become the destination for tourism, entertainment, and commerce, thereby creating more jobs and wealth for Nigerians. After an inspection tour of the facility, Governor Sanwo Olu urged the Bankers Committee and the development partners to try and redeem the land surrounding the center. Governor Sanwo Olu said the President had been gracious to give the go-ahead and turn the national theatre, considered to be a dead asset, into an income-earning state-of-the-art, developed fashion entertainment center.
Despite efforts by the Nigerian government to focus on agriculture and make it a mainstay of the Nigerian economy, Nigerian banks gave only 4.20% of their total loans to the sector in the second quarter (Q2) of this year. A total of N15.1 trillion was given as loans in the second quarter of 2019, out of which only N636 billion was given to agriculture. The figures were disclosed by the National Bureau of Statistics (NBS) in a report on its website titled 'selected banking sector' data for Q2 2019. The bureau said the data was supplied administratively by the Central Bank of Nigeria (CBN) and was verified and validated by the NBS. There was also no significant difference in loans to the agriculture sector between Q1 and Q2 2019. In each, only 4.20% of the total loans were given to the agriculture sector. In the first quarter, a total of N15.2 trillion was given as loans with agriculture getting only N638 billion. The Industry and Service sectors got the highest loans from Nigerian banks in the two quarters.
The Zimbabwe Consolidated Diamond Company (ZCDC) said on Friday it is aiming to ramp up output to 10 million carats per annum in the next two years as it seeks to enhance benefits accruing to the nation through the exploitation of diamonds. Despite discovering huge diamond deposits in the eastern parts of the country over a decade ago, Zimbabwe is yet to realize meaningful benefits from their exploitation. Companies that were operating in the area previously have been accused of fuelling leakages at the expense of the country, especially following the revelations by the late former President Robert Mugabe that the country could have been prejudiced of revenues amounting to $15 billion over the years. While the figure remains contentious, no one has doubted the occurrence of leakages in the sector. ZCDC acting chief executive officer Rob De Pretto told journalists that production was steadily increasing since they commenced operations in 2016. He said production reached 1,8 million carats in 2017, 2,8 million carats in 2018 while the target for this year and next year is 3,1 million and 6,12 million carats respectively.
Foreigners offloaded South African stocks at the fastest pace in two years last week, as worries about the state of the global economy helped spur an exit from riskier assets. Offshore investors were net sellers of R10.7bn of the country’s equities in the five days ending October 4, based on figures from JSE. That’s the heaviest week of outflows since September 2017. Appetite for South African equities has been hurt by concerns about global growth, the prolonged trade war, and a moribund local economy. A forthcoming credit-rating review by Moody’s Investors Service has added to caution among non-resident investors. South African stocks fell 5.8% in the three months to the end of September, their worst third-quarter performance since 2011.
The African Development Bank Group last Friday said it had approved a US$229 million loan to fund the expansion of a highway that links major economic hubs in Kenya. The lender said the five-year project will convert the 84-kilometer Kenol- Sagana-Marua road in central and eastern Kenya from a two-way single carriageway into a dual bypass and is due for completion in 2025. “The project is part of broader government efforts to improve the country's infrastructure, including the construction of 1 304 km of new roads in recent years,” AfDB said in a statement issued in Nairobi. The new road which will enhance traffic flow between the port city of Mombasa and major centers like Nairobi will also ease transport between Nairobi and the Mount Kenya region, and ultimately Ethiopia. The total project cost is US$283 million, of which US$195 million, or 69% of the total, will be financed by AfDB, while 12% will come from the Africa Growing Together Fund, set up by the AfDB and China in 2014. The remaining 19% will be financed by the Kenyan government.
Two United Nation's development agencies have collaborated to launch Namibia's first-ever electric vehicle project and vehicle-grid-integration as momentum builds upon the zero-emissions movement. The United Nations Development Programme (UNDP) and United Nations International Children's Emergency Fund (Unicef) said talks on the electric car project started in 2016 and came to a close this year. “The talks for this project started in 2016 and I am happy that we are finally ready to showcase this project to Namibia and the world,” UNDP resident representative Alka Bhatia said. She added the electric cars that were showcased come with a vehicle-grid-integration that sets these cars apart from other electric cars. Vehicle grid integration (VGI) is a way in which the electric vehicles can provide benefits or services to the grid by using bi-directional charging or managing the charging time and levels.
Malaysian authorities have imposed fines of around USD 100 million on 80 entities, intensifying their pursuit of people allegedly linked to the massive 1MDB corruption scandal, the anti-graft chief said Monday. The fines are linked to a wide-ranging probe into billions of dollars that were looted from state investment fund 1MDB between 2009 and 2014, and spent on everything from yachts to expensive artwork, in a fraud allegedly involving the former prime minister. Claims that Najib Razak and his cronies pilfered massive sums from 1MDB contributed to the defeat of his long-ruling coalition in the election last year. Latheefa Koya, chief of the Malaysian Anti-Corruption Commission, said the agency hoped to recover roughly 420 million ringgit (USD 100 million) from 80 individuals, companies and political parties - including Nazir Razak, the former premier's younger brother.
Harley-Davidson Inc (HOG.N) is betting on electric motorcycles to attract the next generation of younger and more environmentally conscious riders to reverse declining U.S. sales. But as Harley ships its first “LiveWire” bikes - priced at $29,799 - to dealers, there is little evidence the 116-year-old brand is catching on with new young customers. The problem lies mostly with this “super-premium” product’s price. The bike costs nearly as much as a Tesla Model 3 and aims for a market that does not really exist: young, “green” and affluent first-time motorcyclists. The sleek sportbike has been available for preorder in the United States since January. However, the bulk of the orders are coming in from existing and old riders, according to interviews with 40 of the 150 dealerships nationwide that are carrying the bike this year.