Why local content in Africa’s extractive sector won’t work without home grown human capital

01 August 2015, Lagos – For over 30 years many African countries have been exploring their natural resources, whether oil, gas or minerals. In the last ten years many more have joined the natural resource exploitation club. Many have also witnessed economic growth and development. Significant investments have been poured into the development and growth […] More »

$25.3bn oil money stolen in eight years – NEITI

01 August 2015, Abuja –The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday declared that about $25.3billion of the nation’s oil monies was missing. The NEITI’s executive secretary, Hajiya Zainab Ahmed, disclosed this while briefing Kaduna State governor, Mall. Nasir El-Rufai, in Kaduna.She said funds from crude Product Swap amounting to $866 million dollars was lost […] More »

Fracking in South Africa – an alternative to coal?

01 August 2015, Johannesburg – In June 2015, the Department of Mineral Resources gazetted regulations related to hydraulic fracturing or fracking in South Africa offering a framework for the exploitation and exploration of shale gas. It could easily lead one to think that another step has been taken in the direction of the highly controversial […] More »

AfDB supports competitiveness of Moroccan economy with $114.5m

01 August 2015, Sweetcrude, Abidjan – The African Development Bank Group (AfDB) and the Government of the Kingdom of Morocco signed on 28 July 2015 three funding agreements in Casablanca, Morocco, for one loan and two grants to a total of $114.5 million, or about 1.13 billion dirhams. The signing ceremony was co-chaired by the […] More »

AfDB issues $20m infrastructure bonds to Japan’s life insurance company

01 August 2015, Sweetcrude, Lagos – The African Development Bank, AfDB, sold $20 million in infrastructure bonds to the Fukoku Mutual Life Insurance Company, Fukoku Life. Fukoku Life was the sole investor in the transaction. Africa still has massive infrastructure needs. Bridging the infrastructure gap could increase GDP growth by an estimated 2 percentage points […] More »

Expert advocates CBN autonomy over monetary policy

01 August 2015, Lagos — For the Nigeria’s monetary policy to be protected at all times, the apex bank, the Central Bank of Nigeria, CBN, should be accorded full autonomy and independence. Charles Mordi, former Director, Research Department of CBN, stated this in Calabar at the on-going seminar for finance correspondents and editors organised by […] More »

Nigeria bank debtors dare CBN as deadline expires

01 August 2015, Lagos — Some deposit money banks, DMB, yesterday said while some debtors are now servicing their debts, a significant number have refused to pay or service their debts in spite of warnings by the Central Bank of Nigeria, CBN. Our correspondent gathered from some of the banks that some of the debtors […] More »