Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

LAGOS (Capital Markets in Africa) – Ten months after Nigerian President Muhammadu Buhari declared a victory over Boko Haram, the Islamist militant group is stepping up attacks in the far northeast of the country. Boko Haram militants deployed at least 80 children as “human bombs” this year, Mark Lowcock, the United Nations under-secretary-general for humanitarian affairs, said on Tuesday in the north-eastern city of Maiduguri, the group’s birthplace. The most spectacular attack occurred in July when the…

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Cameroon Seeks to Improve Cocoa Bean Quality After Declines

Cameroon Seeks to Improve Cocoa Bean Quality After Declines

YAOUNDE (Capital Markets in Africa) – Cameroon is taking steps to encourage farmers to grow better quality cocoa after a deterioration in last year’s crop resulted in lower prices for the country’s beans. About 90 percent of Cameroon’s cocoa exports in the season through July were classed as Grade 2, the second of three quality ratings for beans, according to Trade Minister Luc Magloire Atangana Mbarga. That compared with 97 percent previously and meant that Cameroonian…

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Ghana Is Said to Triple Minimum Capital Requirements for Banks

Ghana Is Said to Triple Minimum Capital Requirements for Banks

ACCRA (Capital Markets in Africa) – The Bank of Ghana more than trebled minimum capital requirements for lenders as part of reforms aimed at strengthening the industry, according to people familiar with the matter. Banks will need to set aside at least 400 million cedis ($91 million) in capital compared with 120 million cedis previously to meet their license obligations, the people said, asking not to be identified because an official announcement hasn’t yet been made. Lenders…

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Nigeria’s Economy Expands to End the Worst Slump in 25 Years

Nigeria’s Economy Expands to End the Worst Slump in 25 Years

LAGOS (Capital Markets in Africa) – Nigeria’s economy expanded in the second quarter, ending its worst slump in 25 years as agricultural and oil output increased. Gross domestic product of Africa’s largest crude producer grew 0.55 percent in the three months through June from a year earlier compared with a revised 0.9 percent contraction in the first quarter, the Abuja-based National Bureau of Statistics said in an emailed report Tuesday. The median of 10 economists’…

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Nigeria Immigration Service bans cash payment at passport offices

Nigeria Immigration Service bans cash payment at passport offices

LAGOS (Capital Markets in Africa) – The Nigeria Immigration Service (NIS), on Monday, 28 August 2017, announced the ban of cash payment for processing of Nigerian passports in all passport offices across the country. The ban is part of the efforts by NIS to eliminate perceived corruption associated with processing of Nigerian passports. This directive was made following an investigative report revealing that immigration officials engage ‘agents’ also known as touts to request for more…

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Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

LAGOS (Capital Markets in Africa) – Nigeria said China Civil Engineering Corp. will build a $5.8 billion hydro-power station in the country’s eastern Mambila region with a capacity to generate 3,050 megawatts. China’s Export-Import Bank will provide 85 percent of the funding for the project, which is scheduled to be completed in six years, Power, Works and Housing Minister Babatunde Fashola told reporters on Wednesday in the capital, Abuja. Nigeria will contribute the remaining funds. “The scope…

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IMF Extends Ghana Oversight as Bailout Plan Gets Another Year

IMF Extends Ghana Oversight as Bailout Plan Gets Another Year

ACCRA (Capital Markets in Africa) – The International Monetary Fund approved a one-year extension of its credit-facility program with Ghana, lengthening the lender’s economic oversight of the West African nation which is battling to keep spending under control. The country’s Eurobonds rallied. The extension follows after the IMF completed a fourth review of an almost $1 billion assistance program with Ghana agreed to in April 2015, when chronic overspending and power cuts drained public finances and…

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