The Editorial Team |

Nigeria stocks at 1-month high, reserves exceed $30 bln after Buhari return from UK medical leave

LAGOS (Capital Markets in Africa) – Nigerian equities hit a one-month high shortly after the stock market opened for trade on Friday following President Muhammadu Buhari’s return home from an extended medical leave in Britain. Stocks rose 1.29 percent at 0936 GMT to levels last seen in February, according to Thomson Reuters data. Stocks, which are down 6.3 percent on the year to date, had climbed to a one-week high in its previous session on Thursday….

Exxon stumps up $2.8 bln for Mozambique gas gateway to Asia

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MAPUTO (Capital Markets in Africa) – Exxon Mobil Corp, the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas in place, is one of the world’s largest gas discoveries in recent years. The…

USTDA Promotes Solar Energy Development in Burkina Faso

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LAGOS (Capital Markets in Africa) – The U.S. Trade and Development Agency awarded a grant to Société de Production d’Energie Solaire de Kodéni SAS today for a feasibility study for two 17 megawatt solar photovoltaic plants near the villages of Pá and Kodéni in Burkina Faso. The solar plants are being developed by BioTherm Energy, a South African renewable energy company. Burkina Faso has one of the least developed energy sectors in Sub-Saharan Africa. Less…

African renewable energy projects compete for a share of US$7million

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LAGOS (Capital Markets in Africa) – Access Power a developer, owner and operator of power projects in emerging markets and a Power Africa partner, today announced the launch of ACF 2017, the third edition of the highly successful funding and support platform for renewable energy projects in Africa. The official opening of the submissions process was announced today at the Power Africa Annual Partners Meeting in Washington, D.C. Now in its third year, the ACF…

Solar Project in Mali Gets Loan From African Development Bank

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BAMAKO (Capital Markets in Africa) – The African Development Bank approved a concessional loan for a 33-megawatt solar project in southeast Mali that’s being built by Norwegian renewable energy company Scatec Solar ASA and U.S. development institutions International Finance Corp. and Power Africa. The Segou solar plant is expected to supply about 5 percent of the African country’s electricity, equivalent to 60,000 households, according to a statement on Scatec’s website. The partners have signed a 25-year power purchase agreement with…

Cameroon considers two-year IMF aid programme to drive growth

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YAOUNDE (Capital Markets in Africa) – Cameroon and the International Monetary Fund are considering a two-year aid programme for the Central African country to deliver sustained and inclusive economic growth. Leaders of the Central African bloc (CEMAC) agreed in December to engage with the IMF to find ways to overcome macroeconomic instability caused in part by lower global commodity prices, the IMF said in a statement. Cameroon, which produces oil, cocoa, and coffee and is the…

Nigeria’s economic recovery plan has modest oil & gas ambitions but needs clarity, Says Ecobank

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LAGOS (Capital Markets in Africa) – The government of Nigeria rolled out its Economic Recovery and Growth Plan yesterday. The plan, which is expected to enable the country borrow funds from both the World Bank and African Development Bank, is targeted at quickly pushing the country out of recession back into a stable growth path between 2017 and 2020. A cardinal aspect of the plan is fixing the oil and gas sector to enable output…

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