Features | - Part 228

Nigeria’s Biggest Miller Says Firms Face Huge Challenges

LAGOS, Capital Markets in Africa: Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Africa’s most populous country are finding profits under pressure from a fall in crude prices, a weak naira and rising input costs. “Taken together, these factors have contributed to a perfect storm,” Chairman John Coumantaros told investors at a meeting in the commercial hub, Lagos, on Thursday. Flour Mills was able to “offset the impact” of…

Nigeria Offers Three-Year Tax Holiday to Mining Investors

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Nigeria offered a three-year tax holiday to mining investors as the West African nation seeks to raise as much as $7 billion to develop its minerals and steel industries. The tax incentive will start “from the date the investor commences mining operations in the country,” Mines and Steel Development Minister Kayode Fayemi told prospective investors at a meeting in Perth, Australia, according to a statement posted on the ministry’s website. He confirmed deposits…

Liberty to Start South African REIT That Will Trade Stock on JSE

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SOUTH AFRICA, Capital Markets in Africa: Liberty Holdings Ltd., a South African insurer, will place a portion of its property portfolio in a real estate investment trust that will list its shares on the Johannesburg Stock Exchange this year. The REIT, which will be overseen by the company’s money management unit, Stanlib, will probably have a net asset value of 10 billion rand ($741 million), Johannesburg-based Liberty said in a statement on Tuesday. The listing is not…

Chinese to Invest $819 Million in South African Car Industry

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SOUTH AFRICA, Capital Markets in Africa: A Chinese state-owned car manufacturing company will invest 11 billion rand ($819 million) in a new plant in South Africa, giving a further boost to one of the fastest-growing industries in the continent’s largest economy. Beijing Automotive International Corp. signed the deal with the Coega Development Corporation, the operator of an industrial development zone in South Africa’s southern coast city of Port Elizabeth, Coega said in an e-mailed statement on…

INFRASTRUCTURE FINANCE IN AFRICA: A LEGAL VIEWPOINT

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The key to unlocking Africa’s growth potential The continued downturn in global commodities prices has, according to the World Bank’s Africa’s Pulse April 2016 report, reduced Sub-Saharan Africa’s economic growth to 3% in 2015 from 4.5% in 2014. Despite this fall, Africa’s economic growth of 3% for 2015 is higher than the global average growth rate. It is undeniable that developing the continent’s road, rail, power and urban infrastructure…

Mozambique Says Deal With Opposition Was Imposed by Mediators

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MAPUTO, Capital Markets in Africa: The Mozambican government’s delegation at peace talks with the main opposition party said it was forced by mediators to agree to a proposal that the ruling party cedes control in provinces where its rival had won elections. The Mozambique National Resistance, or Renamo, has been fighting to govern six provinces where it garnered more support than the ruling Front for the Liberation of Mozambique, or Frelimo, in elections in 2014. The opposition…

Nigeria oil min says OPEC cuts unlikely, Algeria meeting could help price

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country’s oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast…

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