Finance | - Part 128

Nigeria Seeks to Diversify From Oil With $41 Billion of Rail

LAGOS (Capital Markets in Africa) – Nigeria has started a $41 billion railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport MinisterRotimi Amaechi, 52, said in an interview in the capital, Abuja. Africa’s biggest oil producer is going through its worst economic slump in…

Standard Bank Seeks to Raise $3 Billion for Ugandan Oil Pipeline

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KAMPALA (Capital Markets in Africa) – Standard Bank Group Ltd.’s Ugandan unit plans to raise $3 billion for a crude pipeline by the second half of next year as the East African country prepares to start oil production by 2020. Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for the 1,445-kilometer (898-mile) pipeline, Patrick Mweheire, the chief executive officer of the Kampala, Uganda-based business, said in an interview on…

Nigeria to Sell Up to $3 Billion Eurobonds to Replace Bills

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LAGOS (Capital Markets in Africa) – Nigeria plans to sell as much as $3 billion of foreign-currency bonds to replace naira debt, according to its finance minister. The government will issue the dollar securities once the National Assembly approves the sale, Kemi Adeosun told reporters Wednesday in Abuja, the capital. They will have three-year maturities and be used to refinance treasury bills as they mature, she said. “We will borrow less in naira and more in foreign…

Ghana targets five million passengers yearly with AfDB-funded international airport expansion

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ACCRA (Capital Markets in Africa) – The project, funded by the African Development Bank (AfDB) with a $120-million facility, will improve air transport in the country. It is also expected to contribute towards boosting the country’s economy, reduce the cost of doing business, and improve competitiveness. “This terminal is being built for a successful economic future. Its large capacity is a confident statement of intent,” said AfDB President, Akinwumi Adesina during a tour of the…

Egypt Moves to End State Monopoly of Natural Gas Market

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CAIRO (Capital Markets in Africa) – Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas market to competition. It also allows for the eventual import of natural…

Congo Regulator to Open Up $500 Million Insurance Industry

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s insurance regulator is preparing to open up an industry for the first time that could be worth as much as $500 million a year to investors. The newly created Insurance Regulatory Authority, known by the French acronym ARCA, received interest from at least 16 companies after requesting letters of intent in June, Managing Director Eric Mboma said, declining to identify individual firms. It will seek…

Hennessy Sees Kenya as Growth Frontier as Cognac Sales Start

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NAIROBI (Capital Markets in Africa) Hennessy, the world’s largest maker of cognac, has started distributing its products in Kenya to tap Africa’s second-largest luxury-goods market. The company, a unit of Paris-based LVMH, began distributing its products in the Kenyan capital in May and plans to use the city as a hub for regional distribution, Chief Executive Officer Bernard Peillon said in an interview in Nairobi. A bottle of Hennessy cognac retails for as much as 117,000…

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