News | - Part 13

Gas shortages turn Nigeria’s Dangote to coal to power cement

LAGOS (Capital Markets in Africa) – Nigeria’s Dangote Cement has turned to locally-mined coal to power its plants in a bid to end disruptions caused by gas shortages and lower its production costs. “All our cement plants have been converted to coal,” Aliko Dangote, the company’s billionaire majority owner and chairman, told a business conference on Thursday, adding they would use 12,000 metric tonnes of coal each day. Dangote’s move is unusual in an era…

African sovereign trio add to growing appeal for sukuk

Posted on by The Editorial Team

DAKAR (Capital Markets in Africa) – Senegal has upsized its second sale of sovereign sukuk, with Ivory Coast and Togo expected to close their own deals in coming days, as Islamic finance gains traction as an alternative funding option for African sovereigns. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a…

Nigeria Mulling Oil Assets Sale That Could Reshape Industry

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LAGOS, Capital Markets in Africa: Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in oil…

Ghana’s Second Quarter Economic Growth Slowest in Two Years

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ACCRA, Capital Markets in Africa: Ghana’s economy grew at the slowest pace in two years in the second quarter as mining and oil output slumped. Gross domestic product expanded 2.5 percent in the three months through June 30 from a year earlier, compared with a revised 4.8 percent in the previous quarter, Philomena Nyarko, government statistician at the Ghana Statistical Service, told reporters in the capital, Accra, on Wednesday. The economy grew 0.6 percent from the…

Oil Tankers Head to Key Nigeria Port as Militant Risk Endures

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LAGOS, Capital Markets in Africa: Oil tankers able to collect 6 million barrels of crude are heading to the biggest export terminal in Nigeria, where shipments are about to resume at a time when militants continue to pose a threat to the nation’s energy infrastructure. The Suezmax Ottoman Nobility is set to arrive at the Qua Iboe terminal on Tuesday, the first of five vessels due to load Nigeria’s largest export crude grade since terminal operator Exxon Mobil…

Nigeria Plans 2023 Sugar Self-Sufficiency Even as Woes Mount

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LAGOS, Capital Markets in Africa: Nigeria, sub-Saharan Africa’s biggest sugar importer, remains on target to become self-sufficient in the sweetener in seven years even as foreign-exchange shortages and insurgents pose a risk to the goal, an industry body said. Refiners Dangote Sugar Refinery Ltd., BUA Refinery Ltd. and Golden Sugar Co., which rely on raw-sugar imports from Brazil, joined a government program in 2013 seeking to meet annual demand of about 1.5 million metric tons within a decade. While…

Marriott to Nearly Double Workforce in Mideast, Africa

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LAGOS, Capital Markets in Africa: Marriott International Inc., which became the world’s largest hotel operator with its $14 billion purchase of Starwood Hotels & Resorts Worldwide Inc., plans to almost double its workforce in the Middle East and Africa over the next three years. The company expects to add 30,000 more people to its regional workforce of 41,000 as new properties are opened, Marriott’s regional president Alex Kyriakidis said on Sunday. About 6,000 of the new jobs…

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