West Africa | - Part 13

Forte Oil Nigeria Counts on Power to Boost Company’s Profits

LAGOS (Capital Markets in Africa) – Forte Oil Plc, a Nigerian fuel retailer that has invested in power production, expects a jump in income this year after expanding generation capacity during a payment guarantee by the government to electricity companies. “Now we can be sure that whatever we generate will be paid for going forward,” Chief Executive Officer Akin Akinfemiwa said in an interview on Wednesday in Lagos, the country’s commercial capital. “It means that you can invest…

Nigeria to License Drones in New Rules for Unmanned Aircraft

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LAGOS (Capital Markets in Africa) – Nigeria plans to license drones used for both commercial and private purposes under new regulations governing unmanned aircraft, the head of the civil aviation agency said. “We have proposed regulations already,” Dele Sasegbon, director of general aviation at the Nigerian Civil Aviation Authority, told reporters Thursday in the capital, Abuja. “For the integration of unmanned aircraft into the national airspace system, we have to do it seamlessly.” Steps have…

Nigeria Signals Willingness to Agree on Oil Production Cap

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LAGOS (Capital Markets in Africa) – Nigeria signalled its willingness to cap its oil production to support OPEC’s efforts to ease a global supply glut. The output limit would come into play when Nigeria can stably pump 1.8 million barrels a day, the country’s oil minister Emmanuel Kachikwu told reporters Wednesday in Abuja. That’s about 100,000 barrels more than it’s currently producing. The country’s output has recovered this year after militant attacks had damaged export pipelines and…

Ghana Oil Boon Not Enough to Plug Budget Hole as Prices Drop

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ACCRA (Capital Markets in Africa) – A surge in Ghana’s oil output this year may do little to ease the West African nation’s fiscal strains as crude prices are lower than what it budgeted, eroding the gains from extra production. This year’s average Brent crude price of $52 a barrel is below the $56 forecast in the budget, which could complicate the state’s plans to narrow the fiscal deficit. Output is set to climb by more than…

President Buhari Due to Return to Nigeria Soon, Deputy Says

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari is recuperating and should be back in the country “very soon,” Vice President Yemi Osinbajo said a day after visiting him in the U.K. Osinbajo, who travelled to London Tuesday to meet Buhari, told reporters in the capital, Abuja, that they spoke for more than an hour. Buhari is “in very good spirits,” Osinbajo said. “He’s doing very well.” Buhari, 74, has been in the U.K. since May 7…

Africa’s Richest Man Invests $4.6 Billion in Nigeria Farming

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LAGOS (Capital Markets in Africa) – Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria. The conglomerate plans to increase its production of sugar to 1.5 million metric tons a year by 2020 from 100,000 tons now and is…

Etisalat Nigeria CEO Focused on Stabilizing Business Before Sale

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LAGOS (Capital Markets in Africa) – Etisalat Nigeria is concentrating on steadying the business rather than finding a new operator as the struggling mobile-phone company strives to stay afloat after its Abu Dhabi-based former owners defaulted on a $1.2 billion loan. “The biggest thing we have to do is stabilize the business, try and ensure a good top-line, put some level of control on costs,” Chief Executive Officer Boye Olusanya said in an interview at the wireless…

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