West Africa | - Part 17

Dangote $700 Million Deal to Meet Third of Nigeria’s Sugar Needs

LAGOS (Capital Markets in Africa) – A Dangote Industries Ltd. subsidiary will invest $700 million in a central Nigerian project that seeks to produce almost a third of the sugar consumed in Africa’s most populous nation. Tunga Sugar project, in the central state of Nasarawa, will be made up of a 60,000-hectare (148,260-acre) plantation and two factories with combined capacity of 430,000 metric tons of refined white sugar, Dangote Group’s president, Aliko Dangote, said in a…

Nigeria Best Stock Performer Sees `Huge’ Growth on Vaccines

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – May & Baker Nigeria Plc, which is establishing Nigeria’s sole vaccine-production facility in a partnership with the government, said it expects sales to soar when it starts manufacturing them within two years due to a shortage of supply in the region. “There is a huge potential for May & Baker,” Chief Executive Officer Nnamdi Okafor, 56, said in an interview in Lagos, Nigeria’s commercial capital. Revenue for the nation’s second-biggest pharmaceutical…

Nigeria’s Forcados Oil Comes Back in Fresh Blow to OPEC Curbs

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LAGOS (Capital Markets in Africa ) – Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets. Europe’s biggest oil company ended a force majeure of Forcados crude oil shipments at 4 p.m. on Tuesday, a spokesman said. The measure, which allows companies to miss…

Nigeria Energy Overhaul Nears as Lawmakers Aim for December

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LAGOS (Capital Markets in Africa) – After years of delays, Nigeria may finally be about to overhaul its oil and gas industry. Senators on May 25 passed the Petroleum Industry Governance Bill. By December, they should have enacted two more pieces of legislation, completing an overhaul that will replace current laws, Senate President Bukola Saraki said in an interview in Abuja, the capital. The goal of reforming the industry was first set out at the end of 2008. “That’s…

Nigeria’s Buhari Recovering in U.K., Will Return Soon, Wife Says

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari is recovering fast from an undisclosed ailment while on medical leave in the U.K. and preparing to return to the West African nation, according to his wife. Buhari, who has been abroad for almost a month, will be back “soon” in Nigeria, the office of Aisha Buhari said in an emailed statement Tuesday, without giving further details. Vice President Yemi Osinbajo serves as acting leader…

Nigerian Banks Outstrip Peers on Returning Dollar, Old Mutual Up

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LAGOS (Capital Markets in Africa) – Since the Nigerian central bank eased a dollar shortage by opening a currency-trading window for foreign investors in April, lenders in Africa’s biggest economy have soared. The local banking index is up 35 percent this quarter, outstripping South Africa’s equivalent stock gauge and MSCI’s emerging-market financials index. Even after the jump, Guaranty Trust Bank is the sole Nigerian lender in the index to trade above its book value, while none of…

Dangote to Invest $1 Billion in Nigeria Rice Production

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LAGOS (Capital Markets in Africa) – Dangote Group is making a five-year investment of at least $1 billion to grow and process rice in seven Nigerian states, bringing sub-Saharan Africa’s biggest importer of the grain closer to its goal of self-sufficiency. Dangote Rice Ltd., a unit of the Lagos-based company, plans to increase cultivation of paddy, or raw rice, to 150,000 hectares (371,000 acres) and harvest an annual 1.7 million metric tons by 2019. Most of…

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