Nigeria | - Part 83

Nigeria selects two sites for nuclear power plants

Lagos, Nigeria (Capital Markets in Nigeria) – Nigeria has selected two sites for the construction of its planned nuclear power plants, as Africa’s biggest economy tries to end decades of electricity blackouts that have blighted its growth. Russia’s state-owned Rosatom, which has been in talks with Nigeria over the nuclear plants, on Friday confirmed two sites had been selected in Africa’s most populous nation and said they would have a total of four reactors. Neither side…

Nigeria’s Transcorp says on track for 850 MW capacity this year

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) – Nigeria’s Transcorp is on track to boost its power generation capacity to 850 megawatts (MW) by the end of 2015 from 610 megawatts last year, the company’s chief executive said on Friday. Transcorp, which also has interests in hotels, oil and gas, was one of several firms to buy government power assets two years ago, sold as part of a privatisation meant to end decades of blackouts in Africa’s…

Nigeria’s Federal Government, Sub-Nationals in Fiscal Crisis?

Posted on by The Editorial Team

Lagos, Nigeria (Capital Market in Africa) — The lower crude oil receipts accruing to government – stemming from the fall in crude oil prices and global supply glut — has significantly put a strain on public finances. Monthly oil revenue accruing to all tiers of government dropped by 54.1% Y-o-Y to N286.2bn in April 2015 relative to N622.9bn in April 2014, the lowest level in over two years. Consequently, FAAC allocation to Sub-National governments has…

PwC Survey: Optimism and opportunities abound in Africa’s Infrastructure space

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Lagos, Nigeria (Capital Markets in Africa) — Dealing with Africa’s infrastructure backlog and its future demand is high on the agenda of leaders and civil society on the continent and abroad. While the continents infrastructure currently lags well behind that of the rest of the world with some 30% in a dilapidated condition, there is widespread recognition that there are vast business opportunities on the continent as a growing consumer market continues to develop as well as a large number…

Former Nigerian Central Bank Governor Joins Blackstone Africa Fund

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Abuja, Nigeria (Capital Markets in Africa) — Blackstone and Black Rhino, the giant private-equity firm, has revealed on Thursday, the appointment of Lamido Sanusi, Emir of Kano and Former Governor of the Nigerian Central Bank, as Chairman of the Board of Directors. Black Rhino was formed in January 2012 to develop and to invest in transformational infrastructure projects in Sub-Saharan Africa’s power generation and fuel transportation sectors. “We are pleased that Emir Sanusi has agreed…

Nigeria’s central bank adjusts FX rate to 196.95 per dollar

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Lagos (Capital Markets in Africa): – Nigeria’s central bank adjusted its exchange rate peg to 196.95 naira to the dollar from the 197 it set in February after the currency’s value was eroded by the fall in oil prices, data on its website showed on Thursday. The bank adjusted the rate at which it sold hard currency this week, dealers said, noting that the change was too small to be considered a revaluation for the naira,…

OPEC agrees to keep pumping as fears of a global oil glut persist

Posted on by The Editorial Team

Vienna, (Capital Markets in Africa) – Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports. Concluding a meeting with no apparent dissent, Saudi Arabian Oil Minister Ali al-Naimi said the Organization of the Petroleum Exporting Countries had rolled over its current output ceiling, renewing support…

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