Business (58)

Akinwunmi AdeshinaPRESS RELEASE

Nigeria's president-elect, Muhammadu Buhari, has requested the Economic Community of West African States to support the candidacy of Nigeria's Minister of Agriculture, Akinwunmi Adesina, as the next president of the African Development Bank (ADB).

A file photo of a Sasol Gas plant.Image by: Sunday TimesMOZAMBIQUE was the first of SA’s neighbours to feel the repercussions of the latest outpouring of xenophobic violence when a Sasol contract project was halted due to fear of reciprocal violence.

Sasol spokesman Alex Anderson emphasised on Thursday that the energy giant’s core operations in Mozambique were continuing but the low-pressure compression project being run by contracted service providers had been halted.

Multichoice LogoA Federal High Court sitting in Lagos has restrained MULTI CHOICE NIGERIA LIMITED – operators of DIGITAL SATELLITE TELEVISION from implementing its new rates and an increase in tariffs payable by its subscribers across board.

On Thursday, 2nd of April, 2015, Justice

Whitey BassonSPEAK to many South African CEOs, and they’ll tell you that they’re more optimistic about their investments further north on the continent than at home. Shoprite CEO Whitey Basson was the most recent to express this sentiment.

Basson told this newspaper that it was easier to trade in Nigeria, which has a higher growth rate than South Africa where economic growth is barely 2%. “If you look at the IMF projections for Africa, they’re still all double South Africa’s 2%,” he said.

Paypal LogoA representative of the international payments and money transfer firm, Paypal, recently revealed that, apart from South Africa, Nigeria is the second largest market for their payment solution, followed by Kenya.

ProNutro one of Pionee food's productsPioneer Foods, the maker of ProNutro and Weet-Bix breakfast cereal, on Tuesday announced its first major foray into Nigeria.

In what is deemed as a low-risk, route-to-market opportunity to expand its basket, Pioneer will pay $7m as it invests in a majority stake of newly formed company Food Concepts Pioneer (FCPL), with Lagos-based partner Food Concepts plc.

bricsBusiness and diplomatic travellers from South Africa’s Brics partners will receive port of entry visas into the country, Home Affairs Minister Malusi Gigaba said on Thursday.

“I have approved the issuance of port of entry visas to Brics business executives for up to 10 years, with each visit not to exceed 30 days,” he told the Cape Town Press Club.

gdspSouth Africa’s gross domestic product (GDP) increased by 4.1% in the fourth quarter of 2014, Statistics South Africa (Stats SA) says in a media statement.

“Real gross domestic product at market prices increased by 4.1% quarter-on-quarter, seasonally adjusted and annualised,” says Stats SA.

nairaNigeria is riven by an Islamist insurgency, political chaos and sliding oil prices. But for a unit of Africa’s biggest insurer, the potential returns from its currency are still too good to resist.

Acadian Asset Management Bryan Carter is switching out of Nigerian bonds into forwards speculating on the future value of the naira.

hero-01At the Estate Sports Club in the southeastern Nigerian city of Onitsha, men troop up to the open-air bar and order a bottle of “Oh Mpa,” the local name for SABMiller Plc’s Hero beer.

business-saSouth Africa is no longer the destination of choice for private equity investors seeking to tap returns on the continent.

Alhaji-Wakil-Mohammad-01The federal government said yesterday that the South African government was now emulating the Nigerian power sector privatisation model in the transformation of its deteriorating energy sector.

The minister of State for Power, Alhaji Mohammed Wakil, who stated this, added that he was proud as Nigerian that the reform almost completed by the federal government was what a great country on solid footing like South Africa is copying as its blueprint.

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