Chinese funds not for “vanity projects” in Africa – President Xi

China Premier, President Xi Jinping

Chinese funds are not for “vanity projects” in Africa but are to build infrastructure that can remove development bottlenecks, Chinese President Xi Jinping said on Monday, telling Chinese firms they also had to respect local people and the environment. Mr Jinping said at a business forum before the start of a triennial China Africa summit their friendship was time-honoured and that China’s investment in Africa came with no political strings attached. “China does not interfere in Africa’s internal affairs and does not impose its own will on Africa. “What we…

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Children African Drum Experience holds in July

From the stable of Declassical Arts & Entertainment, preparations are now in top gear to ensure the program achieves remarkable success and turns out to what children excitedly look forward to every year. It is scheduled to hold from July 17 to 28, at Glover Street, Yaba Lagos. Children African Drum Experience (CADEX) is a platform for engrossing children in varieties of African drumming skills, rich African folktales to be performed stylishly by experts with profound musical accompaniment, poetry, drama and general musical skills. The program becomes invaluable particularly at…

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US Secretary, Tillerson, suspends visit to Nigeria

The U. S. Secretary of State Rex Tillerson has cut short his first trip to Africa to return to Washington about one day ahead of schedule to deal with urgent work there. Tillerson’s travel plans have changed so that he can return to Washington early on Tuesday morning instead of late that night, a spokesman for the top U.S. diplomat told reporters travelling with him. The secretary departed the Kenyan capital of Nairobi on Monday morning. He will visit Chad and Nigeria, both oil-producers struggling to contain the Islamist Boko…

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Sanitising N305bn Africa’s online ad market

Internet advertising is growing in Africa and Google, as the global technology company driving the ecosystem, is embarking on measures to ensure the estimated ad said to be worth N305 billion by 2020 is effectively sanitised while pointing to the new direction businesses could take to maximise their online ad investment. KUNLE AZEEZ reports.   Globally, technology has become a key player in driving activities in all the sectors of a nation’s economy and, indeed, in all facets of human life, advertising space is one of such sector that is…

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Liberalisation of air transport market in Africa

Traveling by air from one African country to another, as those familiar with the routes and processes would testify, is often strenuous, expensive and time-wasting due to poor air connections borne out of ill-advised protectionist policies. As Umaru Fofana, a BBC journalist, detailed in his experience in 2017 flying between the West African capitals of Freetown (Sierra Leone) and Banjul (The Gambia), a journey of 700km (400 miles) which should take about an hour could take 24 hours or 72 hours due to the non-availability of direct flights.   Travellers…

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Why Nigeria is Africa’s worst electricity supply nation

The global electricity supply watchdog, Spectator Index, has provided details on reasons it ranked Nigeria, Africa’s biggest crude exporter, as the worst in electricity supply in the continent. The agency had earlier released a 2017 index in which it also ranked the country as the second worst nation in power supply in the world last year. Out of the 137 countries examined in the study, Spectator Index said in a report released on its Twitter handle, Yemen ranked as worst electricity supply nation in 2017, followed by Nigeria, Haiti, Lebanon,…

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IFC invests 15m euros in SME fund for Africa

The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it is investing 15 million Euros in a new private equity fund to help expand access to finance and support the development of Small and Medium Enterprises (SMEs) in West Africa, Morocco, Tunisia, Algeria and Egypt. The Mediterrania Capital III fund is the third fund from Mediterrania Capital Partners, a regional private equity firm focused on investments supporting SMEs, who search for smart capital for their value creation and financial needs. The new fund is…

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Freight demand: Africa posts largest year-on-year increase

Africa posted the largest year-on-year increase in demand of all regions in October 2017; with freight volumes rising 30.3 per cent. This was contained in the International Air Transport Association’s (IATA). data for global air freight markets, which showed that demand measured in freight tonne kilometers (FTKs), rose 5.9 per cent in October 2017 compared to the year-earlier period. IATA stated that capacity increased 9.2 per cent, adding that during the same period international freight volumes grew by 28.5 per cent. This is more than three times the five-year average…

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Africa flies on wobbling aviation wings

The world’s aviation summit in Abuja has come and gone. WOLE SHADARE appraises the challenges of the continent’s air transport system and possible solutions Inexistent transit Until recently, it was not uncommon for passengers flying between two African cities to transit through Europe. It was cheaper and faster, for instance, for passengers travelling to Ethiopia from Côte d’Ivoire to fly first to Paris with Air France and then catch a connecting flight to Addis Ababa. With no direct flights linking their capitals, most African countries had to rely on flights…

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Ecobank identifies 3 key emerging trends for Africa

Indicating a positive outlook for the continent, the 2017 version of Ecobank ‘s Research’s Fixed Income, Currency and Commodities (FICC) Guidebook, has forecast three key trends for the continent that will take hold during the next 12 months. The first indicates an economic rebound in sub Saharan Africa driven by a recovery in the region’s economic heavyweights, Nigeria and South Africa, and ongoing growth in the top performers, Ethiopia, Côte d’Ivoire and (more recently) Ghana. According to the report, growth will be driven by a rise in oil production (notably…

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