Category: African Business
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Food security fears as rain stays away in northern Cameroon
Northern Cameroon faces a dramatic drop in rainfall and farmers are suffering. “There is very little rain. On the millet field, everything is already dry. Last year I harvested between 7 and 8 bags per car, but this year, as you’ve seen, it hasn’t rained,” said one farmer. “Behind me here is the maize field…
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Egyptian start-up turns plastic waste into tiles
TileGreen, which started three years ago, aims to make the country’s construction industry more environmentally friendly. The young entrepreneurs at the start-up are combatting two problems. The country’s huge levels of plastic waste and high levels of emissions from cement used in the building sector. “We invented a technology and an industrial process whereby we…
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Ethiopian Banks Under Pressure as Foreign Competition Looms
The liberalization of the exchange rate for the birr last month has shaken up the banking sector. The country’s 32 banks will now have to adapt to the arrival of new lenders and some may not survive. Foreign banks, long eager to enter the Ethiopian market, are now more motivated than ever. The recent exchange…
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Zimbabwe’s infrastructure investments save Southern African Development Community millions
Zimbabwe’s infrastructure investments save Southern African Development Community millions, media report Despite facing sanctions, Zimbabwe’s investment in infrastructure, including roads, housing, dams, and power plants, has yielded significant benefits for the region. The modernized Beitbridge Border Post, a key access point on the North-South Corridor connecting Durban to Zambia, DR Congo, and Malawi, has saved…
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Guinea and Russia strengthen cooperation at the municipal level
The Russian Ambassador to Conakry met on August 23 with Guinean participants of the International Municipal BRICS Forum 2024, which will take place on August 27-28 in Moscow. Alexey Popov wished the delegates fruitful work at the Forum and confirmed his willingness to provide all possible assistance in the further development of established contacts. This…
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Oando has acquired a 100% stake in the Nigerian Agip Oil Company from Italian energy giant Eni for $783 million
The deal expands Oando’s asset base to include 40 oil and gas fields, with 24 currently in production, 1,490 km of pipelines, 12 production stations, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai power plants with a combined capacity of 960MW. This transaction has increased Oando’s total reserves by 98%, from…
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Nigerian Fidelity bank hit with record fine by NDPC for data privacy violations
The Nigeria Data Protection Commission (NDPC) has fined Fidelity Bank 0.1% of its 2023 revenue, amounting to $358,580, for violating data laws during the account opening process, according to the agency’s report. This is the largest fine NDPC has imposed for data breaches, though Fidelity Bank is contesting the decision. The NDPC instructed Fidelity Bank…
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The biggest diamond in over a century is found in Botswana — a whopping 2,492 carats
GABORONE, Botswana (AP) — The largest diamond found in more than a century has been unearthed at a mine in Botswana, and the country’s president showed off the fist-sized stone to the world at a viewing ceremony Thursday. The Botswana government says the huge 2,492-carat diamond is the second-biggest ever discovered in a mine. It’s…
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The UN mission in Libya, UNSMIL, has expressed concern “over reports of the mobilisation of forces in Tripoli
Since the Libyan Central Bank, based in Tripoli, is the only internationally recognized bank that benefits from oil exports, the parallel government in the east of the country depends on cooperation to export oil from the rich basins of the Gulf of Sirtre. Due to the current political tensions between Tripoli and Benghazi, in the…
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Senior officials from Africa, Asia, Middle East to visit Russia ASIAEXPO forum
International agricultural forum ASIAEXPO is scheduled to take place in Russia’s Sirius Federal Territory on October 23-25.Participation in ASIAEXPO was confirmed by Gabonese, Cameroonian, Saudi Arabian and Iraqi high-ranking officials, the forum’s director general, Igor Milovanov, told Sputnik. “Last year showed the demand for this forum. It was attended by about 6,000 people. The worth…
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