Dr. Okechukwu Enelamah

Minister of Industry determined to boost Tomato production

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah has assured tomato producers in the country that government is committed to boosting tomato production in line with on-going economic diversification efforts. He said the federal government has a robust tomato policy to boost local production, stop importation of tomato paste, and create employment opportunities. […]

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Mohammed Barkindo

Sentiment, speculation, rumours are major forces driving oil market

The Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market. In his presentation at the Ninth IEA-IEF-OPEC Symposium on Energy Outlooks in Saudi Arabia, OPEC’s Secretary-General, Dr. Mohammad Barkindo stated: “Unfortunately, the oil market can often be subjected to forces which are […]

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Nigeria’s foreign trade volume increases by 39 pct – NBS

The National Bureau of Statistics (NBS) said the country recorded a total trade value of ₦32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017. The trade value for 2017 stood at ₦23.16 trillion. The NBS said this in its Foreign Trade in Goods Statistics for Fourth Quarter of […]

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KPMG South Africa picks outsider as CEO after scandals

The offices of auditors KMPG are seen in Cape Town, South Africa, September 19, 2017. REUTERS/Mike Hutchings JOHANNESBURG (Reuters) – KPMG’s South African unit named an outsider, Ignatius Sehoole, as chief executive on Wednesday, as the auditing firm scrabbles to retain clients after being ensnared in political scandals. Sehoole, the current deputy chief executive PwC’s […]

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Zimbabwe on course to meet budget deficit targets – finmin

Zimbabwean Finance Minister Mthuli Ncube arrives to deliver his 2019 Budget speech at Parliament in Harare, Zimbabwe, November 22, 2018. REUTERS/Philimon Bulawayo HARARE (Reuters) – Zimbabwe is on track to meet a narrower budget deficit of 5 percent of GDP in 2019 from an estimated 11.7 percent this year, Finance Minister Mthuli Ncube said on […]

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Asset sales can’t fix problems at South Africa’s Eskom, chairman says

Eskom’s chairman Jabu Mabuza gestures during the 2018/19 interim results at the Eskom’s head office at Megawatt Park, in Sunninghill, South Africa, November 28, 2018. REUTERS/Siphiwe Sibeko JOHANNESBURG (Reuters) – South Africa’s state-owned power utility Eskom should look at government equity injection and debt relief among options to assist the troubled firm with its financial […]

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Gold Fields improves severance terms at South Deep in bid to end strike

JOHANNESBURG (Reuters) – Gold Fields said on Wednesday it had offered union members striking at its South Deep mine in South Africa an increased severance package to try to resolve the dispute which has halted production. Workers are seen underground at Gold Fields South Deep mine in Westonaria, 45 kilometres south-west of Johannesburg, March 9, […]

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South African state pension fund raises stake in MTN to 23.6 pct

Men sit on motorbikes past advertising posters for MTN telecommunication company along a street in Lagos, Nigeria October 30, 2018. REUTERS/Afolabi Sotunde JOHANNESBURG (Reuters) – A South African state-owned pension fund has raised its stake in mobile phone operator MTN Group to nearly 24 percent, regulatory filings showed on Wednesday, a bet on the company […]

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S.Africa’s Eskom says asset sales can’t solve problems as flags big loss

JOHANNESBURG (Reuters) – South African state-run power firm Eskom said on Wednesday that asset sales could not solve its problems and that a bailout or debt relief were preferable, as it flagged a loss before tax of more than 11.2 billion rand ($800 million) this financial year. An Eskom logo is seen at the entrance […]

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Kenya’s foreign exchange rate reflects true value -cenbank governor

NAIROBI (Reuters) – Kenya’s central bank governor on Wednesday dismissed a report by the International Monetary Fund (IMF) that its national currency was overvalued and said the fund had used an inappropriate method to assess the shilling’s worth. Kenya Central Bank Governor Patrick Njoroge speaks during an interview with Reuters in his office in the […]

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Tanzania central bank suspends five banks from interbank FX market

DAR ES SALAAM (Reuters) – Tanzania’s central bank has suspended five banks from trading in the interbank foreign exchange market for one month for breaching regulatory rules, a senior official said on Wednesday. Barclays Bank Tanzania, Exim Bank, UBA Bank, BancABC and Azania Bank were all suspended from the market on Nov. 23 for violating […]

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South African central bank expects volatile rand in 2019

South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg January 17, 2013. REUTERS/Siphiwe Sibeko JOHANNESBURG (Reuters) – South Africa’s rand will remain volatile in 2019, making monetary policy complicated and focused on long-term inflation factors rather than short-term market shocks, central bank Deputy […]

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