Nigeria | - Part 10

Truecaller Phone App Maker in Talks With Airtel About Africa

LAGOS (Capital Markets in Africa) – Swedish phone-app developer True Software Scandinavia AB is in talks with wireless operators including Bharti Airtel Limited to expand its fast-growing Truecaller spam-filtering service in Africa. Truecaller is seeking to roll out a version of the app that works with 2G phones, Chief Commercial Officer Ted Nelson said in an interview in Cape Town on Wednesday. About 70 percent of cell users in Africa use so-called service phones — devices that…

India Exim Bank’s $100 Million Funds Nigeria Power Projects

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LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

Traders Aren’t Yet Calling an End to Nigeria’s Naira Problem

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LAGOS (Capital Markets in Africa) – Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree. Portfolio inflows have risen in the past three months with crude prices increasing above $60 a barrel and money managers taking heart from a new foreign-exchange trading window, in which the naira has converged with the black-market rate. That prompted central bank Governor Godwin Emefiele and Patience Oniha, the head of the nation’s Debt Management Office, to tell…

Diamond Bank Sells West African Units for 61 Million Euros

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LAGOS (Capital Markets in Africa) – Nigerian lender Diamond Bank Plc sold the majority stake in its units in four West African countries as it seeks to shore up capital and focus on the home market. Manzi Finances SA, based in Abidjan, Ivory Coast, bought 97 percent of Diamond Bank’s ownership of units in that country as well as Benin, Togo, and Senegal for 61 million euros ($71 million), according to a filing on Friday to the…

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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LAGOS (Capital Markets in Africa) Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an initial investment of $250 million by a Turkish investor, deputy director at Abuja-based Nigerian Investment Promotion Council, Aminu Takuma, said in…

Russia Signs Agreement With Nigeria for Nuclear Power Plant

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LAGOS (Capital Markets in Africa) – Russia has signed agreements with Nigeria to build and operate a nuclear power plant in the oil-rich West African nation that has a deficit of reliable power and faces security challenges by Islamist militants in the far northeast. Feasibility studies for the plant and a research center construction will include site screening, capacity, financing, and time frames of the projects, state-owned Russian nuclear company Rosatom said in an emailed…

Nigeria Seeks to Boost Mining Reserves to Lure Investors

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LAGOS (Capital Markets in Africa) – Nigeria plans to spend 15 billion naira ($42 million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants to come in,” Fayemi said in…

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