Tuesday, July 27, 2010
On his first official visit to Sudan, Henry Bellingham said Britain's new government sought to encourage companies to invest more in Sudan, particularly in its oil and services sectors. read more
"There's a big interest in projects that can transform economies... for instance there's big talk about railways. We want to revamp our railways. So if the trends continue as they are now, I would say within five years' time we'll be committing up to $10 billion per year on infrastructure." read more
Gone are the days when Africa was considered to be a poor continent rich only in natural resources but where poor people fought for survival amid disease and poverty. Africa, the birthplace of human civilization, is slowly but surely getting its rightful place in the history of mankind. African countries are not simply spectators to the economic rise of China and India but are a party to it. Africa is not only attracting investors from China and India, but African ETFs have also shown substantial gains in the recent times. There is no doubt that some African nations offer a tremendous growth opportunity for the investors, especially for those looking at emerging economies outside the BRIC nations. Of course there are people who are skeptical of the kind of growth African nations can achieve, but as South Africa showed with the successful completion of the FIFA World Cup Football 2010, the continent is ready to attain its lost glory. read more
Sunday, July 18, 2010
Ten years ago The Economist dubbed Africa “the hopeless continent”. Since then its progress has been remarkably hopeful. In 2000-08 Africa’s annual output grew by 4.9% (adjusted for purchasing-power parity), twice as fast as in the 1980s and 1990s and faster than the global average of 3.8%. Foreign direct investment increased from $10 billion to $88 billion—more than India ($42 billion) and, even more remarkably, catching up with China ($108 billion). The Boston Consulting Group notes that, since 1998, the revenues of Africa’s 500 largest companies (excluding banks) have grown at an average of 8.3% a year. read more
Wednesday, July 7, 2010
On the Goldman Sachs' growth-environment index, which measures a mixture of economic and social development indicators, Nigeria's score has nearly doubled over the past decade.
"If it were to show the same increase in its growth-environment score over the next decade, many investors will look back and say why the hell didn't I invest in Nigeria," said Goldman Sachs' global head of economic research Jim O'Neill, who coined the term BRICs. read more
Tuesday, July 6, 2010
It will be the first of three refineries under a deal signed in May between Nigeria's state oil company, NNPC, and the China State Construction Engineering Corporation (CSCEC).
The refinery will be built in the Lekki free trade zone of Lagos, Nigeria's biggest city.
The Chinese will cover 80% of the cost, and NNPC 20%, while the state of Lagos will provide land and infrastructure. read more
Friday, July 2, 2010
The spokesman said China was considering the further opening of Chinese markets to African products. By 2013, the country seeks to scrap tariffs on 95 percent of imports from all African countries which China has diplomatic ties with. read more