Oil to okadas: Africa’s top business news
Story: Right here are 5 business enterprise stories generating headlines in Sub Saharan Africa this week.
TotalEnergies has introduced the sale of its 10% stake in Nigerian joint undertaking SPDC.
The sale features fascination in 13 onshore fields and a few in shallow drinking water making 20,000 barrels of oil equal a day.
Major oil has been progressively exiting Nigeria’s onshore manufacturing thanks to years of sabotage and theft in the Delta area, which has experienced many years of oil spills and pollution.
Ghana has commenced a bulk acquire programme to acquire gold locally, the Central Financial institution said on Tuesday (May 17), to increase the gold element in its reserves
That is a bid to reinforce the cedi currency, which has been depreciating, without raising inflation, which hit an 18-year-record in April.
South African grocery and outfits retailer Pick n Shell out aims to cut expenditures by a few billion rand – that is $187m – in the subsequent three yrs and grow current market share by 3%.
The aim is to increase shareholder returns which have been dropping more than the earlier 12 months in a highly competitive sector.
The UK’s growth finance establishment, British International Investment, and U.S. bank Citigroup have signed a $100m danger-sharing facility for Africa – to improve lending to smaller corporations by up to four situations that volume.
The two events will share threat 50/50 as they intention to offer money to markets viewed as risky mainly because of an unsure enterprise setting and currency fluctuations.
And eventually Nigeria’s megacity Lagos claimed on Wednesday (Could 18) that it is banning bike taxis, which it known as unsafe.
The okadas are a common manner of transport in a metropolis where by site visitors jams are a each day section of existence.
It was not straight away obvious if the ban would include experience-hailing start off-ups like Gokada and Max.ng that have sought to capitalize on the city’s teeming population of 20 million.
