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The yield on Kenya‘s 364-day Treasury bill rose to 13.803 percent at auction on Wednesday from 13.254 percent at last week’s sale, the central bank said.

The yield on the six-month Treasury bill increased to 13.164 percent from 12.762 percent.

The central bank sold bills worth a combined 5.68 billion shillings ($55.58 million), against a target of 12 billion, reflecting a subscription rate of 48.59 percent for the 182-day bill and 65.11 percent for the one-year bill
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Press statement from the office of the Vice President Yemi Osinbajo...
The Buhari administration is interested in using technology to fast track the country’s growth and development, according to Vice President, Prof. Yemi Osinbajo, SAN Speaking yesterday while signing a Memorandum of Understanding (MOU) between the Federal Government and Global Good Fund co-founded by US billionaire, Bill Gates, the Vice President said the administration “is interested in the idea of using technology because it is the way forward for those interested in rapid growth in the next decade”.
He noted that the President has said that this administration is committed to a bottom-up approach and technology is a tool that can help make the difference.
According to him, “I am interested in this whole idea of using technology to address some of our challenges”, especially in agriculture and health, adding that there is no alternative to the use of technology.
Present at the signing ceremony were the Minister of Agriculture, Mr. Audu Ogeh; Minister of Health, Prof. Isaac Adewole and that of Budget and National Planning, Mr. Udoma Udo Udoma.
Flanked at the sides by the Ministers at the MoU signing, the Vice President emphasized the importance of technology as a means of adding value and improving the lives of millions of people.
He said “we are at a point where technology is important for making a difference in the lives of the people”.
For instance, he said there is the need to develop specific technology solutions that can target low level subsistence farmers, small, micro and medium enterprises with the resultant effect of impacting lives. However, he further noted that “the challenge is how to ensure that these initiatives and innovations will benefit the majority of the people”.
While commending the initiative to engage with the Global Good in the effort, the Vice President charged the partners to ensure that measurable targets are set in order that tangible results can be achieved.
“I think we should be able to set targets, to have useful interaction in terms of how much we are able to achieve; this target should be on a scale, for instance, in the next one or two years. It should be based on measurable targets to keep our focus”, Prof. Osinbajo explained stressing that “at the end of the day, it will mean we’ve impacted so many millions of people”.
Earlier, Mr. David Keogh, the Director of Global Good Fund, who signed the MoU on behalf of his organisation and led the Fund’s delegation, said the Fund is on a social mission to deploy technology in the area of agriculture and healthcare that will impact many people in Nigeria. He stated that the company working in collaboration with multi-lateral agencies, non-profit organisations and governments, engages in identifying challenges in different value chains and provide technological solutions to these value chains.
The MoU signed between Nigeria and Global Good will provide the framework for identifying the specific challenges in identified sectors such as in agriculture and healthcare and provide the necessary technological solutions to impact the lives of the people. Global Good is funded by Bill Gates.
Laolu Akande
Senior Special Assistant (Media & Publicity)
In the Vice President's Office

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The chambers of the National Assembly, the Senate and the House of Representatives, yesterday, passed a  total sum of N574,532,726,857 as supplementary budget for President Muhammadu Buhari for additional Recurrent (Non- Debt) Expenditure for the year ending on December 31, 2015 to be withdrawn from the Consolidated Revenue Fund of the Federation.

With N109 billion approved by the Senate for fuel subsidy, the total would now amount to N522,258,934,505 as the President, in the letter to the Senate, had requested for N413 billion for fuel subsidy.

Also N5,000,000,000 was approved as Victims Support Funds in the Capital Supplementation which would be re-classified to the Service Wide Vote of N559,217,800,017.

The Senate also approved the sum of N29,958,865,512 to fight the Boko Haram insurgency in the North East and payment of outstanding claims in order to reduce the suffering of Nigerians under the heading, Operation Zaman Lafiya. The Nigerian Army will get N17,468,992,640; Nigerian Airforce, N8,141,434,760; Nigerian Army outstanding balance from 2015 and second quarter, N4,348,438,112.

The approval of the Senate was sequel to the report of the Senator Danjuma Goje-led Committee on Appropriations on the 2015 Supplementary Appropriation Bill.

Earlier, the senators broke into an executive session for one hour as part of moves to discuss the appropriation bill and give the President a soft landing by passing the budget and as a follow up to last Thursday’s dinner the Senators were with the President where collaboration and synergy among the Executive and Legislature were emphasized.

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Aliko Dangote has promised to construct a 500 megawatt power plant for Kaduna, Kano, Katsina and Jigawa States. This is a deliberate attempt to support local economy and wealth creation. The Chairman and CEO of Dangote Group of Companies made the pledge through his representative, Engineer Mansur Ahmed, the executive director stakeholders management, at the 36th Kano Trade Fair held in Kano. In his address, Engr. Ahmed noted that without power industries and commerce will cripple and businesses seriously decline as has been the situation in Kano State.

He further revealed that they were currently discussing with the Kano State government on the megawatt power supply and final agreement will be signed soon.

Engr. Ahmed made it known that Dangote has built over a hundred borehole across the state and the theatre health facility at Murtala Muhammed Specialist Hospital which was posponed due to discrepancies and would soon take off in the next few weeks.

Dangote group has done quite a lot of intervention across the federation,he added, sighting the example of Ebola case were the group spent over a billion naira to control it's spread and another billion naira support to Internally Displaced Persons, IDPs, especially in the north east.

Engr. Ahmed also disclosed that the nutrition program of Dangote Group is aimed at ensuring that Nigerian children grow up vibrant and intelligent. Read More
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 Lucara A Canadian company, has discovered the World’s second-largest gem-quality diamond in Botswana.

The companies chief Executive Officer, William Lamb, in a statement said the 1,111-carat diamond was second in size only to the 3,106-carat one unearthed at Cullinan mine in neighbouring South Africa in 1905.
The diamond, slightly smaller than a tennis ball, was recovered by machines in the Karowe mine in central Botswana
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According to organised private sector estimates, the maritime industry has the potential of contributing up to N7 trillion annually to Nigeria’s economy.

Maritime stakeholders at a workshop with the theme “Economic Regulation in the Maritime Sector” held in Nigeria’s capital, Abuja, last month , said the N7 trillion revenue can be generated if the federal government enforces better regulation of the industry.

A former director at the Ministry of Transport and member of the Nigerian Shippers’ Council, Collins Okoroafor, in a presentation at the workshop, reported that Nigeria with over 850 kilometres of coastline had huge economic potentials in the sector.

“There are eight major seaports, 11 oil terminals and 128 private jetties. Total cargo handling capacity of Nigerian ports is over 35 million tonnes. Nigeria is very active in international trade – major crude oil exporter, import dependent. This trade is about 85 per cent. Maritime industry has the potential of contributing up to N7 trillion annually to the Nigerian economy,” Okoroafor who also chairs the CEGONET Limited stated in his presentation titled, Nigerian Shippers’ Council and Ports Economic Regulation: An Overview.

Okoroafor lamented that shipment problems, shipping space, safety of cargo on board, freight rates, documentation, port-related problems, port charges, congestion, security, shore handling and tracking of containers/parcels, customs issues, remain some of the several problems hampering the maritime sector. He also enumerated the problems of the sector to include inland/transportation problems, availability/efficiency of rail/road networks, security/tracking of cargoes, haulage costs, transit arrangements, documentation, legal, banking and insurance issues.

He regretted the “deterioration of the quality of shipping services and the demand side challenges, arbitrary and large increases in ocean freight rates by cartelized foreign cargo liner operators”.

In his presentation, Lawyer and maritime expert, Chima Nwana urged the National Assembly to pass the “Bill to Establish a National Transport Commission as an Independent Multi-modal Economic Regulator for the Transport Industry and for Other Related Matters”.

The maritime lawyer said the passage of the Bill to law, will increase private sector participation in the maritime sector as he stressed that there was a need to allow stakeholder collaboration with government to improve regulation.

Nwana also suggested that the National Assembly, could alternatively, amend the Nigeria Shippers’ Council Act to enforce regulation in the sector. Read More
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Ivory Coast’s economy will grow by 7.9 percent this year and by an average of 7.6 percent in 2016 and 2017, the International Monetary Fund (IMF) said in a new report. The country, once torn by civil war, has been showing impressive economic recovery since the end of the crisis in 2011.

Increase in private sector investment under President Alassane Ouattara has largely spurred this growth. However, the outcome of the presidential election, slated for October, will play a key role in the economic prospects for next year. IMF forecasts were below the target the government set for itself this year — 9.4 percent — which it expects to run into double-digits in 2016. “While the staff recognises that a post-election end to the wait-and-see attitude of some private investors could push growth rates above its estimate in 2016, the mission felt that this factor is too uncertain to be incorporated in the baseline scenario,” the report said.

Frontier market investors, who are excited by Ivory Coast’s impressive growth in recent years, are believed to be keen to see Ouattara re-elected. The former deputy head of the IMF had embarked on large-scale infrastructure projects, previously stalled during years of political instability.

The French-speaking nation has also invested heavily in electricity generation, with a new output target set as 4,000 megawatts, from the current 1,600. That’ll be almost double the current output of Nigeria, its west African neighbour and the continent’s largest economy. Already, the country is exporting its excess power to neighbours like Ghana.

Investments into Ivory Coast is also growing rapidly, particularly into its resource sectors. Recently, Olam, a Singaporean firm with agricultural interests across Africa invested $75 million in the country’s cocoa industry, which accounts for 22 percent of the country’s GDP. The first chocolate making factory was also launched in the West African nation this year.

Overall, Ivory Coast’s macroeconomic outlook is positive but risks remain. Poor weather could affect agricultural output and power production while a continuation of recently discovered extra-budgetary spending may affect the economy and scare investors.
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Angola’s capital city, Luanda has emerged, for the third year running, the costliest city in the world, trumping mega cities like New York and London, according to Mercer’s 21st annual Cost of Living Survey. However, unlike other countries represented in the top five, more than half of the Angolan population lives below poverty line.

Luanda is Angola’s most populous and important city, a primary port and major industrial, cultural and urban centre. Expatriates pay as much as $400 per night for a decent hotel room in the city and up to $75 for a basic lunch. In order to keep up appearances, the Angolan government has been clearing the city of its poor, it called it “war against chaotic urbanization.

An estimated one-third of the Angolan population lives in Luanda, where many were forced to run to in order to escape the country’s 27-year civil war. The gap between the rich and the poor in the city mirrors that of the rest of the country. The Angola government has been criticized for fighting the poor rather than fighting poverty.

Although the country currently struggles to fund its budget and growth forecasts have been cut due to falling oil prices. Angola has enjoyed years of wealth from its oil, but during these years of abundance, President José Eduardo dos Santos had been accused of enriching the ruling class at the expense of the poor.

The southern African country’s public facade in Luanda hides the despair of millions of Angolans who struggle daily to access basic infrastructure.

Another African city, N’Djamena made the top ten most expensive cities list. Like Luanda, the Chadian capital has some of the poorest people in Africa. The United Nations’ Human Development Index ranks Chad as the seventh poorest country in the world. Despite this, its capital city came tenth in the ranking. Chad would ordinarily be considered an inexpensive city, but for the cost of imported goods and the fact that safe living conditions in the country are available only at a steep price.

The economic state of the people of the two African cities that made the top ten mirrors the widening gap between the rich and the poor in Africa. Factors considered by Mercer for the ranking include instability of housing markets and inflation for goods and services, which the global consulting firm says impacts the overall cost of doing business in a global environment.

Hong Kong (2), Zurich (3), Singapore (4), Geneva (5), Shanghai (6), Beijing (7), Seoul (8) and Bern (9) are the other cities in the list of most expensive cities for expatriates.

Mercer used New York as the base city for the survey, and all cities were compared against it. Currency movements were measured against the US dollar.

The survey includes 207 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment.
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Shell Petroleum Development Company (SPDC) has sold its multi billion Naira airport in Warri, Delta State NIGERIA to an indigenous energy and infrastructure company, Shoreline Energy International Limited. This is part of its divestment plans and an ongoing review of operations in the eastern Niger Delta region of the country. “This does not mean we are reducing our investments in Nigeria. What we have invested in Nigeria in recent years has exceeded the divestment of our interests in the eastern Niger Delta. It is just part of the review of our business portfolio,” A spokesperson for Shell, Mr. Bamidele Odugbesan told local newspaper, Punch. Shell divestment plans After weak refining margins and crude oil theft in Nigeria forced the profit of Europe’s largest oil company to fall, the company announced in 2013 that it would sell $30billion worth of assets of its company in Nigeria starting from its Niger Delta assets. From 2010 to date shell has sold more than twelve Oil Mining Leases (OMLs) in Nigeria. Seplat acquired OMLs 4, 38 and 41 in 2010, while the Nigerian Development Company (NPDC) purchased OMLs 26, 42, 40, 34, 30 in 2011 and 2012. In 2013, Newcross Exploration and Production Limited (Newcross) agreed to acquire OML 24, 25 (Still in Court). Aiteo, Talevaras consortium, bought over OML 29 and Nembe Creek Trunk Line (NCTL). In March 2015, Eroton acquired OML 18. Read More
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oil companies have shut down their operations in some oilfields in the western part of Niger Delta, following vandalization of the Trans Forcados pipeline,

The companies are: Shell Petroleum Development Company (SPDC), Seplat Petroleum Development Company and four other Nigerian companies comprising Shoreline Resources Limited, Neconde, First Hydrocarbon Nigeria (FHN) and Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

The Trans Forcados Pipeline (TFP), conveys crude oil produced by these companies from the producing fields to the Forcados Export Terminal.

Vandals had earlier damaged the pipeline, resulting to the shutdown of crude oil production by these companies from late December 2014 to the first week of January 2015, before they struck again in the first week of March and more recently, the last week of April to the first week of May.

“Once Trans Forcados is down, all of us suffer. In 2014 we budgeted 35 days of outage but we ended up suffering 75 days of outage. In the first 30 days of this year, we have already suffered 15 days of outage. So, the Trans Forcados remains a huge problem for all of us, producers in the western Niger Delta, who deliver crude to Forcados. When it is down, everybody suffers; we have production outage and therefore, for the period, there is no production for the country,” CEO of Seplat, Mr. Austin Avuru said.

Shell had earlier declared force majeure on Forcados crude oil stream, effectively disrupting the export of 189,000 barrels per day, following what it described as “series of leaks” in the Trans Forcados Pipeline.

written by; CHRISTIAN OKOLI (brainbox)
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