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US to revoke Mauritania’s AGOA benefits; Nouakchott denounces the move as “betrayal”

The United States will end Mauritania’s trade benefits under the African Growth and Opportunity Act (AGOA) at the start of next year, the US trade representative’s office said. Nouakchott denounced the move as a “betrayal”. Washington accuses the West African nation of tolerating forced labor and hereditary slavery. The country’s slow moving process of abolishing […]

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Nigeria-Entrepreneurship: TEF-hashed out entrepreneurs to use TEFConnect to boost business

The Tony Elumelu Foundation (TEF) launched Thursday at its annual forum the TEFConnect a revolutionary digital community that will connect all African entrepreneurs including the 4,470 African economic revolutionaries that the foundation has empowered since its inception four years ago. For the fourth straight year, TEF gathered in the Nigerian economic capital Lagos, 4,4470 African […]

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Morocco’s OCP Acquires Stakes in Spanish Fertinagro

Moroccan OCP Group, the world’s largest exporter of phosphates and a leading global phosphate plant nutrition player, and Fertinagro Biotech S.L., a Spanish company which manufactures and supplies a wide range of plant nutrition solutions, have completed the acquisition by OCP of 20% of Fertinagro’s shares by way of a capital increase. The amount of […]

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Equatorial Guinea: President Obiang frees 34 opposition figures

In Equatorial Guinea, 81 people including 34 opposition figures have been freed this week following a presidential pardon by President Teodoro Obiang Nguema to mark the country’s 50th anniversary of independence from Spain. A former Spanish colony of 1.2 million people, awash with oil but mired in poverty and corruption, Equatorial Guinea has been ruled […]

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Protests in South Africa hit record in 2018

In South Africa, riots over poverty and poor government services have hit a record high in 2018, data showed on Wednesday. According to the data released by research organization Municipal IQ, the number of “service delivery protests” had hit 198 by the end of September, surpassing the previous record for a full calendar year of […]

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Sierra Leone revokes $400 million airport deal with China

Sierra Leone’s government has terminated a $400 million deal to build a new airport with Chinese labor and loans, Reuters reported. The plan had repeatedly been criticized by international financial institutions for the additional burden it would place on Sierra Leone’s external debt. Sierra Leone has accumulated more than $220 million Chinese debt in the […]

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West Africa: BOAD to invest 50 billion FCFA in climate projects

The West African Development Bank (BOAD) has pledged to invest about 50 billion CFA francs to support climate projects in the region. The information was disclosed by the Head of the Climate Finance Division at BOAD, Ibrahima Traoré. The financial institution is mobilizing 45 billion CFA francs to finance any structuring project, public or private, […]

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South African Airways could see a profit by 2021 – CEO

South African Airways chief executive Vuyani Jarana said the debt-plagued airline is making steady progress to achieve profitability at the end of the 2021 financial year. The embattled state-owned airline improves its revenue as it is set to receive government bailouts of R13 billion over the next two years. The airline reported a loss of […]

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OCP Group’s JESA subsidiary wins $403 million contract in Benin

The joint venture between OCP Group and Jacobs Engineering Group of the United States (JESA), has just signed a contract with the Millennium Challenge Account-Benin II (MCA-Benin II) covering the 2017-2022 period. Benin’s second Grant Compact, worth $ 403 million, including $375 million as a grant, will finance an Electricity Power Program. The aim is […]

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Morocco’s OCP Group to Help Ghana Develop Fertilizer Industry

After launching successful partnership operations with several African countries, Moroccan OCP Group, the world’s largest exporter of phosphates, has been chosen by the Government of Ghana to help it carry out its new Fertilizer Expansion Program (GFEP). A Memorandum of Understanding (MoU) was signed lately by the two sides. The OCP group pledged to work […]

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