Business

FG commissions Abuja Market plaza in Cameroon

Published

8 mois ago

septembre 11, 2023

Naija Diaspora

The Consul-General of Nigeria to Douala, the Republic of Cameroon, Ambassador (HRM) Queen Efe A. Clark-Omeru has commissioned the multimillion-naira Abuja Market plaza built in Douala, Cameroon by eminent Nigerian Alhaji Abba Mustafa.

The Consul General, who commissioned the projects in Douala, commended the Nigerian-Adamawa philanthropist for investing in such a massive project in a neighboring country like Cameroon which has over five million Nigerian migrants.

According to the Nigerian Diplomat, the facility is expected to create numerous business opportunities by generating revenue rents and creating job opportunities for both Nigerians and Cameroonians. Additionally, it will enhance the beauty of Douala city, attracting more tourists and strengthening Foreign Direct Investment (FDI).

The Nigerian Diplomat expressed hopes that the new building would further help strengthen the relationship between Cameroon and Nigeria, extending a hand of prayers during the commissioning ceremony.

“Alhaji Abba, you are a great man, it takes a great heart to think beyond yourself and invest in the huge facility, not just for you but for the people of Adamawa state, the whole Nigeria, and Cameroon, history will not forget you,” said Amb. Clark -Omeru

“This is a good day for Nigerians, for Cameroonians and for the people of Adamawa State in Nigeria, I am happy to be here and to be part of this joy of today, Nigerians are happy, Cameroonians are happy as well as the Adamawa indigenes,” she said.

“Our dear Father, Abba Mustafa, you have done very well with this massive building, may the Almighty God continue to bless you, may he continue to reward you abundantly and may he continue to keep you for the good of mankind.”

The Consul General praised the Cameroon authorities for fostering a spirit of brotherhood between Nigeria and Cameroon by offering a great opportunity to the distinguished Nigerian, Alhaji Abba.

She continued: “As we are celebrating this great achievement, the fact still remains that this facility is a representation of close collaboration and one cordial relationship between Alhaji Abba Mustafa and our host authorities which provided a friendly environment and gradually the opportunity for him to purchase the land. If not for the good reputation and integrity that Alhaji Mustafa is recognized for, there is no way the host authorities would have given him the opportunity to mark this great landmark. I am appealing to every Nigerian in Cameroon to be a good ambassador,” she concluded.

Alhaji Abba Mustafa thanked the Nigeria Consul General for honoring the invitation and supporting Nigerians in Cameroon ultimately.
“On behalf of my humble self and the people of Adamawa State Union Douala, I want to thank the Consul-General of Nigeria to Douala, the Republic of Cameroon, Ambassador (HRM) Queen Efe A. Clark-Omeru for making time to honor this great occasion. I am also using this opportunity to thank the President and members of the Nigerian Community in Douala and the royal fathers who came as well as everybody who grace this day, May you all return home safely, thank you very much.

Meanwhile, Ismaila Adegbola, the Chief Executive Officer ND Group, has praised Alhaji Abba for investing in Cameroon and building such an impressive structure that would provide employment opportunities to many. Adegbola has also urged the Nigerian government to recognize Alhaji Abba’s contributions to the country by including him in the nation’s historical book.

“This is a milestone achievement for Nigeria as a country, We are calling on the Federal Government to decorate this great man with a national award for bringing smiles and success into the lives of over five million Nigerians in Cameroon. »

Business

Ethiopia defaults on $33 Million bond payment

Published

4 mois ago

décembre 27, 2023

Naija Diaspora

Ethiopia officially entered default territory on Tuesday, becoming Africa’s third nation to do so within a span of three years. The failure to make a $33 million « coupon » payment on its sole international government bond underscores the country’s severe financial challenges exacerbated by the COVID-19 pandemic and a recently concluded two-year civil war in November 2022.

Ethiopia had previously announced its intention to formally default earlier this month. The payment, originally due on December 11, had a technical grace period extending until Tuesday, thanks to a 14-day clause in the $1 billion bond agreement.

Sources familiar with the situation reported that, as of the close of business on Friday, December 22, the last international banking working day before the grace period ended, bondholders had not received the expected coupon payment. Despite requests for comments, Ethiopian government officials remained silent on Friday and throughout the weekend.

This anticipated default aligns Ethiopia with two other African nations, Zambia and Ghana, which are currently undergoing a comprehensive restructuring process under the « Common Framework. »

Ethiopia initially sought debt relief under the G20-led initiative in early 2021. The civil war delayed progress, but in November, facing depleted foreign exchange reserves and surging inflation, Ethiopia’s official sector government creditors, including China, agreed to a debt service suspension deal.

Parallel negotiations with pension funds and other private sector creditors, who hold Ethiopia’s bond, collapsed on December 8. Subsequently, credit ratings agency S&P Global downgraded the bond to « Default » on December 15, based on the assumption that the coupon payment would not be fulfilled. The default places Ethiopia in a challenging economic position, requiring strategic measures to address its financial instability and navigate the complexities of debt restructuring.

Business

TotalEnergies ready to invest $6 billion in Nigeria

Published

4 mois ago

décembre 26, 2023

Naija Diaspora

French energy giant TotalEnergies is ready to invest $6 billion (around €5.5 billion) over several years in Nigeria’s energy industry, particularly in gas and offshore projects, the Nigerian presidency has said.

« We are ready to invest $6 billion over the next few years. We are looking in depth at more opportunities for deepwater and gas production, » said TotalEnergies CEO Patrick Pouyanné, according to a presidential statement.

On Monday, Head of State Bola Ahmed Tinubu held talks with Mr Pouyanné in Abuja, the capital.

« Everything is in place. We just need to finalise the adjustments and changes needed to unlock the exceptional potential in oil and gas », continued Mr Pouyanné, according to the Presidency.

Nigeria is « very important » for TotalEnergies, which accounts for between 8% and 10% of the group’s total oil production, according to the CEO quoted in the press release.

For his part, the Nigerian president pledged to « remove all obstacles in the oil and gas industry ». « We are ready to work with you », he said.

The oil and gas major indicated that it « has a substantial portfolio of projects that could represent 6 billion dollars of investment over the next few years ».

Ten days ago, the Nigerian president’s office announced similar commitments from British oil and gas giant Shell, for USD 6 billion in offshore, natural gas and liquefied natural gas (LNG) projects.

Since his inauguration at the end of May, Bola Ahmed Tinubu has taken a series of economic measures aimed at attracting more foreign investment to this oil-producing country and member of OPEC.

A law, the Petroleum Industry Bill, adopted in 2021 after years of debate and delays, was already aimed at attracting more foreign investment in the oil sector through changes to regulations, royalties and taxes.

Nigeria has seen its oil production decline in recent years due to widespread pipeline theft, attacks, high operating costs and red tape, which have deterred investors.

Business

Nigeria, Cameroon missing in top 10 best international airports in Africa

Published

4 mois ago

décembre 26, 2023

Naija Diaspora

Africa is emerging as a preferred global destination for travellers, driven by a thriving tourism and business sector. The continent’s aviation landscape is now a formidable force, fostering crucial connections between Africa and the global community.

Recently, Skytrax, a renowned international airline assessment organization, revealed its 2023 report on the Best Airports in Africa. South Africa dominated the regional ranking, with additional entries from Kenya, Morocco, Rwanda, and Mauritius.

1. Cape Town International Airport, South Africa

This is a premier international hub with modern infrastructure and a commitment to eco-friendly practices. The airport hosts 4.13 passengers per 10 square meters daily, catering to a discerning crowd.

2. King Shaka International Airport, South Africa

Located in Durban, it stands as a beacon of excellence among Africa’s best international airports. The terminal, covering 102,000 m2, can handle 7.5 million passengers annually.

3. Johannesburg International Airport, South Africa

Serving as the primary hub for domestic and international travel in South Africa. Since 2020, Africa’s fifth busiest airport with a capacity for 28 million passengers per year.

4. Casablanca International Airport, Morocco

Handled about 7.6 million passengers in 2022, ranking among the top 10 busiest airports in Africa. A hub for Royal Air Maroc, Royal Air Maroc Express, and Air Arabia Maroc.

5. Mauritius International Airport

A strategic gateway with direct flights to Africa, Asia, Australia, and Europe. Renowned for its commitment to passenger satisfaction and prime location.

6. Marrakech International Airport, Morocco

An international facility connecting Europe, the Arab world, and soon North America. Terminals designed to handle 2,500,000 passengers annually.

7. Addis Ababa International Airport, Ethiopia

Formerly Haile Selassie I International Airport, it’s the main hub for Ethiopian Airlines. Links Ethiopia and Africa to Asia, Europe, North America, and South America.

8. Kigali International Airport, Rwanda

Serving Kigali and playing a vital role in connecting Congolese, Burundian, and Ugandan cities. The terminal accommodates 1.5 million passengers annually.

9. Nairobi International Airport, Kenya

A key connection point to East African destinations, quadrupling its capacity to host 26.5 million passengers yearly.

10. Bloemfontein International Airport, South Africa

Formerly Bloemfontein International Airport, now Bram Fischer International Airport. An economic hub hosting over 300,000 passengers and 17,000 air traffic movements annually.

Source: africanews