Angola Finance Minister Reveals $20.1 Billion Debt to China

Luanda - Angola's debt to China is estimated at USD 20.1 billion, and is the country's largest creditor, said Finance Minister Vera Daves Friday. Of this amount, USD 10 billion was used to capitalize the Angolan oil company Sonangol and the remaining USD 10.1 billion to finance various investment projects....

Facebook to Open Office in Lagos, Nigeria in 2021

In 2016, Facebook chief executive Mark Zuckerberg visited Nigeria in what was his first trip to sub-Saharan Africa. While the attraction to the budding tech ecosystem which was already producing some of Africa’s best known startups was obvious, there was also the underlying influence of Facebook’s pool of high-ranking Nigerian-American executives. Four years later,...

World Bank Agrees $150m for Affordable Energy in Rwanda

Rwanda’s quest to avail affordable energy to the population got a boost this week following, the approval by the World Bank Group of $150m (approximately Rwf142bn) to finance energy access for households, enterprises and public institutions in Rwanda. Half of the allocated funds will be disbursed in form of grant...

Zimbabwe U-Turns and Bans Chinese Coal Mining in National Park

Zimbabwe has banned mining in its national parks in response to protests after permits to explore for coal in one of the world’s premier elephant reserves were awarded to Chinese companies. The permits in the Hwange National Park were allegedly awarded without the requisite environmental permissions, according to a court...

West African Bloc Fails to Mediate in Mali

West African mediators failed to persuade leaders of a military coup in Mali to immediately hand over power to a civilian government during talks on Tuesday, the chairman of the regional bloc said. Leaders of the 15-member Economic Community of West African States (ECOWAS) met the heads of a junta...

Nigeria to Regulate Trade in Crypto Assets

Nigeria’s Securities and Exchange Commission (SEC) has said it will begin regulating trade in crypto assets to protect investors and ensure market integrity and transparency. SEC said in statement that digital assets offerings provide alternative investment opportunities for the investing public, noting that it is therefore essential to ensure that...