Dubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 bn steel factory in Algeria, boosting the North African country's drive to diversify its economy and attract foreign investment.
South Africa's biggest consumer foods maker, Tiger Brands, reported a 19% rise in full-year profit today, after disposing of a loss-making Nigerian unit.
Oil firms including China's Sinopec have expressed an interest in developing Uganda's planned oil refinery and an investor for the project will be selected by February 2017, a top government official said on Tuesday.
South Africa's government has slowed its nuclear power expansion plans, according to a draft energy paper, although state energy utility Eskom said the country should stick to its original plan of bringing a new plant online by 2025.
South Africa's Pioneer Food, Astral Foods and Rhodes Food expect the severe drought and weak economic growth to weigh on their businesses in the 2017 financial year, the companies said today after reporting results.
Nigeria's economy can expand by 2.5% next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2m barrels per day, a senior Moody's analyst said.
Nigeria needs at least $14 bn a year in new investment over the next five years to raise oil output to 2.2m barrels a day (bpd) and even higher spending to lift it to 3m bpd, the head of a company producing oil in the country said.
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