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Mon,11Dec2017

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Using agriculture and agribusiness to bring about industrialisation in Africa

KAREL PRINSLOO/AP/SIPA

A Kenyan maize seller sifts out maize from a bucket to get rid of sand and other impurities. KAREL PRINSLOO/AP/SIPA.

By: Dr. Akinwumi Adesina

No region of the world has ever moved to industrialised economy status without a transformation of the agricultural sector. Agriculture, which contributes 16.2% of the GDP of Africa, and gives some form of employment to over 60% of the population, holds the key to accelerated growth, diversification and job creation for African economies.

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South Sudan seeking $1.9 bn loan from China

Photo©AP/SIPASouth Sudan plans to ask China for a $1.9 billion loan - a sum equal to more than a fifth of its national output - to be used for infrastructure projects such as roads and bridges, its foreign affairs minister said on Tuesday.

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Mining: Rio Tinto says still lacks funding for huge Guinean iron ore project

Rio Tinto CEO Jean-Sebastien Jacques. Photo©Via Rio TintoRio Tinto's CEO said on Wednesday there was no progress for now on finding infrastructure financing for the massive Simandou iron ore project in Guinea even after more than 200 meetings with possible backers.

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China, Africa ink $17 bln preliminary cooperation pacts

China's President Xi Jinping speaks during a Forum on China-Africa Cooperation in Sandton, Johannesburg, December 4, 2015. REUTERS/Siphiwe SibekoChinese companies and banks agreed preliminary deals with African counterparts on $17 billion worth of cooperation in sectors including infrastructure, energy, pharmaceuticals and information technology, the official Xinhua News Agency reported on Thursday.

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Algeria to implement 'new growth model' to cope with oil price drop

Algerian President Abdelaziz Bouteflika. Photo©Sidali Djarboub/AP/SIPAAlgeria pans to launch a new "economic growth model" for the next four years focussed on reforming the tax system to bring in more revenue and reduce dependence on energy exports.

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IMF tells Tanzania to curb public spending, urges reforms

Photo©ReutersThe International Monetary Fund told Tanzania on Wednesday to curtail public spending as it seeks to invest in several major infrastructure projects and urged it to implement structural reforms.

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Ethiopia budget increased by 13,6% to stimulate economy

Hailemariam Desalegn, Prime Minister of Ethiopia. Photo©Mark Lennihan/AP/SIPAEthiopian lawmakers have approved a 13.6 percent increase in the country's budget for the 2016/17 fiscal year with most of the expenditure expected to go to infrastructure such as roads.

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Nigeria signs $80 bn of oil, gas infrastructure deals with China

Oil minister Emmanuel Ibe Kachikwu, also head Nigerian National Petroleum Corporation (NNPC). Photo©Ronald Zak/AP/SIPANigeria has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, the West African country's state oil company said on Thursday.

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Nigeria maintains oil exports despite wave of militant attacks

Photo©GEORGE OSODI/AP/SIPANigeria kept exporting crude oil at a largely steady pace in May, though below historical levels, despite repeated militant attacks on its infrastructure that drove output down to 30-year lows this spring and helped global prices rise, data showed.

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Nigeria: U.S. fund to raise $2 bn for infrastructure

U.S. fund manager Pecora Capital said on Tuesday it will raise $2 billion over the next 18 months for Nigerian infrastructure projects, a rare show of investor confidence during a period of deep crisis in Africa's largest economy.

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Kenya to get $1.1bn World Bank loan for northern region infrastructure

ReutersKenya will get a World Bank loan of $1.1 billion for infrastructure projects in the country's arid northern region, the bank's vice president for Africa said.

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Uganda economy to grow nearly 6% in 2016/2017

Uganda's economy will grow by 5.9 percent in the 2016/2017 (July-June) fiscal year, up almost a percentage point from the levels estimated for the previous 12 months thanks to spending on large infrastructure projects, the World Bank said.

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Japan eager to support Africa's transformation

Japan's Prime Minister Shinzo Abe, center left, visits the African Union (AU) headquarters in Addis Ababa, Ethiopia Tuesday, Jan. 14, 2014. Photo©Elias Asmare/AP/SIPATwo decades after Japan's pioneering efforts to get Asian countries to engage directly with African leaders by launching in 1993 the Tokyo International Conference on African Development Prime minister Shinzō Abe announced a whopping $32 billion five-year support for Africa's development projects. Fast froward from 2013, the Asian giant wants Africa to "choose Japan as its true partner".

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Kenya Purchasing Managers' Index shows private-sector activity rebound

File photo©ReutersKenyan companies expanded production and got more new orders in April as demand for exports grew in regional markets, a survey showed on Thursday.

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Ghana peasant farmers resist new GMOs law

File Photo©ReutersGhana's peasant farmers have reacted angrily to government's moves to introduce a new law promoting the production of genetically modified seeds and animal breeds without adequate consultations.

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Nigeria - China deal to narrow trade gap

Photo©ReutersChina will soon start importing goods from Nigeria following an agreement signed between the two countries to increase trade, the Central Bank of Nigeria (CBN) governor announced.

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Côte d'Ivoire seeks $7 bn for development plan

Photo©Emrah Gurel/AP/SIPACôte d'Ivoire will seek to raise 4.425 trillion CFA francs ($7.65 billion) during a meeting with donor partners next month to help fund an ambitious 5-year development programme, the government's spokesman said on Wednesday.

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Nigeria: China offers $6 billion loan for infrastructure

Photo©ReutersChina has offered Nigeria a loan worth $6 billion to fund infrastructure projects, the Nigerian foreign minister said on Tuesday.

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Nigeria: President Buhari to sign loan deal from China

Nigerian President Muhammadu Buhari©ReutersNigerian President Muhammadu Buhari will sign a loan deal with China during a visit next week, his spokesman said on Wednesday, helping to finance badly-needed infrastructure projects.

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IMF sees Ugandan GDP growth picking up in 2016/17

Investment in infrastructure will help Uganda's economy to grow by 5.5 percent in 2016-2017, faster than in the current fiscal year, the International Monetary Fund said on Wednesday.

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