Africa briefs
Rwanda mineral export earnings more than doubles
Earnings from Rwanda’s mineral exports more than doubled to US$373 million last year from the previous 12 months, supported by a rebound in global prices of commodities, a top official said.
After meeting sector players in the capital Kigali on Tuesday, Francis Gatare, chief executive at Rwanda Mines, Petroleum and Gas Board (RMB), told journalists last year’s earnings were “fantastic”.
-Nampa/Reuters
Ivory Coast banks struggle with fallout from cocoa crisis
Banks in Ivory Coast are struggling to secure repayment on up to 200 billion CFA francs (US$348 million) in outstanding loans made to cocoa exporters during the country’s crisis-hit 2016/17 season, bank officials said.
The banks have already restricted the flow of financing to some cocoa firms this season as a result, and the loans, if not repaid, could cause problems for the West African country’s banking sector, they said.
-Nampa/Reuters
Egypt to begin importing rice
Egypt will begin importing rice, a crop it has typically had in surplus, to increase stocks and “control the market,” Prime Minister Sherif Ismail said on Tuesday, months after a campaign to cut local production.
Egypt slashed cultivation of rice, a water-intensive crop, this year to conserve vital Nile river resources as Ethiopia prepares to fill the reservoir behind a colossal US$4 billion dam it is building upstream and which Cairo worries could threaten its water stocks.
-Nampa/Reuters
Congo mining revenues triple in Q1
Democratic Republic of Congo’s revenues from its mining sector tripled year-on-year in the first quarter of 2018 to US$397.86 million, finance ministry data showed.
Revenues from the oil and gas sector dropped 10.87% year-on-year in the first quarter to US$29.45 million, according to the data.
Congo is Africa’s top copper producer and the world’s leading miner of cobalt. It also produces about 25 000 barrels per day of oil along its Atlantic coast.
-Nampa/Reuters
Nigeria stocks rise second day
Nigerian stocks gained for the second day on Tuesday, climbing 2.46%, after shares of banking and consumer goods firms rallied.
Nigeria’s stock market rose 16% in the first quarter, helped by rising oil prices, but it has seen a sell-off and is down 3.4% on the year as rising US interest rates hit emerging markets.
Stocks fell to six-month lows on Friday.
-Nampa/Reuters
Earnings from Rwanda’s mineral exports more than doubled to US$373 million last year from the previous 12 months, supported by a rebound in global prices of commodities, a top official said.
After meeting sector players in the capital Kigali on Tuesday, Francis Gatare, chief executive at Rwanda Mines, Petroleum and Gas Board (RMB), told journalists last year’s earnings were “fantastic”.
-Nampa/Reuters
Ivory Coast banks struggle with fallout from cocoa crisis
Banks in Ivory Coast are struggling to secure repayment on up to 200 billion CFA francs (US$348 million) in outstanding loans made to cocoa exporters during the country’s crisis-hit 2016/17 season, bank officials said.
The banks have already restricted the flow of financing to some cocoa firms this season as a result, and the loans, if not repaid, could cause problems for the West African country’s banking sector, they said.
-Nampa/Reuters
Egypt to begin importing rice
Egypt will begin importing rice, a crop it has typically had in surplus, to increase stocks and “control the market,” Prime Minister Sherif Ismail said on Tuesday, months after a campaign to cut local production.
Egypt slashed cultivation of rice, a water-intensive crop, this year to conserve vital Nile river resources as Ethiopia prepares to fill the reservoir behind a colossal US$4 billion dam it is building upstream and which Cairo worries could threaten its water stocks.
-Nampa/Reuters
Congo mining revenues triple in Q1
Democratic Republic of Congo’s revenues from its mining sector tripled year-on-year in the first quarter of 2018 to US$397.86 million, finance ministry data showed.
Revenues from the oil and gas sector dropped 10.87% year-on-year in the first quarter to US$29.45 million, according to the data.
Congo is Africa’s top copper producer and the world’s leading miner of cobalt. It also produces about 25 000 barrels per day of oil along its Atlantic coast.
-Nampa/Reuters
Nigeria stocks rise second day
Nigerian stocks gained for the second day on Tuesday, climbing 2.46%, after shares of banking and consumer goods firms rallied.
Nigeria’s stock market rose 16% in the first quarter, helped by rising oil prices, but it has seen a sell-off and is down 3.4% on the year as rising US interest rates hit emerging markets.
Stocks fell to six-month lows on Friday.
-Nampa/Reuters
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