Africa is one of fastest developing continents in the world. With proactive and business-friendly policies by Governments of African countries, foreign multinational companies and local enterprises are seeing greater opportunities to extend their business footprints and create economic value for their host communities.
African policy makers are beginning to work actively towards improving the ease of doing business within the continent and this is yielding positive returns in the form of greater foreign and local investments. Recent WIMBIZ event is one of many examples where independent business communities are pushing economic reforms and enhancing the continent’s business prospects in the process.
Check out some of the Top five Investment Announcement this week:
- China growing need for clean energy has led it to invest $7 billion in floating Liquefied Natural Gas (LNG) projects across Africa. The move is considered risky as the continent’s gas market remains significantly undeveloped. However, China’s keenness to move away from environmentally degrading coal has encouraged it to invest $4 billion in three FLNG projects situated off the African coast. It is planning a further $3 billion investment in two more projects.
- Nigerian downstream operator, Nipco Plc, said it was launching a N4.84 billion ($16 million) share offer to enable it raise its stake in Mobil Oil Nigeria to 70 percent. Nipco reportedly acquired 60 percent of Mobil Oil Nigeria from U.S oil giant Exxon Mobil in 2016, raising its stake in the firm to 66.87 percent. Nipco, however, revealed that it is compelled to increase its holdings in Mobil Oil to 70 percent in accordance with Nigerian takeover regulations.
- East Africa Breweries, popularly known as EABL, is set to build a Sh15 billion ($145 million) brewery in Kisumu, Kenya. The new plant will be state-of-the-art and would create jobs for about 110,000 people. It will also double demand for sorghum to 40,000 tonnes annually and empower over 4000 local farmers.
- Liberia, a developing West African country, has received a $23.25 million grant from the Climate Investment Fund (CIF) to enable it transform its renewable energy sector through the development of a 9.8-megawatt power plant. The plant to be constructed at Gbedin Falls on the Mano River in Nimba County will provide low-cost, sustainable and reliable electricity across Liberia.
- Tanzania’s telecommunication firm TIGO has invested $100 million in its infrastructure to enhance its 2G, 3G and 4G networks. TIGO, which is the second largest telecoms operator in Tanzania with a customer base of 10 million people, expects the latest investment and infrastructure upgrade to transform the broadband experience for its customers.