Africa Briefs
Sonangol plans to build refineries
Angola's state oil company Sonangol said it plans to wean the country off fuel imports and has received more than 60 proposals to help build refineries in Africa's second-largest crude producer.
It plans to build a 200 000-barrels-per-day (bpd) refinery in the coastal city of Lobito by 2022 and another plant in the northern enclave of Cabinda. No time-frame or capacity were given for the Cabinda project.
The two refinery projects come on top of an agreement signed towards the end of last year with Italy's Eni to optimise the refinery in Luanda over 24 months and get it running beyond its nominal capacity of 65 000 bpd.
Angola imports 80% of its fuel products, traditionally from Swiss commodity trader Trafigura and more recently from top oil trader Vitol. – Nampa/Reuters
Botswana's government spending to rise
Botswana will spend 63.3 billion pula (US$6.6 billion) in the fiscal year beginning April 2018, a 13.5% rise in government expenditure from the previous year, a budget bill seen by Reuters showed.
A total of 45 billion pula has been earmarked for recurrent expenditure with education, health, defence and security taking the lion’s share, according to the bill, which is due to be presented to parliament today.
Around 30% of the budget, or 19.3 billion pula, will be allocated to capital expenditure, up from 16% in the 2017/18 fiscal year.
According to a budget planning paper released by the finance ministry last October, the deficit is seen widening to 8 billion pula in the 2018/2019 fiscal year leading to cumulative budget gap of 15 billion pula by 2020. – Nampa/Reuters
Nigeria nominates new central bank deputy chief
Nigeria's president nominated a central bank veteran to be a deputy governor of the bank, the presidency said, in a move to fill vacant posts after the bank cancelled an interest rate setting meeting last month due to a lack of members.
President Muhammadu Buhari nominated Edward Adamu, with over two decades experience at the central bank, to replace Sulaiman Barau, who retired in December. Barau was formerly in charge of operations.
Adamu, from northern Nigeria, would need to be confirmed by the Senate. Buhari informed the Senate of the appointment through a letter dated Jan. 26, the presidency said.
Several new members of Nigeria's Monetary Policy Committee (MPC) are yet to be approved by lawmakers, a situation resulting from a standoff between the presidency and parliament over the latter's powers to confirm - or deny - executive nominees to key posts within the government. – Nampa/Reuters
Angola's state oil company Sonangol said it plans to wean the country off fuel imports and has received more than 60 proposals to help build refineries in Africa's second-largest crude producer.
It plans to build a 200 000-barrels-per-day (bpd) refinery in the coastal city of Lobito by 2022 and another plant in the northern enclave of Cabinda. No time-frame or capacity were given for the Cabinda project.
The two refinery projects come on top of an agreement signed towards the end of last year with Italy's Eni to optimise the refinery in Luanda over 24 months and get it running beyond its nominal capacity of 65 000 bpd.
Angola imports 80% of its fuel products, traditionally from Swiss commodity trader Trafigura and more recently from top oil trader Vitol. – Nampa/Reuters
Botswana's government spending to rise
Botswana will spend 63.3 billion pula (US$6.6 billion) in the fiscal year beginning April 2018, a 13.5% rise in government expenditure from the previous year, a budget bill seen by Reuters showed.
A total of 45 billion pula has been earmarked for recurrent expenditure with education, health, defence and security taking the lion’s share, according to the bill, which is due to be presented to parliament today.
Around 30% of the budget, or 19.3 billion pula, will be allocated to capital expenditure, up from 16% in the 2017/18 fiscal year.
According to a budget planning paper released by the finance ministry last October, the deficit is seen widening to 8 billion pula in the 2018/2019 fiscal year leading to cumulative budget gap of 15 billion pula by 2020. – Nampa/Reuters
Nigeria nominates new central bank deputy chief
Nigeria's president nominated a central bank veteran to be a deputy governor of the bank, the presidency said, in a move to fill vacant posts after the bank cancelled an interest rate setting meeting last month due to a lack of members.
President Muhammadu Buhari nominated Edward Adamu, with over two decades experience at the central bank, to replace Sulaiman Barau, who retired in December. Barau was formerly in charge of operations.
Adamu, from northern Nigeria, would need to be confirmed by the Senate. Buhari informed the Senate of the appointment through a letter dated Jan. 26, the presidency said.
Several new members of Nigeria's Monetary Policy Committee (MPC) are yet to be approved by lawmakers, a situation resulting from a standoff between the presidency and parliament over the latter's powers to confirm - or deny - executive nominees to key posts within the government. – Nampa/Reuters
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