US - AFRICA
US businessman rallies African Americans to invest in Africa
»US war veteran and businessman Jerome Almon (above) is launching a $100bn initiative to rally the support of African Americans to invest in Africa and ride on its economic growth. The campaign, The Power of one Trillion, will be centred on an online portal, www. thepowerof1trillion.com, with initial focus on South Africa. According to Almon, apart from the fact that African Americans have their roots in Africa, economists estimate the current African American GDP at $2.25 trillion, growing to $2.6 trillion by 2017. He proposes that total African American investment in Africa can reach $230bn by 2017, with $110bn being directed grants.
»New research shows that 80% of institutional investors surveyed in the US are unaware of investment opportunities in Africa. Two out of five surveyed believed trade relations between the US and South Africa were "strong". More than seven in ten stated that political links between South Africa and the US could be stronger.
Asked to identify the drivers harming Africa's attractiveness as an investment destination, 38% strongly agreed that labour unrest in South Africa's mining sector was damaging investor appetite, while 29% strongly felt that ethnic and religious conflicts in Nigeria were harming its investment appeal. Some 90% noted difficulty in accurately understanding "on the ground" realities on the continent. While several African countries had been identified as high-growth by institutional investors, it was critical to sustained economic growth that key African messages were continually heard, expanded on and understood.w
Ghana spends $1m a day on crude oil imports. It could have saved $30m per month if work on the first gas processing plant at Atuabo had been fast tracked
Trade between the US and sub-Saharan Africa is up about 2.5 times over the last decade.
The US exports $22bn of goods, and imports $50bn, mostly oil and minerals
The Export-Import Bank of the US (Ex-Im Bank) has authorised $130m in financing to support the export of Boeing long-range aircraft and installed GE-90 engines to Ethiopian Airlines. In the last 10 years, Ex-Im Bank has approved more than $2.2bn to finance exports of US-manufactured aircraft and aircraft engines to Ethiopian Airlines
South Africa gave Danish wind turbine manufacturer Vestas a 93 MW turbine order
OIL AND GAS
Shell pumps $4bn into Niger Delta
The company's Nigerian joint venture plans to inject $3.9bn in the Delta region, including an attempt to advance the protection of a pipeline that was closed after a blast and an inferno damaged it, maintain Nigeria's energy stocks and export competence, and tackle the setback of oil stealing from pipelines. It will spend $1.5bn on the new Trans-Niger Pipeline Loop-line, which transmits 150,000 barrels of crude a day. There will also be a $2.4bn injection in five gas projects, Gbaran-Ubie Phase Two to deliver natural gas to electricity stations throughout Nigeria.
CNPC buys into Angolan oil
China National Petroleum Corp will buy Marathon Oil Corp's Angolan offshore oil and gas field for $1.52bn, its second major acquisition in Africa.
State tenders aid women, youth
Kenya has increased the value of government contracts reserved for local firms from $5.8m to $12m, favouring local contracts given to women, youths and persons with disabilities. East African Cables, 68% owned by Transcentury, will be guaranteed a market from government-owned power firms such as Kenya Power and Ketraco. SMEs get additional opportunities as foreign firms bidding for local contracts must get at least 40% of their supplies from Kenyan firms.
China funds new Sudan airport
China's Exim bank will loan Sudan$700m to fund the development of the airport on an 80 sq km site 40km from Khartoum. It will have a single terminal building and two runways, and built by the China Harbour Engineering Company (CHEC). It also includes plans for a 300-room hotel. (See also Aviation article.)
New city for MainOne Nigeria
Nigeria's communications company Main One cable has extended its broadband service to Ibadan.
MTN launches Heroes of Change
MTN Ghana has launched the Heroes of Change project to identify and recognise distinguished individuals who have contributed towards improving the lives of those in their communities. It has allocated $5,000 has been allocated to support the winners of each of the Community Crusader, Social Protection, Health, Environment, Economic Empowerment and Education categories, and $25,000 to the winner of the top prize, the MTN Hero of Change.