Connect with us

Business News

Australian Firm To Invest In DR Congo’s Grand Inga Hydro Project

Published

on

Australian company, FGM Fortescue, is prepared to invest in the Grand Inga hydroelectric construction project in DR Congo.

The leader of a delegation of the company to DR Congo, Julie Shuttleworth, revealed this at the end of talks on Thursday with Prime Minister Sylvestre Ilunga Ilunkamba.

“We have already carried out the feasibility studies, but we are in the process of collecting additional information, and we will start work as soon as we have the official contract,” Shuttleworth said.

She said the company has the capacity to develop the environment very quickly and efficiently and is committed to training local staff to contribute to this major long-term project.

The company, which specialises in the exploration, development, production, processing and sale of iron ore, is committed to the development of Grand Inga and the establishment of an environmentally friendly industry.

The Grand Inga project is seen as the largest hydroelectric project of all time.

It is twice the size of the Chinese Three Gorges Dam, now considered the largest in the world.

With an expected production of 40,000 megawatts, it could supply electricity to half of the African continent — from South Africa to Egypt, via Nigeria. There would be some 15,000 km of power transmission lines to supply some 500 million households.

Business News

Nigeria Suffers The Worst Economic Recession In 33 Years

Published

on

The news of Nigeria sinking into its worst recession in 33 years has left most Nigerians asking how the giant of Africa got here. News Central speaks with Muktar Mohammed, a finance analyst who further explains the implication of this recession.

Continue Reading

Business News

Business Edge with Joe Hanson discussing Nigeria’s Second Recession And Last MPC Of 2020

Published

on

Business Edge with Joe Hanson discussing Nigeria’s Second Recession In Five Years And Last MPC Of 2020 with Tunji Andrews and Janet Ogunkoya Nigeria is in her second recession in five years and on the news, we had Dr Emma Anoliefo, a Philosopher and a Scholar of Political Economy of the Alternative Persuasion. He is the National Coordinator Technical of Save Nigeria Economy Movement And Founder of Coalition of Scholars For Alternative Development Agenda for Nigeria (COSADAN)

Continue Reading

Business News

S/Africa’s Financial Stability Threatened By High Govt Debts – SARB

Published

on

The South African Reserve Bank (SARB) has warned the government against incurring high public debts to save its financial system.

The central bank said high debts are a precursor to a potential collapse of the financial system.

South Africa’s debts amount to 84% of its Gross Domestic Product (GDP) as the economy battles the dire effects of the global COVID-19 pandemic.

In its bi-annual review of the nation’s financial soundness, the apex bank in the country said a close affiliation between the financial sector and the government has become risky.

The document said “the interconnectedness between the financial sector and the sovereign has emerged as a major threat to financial stability in South Africa,”

South Africa in March announced its second recession in two years as President Cyril Ramaphosa faces more pressure to put the country’s flailing economy on a solid pedestal.

The President’s policies have been put under the spotlight in recent months as the nation struggles to come out of a hard-biting recession and a pandemic.

The SARB said in September that a GDP contraction of -8.2% is expected in the third quarter of 2020, as against earlier projections of -7.3%.

Continue Reading

Trending