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Nigeria gets nearly $ 1 bn loan of the World bank for irrigation projects
The Federal Executive Council on Wednesday has approved three foreign loans totaling $ 945million meant to improve irrigation system, prevent flooding in Ibadan, Oyo State and provide water for Bauchi, Ekiti and Rivers States. The money comes from the International Development Association, an arm of the World Bank for irrigation and drainage projects, Minister of State for Finance Bashir Yuguda said.
Nigeria, Africa’s biggest economy, is trying to expand agricultural production with the aim to reduce it’s dependence on crude oil exports, which account for more than 70 percent of the country’s revenue. According to the National Bureau of Statistics Agriculture is employing more than 60 percent of the population, representing about 22 percent of the gross domestic product,.
About one million Nigerians are to benefit from the project in the three states.
Consultant search for oil and gas
Mozambican Authorities are seeking an international consulting firm to evaluate new domestic and regional markets for its oil and and natural gas using a $ 50 m grant by the World Bank under the Technical Assistance Project for Gas and Mining. Drilling of oil has begun in Northern Mozambique’s Cabo Delgado Provine.
Source: African Business, november 2014
Honours awarded in Mozambique
Nigeria stops selling crude oil to the US
Nigeria beccame the first country to stop selling crude oil to the US, yet four years ago it was one of its top five suppliers. It’s due to the impact of the shale revolution and new technologies opening up new US oil fields. However, Nigeria was has liftet oil exports to Asia by 40 % this year.
Source: African Business, november 2014