News and economy

Tanzania manufacturing looks to China while Nigeria loses out on Chinese funds

Here’s what’s trending…

Nigeria plans to increase local refining capacity to 60% by end of 2017 in a bid to cut down on oil imports. The country has also set aside N20 billion for a tax credit initiative aimed at increasing exports. Meanwhile China is withholding a $20 billion concessional loan to Nigeria.

On the other hand Tanzania’s private sector and industry associations have set up regional offices in China to tap into Chinese investment into manufacturing in China. The country is seeking $1.4 billion for budgetary support. Still in East Africa, Uganda has received $150 million from the African Development Bank for infrastructure development. And Kenya’s petroleum regulator may pass on losses incurred by oil marketers from a closed refinery to consumers.

Mauritius’ inflation rate rose to 2.3 percent year-on-year in December from 2.2 percent in November.

Corporate news

Marriott International has opened its seventh hotel in Algeria, the Sheraton Annaba.

Egypt’s cabinet approved a new bankruptcy law that is meant to reduce litigation and streamline business liquidation procedures.

Seven new listings on Tunisia’s stock market are slated for 2017.

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