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jerryking : nigeria   58

Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project
July 10, 2018 | Financial Times | David Pilling 11 HOURS AGO.

On his yacht in Lagos, he talks about his ambitious oil refinery — and his dream of buying Arsenal
Africa  Arsenal  moguls  Nigerians  Nigeria  entrepreneur  Aliko_Dangote  Lagos  oil_industry  oil_refiners  cement  big_bets 
july 2018 by jerryking
US abdication in Africa hands political opportunities to China
| FT | by David Pilling

America’s shrinking influence in Africa, the second-largest continent geographically and epicentre of a gathering population explosion, did not begin under Mr Trump. The commitment of Barack Obama, his Kenyan roots notwithstanding, fell short of that shown by George W Bush, whose conversion to African causes — particularly the fight against HIV — made him a hero on the continent.

The sense of US withdrawal has accelerated with this administration. Mr Trump’s threat to cut the US aid budget by 30 per cent signals a massive scaling down of its commitment to a health and poverty-reduction agenda that has enjoyed bipartisan support in Washington for decades. A year into the US president’s administration, he is still without an ambassador to Pretoria or an assistant secretary of state for Africa. ....The US business relationship with Africa is almost exclusively extractive. Oil majors, such as Chevron and ExxonMobil, secretary of state Rex Tillerson’s old company, are the biggest investors....GE, Google and Citigroup are among a handful of non-extractives.....there are non-commercial reasons to think harder about Africa. By 2050, the number of Africans will have doubled to more than 2bn and may double again by the end of the century. Within a generation or so, Nigeria is expected to surpass the US to become the world’s third-most populous country.

The danger is that Africa will become home to a restless, jobless urban youth tempted to join the swelling flow of emigrants to Europe or prone to radicalisation at home. The persistence of Africa-based militant Islamist groups, from Boko Haram in north-east Nigeria to al-Shabaab in Somalia, is a worrying omen.

As the US presence fades, that of China — and, to a lesser extent, of India, Turkey and Morocco — has grown. China’s influence is everywhere: in roads, rail, telecoms, infrastructure and in Djibouti, in a naval base.
Africa  benign_neglect  Chevron  China  China_rising  Donald_Trump  epicenters  ExxonMobil  India  influence  mass_migrations  migrants  Nigeria  population_movements  refugees  South_Africa  threats  Turkey  U.S.foreign_policy  Zimbabwe 
february 2018 by jerryking
‘Beneficial opportunities’ are all in China’s favour
25 February 2017 | FT | Sir Christopher Ruane

This is disingenuous. Africa provides dozens of examples of lopsided investment that bolsters China politically and provides little or negative local economic benefit, from its dangerous copper mines in Zambia to the decimation of Nigerian textile manufacturing by Chinese imports. A similar pattern emerges globally.
China’s outward investment has been politically charged, socially disruptive and environmentally damaging in many ways.
disingenuous  China  Africa  textiles  letters_to_the_editor  FT  exploitation  deindustrialization  asymmetrical  dangers  predatory_practices  Zambia  Nigeria  neocolonialism  imperialism  FDI  environment  lopsided 
march 2017 by jerryking
In Nigeria, Chinese Investment Comes With a Downside - The New York Times
By KEITH BRADSHER and ADAM NOSSITERDEC. 5, 2015

shoddy or counterfeit products are a national problem in Nigeria, Africa’s largest economy, where impoverished consumers have few alternatives. Some shoddy goods are benign, like the Chinese-made shirts, trousers and dresses with uneven stitching and stray threads that fill street markets. But electrical wiring, outlets and power strips from China, ubiquitous in new homes and offices, are connected to dozens of fires a year in Lagos alone.
China  Africa  Nigeria  copycats  counterfeits  manufacturers  quality  hazards  Chinese  unintended_consequences 
december 2015 by jerryking
Rivalry intensifies between South Africa and Nigeria - The Globe and Mail
It’s not quite as ferocious as the China-Japan feuding that destabilizes Asia. But the often-bitter rivalry between Nigeria and South Africa is continuing to intensify, and it’s…
Nigeria  South_Africa  rivalries  Africa 
april 2015 by jerryking
Don’t overlook the other Nigeria - The Globe and Mail
PAUL COLLIER AND ACHA LEKE
Contributed to The Globe and Mail
Nigeria  McKinsey  overlooked 
july 2014 by jerryking
‘The Bright Continent,’ by Dayo Olopade - NYTimes.com
By LYDIA POLGREEN APRIL 11, 2014

“The Bright Continent” resists broad-brush solutions when imposed from outside, and is largely dismissive of the role of governments in transforming the continent. But transformation tends to come when people push powerful institutions to change.
Africa  books  book_reviews  Ghana  Nigeria  cosmopolitan  entrepreneurship  institutional_change  institutions 
june 2014 by jerryking
Pressure Mounts on Nigerian President - WSJ.com
By HEIDI VOGT, DREW HINSHAW and GABRIELLA STERN CONNECT
Updated May 11, 2014
Goodluck_Jonathan  Nigeria  politicians  Boko_Haram  kidnappings 
may 2014 by jerryking
What’s So Scary About Smart Girls? - NYTimes.com
MAY 10, 2014 | NYT | Nicholas Kristof.

So why does girls’ education matter so much? First, because it changes demography.

One of the factors that correlates most strongly to instability is a youth bulge in a population. The more unemployed young men ages 15 to 24, the more upheaval.

One study found that for every 1 percentage point increase in the share of the population aged 15 to 24, the risk of civil war increases by 4 percent.

That means that curbing birthrates tends to lead to stability, and that’s where educating girls comes in. You educate a boy, and he’ll have fewer children, but it’s a small effect. You educate a girl, and, on average, she will have a significantly smaller family. One robust Nigeria study managed to tease out correlation from causation and found that for each additional year of primary school, a girl has 0.26 fewer children. So if we want to reduce the youth bulge a decade from now, educate girls today.

More broadly, girls’ education can, in effect, almost double the formal labor force. It boosts the economy, raising living standards and promoting a virtuous cycle of development. Asia’s economic boom was built by educating girls and moving them from the villages to far more productive work in the cities....Educating girls and empowering women are also tasks that are, by global standards, relatively doable. We spend billions of dollars on intelligence collection, counterterrorism and military interventions, even though they have a quite mixed record. By comparison, educating girls is an underfunded cause even though it’s more straightforward.
Nigeria  terrorism  Nicholas_Kristof  girls  virtuous_cycles  education  women 
may 2014 by jerryking
How Africa’s wealthiest nation is spiralling out of control - The Globe and Mail
GEOFFREY YORK
How Africa’s wealthiest nation is spiralling out of control Add to ...
SUBSCRIBERS ONLY
JOHANNESBURG — The Globe and Mail
Published Wednesday, Apr. 16 2014

Africa’s biggest and wealthiest country is being torn apart by a violent insurgency. Its government has repeatedly failed to control the threat, and its deadly revenge attacks by murderous soldiers are turning the crisis into a far worse disaster.

This is the deteriorating situation in Nigeria, newly crowned as Africa’s richest country (and the 26th biggest economy in the world) after a revision of its economic data this month. With its oil wealth and the biggest population on the continent, Nigeria should be capitalizing on Africa’s economic boom. Instead its future is in jeopardy.
Nigeria  Africa  Geoffrey_York  insurgencies  Boko_Haram 
may 2014 by jerryking
‘Bring Back Our Girls’ - NYTimes.com
MAY 3, 2014 | NYT | Nicholas Kristof.

Mothers and relatives of kidnapped schoolgirls in northern Nigeria gathered late last month.
Continue reading the main story
Nicholas_Kristof  Africa  women  insurgencies  Nigeria  Boko_Haram  human_trafficking  education  schools  counterinsurgency  extremism  Muslim  kidnappings 
may 2014 by jerryking
In Lagos, the 1% Takes Stock
By NINA BURLEIGH APRIL 25, 2014

A burgeoning wealthy class is settling into one of Africa’s fastest-growing cities, attracting designers, world-class architects and a growing creative community that seeks to preserve its culture through art and fashion.
Nigeria  Nigerians  African  luxury  high_net_worth  Lagos  frontier_markets  cosmopolitan  crony_capitalism  The_One_Percent  political_elites 
april 2014 by jerryking
Nigeria's one-man conglomerate
September 7/8, 2013 | Financial Times | The Lex Column. Profile of Aliko Dangote
Nigeria  entrepreneur  moguls  Nigerians  Aliko_Dangote  conglomerates 
september 2013 by jerryking
Lagos's Yaba District Builds for Techies - WSJ.com
July 2, 2013, 2:40 p.m. ET

Lagos's Yaba District Builds for Techies

DREW HINSHAW
Lagos  Nigeria  Africa 
august 2013 by jerryking
Africa’s stocks beckon, but there's a hitch - The Globe and Mail
Apr. 30 2013 | The Globe and Mail | DAVID BERMAN.

Mohamed El-Erian, best known as the chief executive of Pacific Investment Management Co. LLC, the $2-trillion (U.S.) asset manager, gushed over Africa in the latest issue of Foreign Policy.

He argued that the region is moving beyond its reputation as an operations base for multinational commodity producers and is now seeing economic diversification in the form of homegrown small-and medium-sized enterprises.

The World Bank, he noted, reckons that these firms add 20 per cent to Africa’s gross domestic product and generate some 50 per cent of new jobs in sub-Saharan Africa.

“These successful businesses are giving rise to internationally competitive companies, thereby providing access to global markets, new business models and technologies, and higher wages and salaries,” Mr. El-Erian said in the article.

Published
Tuesday,
Africa  commodities  investing  Mohamed_El-Erian  Nigeria  SMEs  stockmarkets  sub-Saharan_Africa 
may 2013 by jerryking
Africa must get real about its romance with China
Mar. 12, 2013| The Financial Times| Lamido Sanusi.

[Africans must] "see China for what it is: a competitor."
====================================
It is time for Africans to wake up to the realit...
Africa  Nigeria  China  China_rising  colonialism  exploitation  infrastructure  productivity  underdevelopment  neocolonialism  deindustrialization  imperialism  delusions  predatory_practices  Carpe_diem  tough-mindedness  disingenuous 
march 2013 by jerryking
Africa calling
March 10, 2013 | FT.com | By William Wallis.

African entrepreneurs pre-empted this interest. One of the first deals that Mr Karim pulled off, acquiring the west African franchise for Costain, a UK construction group, speaks volumes about the changing times. Like other European contractors, the company was facing intense competition from Chinese rivals. When Mr Karim placed his offer, Costain was also wrestling with increasingly stringent western transparency regulations, a predatory governing elite and threats from insurgents and kidnappers in the oil-producing Niger delta.

After buying the company’s assets, Mr Karim replaced costly expatriate managers and freed up colonial-era villas in Ikoyi – the perks of expatriate office – which he rented out. In a flash he had cash flow to refloat the business and leverage other ambitions. These have seen him launch a power generating company and in November acquire an oilfield – a totem for any successful Nigerian businessman – in a joint venture with UK wildcat explorer Heritage, from another European company under pressure to adapt: Royal Dutch Shell, the oil major.
Africa  entrepreneur  China  Wal-Mart  L’Oréal  P&G  Nigeria  Nigerians  cash_flows  Royal_Dutch_Shell 
march 2013 by jerryking
Emerging from the frontier
Nov 21st 2012 | | The Economist from The World In 2013 print edition | by Ngozi Okonjo-Iweala, Nigeria’s finance minister and co-ordinating minister for the economy

Africa’s growing economic ties with the BRIC economies, particularly China, are well known. As an example, the continent’s trade with China increased from about $10.6 billion in 2000 to $166 billion in 2012. In my own country, Nigeria, trade with China increased over the same period from less than $1 billion to $7.8 billion. In 2013 China will become the greatest influence on the continent as its new leaders deepen the strategic relationship with Africa beyond natural resources. At the same time, civil-society organisations in Africa will demand greater transparency from China in government-to-government relations, and more community engagement from Chinese companies.
Africa will become the next preferred destination for labour-intensive manufacturing

I see many opportunities here for private investors in Africa. As Asia’s economies slow and its wages rise, Africa will become the next preferred destination for labour-intensive manufacturing of products such as garments and shoes. Its large domestic market of 1.2 billion people will serve as a further attraction for low-cost, light manufacturing.
China  frontier_markets  emerging_markets  women  South-South  Africa  private_equity  BRIC  infrastructure  Nigeria  Ethiopia  Angola 
january 2013 by jerryking
Where the BlackBerry still reigns supreme - The Globe and Mail
PAUL CHRISTOPHER WEBSTER AND IAIN MARLOW

JAKARTA/LAGOS — The Globe and Mail

Published Thursday, Nov. 29 2012,
BlackBerry  RIM  Nigeria  Indonesia  3rdworld 
december 2012 by jerryking
African Art Is Under Threat in Djenne-Djenno - NYTimes.com
August 2, 2012 | NYT | By HOLLAND COTTER.

Ethical battles surrounding the ownership of, and right to control and dispose of, art from the past rage on in Africa, as in other parts of the world....the wars over art as cultural property take many forms: material, political and ideological. On the surface the dynamics may seem clear cut, the good guys and bad guys easy to identify. In reality the conflicts are multifaceted, questions of innocence and guilt often — though not always — hard to nail down. In many accounts Africa is presented as the acted-upon party to the drama, the loser in the heritage fight, though such is not necessarily the case, and it certainly doesn’t have to be, and won’t be if we acknowledge Africa as the determining voice in every conversation...finding sculptures in situ, in their historical context...unauthorized trade in such art had been illegal since 1970, when Unesco drew up its Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property. But the digging went on, and getting art out of the country — through porous borders, with a payment of bribes — was (and still is) easy. ...Certain archaeologists, the McIntoshes among them, were aghast at the ruinous plundering and took action. They were convinced that any Western attention paid to Malian antiquities increased the market value and encouraged looting. With this in mind they proposed an information blackout on any and all “orphaned“ Inland Niger Delta objects, meaning any that had not been scientifically excavated — most of those in circulation... The antiquities wars were not easy on dealers, collectors and museum administrators. Not only were their jobs threatened and acquisitive passions blocked, but they acquired unfortunate reputations. Once esteemed as cultural benefactors, they came to be seen, in some quarters, as hoarders and thieves.

Where does Africa itself stand in all of this? Is it merely the battleground on which science and commerce clash, a passive stretch of turf to be either righteously conserved or carved up and parceled out? Or is it — could it be — an active, gainful partner in cultural exchange?

It could. Art-alert countries like Nigeria and Mali have stockpiles of objects in storage. Selections of them could be leased out to Western institutions, or even swapped for temporary loans of Western art. The idea that Africa would not be receptive to such exchanges is wrong. It has fine museums (in Bamako, in Lagos), impressive private collections (one is documented in Sylvester Okwunodu Ogbechie’s superb book “Making History: African Collectors and the Canon of African Art“), and at least a few sharp critics (check out Kwame Opoku at modernghana.com).

There’s no reason to think that concepts of art in Africa and the West — I use these generalities for convenience only — have to jibe. But clearly a sense of the complex value of patrimony is strong and can be pushed further. The time is long past due to be compiling comprehensive digital databases not just of art from Africa, but also of art that’s still there. Not only would this be an invaluable, promotional resource for international study, it would also be a lasting record of types of ephemeral art, or of things too fragile to move, or of objects that have, in the event of political instability, a good chance of being lost.
Africa  art  collectors  collectibles  Mali  ethics  museums  books  embargoes  contraband  archeological  dealerships  art_galleries  art_history  Nigeria  threats  Islamists  antiquities  Timbuktu  sub-Saharan_Africa  heritage  history  stockpiles 
august 2012 by jerryking
Emerging Investors in Africa: Africans - WSJ.com
July 5, 2012 | WSJ | By PATRICK MCGROARTY
Emerging Investors in Africa: Africans
As U.S. and Europe Scale Back Amid Global Crisis, Intra-Continent Investments Are on the Rise.

Even as overall foreign investment into Africa has contracted, a cohort of homegrown companies has mounted an unprecedented expansion drive. Investment between African countries has almost doubled in the past five years, to 13% of new projects started on the continent last year, according to a report on foreign direct investment released Thursday by the United Nations Conference on Trade and Development.

African companies are heading into the rest of Africa in an unprecedented investment drive that has cushioned a pullback from the West and signaled the emergence of homegrown multinationals.

The companies behind those investments are chasing high growth rates in fast-developing markets, many of them buoyed by resource exports. Oil in Angola and Nigeria, copper in Zambia and coal in Mozambique have each attracted tens of billions of dollars over the past decade. Over the period, the continent's supermarket chains, construction companies and banks have expanded rapidly.
Africa  FDI  South-South  commodities  South_Africa  Nigeria  investors  high-growth 
july 2012 by jerryking
Investing in Africa Can Be a Challenge -- But Good Deals Are on the Horizon - Knowledge@Wharton
March 09, 2005 in Knowledge@Wharton

Private-equity investors haven't fared much better than money managers who buy shares in public companies, according to Runa Alam, chief executive of Zephyr Management Africa, the South Africa-based subsidiary of a New York investment company. Like Oyeleke, she stressed that African companies have few venues for raising public money: "You have Johannesburg and London." Unlike Oyeleke, she argued that investors have plenty of deals to choose from. Her firm looked at more than 50 last year alone. But she pointed out that these deals tend to be concentrated in a few countries -- Nigeria, Egypt and South Africa -- and a few sectors, such as telecom, financial institutions and resource extraction.
Africa  challenges  economic_development  investing  investors  Kenya  Nigeria  resource_extraction  private_equity  funding  Egypt  South_Africa  telecom  financial_institutions 
june 2012 by jerryking
Nigeria to Begin Operation of $1 Billion Sovereign Fund - WSJ.com
May 11, 2012 | WSJ |By NEANDA SALVATERRA.

Nigeria to Put $1 Billion to Work in Sovereign Fund
Nigeria  sovereign_wealth_funds  infrastructure  diversification 
may 2012 by jerryking
Can Greed Save Africa? -
November 29, 2007 | BusinessWeek | By Roben Farzad. Fearless investing is succeeding where aid often hasn't
Africa  private_equity  investing  emerging_markets  Nigeria  Mozambique  Zimbabwe  fearlessness 
may 2012 by jerryking
CPCS Transcom helps tame traffic chaos in Lagos - The Globe and Mail
Apr. 27, 2011 | G & M | GEOFFREY YORK. If any company can
handle the unpredictability of Lagos, it would be CPCS Transcom Ltd.,
an Ottawa-based company that serves as lead adviser to the project. The
Canadian company has quietly emerged as one of the trouble-shooters of
Africa’s economic revival. It has experience in 40 African countries,
primarily as a consultant in infrastructure development, and Africa
accounts for about half of its worldwide business....Peter Kieran, grew
up in Toronto and graduated from U of T, got his first African
experience in 1970 on a summer job in Tanzania while he was an MBA
student at HBS. Inspired by his Tanzania experience, he set up a
consulting company to work in developing countries. In 1996, he
purchased CPCS International, which had originally been established by
Canadian Pacific, and merged it with their own company, Hickling
Transcom. The company has specialized in railways and ports, seeking to
make them more commercial and privately financed.
Africa  Geoffrey_York  Nigeria  Lagos  transit  canadian  management_consulting  traffic_congestion  developing_countries 
may 2011 by jerryking
Africa Rising: Catering to New Tastes as Incomes Climb - WSJ.com
FEBRUARY 10, 2011|WSJ | By WILL CONNORS.
Africa Rising
Catering to New Tastes as Incomes Climb
Zambian Beef Processor Expands to Nigeria With Aim of Spreading Out Across the Continent
Africa  Nigeria  beef  economic_development 
february 2011 by jerryking
Nigeria’s Promise, Africa’s Hope - NYTimes.com
By CHINUA ACHEBE
Jan. 15, 2011

At the end of the day, when the liberty was won, we found that we had
not sufficiently reckoned with one incredibly important fact: If you
take someone who has not really been in charge of himself for 300 years
and tell him, “O.K., you are now free,” he will not know where to begin.

This is how I see the chaos in Africa today and the absence of logic in
what we’re doing. Africa’s postcolonial disposition is the result of a
people who have lost the habit of ruling themselves, forgotten their
traditional way of thinking, embracing and engaging the world without
sufficient preparation. We have also had difficulty running the systems
foisted upon us at the dawn of independence by our colonial masters.
Nigeria  Africa  corruption  development  accountability  postcolonial 
january 2011 by jerryking

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