World Business News

The International Civil Aviation Organization (ICAO) has urged the Federal Government of Nigeria to fence airports in Nigeria to ensure safety and check influx of unauthorized persons into the airports. But he country will require about US$125.78m to fence its 22 airports that are partially fence or without fences.

The Federal Airports Authority of Nigeria (FAAN), has assured all the airport users of absolute security and safety of humans, equipment and cargo at all times. Mr. Yakubu Dati, FAAN’s spokesman, added that each of the 22 airports is about 50km in length therefore they will require massive investments for them to be properly fenced.

However, four of the country’s international airports which are Port Harcourt, Abuja, Lagos and Kano are partially fenced while the remaining 18 airports are not fenced. This has led to encroachments on the lands by some native persons.

Kenya and the China Communications Construction Company (CCCC) have signed an agreement for the construction of the Naivasha-Malaba Standard Gauge Railway line under the Kenya SGR Developments Project valued at Sh549 billion.

This comes after the Cabinet approved signing of the commercial contracts between Kenya Railways and China Communications Construction Company.

The four commercial contracts for the development of the four elements of the project include Naivasha- Kisumu, Kisumu-Malaba, Kisumu Port Development and Modernization and expansion of the Inland Container Depot at Embakasi in Nairobi.

International oil giants are bearing down on East Africa. Off the coast of Tanzania, the discovery of 46.5 trillion cubic feet of natural gas reserves has put the country on the world energy map. The number is expected to rise to 200 trillion cubic feet in the next two years, and eventually transform Tanzania into a middle-income country.

Companies like Exxon Mobil, BG Group and Norway´s Statoil are working with the Tanzanian Petroleum Development Corp (TPDC) in exploration, building infrastructure and construction. However, the real issue is the profit-sharing contracts currently being negotiated between the big oil companies and the government.

The Production-Sharing Agreements (PSA) between the international firms and the TPDC are confidential. However, the draft of a contract with Statoil has leaked. Instead of the expected 50-75%, Tanzania would only be getting 30-50% of the “profit gas.” The government has little to no leverage but everyone knows the country needs the investment big oil could bring.

With elections coming up this year, the oil and gas question is a hot topic. For a politician trying to gain traction it is heaven-sent. From independence until his retirement in 1985 the country was lead by the great Julius Nyerere, whose ideology was socialist and has been called communist. The communitarian mindset lead to many great things and is still tangible in political discourses. However, it also lends itself to misuse.

Healthcare firm  Sanofi India  gained nearly 2 percent on Wednesday after it has entered into a marketing and distribution agreement with Emcure Pharmaceuticals for its oncology portfolio in India.