World Business News

Dr. Akinwumi Adesina, President of The African Development Bank, (AfDB) yesterday said that it would increase its investments in Nigeria to $8 billion by next year.

While speaking at the opening of the bank’s Country Office building in Abuja he said that the organization continues to strongly support the African country which incidentally is the largest shareholder of the bank. As per official sources, the bank’s current investments in Nigeria has reached $6 billion, which is spread over 73 projects “From our perspective, our investments can only increase as we expect the levels to reach $8 billion by 2019.” He added.

The African Export-Import Bank (Afreximbank) has reached an agreement with the Export Development Bank of Egypt (EBE) to supply the Egyptian bank with a $500 million scheme to support exports and investments by Egyptian businesses to other African countries.

The scheme is named the “Export Credit Support Scheme (ECSS)”. The scheme includes a selection of programs, products and services rendered by Afreximbank in partnership with the EBE to cushion them from the risk of non-payment of loans or advances in realizing short or medium-term export contracts.

Indian coffee exports are expected to experience an 8 percent rise in the months of January through November of 2018. Germany, Russia and Italy were the most popular export destinations for coffee from India.

India ships Robusta and Arabic varieties of coffee in addition to instant coffee. Robusta coffee exports have overseen a rise of 10.80 percent, recording 2,11,442 tonnes in January-November 2017. In comparison to 1,90,828 tonnes in the year before that.

India is Asia’s third largest producer as well as exporter of coffee. The volume of exports rose by 8.08 percent to 3,61,000 tonnes in the January-November 2017 period. The January-November period of 2016 recorded a similar figure 3,34,000 tonnes. This is according to figures released by the Coffee Board.

Russia made a stride nearer to turning into the world's biggest exporter of shipped gas with a $27bn venture in the Arctic Circle.

The liquefied natural gas (LNG) venture, situated by Russia's remote Obe River in the far north, started production on Tuesday and will send out its first cargo of super-cooled liquid gas before the week is over.

The Yamal LNG venture drives Novatek, its chief developer, from a local Russian gas provider to a noteworthy player in the growing worldwide market for LNG with potential exports of 16.5 million metric tons of gas each year.

By utilizing uniquely manufactured ice-breaking tankers to explore the Arctic waters Novatek hopes to split the time required to send gas to China in half, which has driven worldwide gas interest for previous twenty years.

Royal Dutch Shell, Exxon Mobil and Chevron are additionally vying for a cut of the LNG market which is grabbing steam as nations move away from consuming coal for power needs.