Africa’s largest oil producer has not been able to cash in fully on the price rally because of lacklustre production and its reliance on imported fuel
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The cement giant expects to producing 14-million tonnes by 2017 on the back of expansion across the continent.
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Writing off the investment in Africa’s largest economy will see the food company’s earnings half of that achieved in the previous financial year.
Multi-billionaire Nigerian Aliko Dangote is considering buying Nigerian oil and gas fields from multinationals looking to sell.
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African companies are expanding rapidly thanks to the region’s unique risks and opportunities.