Due to high costs of operations and low returns, Woolworths opts to close down stores in Nigeria. Woolworths Holdings Ltd. , the food and clothing retailer from South Africa, announced plans for the closure of three of its stores located in Nigeria.
Nigeria
Protea bets NGN11.13 billion in Nigeria's hospitality industry
Protea Group has invested NGN11.13 billion (over USD70 million) for the development of more hotel brands in Nigeria, according to the group's chief executive officer.
UN report says political will, farmer involvement crucial to biotech success
A report from the UN Food and Agriculture Organization revealed that political will and farmer involvement are crucial for biotech research and innovation to succeed in reducing poverty in developing countries.
Nedbank Group plans to exercise option to purchase Ecobank Transnational Inc stake
Nedbank Group, headed by Chief Executive Officer Mike Brown, said it plans to use its option to acquire a stake in Togo-based Ecobank Transnational Inc valued at more than USD 500 million.
Africa not ready for capitalism
Dr. Peregrino Brimah of Every Nigerian Do Something or ENDS said Africa is not ready for Africapitalism at this time. He cited the reasons for this in his essay entitled "Is Africapitalism Good Or Bad For Africa?"
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The use of smaller 20 centiliter bottles is sought to be the key to cornering the emerging African market.
ConocoPhillips sold various oil assets located in Northern America, Asia and Africa. A Reuters report said US oil company ConocoPhillips expected to receive USD8.
