Russia’s S7 Airlines and Aeroflot to start flying to Morocco in their destination expansion plans

MOROCCO – Russian carriers S7 Airlines and Aeroflot are set to start flying to Casablanca, Morocco, as part of plans to expand their travel destinations. Flights to Casablanca’s Mohammed V International (CMN) will begin on April 30 before switching to a Sunday service from May 9. The route, which will be S7’s first to Morocco, will be operated using Boeing…

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Russia overtakes Egypt to become second biggest buyer of Kenyan tea

KENYA – Russia has overtaken Egypt as the second biggest buyer of Kenyan tea in August, signalling gains from a two-year campaign by the Kenya’s Tea Directorate to woo customers in the world’s largest country. Data from the directorate indicate that in August, Russia bought 2.3 million kilogrammes of tea, which was 40 percent more compared with the same period…

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Russia supports Rwanda in the establishment of nuclear technology

RWANDA – The government of Rwanda and Russia have a signed an agreement for the establishment of a Centre for Nuclear Science and Technology in the country. The pact was signed on the sidelines of the just-concluded Russia-Africa Summit in Sochi, Russia. The agreement was signed by Minister for Infrastructure Claver Gatete on behalf of Rwanda and the Director General…

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Oil reliant economies, oil companies risk losing their credit ratings due to free falling prices

GLOBAL – The world’s top rating agencies have said that the sharp drop in oil prices, if sustained, could cause a wave of sovereign downgrades as well as heavy multi-notch rating cuts to junk-rated oil and gas firms. According to Jan Friederich, Fitch’s top Middle East and Africa sovereign analyst, the recent plummeting of oil prices was putting countries from…

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Oil prices jumps by 8% as US producer slash spending and govt promises economic stimulus package

GLOBAL – Oil prices which have been free falling in the past months finally jumped over 8% on Tuesday, bouncing from the biggest dip in nearly 30 years a day earlier. According to a report by Reuters, the possibility of economic stimulus from the Trump administration and the move by U.S. producers to slash spending could have resulted in price…

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Nigeria secures US$1.46bn from Russia, Afreximbank for Ajaokuta completion

NIGERIA– The Federal Government has said that the Russian government and Afreximbank will provide up to US$1.46bn to fund the resuscitation of the Ajaokuta Steel Company Limited. The Minister of Mines and Steel Development, Olamilekan Adegbite, who disclosed this in Lagos said a Memorandum of Understanding would be signed by the Nigerian and Russian governments in January for the project.…

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Nigeria secures key fertilizer production ingredient from Russia to boost local production

NIGERIA – The Federal Government on Monday entered into an agreement with a Russian firm, Uralchem, on fertiliser production in Nigeria. The signing which was done under the Presidential Fertiliser Initiative (PFI) will see Russia supply Nigeria potash, a key ingredient for the production of fertiliser to cut down the wholesale importation of fertiliser into the country. The signing ceremony…

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Nigeria seeks Russian, Chinese support in quest to expand rail network

NIGERIA – The Federal Government has started negotiations for the commencement of the construction of the Port Harcourt to Maiduguri rail line, the Minister of Transportation, Rotimi Amaechi, has said. Ameachi said the ongoing negotiations were between Nigeria and the Chinese government for the project that would stretch from Rivers to Borno State. The rail line, according to Amaechi, will…

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