African Digest

No CFA devaluation
BRAZZAVILLE – The central bank of the CEMAC grouping of central African states using the CFA franc has dismissed speculation of a devaluation of the common currency, saying it was not in the interests of CEMAC member states.
‘All the figures show that the countries of the sub-region and their partners have no interest a devaluation taking place,’ the central bank said in a statement.
‘There will be no CFA devaluation, contrary to rumours on the matter,’ it added.

Nigeria overhauls oil sectorABUJA – Nigeria’s oil minister, Deziani Allison-Madueke, has set up a committee to speed up the passing of an oil law meant to completely overhaul Africa’s biggest energy industry.The Petroleum Industry Bill, a huge piece of legislation aimed at changing everything from fiscal terms to an overhaul of the state oil company, has been under negotiation for more than four years and has faced constant delays.Uncertainty over the reforms – which could significantly increase the cost of operating in Nigeria – have put billions of dollars of potential investment on hold, oil executives say.Niger eyes nuclear plantNIAMEY – Niger will push ahead with a plan to develop civilian nuclear energy in partnership with other West African peers despite recent accidents including Fukushima, the country’s President Mahamadou Issoufou has said.Niger, one of the world’s poorest countries, but a major exporter of uranium, said in June that it plans to produce its own nuclear power in partnership with other African nations.Niger’s key partner is French nuclear giant Areva, whose Imouraren mine should turn the country into the world’s No 2 producer/exporter of uranium. – Reports: Nampa-Reuters-AP-AFP