Volkswagen Goes Local, Expands Assembly to Ghana & Nigeria

Volkswagen Goes Local, Expands Assembly to Ghana & Nigeria

By CultureBanx Team

  • In 2017, Nigeria had more than 4.6 million privately owned vehicle

  • Ghana’s economy expanded by 8.5% last year

CBx Vibe:Offshore” Rae Sremmurd

German carmaker Volkswagen (VOW3.DE +1.93%) has signed memorandums of understanding to expand its business in Nigeria and Ghana. The locally assembled vehicles should hit the market in January 2019.

Why This Matters: The company plans to assemble cars in Ghana and transform Nigeria into an “automotive hub on the western coast of Africa over the long term.” Ghana President Nana Akufo-Addo stated the country will welcome investments in agriculture, finance and factories, as the economy expanded by 8.5% in 2017.

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Nigeria Looking to Grab $2 Billion From Wireless Operator MTN

Nigeria Looking to Grab $2 Billion From Wireless Operator MTN

By CultureBanx Team

  • MTN hit with $2B tax bill from Nigerian government

  • Nigeria brings in a third of MTN’s annual core profit

CBx Vibe: “Bad Company” ASAP Rocky

Nigeria is once again taking aim at Africa's largest mobile phone company MTN, this time hitting the company with at $2 billion tax bill. The latest skirmish with authorities highlights just how bad things are getting for the telecom giant on the continent.

Why This Matters: Nigeria’s Attorney General said the high tax bill was due to "the importation of foreign equipment and payments to foreign suppliers over the last 10 years." With about 54 million customers, MTN is Nigeria’s biggest wireless carrier and its most lucrative market. The country’s business brings in a third of MTN’s annual core profit. Nigeria’s AG asked the South African company to carry out a self assessment in response, but rejected the company’s findings, according to Bloomberg.

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Cameroon’s $1.3 Billion Harbor Pushes its Commodities Global

Cameroon’s $1.3 Billion Harbor Pushes its Commodities Global

By CultureBanx Team

  • Cameroon's government wants the new harbor to stimulate its economy

  • China Harbour Engineering Company has spearheaded the $1.3B project

CBx Vibe: Mean Mug” Yung Bans

Chinese investors want to transform the Cameroonian city of Kribi into to the largest seaport in central Africa. They are looking to gain a foothold in the country and open the region’s iron ore, cotton and cocoa to the rest of the world.

Why This Matters: China Harbor Engineering Company (CHEC) has spearheaded the project. Around 5% of the $1.3 billion budget for the new harbor is being financed by the Export-Import Bank of China, with the rest falling to the government of Cameroon. This is the country’s most ambitious project since independence in 1960.

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