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Nigerian stocks hit 9-year high in third straight day of gains

Stock market display board with opening bell

Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session. The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008. Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise. The central bank floated the naira for foreign investors in 2017, a move that has ...

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Nigeria: Crude Oil Price Hits U.S.$70 Per Barrel

oil

The price of brent crude oil rose to $70 per barrel yesterday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in United States and Canadian drilling activity that points to higher future output in North America. Brent sweet crude futures, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, ...

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Gas supply to Nigeria’s Escravos-Lagos Pipeline System restored

pipe

Nigeria has fully restored the supply of gas on a pipeline affected by a fire last week, a spokesman for the state oil company said on Monday. Gas supply to several power stations was cut off because of the fire on the Escravos-Lagos Pipeline System near Okada in the southern state of Edo on Wednesday last week. The Nigerian National ...

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Nigerian power grid shut down by gas pipeline fire -ministry

Large power lines.

Nigeria’s electricity grid has been shut down by a fire on a gas pipeline, the ministry of power said in a statement on Wednesday. Gas supply to several power stations was cut off because of the fire on the Escravos Lagos Pipeline System near Okada in the southern state of Edo, the ministry said. “The sudden loss of generation due ...

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Fuel Supply Improves in Lagos, Scarcity Persists in Abuja

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Marketers attribute crisis to NNPC’s $6bn crude-for-product swap deal • Crude oil slips towards $65 as Forties Pipeline moves closer to restart Relief may be on the way for commuters as fuel supply to Lagos shows signs of improvement with queues at filling stations in the metropolis thinning out Tuesday. Vice-President Yemi Osinbajo had spent the Chrismas day touring Lagos ...

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Fuel crisis messes up Christmas in Nigeria

file photo

Many motorists and commuters are stranded in Nigeria following an excruciating three-week fuel shortage. Long queues continue to form at petrol stations in major cities, occasioning a hike in pump price in places where the product was available. Many bus stages are jammed with passengers travelling for Christmas celebration, yet many commercial vehicles were held up in petrol stations. Motorists ...

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Nigeria’s Access Bank’s next frontier

acess

Nigeria’s Access Bank plans to grow its trade payment and settlement service over the next five years as foreign lenders faced with increased regulation at home cut their correspondent banking exposure to West Africa. So-called correspondent banking operations boomed over the last decade as commodity prices spiked and offshore lenders looking to tap into trade flows to Africa extended lines ...

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Nigeria’s hottest investment opportunities

Manufacturing

The past year has been one of economic progress for Nigeria, with Africa’s largest economy managing to crawl back into growth territory in the second quarter of 2017. Advertisement The Nigerian government has realised that it needs to make the country as attractive and lucrative as possible for offshore investors to bring their capital, skills and business trade into the ...

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Nigerian capital inflows more than doubled in Q3 to $4.2BN

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The total value of capital imported into Nigeria more than doubled in the third quarter to $4.15 billion, after the economy emerged from a recession, the National Bureau of Statistics (NBS) said on Monday. Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, as oil revenues rose. Last year the central bank imposed ...

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AfDB strongly supports Nigerian Government’s economic recovery efforts

The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. REUTERS/Luc Gnago

The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott. The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the Government’s efforts towards diversification of the ...

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