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Nigeria: W’Bank – Nigeria’s Economy to Rebound, Grow By 1% in 2017

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The World Bank has predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017. The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the second quarter of this year, ...

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Nigerians to strike over oil sector job losses

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A Nigerian oil labour union has begun a nationwide strike involving petrol filling stations and tankers in a protest over job losses, a union official said on Wednesday. Cogent Ojobo, Warri zonal chairman of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), said the industrial action had started. “Filling stations, petrol tankers and all NUPENG members are involved,” ...

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Investors unfazed by Ivory Coast’s two-day mutiny

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Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors’ faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa’s largest economy. ...

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Nigeria Reclaims Africa’s Top Oil Producer Spot

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Nigeria may have reclaimed its position as Africa’s top oil producer which it lost to fellow African oil producer, Angola earlier in March 2016. According to the December 2016 Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), crude oil production from Nigeria rose slightly above that of Angola even before the January 2017 planned production ...

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Nigeria: 2017 Budget Will Bring Nigeria Out of Recession – Dogara

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Speaker of the House of Representatives, Yakubu Dogara has expressed optimism that the 2017 budget would lead the country out of its current economic recession. Dogara, who said this on Tuesday in his address welcoming members from Christmas holidays also assured that the House will implement reforms to the budget process to make it more transparent and devoid of controversy. ...

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Nigeria: Dangote Cement, Others Lift Stock Market By 1.25 Percent

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The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 1.25 per cent yesterday as highly capitalised stocks led by Dangote Cement Plc lifted the market. After depreciating for the first three days in 2017, the market had last Friday rebounded. And when trading resumed for the second week of the year, tuesday, the uptrend was sustained leading to a rise ...

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Nigeria: Oil Workers Score NNPC’s Boss High

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Oil workers say the administration and programmes of the current Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, are worker friendly. The workers, under the Group Executive Councils (GECs) of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) rated ...

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Shell battles Nigerian communities in high-stakes London lawsuit

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A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The High Court will judge whether members from two communities, Bille and Ogale in Nigeria’s oil-rich Delta region, can sue the ...

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Nigeria: Green Shoots Start to Sprout As External Reserves Hit $26.1bn

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The accretion of Nigeria’s foreign exchange (forex) reserves, which started about two months ago, continued in the new year, when figures released yesterday by the Central Bank of Nigeria (CBN) showed that reserves had grown to $26.094 billion, signifying a slow but steady improvement in the country’s current account balance. It was also indicative that the drop in militancy in ...

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Nigeria: Central Bank Sells N173 Billion Treasury Bills At Flat Rate

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The Central Bank of Nigeria (CBN) sold N172.85 billion at its first treasury bill sale of the year on Wednesday with yields unchanged from the previous auction, held on December 21, fixed income traders said on Thursday. Reuters quoted traders to have revealed that the central bank sold N115.85 billion of one-year debt at a rate of 18.68 percent, the ...

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