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Nigeria: Oil Exports On Course Despite Militants’ Attacks

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Nigeria in May exported 1.89 million barrels per day, contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, a maritime intelligence firm showed that Nigeria’s crude oil exports in May dropped by just 62,000 barrels per day (bpd) from April, with exports still reaching 1.89 million bpd. Windward ...

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Nigeria:Investors cheer currency float but won’t rush back yet

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Nigeria’s swift one-step move to a floating currency has been welcomed by investors but most nonetheless will stay away until Africa’s biggest economy shows signs of recovering from damage inflicted by the 16-month old exchange rate peg. Nigeria this week finally ditched the peg that had throttled foreign exchange markets, led to widespread capital flight and caused its first quarterly ...

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Nigeria distributable revenues rose to 305 bln naira in May -finance ministry

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Nigeria’s distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday. Nigeria, an OPEC member with Africa’s biggest economy which relies on crude sales for about 70 percent of national income, has been ...

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Nigeria agrees one-month ceasefire with Delta militants, officials say

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Nigeria has agreed a one-month ceasefire with militants behind recent attacks on oil facilities in its southern Niger Delta, a petroleum ministry official said on Tuesday, as efforts continue to end the unrest that has pushed crude output to 30-year lows. Militants say they want a greater share of Nigeria’s oil wealth to go to the impoverished Delta region. Crude ...

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Nigeria: Transport Minister Receives Report On Revival of National Shipping Line

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The Minister of Transportation, Mr. Rotimi Amaechi, Monday received the committee report he constituted in April to revive the country’s national shipping line. On presentation of the report from the Chairman of the committee, Mr. Olu Olusoji, in Abuja, the minister immediately constituted an implementation committee which he said would be headed by the Chief Executive Officer of the Nigerian ...

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Nigerian: Naira tumbles 23 percent after currency peg ends

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Nigeria’s naira slumped 23 percent against the dollar on Monday after the central bank removed its currency peg to alleviate chronic foreign currency shortages choking growth in Africa’s biggest economy. The naira traded just twice at 255 against the dollar, and less than $1 million had changed hands around midday, Thomson Reuters data showed, as dealers said they were nervous ...

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Gambia: 100 Companies to Participate in Ticad Vi – Japan Minister

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Masakazu Hamachi, Parliamentary Vice-Minister for Foreign Affairs of Japan, has said more than 100 Japanese companies are expected to participate in TICAD VI. It is believed that their insights and technologies would be of great value to deepen the discussions on the priority areas of TICAD VI such as industrialization, health, and social stability. “The government of Japan has regularly ...

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Nigeria: Shell Pays Nigeria U.S.$43 Billion in Four Years

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Shell Companies in Nigeria paid $43 billion into the Federation Account between 2011 and 2015, just as the companies spent a total of $195.5 million on social investments in the country in 2015, thus making Nigeria the largest concentration of social investment spending in the Shell Group. Briefing journalists at the weekend on the operational highlights for 2015, the Managing ...

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Nigeria: Why We Reduced MTN Fine – Govt

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The Minister of Communications, Adebayo Shittu, has said that the $5.2billion fine slammed on telecommunication giant, MTN, was reduced to encourage foreign investments into the country. Mr. Shittu said this on Sunday in Ibadan at an award ceremony in honour of Lekan Balogun, the Otun Olubadan of Ibadanland. He said that the Federal Executive Council, FEC, decided to reduce the ...

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