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Nigeria: Why Economy Bleeds Despite Oil Exploration – Experts


Experts in the country’s oil and gas sector, have accused the Federal Government and the oil communities of ignorance to contractual agreement signed before exploration and production in the region. This was as they attributed such dysfunction to policies and regulations supposedly meant to guide petroleum operations. Disclosing this at a workshop with journalists organized by Natural Resources Governance Institute, ...

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NIGERIA: Fitch downgrades Nigeria


Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. The Outlooks are Stable. The issue ratings on Nigeria’s senior unsecured foreign-currency bonds have also been downgraded to ‘B+’ from ‘BB-‘. The Country Ceiling has been revised down to ‘B+’ from ‘BB-‘ and the Short-Term ...

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Nigeria: Oil Exports On Course Despite Militants’ Attacks


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


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


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


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


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

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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