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AU commends Ghana over decision to introduce visa-on-arrival for AU citizens

AU commends Ghana over decision to introduce visa-on-arrival for AU citizens

The Chairperson of the African Union Commission (AUC), Dr. Nkosazana Dlamini Zuma, has welcomed Ghana’s decision to introduce a visa-on-arrival policy for citizens of African Union Member States. The President of Ghana, H.E. John Dramani Mahama, announced the decision in his State of the Nations address to the Ghanaian Parliament on 25 February 2016. “With effect from July this year, ...

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Togolese reinsurer CICA-RE makes Kenyan market debut


CICA-RE, a Togo-based reinsurer, has entered the Kenyan market hoping to replicate its success in Francophone Africa countries by using Nairobi as a launch pad into the east African region. The Nairobi office will act as a liaison under the guidelines of the Insurance Regulatory Authority (IRA) and will be required to become a subsidiary company within the next three ...

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Nigeria: Fuel Queues Persist as Oil Workers End Strike

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Oil workers yesterday suspended the day-old strike they embarked upon to protest a major restructuring at the Nigerian National Petroleum Corporation (NNPC). Fuel queues however persist in major cities across the country despite the suspension of the industrial action, Daily Trust findings showed. At major fillings stations yesterday, chaos reigned as motorists struggled to buy fuel. Soldiers were drafted to ...

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Do Nigerians want local goods?


About 97 per cent of Nigerians have said they would buy locally made products in order to strengthen the country’s economy; this is according to a recent public opinion survey by NOI Polls. Bell Ihua, CEO of NOI Polls said it felt it was important to look into this considering recent economic challenges and the heavy depreciation of the naira. ...

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Oil Workers End Strike After Govt Pledges No Job Cuts

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Nigerian unions on Thursday ended a day-old strike against the revamp of the beleaguered state oil firm after a minister promised there would be no job cuts. The strike, launched on Wednesday, came amid spiralling oil prices due to a domestic shortage and was called by the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union ...

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Nigerian policy-maker advised central bank to devalue naira: MPC minutes

A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

A member of Nigeria’s central bank monetary policy committee(MPC) has said the naira should be devalued and allowed to trade within a band, saying that the fixed exchange rate would not work alongside a planned rise in government borrowing. Adedoyin Salami, an academic, said the naira was 10-percent over-valued and voted to move the exchange rate band to plus or ...

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MTN proposes to pay $1.5bn to settle Nigeria penalty


MTN has proposed to pay 300 billion naira ($1.5bn) to settle a record $3.9bn fine in Nigeria for missing a deadline to disconnect unregistered subscribers, according to a document handed to reporters in the Nigerian Senate. Africa’s biggest mobile-phone company made the offer in order to settle a dispute that has been running since the fine was first imposed by ...

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Africa’s richest man eyes Morocco phosphate deal, rice production

Aliko Dangote, Africa's richest businessman

Dangote Group, the company owned by Africa’s richest man Aliko Dangote, said on Monday it plans to buy phosphate from Morocco and potash from Congo-Brazzaville to feed a planned fertilizer plant. Dangote has raised a $3.3 billion loan to develop a $9 billion oil refinery and petrochemical complex in Nigeria, Africa’s biggest economy and top oil producer. The group has ...

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SA’s Clover halts invest in Nigeria

S Africa's Clover says it will no longer invest in Nigeria

South Africa’s Clover Industries will no longer invest in Nigeria due to a financial crisis there, the dairy products company said on Wednesday. “The current financial crisis experienced in Nigeria which is fuelled by the low oil price is a further cause of concern, thus the group has decided to withdraw from future investments in Nigeria,” Clover said in a ...

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Oil prices “totally unacceptable”, Nigerian president tells Qatar’s ruler


The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday. Nigeria, Africa’s biggest oil producer which earns around 90 percent of its foreign exchange earnings from crude oil exports, has been hit hard by the erosion of vital revenues caused by the ...

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