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Nigeria Targets 2030 to End Gas Flaring

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Abuja — The Federal Government will soon sign a global agreement on zero routine gas flaring that is targeted at ending flaring in 2030. Speaking at the opening of the African Petroleum Congress and Exhibition (CAPE VI) organized by the African Petroleum Producers Association (APPA) yesterday in Abuja, President Muhammadu Buhari, hinted that there were efforts at reducing gas flare ...

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Eurobonds hit after Ivory Coast attacks

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ABIDJAN — Ivory Coast’s Eurobonds fell on Monday after a terrorist attack on three hotels left 18 people dead added to the risks of investing in the world’s biggest cocoa producer. Militants linked to al-Qaeda gunned down 15 civilians and three soldiers in tourist hub Grand Bassam, Interior Minister Hamed Bakayoko said in Abidjan on Monday. The government had previously ...

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Nigeria: China Wants More of Nigeria’s Oil

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China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said this in an interview with the News Agency of Nigeria in Abuja. The total amount of export to China was only about one million barrels in 2015 ...

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Nigeria: FG to Stabilise Price of Rice By April

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The Federal Government said on Saturday that it would stabilise the price of rice from April to make it affordable to everybody in the country. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, made this known while declaring open the 2016 National wheat farmers field day in Alkamawa village in Bunkure Local Government of Kano state. Ogbeh said ...

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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

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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?

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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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