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    Gold-for-oil: Govt spent $40m on first consignment – NPA

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    Ghana withdraws $672m back-tax demand from MTN Group

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    Nigeria’s national debt hits an all time as the country struggles with repayment

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    EIU analysts forecast grim economic outlook for Africa in 2023

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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Nigeria: State Turns to Oil Swap to Stave Off Petrol Shortages

bycitibusinessnews
March 21, 2016
in Africa, West Africa
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Nigeria is set to ramp up the amount of crude oil it swaps for vital petrol imports by more than a third as it grapples with the worst economic crisis in years and upheaval in its graft-ridden energy sector.

A more than 60 per cent drop in global oil prices since 2014 has hammered Nigeria’s economy and triggered a currency crisis, leaving it short of funds to pay for imports of oil products.

While the country is Africa’s biggest oil producer, it is almost entirely reliant on imports for oil products, especially gasoline, after successive governments allowed its refineries to fall into disrepair.

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In recent weeks, the Nigeria National Petroleum Corporation (NNPC) has agreed deals with seven refining companies – ENI, Essar, Litasco, Total, Cepsa, Societe Ivorienne de Raffinage (SIR) and Vitol refining arm Varo, with local partners – to take oil in exchange for gasoline imports, according to traders and other sources close to the negotiations.

The deals are crucial to staving off fuel shortages that have already created queues across the country.

“Nobody wants to see people spend two hours on fuel queues,” minister of State for Petroleum Resources, Ibe Kachikwu said on Twitter this week. “We are working on long-term solutions,” he added.

The deals are not yet watertight, however, but while the broad terms were agreed, multiple sources told Reuters that at least some of the one-year contracts have not been signed – leaving them at risk of change.
NNPC is in the middle of a restructuring that will split it into 30 different companies, leading to an extensive management shake-up.

Sources said constant changes in management and staffing at NNPC meant they were at times dealing with one person one day, and a different the next, making it difficult to conclude the contracts and raising concerns over NNPC changing the terms.

Under preliminary agreements, each refiner will ship roughly 90,000 tonnes of gasoline in exchange for each 950,000-barrel cargo of oil, regardless of the grade, along with other products, sources said.

That amounts to NNPC swapping 330,000 barrels per day (bpd) of crude in total, well above the 210,000 bpd agreed initially last year with four refineries. The new agreements were intended to start with the April crude loading programmes.

–

Credit: All Africa

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