Category: West Africa
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Nigeria: Apapa-Oshodi Expressway – Maritime Workers Issue 21-Day Strike Notice to FG
The Maritime Workers Union of Nigeria, MWUN, yesterday, gave the Federal Government a 21-day ultimatum to rehabilitate and make the Oshodi-Apapa Dual Carriage Way and the access roads leading to the nation’s sea ports motor-able. Also, Customs clearing agents and Amalgamation of Trucking Associations will from today shut down process of clearance of goods from…
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Nigeria: Banks Never Shied Away From Supporting Govt’s Economic Plans – MD, Firstbank
The 2016 and first quarter 2017 operating results of FirstBank Limited affirmed the bank’s number one position in terms of earnings. But the results also show that the bank is lagging in other performance indices like profitability and non-performing loans. Managing Director/Chief Executive, First Bank Limited, Dr. Adesola Adedutan, in this interview discusses efforts to…
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Nigeria Likely Target of Worldwide Cyber Attack
Nigeria is likely going to be hit by a massive cyber-attack in the coming weeks, according to a top government official. This is coming in the wake of one of the largest cyber-attacks in history, which has affected over 100, 000 computers in 99 countries including Russia and China. The official, who pleaded anonymity because…
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Nigerian Officials Speak As IMF Forecasts 2.6% Growth in Economy in 2017
The federal government on Tuesday said it was optimistic of a modest recovery from recession and growth in the economy, as the International Monetary Fund, IMF, predicted a 2.6 per cent growth in the economy in 2017. Nigeria has witnessed a mixed fortune in her earnings from oil in the last three years either as…
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Nigeria:Moody’s maintains stable outlook on banking system
Moody’s Investors Service is maintaining its stable outlook on the Nigerian banking system, reflecting the rating agency’s view that acute foreign-currency shortages will gradually ease, though loan risks will remain high. The outlook expresses Moody’s expectation of how bank creditworthiness will evolve in Nigeria over the next 12-18 months. Moody’s report, entitled “Banking System Outlook:…
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Nigeria: Oil Workers Threaten to Shut Down ExxonMobil Operations
Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to shut down the operations of Mobil Producing Nigeria Unlimited, an affiliate of ExxonMobil until the sacked workers are recalled. The workers yesterday picketed the company’s offices in Lagos and Port Harcourt and insisted that the…
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Nigeria: Oil Deal – Saudi Minister’s Statement Good News to Nigeria
A statement by Saudi energy minister on extension of oil cut agreement will be good news Nigeria, PREMIUM TIMES can report. Saudi Arabia’s Energy Minister, Khalid Al-Falih, said on Monday that oil markets were rebalancing after years of oversupply. Speaking at an industry event in Kuala Lumpur, Malaysia, Mr Al-Falih said he still expected an…
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Nigeria: 41 Items Remain Ineligible for Forex Allocation – CBN
The Central Bank of Nigeria, CBN, said Wednesday’s circular on revised documentation requirements for allocation of foreign exchange for small-scale importation did not mean a reversal of its policy barring allocation of forex to some 41 items in the country. “The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports…
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Nigeria plans to set up national airline, develop aviation capacity
Nigeria has appointed advisers to help it set up a national airline and develop its aviation infrastructure — currently seen as a barrier to economic growth — to create a hub for West Africa, junior aviation minister Hadi Sirika said on Wednesday. Sirika said a group of six firms including German carrier Lufthansa would advise…
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Nigeria central bank lifts currency ban for small imports
Nigeria’s central bank has lifted a ban on currency allocation for importers bringing in goods worth up to $20,000 per quarter, it said in a circular seen by Reuters on Thursday. The bank in 2015 placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets,…