Category: West Africa
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Nigeria: Govt Orders Release of N150 Billion to Oil Marketers
The Federal Government has ordered the payment of N150 billion to independent oil marketers across the country. A move by the government to douse threats of abridging steady supply of petroleum products within the nation. Chief of Staff to President Muhammadu Buhari, Abba Kyari gave the order at a meeting he had with key players…
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Nigeria: Fitch Downgrades Country’s Rating to Negative
International rating agency, Fitch Ratings yesterday revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) to negative from stable, putting it at ‘B+’. By this, Fitch is telling international investors that the country’s debt offer is subject to speculations (uncertainty) and moving towards a non-investment grade. A credit rating is…
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Nigeria, S.A keep rates on hold
South Africa’s central bank kept its benchmark repo rate unchanged at 7 percent on Tuesday, in line with expectations, saying the near-term outlook of inflation has deteriorated while the domestic growth outlook remained constrained. All 27 economists polled by Reuters expected the repo rate to be kept on hold. Below are comments from South African…
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Nigeria: Delta State Worried About Relocation of 26 Oil Firms
The Delta State government has raised serious concern over the exit of 26 major oil companies following unabated hostilities and attack on their facilities by militants. While the government also flayed the frequent communal crises in the state, especially in Ogbe-Ijoh/Aladja communities, Deputy Governor Kingsley Burutu Otuaro, who addressed political leaders on Tuesday in Asaba,…
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Nigeria must not scare away MTN, says comms minister
Nigeria must not scare away MTN, its minister of communications said, as lawmakers investigate alleged illegal money transfers just three months after the government fined Africa’s biggest telecoms firm over $1 billion. The comments by Adebayo Shittu are the government’s first statement on the latest investigation into MTN, indicating the government does not want to…
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Gambia’s central bank accounts intact, says president’s spokesman
Gambia’s central bank deposits are “intact”, a spokesman for President Adama Barrow said on Monday, a day after the new leader had said there was no money left in the state coffers. Barrow said on Sunday that it appeared his exiled predecessor, Yahya Jammeh, had looted state resources after his election defeat. A Barrow adviser…
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South Africa’s rand firmer ahead of interest rate decision
South Africa’s rand firmed early on Tuesday, extending gains from the previous session ahead of a central bank policy meeting where the regulator is expected to keep rates on hold over concerns of high inflation and low economic growth. * At 0650 GMT, the rand traded at 13.4350 per dollar, 0.24 percent firmer from its…
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Nigeria: MTN May Postpone Nigeria Listing to 2018
The MTN Group says it may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. Its chairman and acting chief executive officer, Phuthuma Nhleko, gave the indication weekend at the annual meeting…
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Nigeria: Power Generation Drops to 2,662 Megawatts
The Transmission Company of Nigeria, TCN said the nation’s power generation capacity dropped from 3,959 megawatts on January 4 to 2,662 megawatts on January 22. The Nigerian Electricity System Operator, SO, website, a sub agency of TCN, disclosed the figure in its daily forecast on power generation data in Lagos on Sunday. The News Agency…
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Liberia: Gas Goes Up 15 Cents, Fuel Price Steady
The Government of Liberia through the Liberia Petroleum Refining Company (“LPRC”) and the Ministry of Commerce & Industry has announced an increase in the prices of gasoline on the Liberian market. According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has increased from US$3.01 or…