Category: West Africa

The maximum amount that Nigeria can borrow in 2017 from both local and foreign sources is $22.08 billion without it violating its debt threshold, the Debt Management Office (DMO) said. Nigeria has a borrowing space of 5.89 percent of its GDP of $374.95 billion which will take its debt limit to a country-specific threshold of…

Nigeria’s Buhari asks parliament to approve $30 bn of borrowing

Oct 27, 2016

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Nigerian President Muhammadu Buhari has asked parliament to approve plans to borrow $30 billion abroad to fund infrastructure plans until 2018, according to a letter read out on Tuesday in the assembly. Nigeria, an OPEC member, slipped into recession for the first time in more than 20 years in the second quarter largely due to…

Nigerian oil production at 1.9 million bpd

Oct 26, 2016

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Nigerian oil production has risen to 1.9 million barrels per day (bpd), the country’s Petroleum Ministry said on Twitter, as it recovers from militant attacks earlier this year. The nation’s oil output, typically close to 2.2 million bpd, fell to less than 1.3 million bpd this spring as militant bombed pipelines and other oil infrastructure.…

Guinea signs $770 mln contract with Chinese firm to develop main port

Oct 26, 2016

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China Harbour Engineering Company (CHEC) signed a $770 million contract with Guinea’s government on Monday to upgrade the port in the capital, Conakry, expanding Chinese economic influence in the West African iron and bauxite producer. Under the contact, CHEC, a subsidiary of China Communications Construction Co Ltd, will construct three docks, roads and other infrastructure…

Nigeria: Dangote Tops Nigeria’s CSR Performers As Arik, Multichoice, Dana Emerge Worst

Oct 25, 2016

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Dangote Group has emerged Nigeria’s best Corporate Social Responsibility (CSR) company in 2016, a survey by Governance Advancement Initiative for Nigeria (GAIN) has shown. Dangote was the adjudged overall winner among 25 Nigerian and multinational companies operating in the country, scoring 6.3 per cent, followed by Nestle with 5.51 per cent and Etisalat with 5.45…

Nigeria: Why APC Accepts Responsibility for Nigeria’s Economic Downturn – Governors

Oct 25, 2016

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The All Progressives Congress on Monday said the lingering economic crisis in the country should no longer be blamed on the 16-year streak of the Peoples Democratic Party, PDP. The party said it could no longer continue to blame past administrations for the enormous hardship Nigerians are grappling with. The party’s new position was disclosed…

Nigeria: Finally, APC Accepts Responsibility for Nigeria’s Poor Economic Situation, Promises Solution

Oct 25, 2016

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After several months of blaming the erstwhile ruling party, PDP, for the current state of Nigeria’s economy, the APC has accepted responsibility. The ruling party also promised to fix the problems. The APC’s position was stated by Governor Rochas Okorocha who briefed journalists after a meeting between the party’s governors and President Muhammadu Buhari at…

Nigeria: Recession – Saraki, Aregbesola, Sanusi List Conditions for Recovery

Oct 24, 2016

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Policymakers and Nigerians at large have been advised to focus on the real economic issues that have pushed Nigeria’s economy into crisis, with a view to exiting the current economic crisis. The President of the Senate, Dr Bukola Saraki, the Osun State governor, Rauf Aregbesola and Emir of Kano, Muhammadu Sanusi II, who gave the…

Cameroon: More than 70 people killed in train crash

Oct 24, 2016

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