Category: West Africa
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Nigeria: Economy Loses N6.33 Trillion to Naira Devaluation
– Real debt stock hits N19tr Nigeria will spend an equivalent of its 2016 budget to service debts as its currency, the naira, continues to lose value against the United States dollar. Devaluation has put the real value of the country’s debt stock at around N18.9 trillion, when considered at the official rate of N307.79…
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Nigeria: AfDB Offers Nigeria $1 Billion to Fund 2016 Budget Shortfall
The African Development Bank (AfDB) has pledged to offer a $1 billion loan to Nigeria, to support the country with the funding of the $2.2 trillion shortfall in the 2016 budget. The facility attracts a 1.2 per cent interest rate. AfDB President, Akinwunmi Adesina, made the announcement when he led a delegation of the regional…
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Nigeria: Govt Urges U.S. to Lift Ban On Crude
The Federal Government has pleaded with the United States to lift its ban on the importation of Nigeria’s crude, describing the action as antithetical to the flourish of trade and economic cooperation upon which Africa Growth and Opportunity Act, AGOA, was founded. The Minister of Labour and Employment, Senator Chris Nigige, who made the plea,…
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Nigeria: Year-to-Date Return On Investment Down By 1.5 Percent
Year to Date, YtD return on investment in the stock market has declined by 1. 5 per cent as the Nigerian Stock Exchange, NSE market capitalisation closed yesterday at N9.709 trillion from N9.85 trillion. Nigerian Stock Exchange, NSE All share index increased by 16.09 points or 0.06 per cent to close at 28,263.16 points as…
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Nigeria sues ENI, Chevron, other oil companies: firms, official
Nigeria has filed a lawsuit against Italian energy firm ENI, U.S. major Chevron and other international oil firms over some crude exports, ENI, Chevron and a government official said on Tuesday. “The claim dates back to last March and refers to a request to our subsidiary in Nigeria for a payment of about $160 million,”…
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Nigeria’s finance minister discusses plans to end recession
In an exclusive interview with CNBC Africa Nigeria’s Finance Minister Kemi Adeosun argued that the focus of the West African country should be on stimulating growth. I would rather seek growth, we can manage inflation let’s stimulate the economy, we need lower interest rates, she told the channel. The finance minister wants the central bank…
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Nigeria: How We Got Into Trouble – Central Bank
INTERVIEW The CBN Governor Mr. Godwin Emefiele, Weekend, had a chat with members of Nigeria Newspaper Proprietors Association of Nigeria NPAN. He spoke on efforts being made by government, monetary and fiscal policy authorities to revive the economy. Here are excepts. Nigeria is in recession, the first in decades or few decades, one or two…
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Nigeria Plans N4.72 Trillion Stimulus for Troubled Economy
The Federal Government is considering an ambitious $15 billion (N4.72 trillion) fiscal stimulus plan to reflate and pull the economy from the current recession. Following the National Bureau of Statistics (NBS) recent official confirmation that Nigeria’s economy had slipped into one of the worst recessions in its history, the government convened a ministerial retreat last…
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Nigeria: Labour Urges Intervention Over 50% Salaries Slash
The Nigeria Labour Congress (NLC) has urged Federal Government to intervene over the cut of workers’ salary by 50 percent by the governors of Benue, Imo and Nasarawa states. Labour describe the act as an abuse of law by the states government to threatening sack of workers who embark on strike saying whosoever rightly protested…
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Nigeria: Only Companies Interested in Electricity’ll Get Coal Mining Licences – Govt
The Federal Government, yesterday, said that coal mining licences would be issued only to companies that are interested in generating electricity from coal. It also declared that it has not concessioned the Ajaokuta Steel Company, and that it is currently undertaking a technical audit of the facility to determine structures that are on site. Speaking…