Category: West Africa
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Nigeria:IMF predicts economy will contract by 1.8 pct in 2016
Nigeria’s economy, the biggest in Africa, is likely to contract by 1.8 percent this year, the International Monetary Fund (IMF) said on Tuesday, as the country grapples with the impact of low oil prices. The sharp fall in global prices since 2014 has led to a prolonged economic crisis since the crude sales make up…
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Nigeria:Many challenges for entrepreneurs
The macroeconomic outlook in Nigeria is a dire one, with the nation headed for a recession following two sessions of consecutive negative growth, double digit inflation, foreign exchange restrictions and the delay in the implementation of the 2016 budget. In a nation where banks are not prone to lending, startups and experienced entrepreneurs remain pessimistic…
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Nigeria: In search of stable power supply
Years after Nigeria privatised its power sector, Nigerians are yet to reap the benefits of private sector reforms. National electricity output continues to hover below 4,000 megawatts in a country of over 170 million people. Although investors who acquired power assets on November 1, 2013 did so with some sense of pessimism, promises of a…
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Nigeria: Alade Market – Developer Denies Invading Market With Thugs
The private developer of Alade Market, Lagos, has debunked claims that he invaded the market with armed thugs to harass traders. Lai Omotola, the Managing Director of Master Reality International Concepts Ltd, said in a statement Sunday that the traders accusing him of forceful eviction were not genuine ship owners in the market. “There was…
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Nigeria: Why We’re Insisting On 45 Percent Electricity Tariff Hike – NERC
The Nigerian Electricity Regulatory Commission (NERC) has given reasons why it rejects last Wednesday’s order by the Federal High Court, Lagos declaring as illegal the February 1, 2016 electricity tariff. Justice Mohammed Idris had ordered the electricity sector regulatory agency to immediately rescind the multi-year tariff order (MYTO), as the process that led to a…
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Nigeria:Infrastructural Challenges Raise LPG Price
Except the issues of high cost of foreign exchange, poor logistics, lack of investment, infrastructural challenges, and limited terminals are urgently addressed, the price of Liquefied Natural Gas (LPG) or cooking gas will continue to rise, according to stakeholders. Already, the price of refilling a 12.5kg gas cylinder has increased from N2, 500 to between…
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Nigeria: Lagos Ban On Street Trading – the Issues, Emotions, Possibilities
We will be watching out for buyers and sellers; all we need is just a scapegoat. Don’t buy plantain chips or any other items in traffic from July 1, buyers beware. The issue is we need to enforce our laws because we already have a law in respect of that and then there is a…
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Nigeria: Oil Workers Reach Agreement With Govt, End Strike
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have called off their one-week strike and therefore directed members to resume work at their various stations. It was learnt that the unions decided to call off the strike after the National Executive…
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Nigeria: Tariff Hike Reversal – Electricity Distributors Appeal Judgment
The Association of Nigerian Electricity Distributors (ANED) on Thursday said that it has appealed against the judgment of a Lagos Federal High Court annulling the 45 per cent electricity tariff hike. Sunday Oduntan, the Executive Director of ANED, announced the decision in a telephone interview with the News Agency of Nigeria (NAN) in Lagos. ANED…
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Nigeria: Naira Dips Further Against Dollar
The Naira on Wednesday dipped further against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. It lost 4 points to exchange at N357 to the dollar, from N353 it traded on Monday. The Nigerian currency also weakened further against the Pound Sterling and the Euro as it exchanged at N462…