Category: West Africa
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Nigeria: Why Court Cancelled Buhari Govt’s 45 Percent Electricity Tariff Hike
A Federal High Court in Lagos, Wednesday, declared illegal the upward review of electricity tariff by the National Electricity Regulation Commission. In a landmark judgment delivered by Justice Ibrahim Idris, the court ordered the reversal and restrained NERC from further increasing the tariff except in strict compliance to the provisions of the Electricity Power Sector…
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Cameroon: Moves to Curb Forest Loss Linked to Chinese Investment
A new association set up for Chinese firms exploiting Cameroon’s forests aims to help them work within the law A rise in Chinese companies operating in Cameroon’s timber sector, combined with weak law enforcement, have fuelled a surge in illegal logging that is fast depleting the nation’s forests, experts warn. But the government is hoping…
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Nigeria:Africa Rising_Smartphone penetration hits 30%
Penetration of mobile phones has remained on the upward swing in Nigeria with about 94% penetration being reached. However, statistics from Africa Infotech Consulting (AIC) also showed that smartphone penetration in particular has increased dramatically; gaining about 30% penetration with features phones having a 70% penetration reads Guardian.ng. According to him, globally Facebook has over…
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Nigeria: Oil Workers Likely to Call Off Strike After Meeting With Govt
Senior oil workers union under the umbrella of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) are likely to call off their almost five-day-old nationwide strike following a successful meeting with the federal government yesterday in Abuja, THISDAY has learnt. The paper gathered that the meeting which was held at the office…
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Nigeria’s entertainment industry becoming silver lining of its economic cloud
As Nigeria faces what critics call its worst economic crisis in generations, the arts, entertainment and recreation sector is defying the trend. It grew 8.4 per cent in this year’s first quarter, according to the National Bureau of Statistics making some believe it could be a silver lining in the West African country’s economic cloud.…
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Nigeria:Why We Won’t Allow Buhari Export Crude Oil – Avengers
The Niger Delta Avengers, NDA, weekend, said since President Muhammadu Buhari had decided to shun the demand for legitimate dialogue with militants and stakeholders on the Niger Delta question, it would continue to encumber all avenues by him to export crude oil from the region. Avengers, in an exclusive interview with Vanguard, disclosed that the…
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Nigeria: Inflation Rate to Return to Stability – Economic Research
Nigeria’s inflation readings may close first half positive as research reports indicate a moderation to 15.4 per cent in the month of June 2016, down from 15.6 per cent recorded for the preceding month, May 2016. The trend has been on upswing month-on-month for the past ten months culminating in a huge 6-year high recorded…
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Nigeria Skye Bank shares at three-month low on central bank action
Shares in Nigeria’s Skye Bank sank to a three-month low on Friday, as investors continued to sell after the central bank replaced Skye’s top executives this week. Skye Bank shed 8.4 percent on its second day of trading after the central bank’s intervention on Monday. The regulator replaced Skye’s bosses after it failed to meet…
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Nigeria’s music scene becomes a cultural export
Each night as darkness descends on Lagos, Nigeria’s commercial capital, sweat-drenched young men and women descend on the megacity’s numerous nightclubs to dance to the latest hit songs. Much like the famous “Nollywood” film industry, music is now big business in Africa’s most populous nation. The music industry’s revenue from music sales was $56 million…
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Nigeria: No Bank Is in ‘Distress’ – CBN
The Central Bank of Nigeria (CBN) on Wednesday moved to reassure bank customers unsettled by last Monday’s decision to take over the management of Skye Bank. The CBN had forced the resignation of members of the bank’s board and management team, in what it called “proactive and unavoidable regulatory step to forestall the bank from…