Category: West Africa
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Nigeria: Why Economy Bleeds Despite Oil Exploration – Experts
Experts in the country’s oil and gas sector, have accused the Federal Government and the oil communities of ignorance to contractual agreement signed before exploration and production in the region. This was as they attributed such dysfunction to policies and regulations supposedly meant to guide petroleum operations. Disclosing this at a workshop with journalists organized…
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NIGERIA: Fitch downgrades Nigeria
Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. The Outlooks are Stable. The issue ratings on Nigeria’s senior unsecured foreign-currency bonds have also been downgraded to ‘B+’ from ‘BB-‘. The Country Ceiling has been revised down to ‘B+’…
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NIGERIA:Africa’s richest man got a fistful of dollars in Nigerian currency squeeze
As Nigeria grapples with a foreign exchange crisis, one person stands out in the scramble to obtain hard currency: Aliko Dangote, Africa’s richest man. When the government restricted the supply of dollars in June 2015 to prop up the value of the Nigerian naira, firms owned by Dangote landed a healthy share of dollars available…
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Nigeria: Oil Exports On Course Despite Militants’ Attacks
Nigeria in May exported 1.89 million barrels per day, contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, a maritime intelligence firm showed that Nigeria’s crude oil exports in May dropped by just 62,000 barrels per day (bpd) from April, with exports still…
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Nigeria:Investors cheer currency float but won’t rush back yet
Nigeria’s swift one-step move to a floating currency has been welcomed by investors but most nonetheless will stay away until Africa’s biggest economy shows signs of recovering from damage inflicted by the 16-month old exchange rate peg. Nigeria this week finally ditched the peg that had throttled foreign exchange markets, led to widespread capital flight…
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Nigeria distributable revenues rose to 305 bln naira in May -finance ministry
Nigeria’s distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday. Nigeria, an OPEC member with Africa’s biggest economy which relies on crude sales for about 70 percent…
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Nigeria: N50 Billion Debt – Amcon Takes Over Jimoh Ibrahim’s Firms, Freezes Accounts
The Asset Management Corporation of Nigeria (AMCON) on Tuesday moved swiftly to enforce the order of the Federal High Court in Lagos which granted the application to restrain NICON Investment Limited, Global Fleet Oil and Gas Limited and their owners, Jimoh Ibrahim, from dealing with any assets or funds belonging to them. Following the court…
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Nigeria agrees one-month ceasefire with Delta militants, officials say
Nigeria has agreed a one-month ceasefire with militants behind recent attacks on oil facilities in its southern Niger Delta, a petroleum ministry official said on Tuesday, as efforts continue to end the unrest that has pushed crude output to 30-year lows. Militants say they want a greater share of Nigeria’s oil wealth to go to…
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Nigeria: Transport Minister Receives Report On Revival of National Shipping Line
The Minister of Transportation, Mr. Rotimi Amaechi, Monday received the committee report he constituted in April to revive the country’s national shipping line. On presentation of the report from the Chairman of the committee, Mr. Olu Olusoji, in Abuja, the minister immediately constituted an implementation committee which he said would be headed by the Chief…
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Nigerian: Naira tumbles 23 percent after currency peg ends
Nigeria’s naira slumped 23 percent against the dollar on Monday after the central bank removed its currency peg to alleviate chronic foreign currency shortages choking growth in Africa’s biggest economy. The naira traded just twice at 255 against the dollar, and less than $1 million had changed hands around midday, Thomson Reuters data showed, as…