Category: West Africa
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Nigeria:U.S. fund aims to raise $2 billion for infrastructure
U.S. fund manager Pecora Capital said on Tuesday it will raise $2 billion over the next 18 months for Nigerian infrastructure projects, a rare show of investor confidence during a period of deep crisis in Africa’s largest economy. Nigerian President Muhammadu Buhari is trying to attract foreign direct investment to help support an economy that…
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Nigeria’s economic crisis worsens
Nigeria is experiencing its worst economic downturn in over a decade, with the country’s inflation at an alarming 15.6 per cent. Government revenues are battered by a crash in oil prices and renewed militancy in the Niger Delta, and many states are now cash-strapped and unable to pay workers’ salaries. The Nigerian crisis has even…
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Nigerian militants insist on foreign mediators for talks with government
The Niger Delta Avengers, a militant group that has carried out attacks on oil facilities in Nigeria’s southern oil region, said on Monday it would only negotiate with the government if independent foreign mediators were involved. Last week the group, which wants a greater share of Nigeria’s oil wealth to go to the impoverished Niger…
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Nigeria: Sacked Total ‘Workers’ Protest Unfair Treatment
Several workers who worked in the security department of Total E&P Nigeria Limited on Monday protested the non-payment of their severance packages by the company. The protesters, who bore placards and chanted solidarity songs outside the oil multinational’s office in Lagos, accused the company owing them severance benefits after 17 years of service. The former…
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Nigeria: N94.6 Billion Debt Restructuring Deal Lifts Oando Shares
Shares in Oando Plc rose 13 per cent last week as investors reacted positively to the news of the restructuring of the company’s debt into a N94.6 billion five year facility by 10 banks. Investors had seen Oando as highly geared, a perception that has made its shares unattractive at the stock market despite its…
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Nigerian chaos leaves refiners cold and oil unsold amid outages
Refineries from India to the United States are backing away from buying Nigerian oil amid heightened uncertainty about deliveries as the country squares up to militants in the restive Delta region. Their reluctance to buy is limiting the prices Nigeria can get for its oil even as there is less of it – another hit…
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Nigeria plans to put up to $1.7 billion into capital projects in coming days
Nigeria’s government will next week pump much of the 350 billion naira ($1.76 billion) earmarked for capital projects this quarter into Africa’s biggest economy, the budget minister said on Wednesday. The spending is part of efforts by the OPEC member to stimulate an economy that contracted by 0.4 percent in the first quarter of the…
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Nigeria: NNPC Lifts N1.2 Trillion Crude Oil in 12 Months
The value of the domestic crude oil purchased by the Nigerian National Petroleum Corporation (NNPC) between April 2015 and April 2016 was $1.8 billion (N1.2 trillion). Besides, the combined value of output by the three refineries (at import parity price) for the month of April 2016 amounted to ₦28.57 billion while the associated crude plus…
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Nigeria: CBN, Banks Working to Curb Mass Sack
The Central Bank of Nigeria (CBN) through its Bankers’ Committee said on Thursday it was working hard to minimise the rate of mass sacking in banks within the shortest time possible. The Managing Director, Standard Chartered Bank, Bola Adelola, said the mass sacking in the sector was part of the issues discussed during committee’s meeting.…
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Nigeria: Govt Urged to Evolve Post-Oil Economic Blueprint
The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has said that the significant drop in oil pricing necessitate an alternative economic blueprint not dependent on oil. The Executive Director of the organisation, Dr. Godwin Uyi Ojo, who said this today in Abuja at a briefing added that ethnic and political colouration given environmental challenges,…