Category: West Africa

Nigeria called on OPEC members to find a consensus on a freeze on oil production after talks among producers collapsed in Qatar on Sunday, the oil ministry said on Monday. A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran to join in despite…

Nigeria, which is going through its worst economic crisis in years, has not turned to the International Monetary Fund (IMF) for financial assistance because it is “not sick”, its finance minister said. Africa’s top oil exporter, which has the continent’s biggest economy, has been hit hard by the fall in crude prices since oil sales…

Air Peace announced this week that it has been made Nigeria’s official flag carrier, chairman of Air Peace, Allen Onyema revealed at the Enugu Economic Summit and spoke to CNBC Africa about the journey he underwent to make it happen. “The government and the flying public created a yearning gap, all the agreements in this…

It’s 7:30 am in Victoria Island, Lagos and across the road from Oniru, a suburb in the city, cars are piled up in front of the Total petrol station. There is also a separate line of about 100 people with empty yellow containers waiting to be filled. Toke Ogunlesi, founder of GQ Shoes, a local…

Group executive chair Phuthuma Nhleko, who returned to lead the African wireless company’s negotiations over a record $3.9bn fine in Nigeria, is moving forward with plans to step down in May, according to a person familiar with the matter, a sign he’s confident a resolution will be reached by then. Nhleko won’t step away from…

Nigeria on Tuesday agreed a currency swap deal with China, officials said, as it looks for ways to shore up its ailing currency and fund a record budget deficit, possibly by issuing yuan-denominated bonds in China. The West African nation is facing its worst economic crisis in decades as sinking oil prices eat into its…

The sector that contributes 57.9 per cent of Nigeria’s Gross Domestic Product, GDP, is at risk of closure, as the unending fuel crisis witnessed across the country has started to take its toll on small businesses in Abuja and other parts of the country, since majority of the businesses were now struggling to remain open.…

Senegal plans to launch a new national airline to replace loss-making Senegal Airlines, which had its air operator’s certificate revoked last month amid mounting debts, Finance Minister Amadou Ba said on Monday. “Senegal has initiated the creation process of a new airline”, he said at a news conference with his French counterpart, Michel Sapin, in…

Nigeria expects its non-oil revenues to nearly double this year as Africa’s top oil producer seeks to offset a slump in oil revenues, according to a presentation seen by Reuters on Monday. President Muhammadu Buhari plans a record 6.06 rn naira ($30.6bn) budget to stimulate Africa’s biggest economy, which has been hammered by a fall…