Category: West Africa
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Index launched to measure Africa’s regional integration smartly
The African Development Week 2016 on Saturday took a bold step towards data-driven integration by launching the African Regional Integration Index. The initiative is spearheaded by the Economic Commission for Africa and is aimed at ensuring that regional integration policy is targeted and informed by real gaps unique to each region. Deputy Executive Secretary and…
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Nigeria: NNPC Vows to Deal With Saboteurs
The Nigerian National Petroleum Corporation (NNPC) has promised to deal with saboteurs of the oil industry, including pipeline vandalism, which is partly responsible for the current fuel crisis in the country, saying all betrayers in the system will be brought to book. Speaking in Kaduna during a tour of the Kaduna Refinery and Petrochemical Company…
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Economic analysts express worry over growth decline in Sub-Saharan Africa
Analysts are worried over the drop in capital investment in Sub-Saharan Africa. The region has been predicted in the past to lead the growth chart in the world as the general conditions of its inhabitants improve but a decline in growth for the last decade has left economist worried. Some West African economic power homes…
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Sub-Saharan Africa poised for growth—DHL
Sub-Saharan Africa is expected to witness some level of growth despite a downturn recorded in the region in 2015. According to a World Bank report in January 2016 Sub-Saharan Africa’s real Gross Domestic Product (GDP) grew at its lowest rate since 2009 in 2015 with a growth of a 3.4%. Notwithstanding, the Managing Director of…
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New Report Says…NNPC Fails to Remit U.S.$4.2 Billion Under Buhari
The Nigerian National Petroleum Corporation (NNPC) continues to withhold billions of dollars in oil sale revenues from the treasury under President Muhammadu Buhari’s administration, a new report said. The report released yesterday by the Natural Resource Governance Institute (NRGI) said in the second half of 2015, NNPC’s sales of export crude, domestic crude and oil…
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Guinea and Burkina Faso to auction unused mining permits
Guinea and Burkina Faso are taking back hundreds of unused mining permits for re-auction, ministers said this week, as governments try to reignite interest in the sector amid a downturn. Permits awarded in recent years that are not being used for exploration or production should be made available to other companies, the two West African…
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IMF cuts Nigeria growth forecast again amid oil slump
The International Monetary Fund (IMF) said on Thursday that it has again cut its growth forecast for Nigeria as the oil exporter faces “substantial challenges” from low crude prices. In its annual review of Nigeria’s economic situation, the IMF said that gross domestic product growth would slow to 2.3 percent in 2016 from an estimated…
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‘Market Fires – 600 Killed, 11,000 Shops Destroyed in Six Years’
Six hundred persons were killed, 49 major markets burnt and over 10, 000 shops destroyed from the 1 December 2010 Minna Niger State shopping complex till the 26 March 2016 Birnin Kebbi Central Market fire incidents, the National Association of Nigerian Traders (NANTS) has said. President of the association, Barrister Kenneth Ukaoha said in Abuja…
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Shell says Dutch investigators visit Shell HQ in Nigeria oil probe
Royal Dutch Shell said on Wednesday Dutch investigators recently visited its headquarters in the Hague in the Netherlands in relation to an investigation into a Nigerian offshore oil field. “Representatives of the Dutch Financial Intelligence and Investigation Service and the Dutch Public Prosecutor recently visited Shell at its headquarters, ” a spokesman said. “The visit…
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Nigeria’s Buhari will not sign budget unless parliament provides details-official
Nigeria’s President Muhammadu Buhari will not sign the 2016 budget bill passed by parliament last week unless lawmakers provide more details of the legislation, a government official said on Tuesday. Parliament had earlier sent the bill, which calls for record spending, to Buhari’s office but it had contained only highlights of the budget, no details,…