Category: West Africa
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Nigerian economy to grow 0.8% this year, but risk remains: IMF
Nigeria is expected to emerge from recession this year, but threats to recovery remained elevated and the economy will not grow enough to reduce unemployment and poverty, the International Monetary Fund said on Wednesday. Nigeria slipped into a recession last year as low crude prices and oil production slashed government revenues, caused dollar shortages and…
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Both these economies are in recession but Nigeria’s will grow faster than SA’s in 2018
The Vanguard reports that the International Monetary Fund (IMF) has projected that Nigeria’s economy will grow at a faster pace than South Africa’s in 2018, see table 1. According to its World Economic Outlook, WEO, for July 2017, the IMF said Nigeria will grow at 1.9% in 2018, while South Africa will only climb by…
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Nigeria: Dangote sells $236M stake in cement firm to foreign buyers
Nigeria’s Dangote Industries Limited has sold a 2.3 percent stake in Dangote Cement to foreign buyers in a stock market deal valued at 86.1 billion naira ($236 million). The stock exchange confirmed the Tuesday’s sale, adding that a total of 416 million shares of Dangote Cement were traded at 210 naira in six off-market deals…
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Nigeria’s new $1.5BN fertiliser plant boosts agriculture sector
Nigeria’s acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa’s largest economy to boost its agriculture industry. Nigeria has for decades been dependent on exports of oil to support its economy, but as global crude prices have dropped and production has been…
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Nigeria: Govt Adopts U.S.$11 Billion Dangote Refinery Under New Petroleum Policy
The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will today, lead a strong government…
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Nigeria: Half Year – Dangote Cement Records 12.6 Percent Sales Volume Increase Across Africa
Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. The financials released on the floor of the Nigerian Stock Exchange (NSE) indicated that the increase in sales volume showed a growing capture of Pan-African…
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Nigerian Oil Workers Threaten Strike in Abuja
The National Union of Petroleum and Natural Gas Workers has threatened to begin a strike in the Federal Capital Territory, FCT, over a dispute with Assets Management Company of Nigeria, AMCON. Addressing journalists in Abuja on Thursday after a National Executive Council meeting, Igwe Achese, NUPENG President, said the strike was inevitable because of three…
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Nigeria: Retirement Savings Account Holders Rise By 96,346
The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year. They country’s total working population stood at 69,470,901 as at the fourth quarter of…
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MTN shares take a 7% dive as trading update disappoints
The cellphone operator has returned to profit, as it puts its enormous Nigerian fine behind it, but investors seem to have been hoping for a stronger rebound. MTN’s share price fell 7% to R110.08 on Thursday morning after it said it expected to report on August 3 that headline earnings per share (HEPS) for the…
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Shell shuts Trans Niger pipeline due to leak
Shell’s Nigerian subsidiary has shut its 180,000 barrel-per-day Trans Niger pipeline in Nigeria due to a leak, the company said in a statement on Monday, effectively shutting in exports of Bonny Light crude oil. The Shell Petroleum Development Company (SPDC) said it shut the pipeline on July 21 after a leak at B-Dere, Ogoniland.…