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Nigeria plans to set up national airline, develop aviation capacity

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Nigeria has appointed advisers to help it set up a national airline and develop its aviation infrastructure — currently seen as a barrier to economic growth — to create a hub for West Africa, junior aviation minister Hadi Sirika said on Wednesday. Sirika said a group of six firms including German carrier Lufthansa would advise the government on setting up ...

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Nigeria central bank lifts currency ban for small imports

naija

Nigeria’s central bank has lifted a ban on currency allocation for importers bringing in goods worth up to $20,000 per quarter, it said in a circular seen by Reuters on Thursday. The bank in 2015 placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets, steel products, plastics and rubber, ...

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Nigeria: Again, 253 Repatriated From Libya

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Barely one week after report went viral that African immigrants were being sold as slaves in Libya, more stranded Nigerians were on Tuesday evacuated from the North African country. No fewer than 253 Nigerians arrived at the Murtala Mohammed International Airport (MMIA) cargo terminal aboard a chartered flight which touched the ground at around 8 p.m. They were received by ...

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Nigeria: Govt Mulls Relaxing Forex Restrictions On 41 Items

naija

The Federal Government may get the Central Bank of Nigeria, CBN, to relax the ban imposed on 41 items from official foreign exchange window. Vice President Yemi Osinbajo, who disclosed this in an email obtained by Bloomberg, said the government would consider “policy-driven restrictions” to promote local manufacturing of 41 items, such as rice and toothpicks. He said: “In stabilizing ...

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S.A’s Financial Services Board probes trades around Gordhan recall

Pravin-Gordhan-Flickr

South Africa’s Financial Services Board (FSB) is probing certain trades made in the hours before former Finance Minister Pravin Gordhan was recalled from an investor roadshow and then dismissed, an official said on Tuesday. The Johannesburg bourse said in April it was probing the trades involving currency futures and would forward its findings to the FSB once they were finalised. ...

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Nigerian central bank trying to make FX rates converge

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Nigeria’s central bank has been working to make the exchange rates for its currency converge on the official and black markets, its spokesman said, and plans to offer $100 million on the forward market on Tuesday to boost liquidity. Nigeria runs a system of multiple exchange rates, and the central bank has sold more than $4 billion on the spot ...

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Nigeria: House Ad Hoc Committee Re-Invites NNPC, Others Over Missing Oil Revenues

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Following their “unconvincing” response at the initial stage of inquiry, the House of Representatives Ad-hoc Committee which is probing the N17 billion missing crude oil and gas revenues said it’s ready to re-invite key agencies including the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) to a resumed public hearing. About 76 organisations, including International Oil ...

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Nigeria: MTN Nigeria Sacks 280 Long-Serving Workers, Others

mtn

In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various cadres, ranging from new graduates to senior managers, multiple sources ...

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Nigeria: Finding opportunities where others fear to tread

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A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa rising, the growing middle class, financial deepening, less reliance on commodities etc. Now the popular refrain is, “How do I get my money out?” The “Get me out” sentiment applies both to corporates that invested in plant and machinery and ...

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Ivory Coast cocoa farmers should raise output, quality – President

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Ivory Coast President Alassane Ouattara urged cocoa farmers to raise production and quality and said a 40 percent fall in global cocoa prices this season had hurt the nation’s economy and budget. Bumper crops in Ivory Coast, the world’s top producer, and other countries have sent prices tumbling this season. Ivory Coast has slashed its 2017 budget due to the ...

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