| Africatime
Saturday 29 April 2017
(Reuters (Eng) 04/29/17)
The Nigerian arm of Abu Dhabi telecom group Etisalat is meeting lenders in London on Friday for talks on restructuring a $1.2 billion debt, Access Bank CEO Herbert Wigwe said. Etisalat Nigeria is the biggest foreign-owned victim of the dollar shortages plaguing Nigeria's financial system. It signed the $1.2 billion medium-term facility with 13 local banks in 2013 to refinance a $650 million loan and fund the modernization of its network, but is now struggling to repay the debt. Access, one of the lenders in that consortium, is owed 40 billion naira ($131 million) by Etisalat Nigeria and more by its contractors, although Wigwe declined to specify how much. "They are in London having a...
(Agence Ecofin 04/28/17)
Nigeria should get out of recession latest by the end of June. This was declared by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, after a meeting with Senate’s leadership on Tuesday. “We are very much optimistic that by the end of the second quarter very latest third quarter this year, we should be out recession that we are in right now,” said Emefiele. According to the governor who aims through the announcement to reinforce investors’ confidence in the Nigerian market, many indicators point toward the end of recession. Amongst these, the downward trend in the parallel market in favor of the naira, which has appreciated from as high as N525 to as low as N370 for...
(Agence Ecofin 04/28/17)
Nigeria’ digital economy has the potential to generate $88 billion and create over 3 million new jobs over the next 10 years. This was revealed on April 25 during a meeting in Geneva where ministers from developing nations gathered to draw a policy agenda to bridge the digital gap and provide long-term development solutions. According to the minister of industry, trade and investment, Okechukwu Enelamah who led the Nigerian delegation to Geneva, in order to boost digital economy, the ministry...
(Financial Times 04/27/17)
Government looks to revive economy via spending on big infrastructure projects. Muhammadu Buhari, Nigeria’s president, is seeking approval from lawmakers to borrow nearly $6bn from the Export-Import Bank of China for railway projects, as his government seeks to revive a recession-hit economy through spending on big infrastructure projects. Nigeria’s economy suffered its first contraction in 25 years last year, a sign of its near total dependence on revenues from oil exports. Mr Buhari’s administration hopes capital projects will create jobs...
(Reuters (Eng) 04/27/17)
Nigerian President Muhammadu Buhari is seeking parliament's approval for a proposal to borrow $5.85 billion from China to modernize its rail network and another $1.075 billion from the World Bank to help rebuild the insurgency-torn northeast. Buhari urged parliament in a letter to approve the railway borrowing because China has a limit on funds available from its China Africa Fund. The president wants to sign loan agreements as soon as China approves the project. "These loans form part of the...
(Premium Times 04/27/17)
Lagos State had a local debt stock of N311.7 billion as at December 31, 2016, according to the Debt Management Office. The state, referred to as the commercial hub of Nigeria, had the highest local debt stock in the country during the period. A document posted on the Website of DMO disclosed that total local debts of the 36 states and the Federal Capital Territory, FCT, was N2.958 trillion as at December 31, 2016. Delta followed Lagos with N241.3 billion...
(Bloomberg 04/27/17)
Nigeria detained a vessel with crew members from countries including Pakistan, Indonesia and Ukraine for alleged theft of crude from a facility owned by Royal Dutch Shell Plc, the navy said. The tanker, MT TECNE, was apprehended before dawn on April 25 while loading crude from the Afremo platform operated by Shell’s Nigerian unit, Ibrahim Dewu, a navy spokesman, said Wednesday by phone from the southern city of Warri. “They had siphoned about 2,000 metric tons of crude oil from...
(Bloomberg 04/27/17)
A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the budget.” The committee is tasked with making recommendations on President Muhammadu...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet...
(Vanguard 04/26/17)
MCKINSEY Global Institute (MGI), yesterday, said that financial services within Nigeria’s digital economy could add $88 billion and create over three million new jobs over the next 10 years. MGI is a worldwide business and economic research arm of McKinsey, established in 1990 to develop a deeper understanding of the evolving global economy. In a communication to the Federal Ministry of Industry, Trade and Investment, the Institute also indicated that potential gains of the digital economy will be manifest in...
(Bloomberg 04/26/17)
There’s a lot riding on Nigeria’s new foreign-exchange platform. The system -- called the Investors’ and Exporters’ FX Window -- is the government’s latest attempt to lure back traders who fled in the past two years. The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a devaluation. Eventually, it would attract foreign funds and alleviate the shortage...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/25/17)
Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which started today, according to a person who attended meetings with the policy maker over the past two weeks. While that may cause the currency to depreciate to its black-market level, the central bank probably won’t devalue the interbank exchange rate, the person said, declining to be identified because
(AFP (eng) 04/23/17)
Nigerian commander Remi Fadairo points to the roiling plume of black smoke blotting the morning horizon in the Niger Delta -— the unmistakable sign of an illicit oil refinery. "Let's see if we can go eat them for breakfast," he says with an ominous chuckle. The 44-year-old colonel, a man with broad shoulders wearing his fatigues tucked into gumboots, is standing in the middle of a destroyed illicit refinery in Kana Rugbana, an area in the swamplands some 20 nautical...
(Bloomberg 04/22/17)
A smartphone manufacturer has set up its first factory in Nigeria’s commercial hub of Lagos to provide Africa’s biggest mobile market with low-cost smartphones amid an economic recession. AfriOne’s devices, using the Android operating system, will cost from 29,000 naira ($92) to 33,000 naira, targeting middle-income buyers in a country of about 180 million people, according to Lekan Akinjide, director of strategy and government coordination at the company. Its first factory has an installed capacity to produce 120,000 units per...
(Premium Times 04/20/17)
The World Bank, Wednesday, said Nigeria needs to reform its finance to avoid any future foreign exchange crisis. According to the World Bank Chief Economist for Africa, Albert Zeufack, exchange rate adjustments could lead to higher inflation. Reuters news agency quoted Mr. Zeufack as saying that making fiscal adjustments in the country’s second year of recession would be “extremely challenging ”. The Central Bank of Nigeria, CBN, in its effort to stabilise the Naira, has been injecting liquidity into the...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(Bloomberg 04/19/17)
The World Bank cut its growth projection for sub-Saharan Africa this year because of weak expansion in the region’s three biggest economies. The area’s gross domestic product will expand 2.6 percent in 2017, the bank said in an emailed copy of its Africa Pulse report Wednesday. That compares with a January projection of 2.9 percent and matches the International Monetary Fund’s prediction released this week. “The region’s three largest economies -- Angola, Nigeria, and South Africa -- are projected to...
(AFP (eng) 04/18/17)
Nigeria on Tuesday reopened its main Abuja airport after six weeks of closure to enable the authorities to carry out long overdue work to resurface its potholed runway. The Nnamdi Azikiwe International Airport was closed to all domestic and international flights on March 8, forcing flights to divert to Kaduna, some 190 kilometres (120 miles) to the north. The airport re-opened a day ahead of schedule with an Ethiopian Airlines passenger plane touching down on the resurfaced runway just after midday. Aviation officials were upbeat as businesses and commercial activities at the airport began to come back to life.
(Premium Times 04/18/17)
The Nigerian government has announced its plans to recover all pension payment made to ‘ghost workers’ on its payroll. The minister of finance, Kemi Adeosun, made this known in a Facebook Live session on Monday. Mrs. Adeosun said the finance ministry, in collaboration with the National Pension Commission, is set to recover the pensions so far paid into the Retirement Savings Accounts of the identified ghost workers. She disclosed that about 53,000 ghost workers had so far been removed from...

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