Thursday 22 February 2018
(AFP (eng) 02/19/18)
About 224 million people are suffering from malnutrition across Africa as climate change and conflicts heighten food insecurity across the continent, a top UN food agency official said Monday. The official, speaking at a conference on Africa organised by the UN's Food and Agriculture Organization (FAO), said the situation was a "cause of concern" as the continent's population was expected to reach 1.7 billion by 2030. "Under-nourishment appears to have increased from about 21 percent to nearly 23 percent between 2015 and 2016," Bukar Tijani, FAO's assistant director general for Africa, said at the regional conference that opened on Monday in Khartoum. "Over the same period, the number of under-nourished rose from 200 million to...
(AFP (eng) 02/07/18)
While bitcoin and other cryptocurrencies have suffered precipitous falls in recent weeks, the units remain popular in Nigeria where they make it easier to do business. On the surface, digital coins may not seem like a good idea in a country where corruption is rampant and stacks of hard cash are often smuggled overseas. Yet West Africa's biggest economy has the world's third-largest bitcoin holdings as a percentage of gross domestic (GDP), behind Russia and New Zealand, according to Citigroup. That may be because blockchain technology -- public, online ledgers that underpin cryptocurrencies...
(AFP (eng) 01/25/18)
A gigantic oil tanker arrived in Nigeria as part of a multi-billion dollar project that should allow one of Africa's biggest crude producers to pump out an additional 200,000 barrels a day. The floating production storage and offloading vessel is docked in Lagos after spending three months at sea, project partner LADOL Free Zone said in a statement Thursday. The vessel is part of a $16 billion oil project developed by French giant Total on the Egina field, about 150 kilometres offshore from the oil hub of Port Harcourt in southeastern Nigeria, a company source told AFP. The ultra-deep field was discovered in 2003 ...
(AFP (eng) 01/16/18)
Nigerian stocks have jumped to a nine-year high as Africa's biggest economy emerges from its worst recession in 25 years, buoyed by the high price of oil at $69 a barrel. The country's main equity index grew 12 percent this year in dollar terms, pushing it to the highest level since 2008, according to Bloomberg News. Investors are buying the cheapest stocks in Africa, confident that the Nigerian economy is set to recover and oil prices will stay high. "2018...
(Reuters (Eng) 01/04/18)
ABUJA (Reuters) - Nigeria has agreed a $550-million deal to buy two Chinese communications satellites and hopes to sign the contract before the end of the month, the communication minister said on Wednesday. Adebayo Shittu said China Exim Bank and the manufacturer, China Great Wall, have agreed to pay for the new satellites after Nigeria renegotiated an earlier deal that had required it to cover 15 percent of the cost. “This is a very big business opportunity ... which is...
(AFP (eng) 12/27/17)
Long queues formed at petrol stations across Nigeria Tuesday, with motorists sometimes waiting up to 24 hours to fill up their tanks, as Africa's number one oil producer faces a crippling fuel shortage. "I couldn't travel. I would have loved to travel to Osun State (north of Lagos) to spend time with my family (for Christmas), but I cancelled on that one," motorist Tope Alake told AFP as he waited at one of the few petrol stations still open in...
(AFP (eng) 12/06/17)
Two multi-million-dollar penthouses belonging to Nigeria's former oil minister Diezani Alison-Madueke have been seized as part of corruption investigations. A judge at the Federal High Court in Lagos on Tuesday ordered the apartments to be forfeited to the Economic and Financial Crimes Commission until the probe was concluded. Alison-Madueke, who served under former president Goodluck Jonathan until 2015, is at the centre of money laundering and bribery enquiries in several countries. She was arrested in London in October 2015 as part of a British investigation into international corruption, and remains on bail. The 57-year-old Alison-Madueke is one of the highest-profile figures from the former administration being targeted...
(AFP (eng) 12/06/17)
Idris Anjorin believes his life changed in 2009 when he turned up for work -- late as usual -- distracted and stressed after more than three hours stuck in Lagos traffic. "I wasn't happy I came late again. A coworker who noticed my mood advised me to try a boat ride," the retired banker told AFP. "The next day, I arrived at Bayeku jetty at 6:00 am and within an hour I had made it to the office. That was...
(Reuters (Eng) 12/06/17)
LONDON (Reuters) - A Dutch law firm has asked the public prosecutor in the Netherlands to file a case against Royal Dutch Shell, its CEO and former executives of over what it says were criminal actions relating to a 2011 oilfield purchase in Nigeria. The Dutch authorities are already investigating the oilfield deal, alongside Italian prosecutors, who want to take Shell and Italy’s Eni to trial over alleged corruption on the same oilfield. Shell and Eni have denied any wrongdoing...
(AFP (eng) 12/05/17)
Around $321 million in public funds stolen by former Nigerian dictator Sani Abacha will be returned to the African country, Switzerland said Monday. The money, originally deposited in Luxembourg, was confiscated by a Swiss court in late 2014 and in March last year the two states signed an agreement on its repatriation. "In accordance with policy on repayment of national assets taken illegally, Switzerland has agreed with Nigeria and the World Bank to return nearly US$321 for the benefit of the Nigerian people," the Swiss government said in a statement. Military ruler Abacha, in power from 1993 until his death in 1998, is suspected...
(AFP (eng) 11/29/17)
From the lowest local magistrates all the way up to the supreme court in the capital Abuja, the wheels of justice can turn painfully slowly in Nigeria. Patience is a necessity when cases are frequently adjourned for want of a document, an official, a witness or even a defendant. The lengthy process -- where cases can take years, if not decades, to resolve -- often resembles a maddening, judicial Groundhog Day. But while Nigeria is not alone in having a...
(Reuters (Eng) 11/29/17)
LONDON (Reuters) - Nigeria’s state oil firm is looking to set up a $3.5-$5 billion cash-for-crude prepayment with some of the world’s top commodity traders to fund oil and gas upstream projects as well as related infrastructure, sources with direct knowledge of the matter said. Africa’s biggest oil producer and OPEC member was hit hard by the sharp drop in global oil prices in 2014 that pushed it into its first recession in 25 years. The country returned to growth-mode...
(Reuters (Eng) 11/29/17)
VIENNA (Reuters) - OPEC will debate this week whether to cap oil output from Nigeria and Libya, which have so far been excluded from supply curbs due to falling production amid unrest, two sources with knowledge of the matter said on Wednesday. The 14-member Organization of the Petroleum Exporting Countries meets on Thursday to decide whether to extend production cuts until the end of 2018. The sources said the idea was to cap Nigerian output at 1.8 million barrels per...
(Agence Ecofin 11/27/17)
The Finish Wärtsilä will build a 75MW PV solar plant in Nigeria, under an engineering, equipment supply and construction contract (EPC) concluded with Pan Africa Solar Ltd, Engineering News indicated. This infrastructure which will be the country’s largest, will be located in Katsina State, in the North of country. It should help provide power to about 1.1 million Nigerians. The construction of the plant is one of 14 projects developed by independent power producers who have signed a power purchase...
(AFP (eng) 11/20/17)
Nigeria's economy continued its recovery from recession, rising 1.4 percent in the third quarter of this year on increased oil production, official data showed Monday. The National Bureau of Statistics (NBS) said it was the second quarter of consecutive growth since the country emerged from recession. "This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017)," it said. The agency said daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter.
(Reuters 11/17/17)
Nigeria and Kenya will both leave monetary policy unchanged next week, a Reuters poll forecast, as inflation in the former is not yet tame enough while an interest rate cap in the latter limits policymakers’ room for manoeuvre. All 15 analysts polled this week said rates would be held at 14.0 percent in Nigeria and 10.0 percent in Kenya. Nigerian inflation is slowing but remained high at almost 16 percent year-on-year in October while by contrast, Kenya is ripe for...
(Reuters (Eng) 11/14/17)
ABUJA (Reuters) - Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move. The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices. Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, but the pace of growth was slow suggesting that the recovery remains...
(APA 11/14/17)
Nigeria’s Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the country recovered over $64.63 million debts from electricity supply to Benin Republic and Niger Republic. Img : Nigeria recovers over $64m electricity debts from Benin, Niger Republics – Minister Nigeria supplies electricity to the two countries in line with the agreement that they won’t dam the River Niger that sustains the hydro-power plant at the Kainji Dam in northern Nigeria. Fashola, told the 21st monthly power...
(APA 11/14/17)
Nigeria, Senegal and Cape Verde dominate the West African hotel pipeline with 77 percent of the total planned hotel rooms. W Hospitality Group’s 2017 Hotel Chains Pipeline report shows that hotel groups need tackle lengthy development periods in West Africa, according to a press release issued by API Events and seen by APA Tuesday. West Africa has been at the heart of the continent’s growth and economic transformation in recent years. Notwithstanding the sharp slowdown experienced in 2016 and 2017,...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...

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