Nigeria is targeting economic growth of at least 7% a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years.
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Africa : Commodity Bridgehead to Asia
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Nigeria Finalize Plans To Issue $1B Eurobond In Early 2017
Nigeria finalzes plans for the issuance of a Eurobond in the first quarter of 2017, its first Eurobond since 2013
“Nigeria has a few fans out there that are seeing the end to this foreign currency regime, but it’s definitely a minority interest right now. But that is the country to watch, based on those top-performing investors and the countries that they’re looking at. In terms of valuation, in terms of pushing into the market, Nigeria is perhaps the least-loved, but has the biggest hopes attracted to it. Though timing is everything. You’ve got to pick the right moment to get into a country like this. But that’s the one to watch.”
According to major fund investors, Nigeria is the country to watch.
Nigeria will spend 100 billion naira ($312.50 million) on capital projects in the coming days as part of the 2016 budget, Vice President Yemi Osinbajo said on Thursday, as the country tries to inject life into an economy facing recession.
"Africa's largest economy is in the middle of its worst crisis in decades, as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank 0.36 percent in the first quarter and the central bank governor has said recession is likely. Government capital spending so far has reached 332 billion naira"
Nigeria Eyes Maiden Sukuk Bond This Year To Fund Infrastructure. The proposed Islamic bonds issuance programme will help fund big infrastructure needs.
"NIGERIA hopes to use a proposed Islamic bonds issuance programme to help fund big infrastructure needs"
Africa’s largest economy plans to double its foreign direct investment (FDI) by removing impediments to investment, but this may be a tall order.
Nigeria aims to attract between $10bn and $20bn in FDI a year
Nigeria lifts fuel subsidy, nearly doubling the price to encourage competition.
"Nigeria lifts fuel subsidy, nearly doubling the price to encourage competition."
"8 State-Owned Companies In Nigeria Up For Privatization"
About $15B Stolen In Nigeria In Shady Arms Procurement Deals. This was stolen between 2007 and 2015 through shady arms procurement deals
"About $15 billion was stolen in Nigeria between 2007 and 2015 through shady arms procurement deals under the Goodluck Jonathan administration, a panel set up by the country’s current President Muhammadu Buhari has said."
South Sudan may not be keen on an oil pipeline deal with Kenya despite frantic effort from its neighbor to seal an agreement
"South Sudan may not be keen on an oil pipeline deal with Kenya despite frantic effort from its neighbor to seal an agreement."
Moody’s Downgrades Four African Economies on Oil Concerns. Credit rating agency Moody’s downgraded Africa’s two largest oil producers, Nigeria and Angola
"Global credit rating agency Moody’s downgraded Africa’s two largest oil producers, Nigeria and Angola, as it cut ratings on four African economies over the impact of lower oil prices on the international market."
Nigeria plans to begin exploratory drilling in search of oil in the northeastern Chad Basin region by October, the head of the state oil company has said.
Nigeria plans to begin exploratory drilling in search of oil in the northeastern Chad Basin
Dangote Cement expects to increase earnings in 2016 as cement volumes rise, despite an economic downturn in its home market of Nigeria.
Dangote Cement sees increased earnings in 2016 as cement volumes rise, despite an economic downturn in its home market of Nigeria
Having enjoyed blissful growth over the past decade, Nigeria was one of the fastest growing economies in the world, but it is not one of the 15 fastest growing economies in Africa for 2016.
"According to the International Monetary Funds (IMF) World Economic Outlook for 2016, as revised in April, the fastest growing economy in Africa for 2016 is Cote d’Ivoire and the slowest is Chad, which is expected to record negative growth."
President Muhammadu Buhari said last Friday he is yet to be convinced that Nigeria would benefit from a devaluation of the naira, despite its sharp fall against the dollar on the black market and rising inflation.
Royal Dutch Shell has failed to halt production at the Gbaran Ubie oil and gas facility in southern Nigeria, contravening a court order for the site to be sealed and raising the prospect of legal action, state government officials said on Wednesday.
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Nigeria's state oil firm NNPC has launched bidding to find partners to overhaul its ailing refineries, it said in a tender published on Tuesday.
Nigeria's state oil firm has launched bidding to find partners to overhaul its ailing refineries.
Oil production: Nigeria loses top spot to Angola. Here is why we should be concerned
In Oil production, Nigeria has lost the top spot to Angola. Here is why we should be concerned.
Nigerian Telecoms Overtake Oil As Largest Contributor To Economy
"The telecoms sector is a major stakeholder in the area of Foreign Direct Investment to the Nigerian economy, providing more than half of the country’s FDIs."
Nations representing almost 60 percent of the world’s oil production will gather in Doha on April 17 to discuss freezing their output at January levels in an effort to stabilize prices. Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more producers and extend the recent price recovery.
"Nations representing almost 60 percent of the world’s oil production will gather in Doha on April 17 to discuss freezing their output at January levels in an effort to stabilize prices."
Four of Africa's top economies -- South Africa, Nigeria, Angola and Kenya -- are all suffering for different reasons.
"Four of Africa's top economies -- South Africa, Nigeria, Angola and Kenya -- are all suffering for different reasons."
Kenya and other East African nations are seen benefiting from the economic slump being experienced in two of the continent’s biggest economies
"Kenya and other East African nations are seen benefiting from the economic slump being experienced in Nigeria and South Africa."
Africa's rise has stalled. Economic growth in Sub-Saharan Africa slowed to an estimated 3.0% last year, down from 4.5% the year before and the slowest rate of expansion since the global financial crisis, according to World Bank forecasts released on Monday (April 12th). Economists blame falling commodity prices, a slowdown in China, and continued weaknes
"Africa’s rise has stalled. Economic growth in Sub-Saharan Africa slowed to an estimated 3.0% last year, down from 4.5% the year before and the slowest rate of expansion since the global financial crisis."