naira

This tag is associated with 8 posts

Nigeria’s Deal With China Will Not Solve Its Problems

By Kira Munk At a recent business forum hosted in Beijing, Nigeria secured $6 billion USD worth of investments from the Chinese government. An unfortunate by-product of these plans is that short-term economic gains are being sought out at the expense of long-term parity that could contribute to the stability of the relationship. With a weakening … Continue reading

More Troubles May Lie Ahead For Nigeria As MSCI Weighs Removal From Index

More troubles may lie ahead for Nigeria, Africa’s largest economy, as global equity index provider MSCI is considering dropping the nation from its benchmark Frontier Markets Index, which could put $500 million of equity investment under threat. On Thursday MSCI announced that it’s considering removing the country from its Frontier Markets Index, blaming currency restrictions imposed by … Continue reading

IMF Urges Nigeria To Devalue Currency As Its Economy Crumbles

The IMF is urging Nigeria’s Central Bank to devalue its local currency, the naira, and to remove curbs on access to foreign exchange as part of a package of aggressive economic policies in order to counter the impact of low oil prices, according to a statement released on Wednesday. Nigeria, Africa’s largest economy and largest crude producer, an OPEC member state, … Continue reading

Nigeria’s Crude Troubles Leave Oil Investors Weary

By Jose Luengo-Cabrera With the formation of the Nigerian government still underway, uncertainty over reforms in the oil industry and macroeconomic mismanagement are making investors increasingly weary amid significant capital outflows and falling levels of FDI. More than four months after his inauguration in late May 2015, President Muhammadu Buhari finally submitted his list of … Continue reading

What Nigeria Can Do To Weather Low Oil Prices And Slow Economic Growth

By Kalu Ojah Ever since Nigeria started harvesting its petroleum endowment, its economy’s umbilical cord has avoidably been firmly tied to the volatility of this commodity’s price. This vulnerability is demonstrably reflected in that about 65% to 70% of annual government expenditure comes from oil revenues. Historically, it’s been as high as 90%. And every downturn … Continue reading

Market Meltdown Means More Pain For Oil-Producing Economies

By Zachary Fillingham Supply-side downward price pressure has been the story of global energy prices over the past year: newfound supply from the Shale Revolution, OPEC’s gambit of market-share grabbing inundation, and new supply coming online from Iraq and soon Iran. The result was a plunge in oil prices from $115 in mid-June 2014 to below … Continue reading

Will Democracy Survive In Nigeria?

By Joseph Benzekri Nigeria’s deadly insurgent group Boko Haram declared its allegiance to ISIS on March 7, following what was reported to be female suicide bombings killing over 50 in Maiduguri. Much like ISIS, the equally nihilistic Boko Haram appears to be edging closer to its own caliphate in northern Nigeria. In light of increasing violence … Continue reading

Oil Prices And The Impact On African Economies

Impact of the decline in oil revenue prompts austerity measures in high producing states. . By Abayomi Azikiwe Editor, Pan-African News Wire During 2014 many western-based financial publications declared that the Federal Republic of Nigeria had surpassed the Republic of South Africa as the largest economy on the continent. Nigeria relies heavily on oil exports … Continue reading

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