This tag is associated with 36 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

Nigerian Presidency: 300 Firms, Individuals Indicted For Embezzling $620Mln

An estimated 300 firms and figures, including active duty and retired officers, have been indicted in Nigeria on suspicion of corruption in the amount of nearly $620 million, the Nigerian presidency said in a statement. President Muhammadu Buhari won the March 2015 general elections on a pledge to weed out corruption, improve living standards in Nigeria and defeat the … Continue reading

Saudi Petrochemicals Giant Sees Oil At $60 By Year End

Oil prices may reach stability after the nosedive that has erased two-thirds of their value and pushed them to the lowest level in more than 10 years, according to one of the world’s largest petrochemicals manufacturers, SABIC. “Of course, prices are not really at levels where we wish (them to be) but that’s normal in … Continue reading

Nigeria’s State Oil Firm Accused Of Withholding $25B From Government

The Nigerian National Petroleum Corporation (NNPC) owes the Nigerian government $25 billion in back payments on revenue generated from the sale of crude oil, according to the country’s fiscal watchdog agency. Ibrahim Mohammed, a spokesman for Nigeria’s Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), released a statement Monday saying the NNPC’s unremitted liability was from … Continue reading

China Wants to Import More Oil From Nigeria

By Jill Malandrino Despite instability in crude oil prices, global production at record highs and Iran coming back on line to produce more oil than analysts expected, China wants to import more crude oil from Nigeria. In an interview with the Nigerian News Agency, Zao LingXiang, economic and commercial counselor of the Chinese Embassy in Nigeria, … Continue reading

Nigeria Rolls Out Stock Market Circuit Breaker As Index Off To Worst Start Since 1999

Following in the footsteps of China, Nigeria will attempt to curb price swings on its stock market by introducing a circuit breaker system as equities in Africa’s biggest oil producer have plunged so far this year, Bloomberg reports. According to the Bloomberg report, trading on the Nigerian Stock Exchange (NSE) will be stopped if the index moves 5 percent from … Continue reading

Nigeria’s Fixation On Oil Kills Its Economic Potential

By Tolulope Ola-David Africa’s largest economy, Nigeria relies on sale of crude for about 90% of its foreign exchange earnings. The economy has been hit hard by the fall in global oil prices over the last year. Nigeria continues to bear the brunt of the fall in global oil prices. Oil accounts for nearly 70% of … Continue reading

Foreign Investors Pull Out Of Nigeria’s Equity And Bond Markets

By James Eugene Nigeria’s economic woes do not look like dispersing any time soon as foreign investors have have decided to reduce their commitment to invest in equities in the Nigerian Stock Exchange, according to the stock exchange’s recent report. The report (titled Domestic & Foreign Portfolio Participating In Equity Trading) indicated that total foreign … 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

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