OPEC extends oil output cut till March 2018

OPEC on Thursday decided to extend cuts in oil output by nine months to March 2018, an OPEC delegate said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. The cuts are likely to be shared again by a dozen non-members […]

Nigerian current GDP very encouraging, says budget minister

Population Growth

Nigeria is moving out of recession, its budget minister said on Wednesday. “We discussed at length the GDP results just released and found the GDP performance very encouraging,” Udoma Udo Udoma, minister for budget and national planing, said after a cabinet meeting. He was referring to data released on Tuesday showing that Africa’s biggest economy […]

Nigeria could hit 2.2 million bpd oil output by end of June – Oando

The worst disruptions in Nigeria’s oil-producing Delta region are over, and production could reach 2.2 million barrels per day (bpd) by the end of June, the chief executive of Nigeria’s Oando said on Wednesday. Oando chief Pade Durotoye told the Africa Independents Forum in London the long-closed Forcados oilfield could be back to capacity by […]

Nigeria MPC maintains analysts call, keeps rates on hold

In tandem with analysts’ expectations, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday left the benchmark interest rate, the monetary policy rate (MPR) and other key monetary indicators unchanged. The monetary regulator retains MPR at 14 percent, ditto cash reserves ratio at 22.5 per cent, liquidity ratio at 30 percent, […]

Nigeria economy slump continues as GDP contracts 0.5% in first quarter

Nigeria’s economy continued its slump and contracted for a fifth consecutive quarter in the three months through March as oil output declined. Gross domestic product in Africa’s most populous nation shrank 0.5 percent in the first quarter from a year earlier, compared with a revised 1.7 percent contraction of in the final three months of […]

Access Bank, FBNQuest analysts see Nigeria MPC retaining key rates

Analysts at Nigeria’s Access Bank and FBNQuest are betting that the country’s key monetary policy rates would be retained at the ongoing Central Bank Monetary Policy Committee meeting which ends, Tuesday. Godwin Emefiele, governor of the CBN, who is chairing the meeting, is expected to announce decisions reached after two days of deliberations and the […]

AfDB projects moderate economic recovery for Nigeria

The African Development Bank (AfDB) has projected a moderate economic recovery for Nigeria, saying growth would be at 2.2%. This is contained its 16th Africa Economic Outlook launched Monday at its 52nd Annual meetings holding in India. “The outlook for 2017 is for a moderate economic recovery with real GDP projected to grow at 2.2% […]

Africa’s growth linked to rebound in commodity prices – AfDB

Africa has been projected to see a lift in economic growth this year and next on the back of a rebound in global commodity prices, according to Reuters and the African Development Bank’s (AfDB) African Economic Outlook, launched Monday at the 52nd Annual Meetings of the African Development Bank Group, taking place in Ahmedabad, Gujarat […]

Nigeria’s Central Bank will keep policy tight, Nnanna Says

Nigeria’s central bank will keep monetary policy tight as dollar shortages persist, Deputy Governor Joseph Nnanna said before an interest-rate announcement next week. Now is not the time to ease policy, he said in an interview Thursday in the capital, Abuja. Inflation slowed for a third month in April, but at 17.2 percent remains almost […]