MTN in fresh trouble, fined $8.5m over breach of license

Rwanda’s telecom industry regulator has fined MTN Rwanda, a division of South Africa’s MTN Group, 7 billion francs (8.5 million dollars) for running its IT services outside the country in breach of its license. The regulator said in a ruling posted on its website in Kigali that MTN Rwanda was hosting its IT services hub […]

High food prices persist despite decline in core inflation in April

Woman looks on as she displays her yam for sale at market

The food component of the consumer price index (CPI) released by the Nigeria Bureau of Statistics (NBS) inched up 0.86% in April. This was despite a marginal decline of 0.6% in core inflation for the period. Core inflation excludes transitory or temporary price volatility as in the case of some commodities such as food items […]

Nigerian banks see stability returning

* Target manufacturing, agriculture, infrastructure… Nigerian banks are uptick that the economy is past the worst of what most described as “the most severe downturn in 25 years”, according to Renaissance Capital’s findings from its 8th annual Pan-Africa Investors conference, which held in Lagos recently. According to the research firm, the return of stability in […]

“If you’re hit by cyberattack, don’t pay the ransom,” Europolice warn

European authorities have warned everyone hit by the worldwide cyberattack never to consider paying the ransom. The attack has hit at least 150 countries since Friday and infected 200,000 machines, according to the European law enforcement agency Europol. The WannaCry worm locks users out of their computers and demands that victims pay hundreds of dollars […]

Oil rises after Saudis, Russia agree supply cut to be extended

Russia's Energy Minister Alexander Novak and Saudi Arabia's Energy Minister Khalid al-Falih

Oil prices jumped 1.5 percent on Monday after the energy ministers of the world’s two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018. Brent crude was at $51.58 per barrel at 0621 GMT, up 74 cents, or 1.46 […]

U.S. fails to reassure Europe, Japan over ‘Trumponomics’

The United States said on Saturday the world’s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington’s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump’s plans which they fear will […]

Soludo urges CBN to adopt an export-oriented industrial strategy, says current exchange regime redundant

Soludo Charles, Former Governor, Central Bank of Nigeria

Charles Soludo, former governor of the Central Bank of Nigeria (CBN) has urged the financial services regulator to adopt an export-oriented strategy for it to take Nigeria out of the current economic situation. Soludo, who spoke in a keynote address at the eight annual Pan-Africa Investor Conference organised by Renaissance Capital, an international investment bank, […]

CBN Official exchange rate redundant, says Soludo

Charles Soludo, former governor of the Central Bank of Nigeria (CBN) has said that the current exchange regime where the nation’s currency is fixed officially at N306 to the dollar has become redundant, adding that it become an instrument for rent seekers and arbitrary allocation of scarce foreign exchange in the country. To this end, […]

Nigeria’s crude exports expected to rise to 1.7m in May

Oil, Nigeria's crude, Oil Price

Nigeria’s crude exports are expected to rise to 1.66 million by month end from 1.61 million barrels per day (bpd) planned for shipping in April. However the country may struggle to keep its buyers as US shale producers are fighting to take a chunk of the market. Crude loading programme compiled by Reuters indicated that […]

Nigeria seeks $5.2 billion from World Bank for electricity

3D Electric powerlines over sunrise

Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political-risk insurer, the Multilateral Investment Guarantee Agency, could […]