Shell Nigeria makes final investment decision on gas project in Niger Delta

Shell is considering whether to invest in a gas project in the Niger Delta region of Nigeria, the managing director of the local unit said on Tuesday. Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf). According to Reuters’s report, Osagie Okunbor, managing director of Shell Petroleum Development Company […]

Nigerian stocks risk downgrade on naira value as MSCI reclassifies markets

Equities, Investment Destination

The value of Nigeria’s local currency, the naira, could be a strong factor in Morgan Stanley Capital International’s (MSCI’s) index decision whether to downgrade Nigeria from a frontier nation to a standalone market or not. The index provider is set to release the result of its annual peer review Tuesday, June 20. Earlier in June, […]

Update: Etisalat Nigeria moves to effect name change, restructuring of shareholding as debt talks fail

Etisalat Nigeria has commenced changes to its shareholding structure after talks to restructure a $1.2 billion loan failed, the company said on Tuesday. Services to its subscribers will not be affected by the changes, Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria said in a statement, reports Reuters. The telecom company said discussions […]

Etisalat to lose 45 percent stake as loan restructuring talks fail

Etisalat has been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed, the Abu Dhabi telecoms company said on Tuesday. Etisalat Nigeria had been in talks with Nigerian banks to restructure a $1.2 billion loan after missing repayments but those discussions failed to […]

Nigeria’s bad bank receivables rise 80% as obligors default

Nigeria’s bad bank, the Asset Management Corporation of Nigeria (AMCON), is currently facing recovery challenges from about 305 account obligors who now account for over 80 percent or N2.5 trillion of debts owed it. Ahmed Kuru, managing director of AMCON disclosed this to the House Committee on Banking and Currency  at the corporation’s ongoing retreat […]

Inflation to ease, firms operating cost to drop on declining diesel price

The Nigerian National Petroleum Corporation (NNPC) claims of a reduction in diesel price  by 42 per cent could positively ease the nation’s level of inflation, reduce firms operating costs and boost growth in Africa’s biggest economy, analysts have said. The crash in diesel price is seen to ease the cost of production for many manufacturing […]

Outlook for naira positive amid fiscal worries going into 2018

Nigeria’s new foreign exchange policy, which has seen the creation of the Investor and Exporters forex window by the Central Bank of Nigeria (CBN) and the continuous injection of dollar into the foreign exchange market, has given the naira a positive outlook in the near to medium term. Analysts, currency traders and end-users say the […]

Oil market heading in right direction, says Saudi’s energy minister

Saudi Energy Minister Khalid al-Falih said the oil market is heading in the right direction but still needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday. “In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut […]

Nigeria received $18bn in remittance from Diaspora migrant workers in 2016 – IFAD

Nigerian migrant workers overseas sent home $18.956 billion as remittances in 2016, representing a 5.2 percent growth in nine years (2007 to 2016), according to the United Nations International Fund for Agricultural Development (IFAD) report released Wednesday, June 14, 2017. The report, entitled-Sending Money Home: Contributing to the SDGs, One Family at a Time_, indicated […]