G7 leaders divided on climate change, closer on trade issues
Businessam Staff
May 27, 2017
Under pressure from Group of Seven allies, U.S. President Donald Trump backed a pledge to fight protectionism on Saturday, but refused to endorse a global climate change accord, saying he needed more time to decide. The summit of G7 wealthy nations pitted Trump against the leaders of Germany, France, Britain, Italy, Canada and Japan on […]
Africa ‘hemorrhaging’ billions in illicit financial flows- Experts
Businessam StaffMay 27, 2017
Africa loses an estimated $50 billion a year to illicit financial flows, leaving governments strapped for cash and dependent on development aid. The continent is “hemorrhaging” money because of the failure of countries to enact strong legislation to check money flows, says Rose Acha, Cameroon’s supreme state audit minister and secretary general of the African […]
Nigeria oil governance bill aims to split NNPC
Businessam StaffMay 26, 2017
The long-awaited oil governance bill passed by Nigeria’s upper chamber of parliament proposes breaking up the state oil company, NNPC into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money. The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that […]
“Challenging” talks expected as Trump, other G7 leaders meet in Sicily
Businessam StaffMay 26, 2017
Talks between U.S. President Donald Trump and other leaders of the world’s rich nations at the G7 summit on Friday were expected to be “robust” and “challenging” after he had lambasted NATO allies and condemned German trade policies a day earlier. Trump’s confrontational remarks in Brussels, on the eve of the two-day summit in the […]
Diversify revenues, not economy, SBM Intel report urges government
Businessam StaffMay 25, 2017
The Federal Government has been urged to understand that its biggest challenge is not diversifying an already diversified economy, but diversifying its revenues, according to a report on the assessment of the current administration made available to businessamlive. The report indicated that going by the recent Q1 2017 gross domestic product (GDP) figures released by […]
Senate passes petroleum industry governance bill into law
Businessam StaffMay 25, 2017
The Senate, Thursday, passed the petroleum industry governance (PIG) bill into law, which may eventually pave way for the passage of other bills under the contentious and unbundled petroleum industry bill (PIB). The upper house passage of the bill is coming after a 17-year wait. Bukola Saraki Senate President, while commenting on the bill said […]
Nigeria’s economic metrics seen to trend positive in 2017 on forex availability, stable oil prices
Businessam StaffMay 25, 2017
Barring plunges in oil prices and production cuts, major indicators of the Nigerian economy may be trending towards improvement in 2017, according to the International Monetary Fund (IMF), research analysts, the central bank and most government officials. Though the country’s per-capita GDP fell to around $1,740 in first quarter 2017, from over $3,000 in 2014, […]
OPEC extends oil output cut till March 2018
Businessam StaffMay 25, 2017
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
Businessam StaffMay 24, 2017
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
Businessam StaffMay 24, 2017
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 […]