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MTN says Nigeria's attorney general exceeded powers in $2bn tax bill

By: Reuters 11th September 2018 Nigeria's attorney general exceeded his powers in demanding $2-billion in taxes and charges from MTN Group, the telecoms firm said in papers filed with Nigeria's High Court and reviewed by Reuters. The papers, filed on Monday in a move by the Nigerian arm of the South African firm aimed at... →

MTN CEO confident about Nigeria dispute as firm applies for injunction

By: Reuters 10th September 2018 Telecoms firm MTN Group said on Monday it was confident a multi-billion dollar dispute with the Nigerian government would be resolved even as it applied for a court injunction to protect its Nigerian assets. Nigeria's central bank last month ordered MTN's Lagos-based unit to hand over... →

Nigeria's Presidency rebuffs landmark oil reform bill in current form – sources

By: Reuters 29th August 2018 Nigeria's Presidency has rebuffed a landmark oil industry reform law in its current form, according to two people familiar with the matter, in a setback for plans to reinvigorate investment in Africa's largest crude producer. The legislation, sent back to the National Assembly by the presidency,... →

Nigerian economy loses momentum in Q2 as oil sector contracts

By: Reuters 27th August 2018 Nigeria's economic growth dipped to 1.50% year on year between April and June, the statistics office said on Monday, extending a slowdown into a second quarter as the oil sector contracted. Largely dependent on its rich crude reserves, Nigeria's economy began climbing out of its first recession... →

Light rail line in Nigeria's capital opens to passengers

By: Reuters 19th July 2018 Nigeria has opened a new Chinese-built light railway network in the capital Abuja after 11 years of construction, a rare transport project in a nation where economic growth has been stymied for generations by a lack of infrastructure development. Passengers were permitted this week to ride the... →

Nigeria's President Buhari says will soon sign up to African free-trade agreement

By: Reuters 12th July 2018 Nigeria's President Muhammadu Buhari said on Wednesday the country will sign up soon to a $3-trillion African free-trade agreement. Nigeria is one of Africa's two largest economies, the other being South Africa. Buhari's government had refused to join a continental free-trade zone established in... →

97% UN member States use Twitter – study

By: Thabi Madiba 10th July 2018 A new study has revealed that 97% of the 193 United Nations (UN) member States have a presence on Twitter, with the South African government’s Twitter page the fourth most active on the African continent. Global communications agency Burson Cohn & Wolfe (BCW) released its yearly Twiplomacy Study... →

Nigeria to offer 12.7bn naira mining contract to eight firms

By: Reuters 5th July 2018 Nigeria will offer a 12.7-billion naira ($41.6-million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate. Nigeria's economy, one of Africa's largest, has been built... →

Free trade deal is much ado about nothing

By: Riaan de Lange 6th April 2018 It is the eightieth day of the year as I sit down to write this piece – the first full day of the sign of Aries. In case you are wondering, there are 285 days until the end of the year, and, in another 65 days, it will be Tax Freedom Day. It means that you will need to work up to May 25 to pay... →

Africa begins journey towards continentwide free-trade deal

By: Bloomberg 6th April 2018 African leaders signed accords setting up a continental free-trade area that’s expected to boost commerce within the 55-member African Union and eventually supplant a patchwork of existing agreements. More than 40 nations signed the African Continental Free Trade Area agreement, or AfCFTA, which... →

AU ready to sign continental trade treaty without Nigeria

By: African News Agency 20th March 2018 African Union (AU) chairperson Paul Kagame on Tuesday gave a strong indication yet that member states will sign the treaty to create the continental free trade area even if the continent's most-populated country, Nigeria, withdraws from the meeting. At least 53 African Heads of States have... →

Nigerian State oil firm spent $5.8bn on fuel imports since late 2017

By: Reuters 21st February 2018 Nigeria's State oil firm said on Tuesday it had spent $5.8-billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. "The corporation's intervention became necessary following the... →

Nigeria moves closer to turning long-awaited oil bill into law

By: Reuters 18th January 2018 Nigeria moved closer to turning the first part of a long-awaited oil industry bill into law after the lower house passed the same version of the legislation approved by the Senate last year, a lawmaker in the House of Representatives said on Thursday. It is the first time both houses have... →

Nigeria seeks to boost mining reserves to lure investors

By: Bloomberg 20th October 2017 Nigeria plans to spend 15-billion naira ($42-million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of... →

Nigerian statistician-general says economy on way out of recession

By: Bloomberg 5th May 2017 Nigeria’s economy, which contracted in 2016, performed better in the first three months of this year than during the previous three quarters on improved oil production and factory output, according to statistician-general Yemi Kale. “From the numbers we are seeing, certainly things are improving,... →

Diplomatic doldrums for Pretoria?

By: Keith Campbell 24th February 2017 While much local media attention has been devoted to US President Donald Trump, there has been something that, from a South African perspective, was much more important. This was the outcome of the African Union summit at the end of January. This appears to have been pretty much a diplomatic... →

Nigeria plan to link mines to steel mill seen as Buhari test

By: Bloomberg 18th January 2017 Nigeria’s plan to build a railway to supply iron-ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. The project began in 1979 with what the World Bank in 2002 called obsolete Soviet technology,... →

Nigeria, Spain to strengthen bilateral trade relationship

2nd September 2016 Nigeria and Spain, last month expressed their readiness to strengthen their bilateral trade relationship for mutual benefit across the spectrum in the oil and gas industry. State-owned oil development corporation Nigerian National Petroleum Corporation (NNPC) group MD Dr Maikanti Kachalla Baru... →

African auto association initiates talks with Nigeria on policy support

By: Irma Venter 2nd September 2016 A delegation from the African Association of Automotive Manufacturers (AAAM), led by chairperson Jeff Nemeth, has visited the Nigerian capital, Abuja, with the aim of creating a framework for policy development that will support the growth of the Nigerian automotive industry. Nemeth is also the... →

African auto body lobbies Nigeria on industry development

By: Irma Venter 17th August 2016 A delegation from the African Association of Automotive Manufacturers (AAAM), led by chairperson Jeff Nemeth, is visiting the Nigerian capital, Abuja, with the aim of creating a framework for policy development that will support the growth of the Nigerian automotive industry. Nemeth is also the... →

Venezuela mess prods China to reassess Africa lending spree

By: Bloomberg 30th June 2016 The threat of Venezuela defaulting on Chinese debt is putting pressure on Beijing to reassess how easily it doles out money to commodity-dependent nations, especially those in Africa. As low oil prices ravage Venezuela’s economy and embattled leader Nicolas Maduro seeks better terms on Chinese... →

Africa’s growth potential showing consistency

29th April 2016 Economic growth in Africa is expected to average over 4% in the next five years, according to accountancy and finance body the Institute of Chartered Accountants in England and Wales (ICAEW). →

Nigerian mining earmarked for growth, but GDP contribution in last five years a measly 0.15%

By: Ilan Solomons 4th March 2016 Nigeria’s attempt to revitalise its solid minerals sector as part of a broad strategy to lessen its dependence on oil and gas is yet to produce substantial results, with the sector contributing less than 0.15% to the country’s gross domestic product (GDP) in the past five years. The mining of... →

IMF, Nigeria discuss possible policy tweaks

By: Natalie Greve 7th January 2016 The International Monetary Fund (IMF) has discussed a range of policy recommendations with the government of Nigeria aimed at improving the African State’s competitiveness, focusing specifically on the critical areas of infrastructure, energy, transport and housing, IMF MD Christine Lagarde said... →

Stalled Nigerian oil law broken up, new draft splits state giant

By: Reuters 9th December 2015 Nigeria's government is breaking up an all-encompassing oil bill that has been stuck in Parliament for years, replacing it first with a law to overhaul the State sector, which aims to close loopholes that bred corruption, according to a draft seen by Reuters. Under the draft legislation, State... →

Is WesBank’s West African expansion still on track?

By: Irma Venter 23rd October 2015 Almost one year after the Nigerian Automotive Council and WesBank signed a memorandum of understanding (MoU) for the South African group to enter the Nigerian market, WesBank is yet to finance a vehicle purchase. WesBank had an “optimistic objective” to write its first deal in March, WesBank CEO... →

BEYOND OIL

16th October 2015 Nigerian President Muhammadu Buhari has indicated that the country’s 2016 Budget will prioritise actions designed to diversify economy away from its current dependence on oil and gas. Nigeria is Africa’s biggest economy and oil producer, but government has has been forced to reduce spending in... →

WesBank’s Nigerian expansion awaits regulatory approval

By: Irma Venter 5th October 2015 Almost one year after the Nigerian Automotive Council and WesBank signed a memorandum of understanding (MoU) for the South African group to enter the Nigerian market, WesBank is yet to finance a vehicle purchase. WesBank had an “optimistic objective” to write its first deal in March, WesBank CEO... →

Ford to begin Ranger assembly in Nigeria from October

By: Irma Venter 28th August 2015 US vehicle manufacturer Ford has announced that it will assemble its Ranger pickup in Nigeria, starting in October. The plant will be Ford’s first African production location outside South Africa, says Ford Motor Company Sub-Saharan Africa president and CEO Jeff Nemeth. →

Ford to start Ranger assembly in Nigeria

By: Irma Venter 12th August 2015 US vehicle manufacturer Ford on Tuesday announced that it would assemble its Ranger pickup in Nigeria, starting in October. The plant would be Ford’s first African production location outside South Africa, noted Ford Motor Company Sub-Saharan Africa president and CEO Jeff Nemeth. →

ERA/FoEN, Groups Urge Buhari to Tackle Oil Pollution in Niger Delta

3rd August 2015 On the occasion of the fourth year commemoration of the release of the United Nations Environmental Programme Assessment of Ogoniland (4 August 2015), Environmental Rights Action / Friends of the Earth Nigeria (ERA/FoEN) and other groups have called on the administration of General Muhammadu... →

Positive outlook on Africa marred by crises such as Burundi ahead of AU summit in S Africa

By: African News Agency 9th June 2015 Africa’s leaders are gathering in Johannesburg and Pretoria this week to try to prevent a rash of conflicts and crises derailing the continent’s promising growth prospects. The leaders of the 54 members states of African Union (AU) will be meeting for their 25th ordinary summit just after the... →

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