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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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