Adcock keen to get into Nigeria

Details: Category: ECONOMY; Published on Tuesday, 24 May 2011 22:48; Written by Times Live

Adcock Ingram, South Africa's second-biggest pharmaceuticals company, would consider an acquisition in Nigeria as part of its plan to enter Africa's most populous nation, its chief executive said. Adcock, which scrapped a bid for rival Cipla Medpro in 2009, has been looking for new revenue streams and hopes to generate 30% of its earnings outside South Africa in two to three years.

Mobile banking revolution; Ghana and Nigeria poised to leap ahead…

Details: Category: ECONOMY; Published on Monday, 23 May 2011 13:17; Written by accra-mail.com

Mobile Banking revolution in Nigeria and Ghana

The AITEC Banking and Mobile Money conference slated for next month will bring to Accra the world’s top experts on mobile banking just as several countries in the region are merging their rising mobile coverage with financial systems that will allow citizens to use their mobile phones to transact, transfer and store money. Similar roll-outs in Eastern Africa are transforming that region’s financial sector. Since the launch of Kenya’s M-Pesa mobile money accounts,

Nigeria Likely to Keep Key Interest Rate at 7.5 Percent to Boost Lending

Details: Category: ECONOMY; Published on Monday, 23 May 2011 11:05; Written by Elisha Bala-Gbogbo

(Bloomberg) Nigeria’s central bank will probably keep its benchmark interest rate unchanged tomorrow to help stimulate lending in Africa’s biggest oil producer. Bank Governor Lamido Sanusi will leave the rate at 7.5 percent, according to all five economists surveyed by Bloomberg. He is due to announce the decision in a televised press conference starting soon after 2 p.m. local time.

Nigeria’s new economic relevance

Details: Category: ECONOMY; Published on Friday, 20 May 2011 11:07; Written by businessdayonline.com

The investment community has woken up to finally accept the reality that Nigeria is the place to be in Africa over and above any other place on the continent. Easily cited is Nigeria huge population, rich deposits of natural resources, highly entrepreneurial youth, a great environment devoid of natural disasters. Figures do not lie and for Nigeria figures really do not lie about its huge potential. Nigeria has a

Nigeria Sells $446.9 Million in 3-, 4-Year Bonds, Yields Fall From April

Details: Category: ECONOMY; Published on Thursday, 19 May 2011 16:31; Written by Emele Onu and Chris Kay

(Bloomberg) Nigeria sold 70 billion naira ($447 million) of bonds at a monthly debt auction, with demand on four-year debt exceeding supply by the most since September, on bets the central bank will keep rates on hold this month. The West African country sold 35 billion naira each of three- and four-year debt at a sale yesterday, the Abuja-based Debt Management Office said in a statement on its website today.

Nigeria Revises April Inflation Rate Down; Remains Above 10 Percent Target

Details: Category: ECONOMY; Published on Wednesday, 18 May 2011 18:09; Written by Administrator

(Bloomberg) Nigeria revised April inflation to 11.3 percent, less than previously reported, after the National Bureau of Statistics detected a mistake in its calculation. The inflation rate fell from 12.8 percent a month earlier, the statistics agency said in a statement handed to reporters today in Abuja, the capital, correcting the inflation rate of 11.6 percent issued on May 16.

CBN spends $2.2bn defending naira in April

Details: Category: ECONOMY; Published on Tuesday, 17 May 2011 19:15; Written by BLESSING ANARO

(businessdayonline.com) The Central Bank of Nigeria (CBN) in April spent $2.2 billion dollar defending the naira as it battles to contain rising inflation and maintain a decent foreign reserve level. This move by the CBN is reflected in the sudden increase in dollar supply at the official foreign exchange window and the appreciation of the local currency at the interbank market; both of which signify the determination of the central bank to defend the naira.

Nigerian Inflation Rate Falls to 11.6%, Remains Above Central Bank Target

Details: Category: ECONOMY; Published on Monday, 16 May 2011 21:03; Written by Elisha Bala-Gbogbo

(Bloomberg) Nigeria’s inflation rate declined to 11.6 percent in April as the central bank struggles to bring it below 10 percent. The inflation rate fell from 12.8 percent a month earlier, the National Bureau of Statistics said in a statement released today in the capital, Abuja. Central bank Governor Lamido Sanusi on March 22 raised the benchmark interest rate for a second time this year, lifting it one percentage point to 7.5 percent to stabilize the naira and slow inflation.

Nigeria, Exxon in dispute over oil license renewal

Details: Category: ECONOMY; Published on Monday, 16 May 2011 21:01; Written by Joe Brock

(Reuters) - Nigeria's state oil company said on Monday Exxon Mobil (XOM.N) has until Thursday to express its interest in three large oil-drilling licenses that the U.S. energy firm says it has already been granted. Exxon says it signed agreements in 2009 with the Nigerian government for the long-term renewal of licenses OML 67, 68 and 70, which it operates as part of a joint venture with state-run Nigerian National Petroleum Corp (NNPC).

Nigeria needs Secure Property Rights for Development

Details: Category: ECONOMY; Published on Monday, 16 May 2011 20:40; Written by Thompson Ayodele

2011 International Property Rights Index ranks 129 nations, 97 percent of world’s GDP

May 16, 2011 (Lagos, Nigeria)—The Initiative for Public Policy Analysis (IPPA) today announces the release of the 2011 International Property Rights Index (IRPI). The IRPI measures the intellectual and physical property rights of 129 nations from around the world. This year, the Initiative for Public Policy

Air service between Nigeria and Jamaica now a reality

Details: Category: ECONOMY; Published on Sunday, 15 May 2011 10:08; Written by jamaicaobserver.com

THE long-awaited air travel between Jamaica and Africa is now a reality. According to a press release from the Nigerian High Commission, the governments of both countries have recently signed a bilateral agreement to facilitate direct air service from Jamaica to Nigeria at a cheaper cost and at a shorter time, as well as to eliminate visa requirements. "This is to inform the General Public that the Governments of Jamaica and Nigeria have initiated

UK Oil Company "to focus on Nigeria"

Details: Category: ECONOMY; Published on Friday, 13 May 2011 12:18; Written by Administrator

Sirius Petroleum (SRSP) has decided to focus on acquiring Nigerian oil assets, it announced on Friday. The company, which was readmitted to AIM as an investing company in March this year, has set itself a target minimum recoverable reserves of 20 million barrels. Although the board will continue to assess other opportunities if they meet its strict investment criteria, having originally joined AIM to look at resources in

West African Oil Rally Threatens Indian Economic Growth: Energy Markets

Details: Category: ECONOMY; Published on Friday, 13 May 2011 02:54; Written by Pratish Narayanan and Sherry Su

Nigeria , Africa’s largest producer, pumped 1.9 million barrels a day in April. Photographer: Pius Utomi Ekpei/AFP/Getty Images

(Bloomberg) The highest prices for West African crude in more than two years are threatening to dent economic growth in India while boosting revenue for suppliers in Nigeria and Angola. Nigerian Bonny Light crude has risen $10 a barrel, or 9.3 percent, since Feb. 16, when political unrest in Libya cut supplies of similar quality

Private sector to manage Nigeria's Sovereign Wealth Fund

Details: Category: ECONOMY; Published on Friday, 13 May 2011 01:16; Written by elombah.com

The Nigeria's Sovereign Wealth Fund (SWF) will be managed by members of the private sector and not by government, according to the minister of finance Mr. Olusegun Aganga. The senate on Wednesday, passed the Nigeria Sovereign Investment Authority bill, with an approval that it be jump-started with $1 billion (N150m). Aganga told journalists in Abuja on Thursday that the funded will be supervised by a council made up of state

Nigeria's Access Bank remodels Ivory Coast business

Details: Category: ECONOMY; Published on Wednesday, 04 May 2011 14:17; Written by Reuters

(Reuters) - Nigeria's Access Bank said on Wednesday it would reopen in Ivory Coast next week after suspending operations there during a political crisis, but would scale back its business to concentrate on corporate clients. Foreign banks including Access suspended activities in the former French colony in February amidst several months of post-election conflict.

Etisalat Nigeria renews Managed Services contract with Alcatel-Lucent

Details: Category: ECONOMY; Published on Wednesday, 04 May 2011 14:13; Written by finchannel.com

(The FINANCIAL) Alcatel-Lucent has been selected by Etisalat Nigeria (EMTS, Emerging Market Telecommunication Services), one of the fastest growing mobile service operators in Nigeria, to continue providing managed services for their expanding mobile network. The operator’s subscriber base has dramatically grown 120 percent year to over seven million subscribers in just two years. Alcatel-Lucent will

Kingdom Zephyr Expands in Nigeria as Carlyle, Vital Raise African Funds

Details: Category: ECONOMY; Published on Wednesday, 04 May 2011 12:15; Written by Anne-Sylvaine Chassany

(Bloomberg) Kingdom Zephyr Africa Management, a private equity firm whose backers include Saudi Prince Alwaleed Bin Talal, is expanding in Nigeria, as buyout firms’ interest in Africa increases. Seyi Owodunni, a partner at the firm and a former chief financial officer of Nigerian telecommunications operator Starcomms Plc, will head the new Lagos office, New York-based Kingdom Zephyr said today in an e-mailed statement. Kingdom Zephyr, which

Sub-Sahara Africa Stocks: Ecobank Ghana, Kenya Airways, Zenith

Details: Category: ECONOMY; Published on Wednesday, 04 May 2011 01:43; Written by Chris Kay

(Bloomberg) The Ghana Stock Exchange Composite Index advanced for a sixth day, rising 1.4 percent to 1,115.79 at the 3 p.m. close in Accra, the longest rally since Jan. 31. Namibia’s FTSE/Namibia Overall Index fell 1.7 percent to 862.79 by the 4 p.m. close in Windhoek, the lowest since April 19. Kenya’s All-Share Index rose for a second day, gaining 0.2 percent to 75.49 by the 3 p.m. close in Nairobi, the highest since March 7. Mauritius’s

Zenith Bank Rises for First Day in Three as Profit Surges

Details: Category: ECONOMY; Published on Wednesday, 04 May 2011 00:57; Written by Vincent Nwanma

(Bloomberg) Zenith Bank Plc, Nigeria’s second- biggest lender by market value, rose for the first day in three after saying first-quarter profit increased 58 percent. The stock gained 30 kobo, or 2 percent, to 15.30 naira by the 2:30 p.m. close in Lagos. The market was closed for a public holiday yesterday.

Profit increased to 15.07 billion naira ($97.3 million) in the three months through March, it said in a statement on the website of the Nigerian Stock

IMF forecasts 17.9% drop in Nigeria GDP

Details: Category: ECONOMY; Published on Tuesday, 03 May 2011 19:57; Written by Administrator

he launch of the IMF's Regional Economic Outlook (REO) for Sub Saharan Africa, in Lagos on

Photo: L-R-- Mr. Saul Lizondo, Deputy Director, International Monetary Fund (IMF) African Department; Mr. Abebe Selassie, Head of Regional Studies, IMF, Mr. Danla Kifasi, Permanent Secretary, Ministry of Finance and Dr. Sarah Alade, Deputy Governor of the Central Bank of Nigeria (CBN), at the launch of the IMF's Regional Economic Outlook (REO) for Sub Saharan Africa, in Lagos on 03/05/2010

(WorldStage Newsonline)-- From 8.4 per cent real Gross Domestic Product growth in 2010, the Nigerian economy is forecast to witness a decline in growth at 6.9 per cent this year, a 17.9 per cent drop. According to the International Monetary Fund's Regional Economic Outlook (REO) for Sub Saharan Africa, launched in Lagos on Tuesday, the nation's GDP growth is to further slow down to 6.6 per cent in 2012.

Nigeria: Central Bank tells telecoms to offer mobile transfers

Details: Category: ECONOMY; Published on Saturday, 30 April 2011 17:57; Written by Administrator

The Central Bank of Nigeria has ordered telecommunications companies in the country to begin offering mobile money transfer services. It added that they want the telecom operators to begin rolling this service out as quickly as possible. The CBN recently granted approval in principle to 16 operators last year to roll out mobile money networks across the country. CBN director Abayomi Atoloye said the operators "were given provisional approvals and

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