Togo, Nigeria Lead in Deforestation Rates, Timber Organization Study Shows

Details: Category: ECONOMY; Published on Tuesday, 07 June 2011 00:50; Written by Alex Morales

(Bloomberg) Togo, Nigeria and Ghana have the biggest rates of deforestation out of 65 nations, according to a study described by its authors as the most comprehensive analysis of tropical forests. Togo lost an average of 5.75 percent of its forests a year from 2005 through 2010, according to the study, published today by the wood products trade group, the International Tropical Timber Organization in Yokohama, Japan. Nigeria posted a 4

Essar, Tatas in fray for privatisation of Nigeria's PHCN

Details: Category: ECONOMY; Published on Monday, 06 June 2011 13:11; Written by Administrator

(economictimes) Indian conglomerates Essar and the Tatas are among the entities shortlisted by the Nigerian authorities for privatisation of firms created out of Power Holding Company of Nigeria, says a media report. Nigerian daily 'THISDAY' has reported that Dangote Industries, Oando Gas and Power, Honeywell Energy Resources International, Actis Infrastructure, an Essar consortium and Tata Group are prominent among the 207 companies

Rescued banks on a steep fall over CBN liquidation threat

Details: Category: ECONOMY; Published on Monday, 06 June 2011 09:20; Written by ANTHONY OSAE-BROWN

(businessdayonline.com) The threat by the Central Bank of Nigeria (CBN) to liquidate rescued banks that fail to recapitalise by September ending has hit hard on investor confidence in the banks. Despite an appreciable rise in the stock market index in the last three months, the share prices of most of the rescued banks fell as investors dumped the shares of the banks.

Nigeria sets deadline for rescued banks

Details: Category: ECONOMY; Published on Tuesday, 31 May 2011 16:26; Written by Administrator

(Reuters) - Nigeria's central bank has given rescued lenders four months to reach recapitalisation deals with new investors or face possible liquidation, a local newspaper quoted governor Lamido Sanusi as saying on Tuesday. Nigeria's central bank in 2009 injected $4 billion into nine lenders deemed by auditors to have become so weakly capitalised that they posed a risk to the entire banking system in sub-Saharan Africa's second-biggest economy.

Nigerian Insurer buys majority stake in Kenyan Company

Details: Category: ECONOMY; Published on Sunday, 29 May 2011 17:14; Written by STEVE MBOGO

Nigerian life insurance company Capital Express Assurance has bought majority shareholding in Capex Life Assurance, formerly known as Trinity Life Assurance, in a deal that opens the local industry to competition from the highly capitalised Nigeria insurers. Capex Life was owned by the family of the former Nairobi Provincial Commissioner Fred Waiganjo until the latest acquisition- which is seen as a move to comply with new regulations

Nigerian Banking Bailout and The Anatomy of Toxic debt

Details: Category: ECONOMY; Published on Saturday, 28 May 2011 21:36; Written by Emeka Chiakwelu

Taxpayers of Nigeria will be exposed to toxic debts of the past rescued banks and the Nigeria’s Asset Management Corporation (AMCON) is expected to buy $14.6 billion of bad debt to recapitalize the rescued banks. The Asset Management Corporation is a state-owned entity that was set up to handle and accomplish the transaction. The burden on the backs of the Nigerian taxpayers can be backbreaking, the resources that

Nigeria: Shell Lost 27,580 barrels to oil spills in 2010

Details: Category: ECONOMY; Published on Friday, 27 May 2011 19:06; Written by elombah.com

The Anglo-Dutch oil giant Shell said Friday that theft, sabotage and operational reasons caused 27,580 barrels of oil to spill from its facilities in Nigeria last year, even as NNPC, Nigeria’s state-owned energy company signed agreements today with local units of Royal Dutch Shell Plc (RDSA) and Chevron Corp. (CVX) for the supply of natural gas to the country’s power stations.

Nigerian Elections Open Doors for Investment

Details: Category: ECONOMY; Published on Thursday, 26 May 2011 22:36; Written by Ann Cantrell

(globalatlanta.com) After the April elections in Nigeria, a renewed confidence in the country's political stability could help the country attract more foreign investment. In the past, rigged elections have marred the country's international image, scaring away investors, Attahiru Jega, chairman of the Independent National Electoral Commission, told GlobalAtlanta. Mr. Jega was the keynote speaker at a May 13 symposium at Kennesaw State

President Goodluck Jonathan Takes Charge of Economic Planning

Details: Category: ECONOMY; Published on Thursday, 26 May 2011 18:24; Written by VOA

Nigerian President Goodluck Jonathan says he is taking charge of the country's economic planning.
Nigerian President Goodluck Jonathan says he will lead Nigeria's economic team in his new Cabinet, replacing the finance minister as the country's chief financial planner.
Jonathan says he will push to raise import tariffs on rice and sugar to better protect domestic producers, with the goal of ending all rice imports within four years. The president says Nigeria will never be a leading economy if it continues to import basic commodities such as oil and food, and does not increasing the local value added to agriculture, solid minerals, and oil and gas.

Nigeria Internet strategy changing

Details: Category: ECONOMY; Published on Thursday, 26 May 2011 17:30; Written by David Eto

Analysts in Nigeria are optimistic that Internet Service Providers (ISPs) can avoid the pitfalls that has left much of the sector struggling in terms of service and connectivity in recent months. According to a report published by BusinessDay Online, four providers including Globacom, Mobitel, Swift Networks and Direct-on-PC (DOPC) have all launched 4G-LTE networks in the country. This report states that the "innovative wireless platform...

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

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