Ngozi Okonjo-Iweala, finance minister of Nigeria, discusses the problem of oil theft and pipeline vandalism in the country.» Read More
By Joe Brock and Tim Cocks. ABUJA/ LAGOS, Dec 5- Nigeria's drive to clean up a gasoline subsidy scheme that soaks up a fifth of federal spending is mired in confusion, with the government, anti-graft investigators and fuel importers at odds over attempts to root out massive fraud.
ACCRA, Nov 26- Pan-African lender Ecobank has sued a top executive who left the company this month, naming him in a civil complaint in Togo as the author of an anonymous email accusing Chief Executive Thierry Tanoh of mismanagement.
In a first on CNBC interview with CNBC's Steve Sedgwick, Ngozi Okonjo-Iweala, Finance Minister of Nigeria describes what the country must do to boost growth.
Lamido Sanusi, governor at the Central Bank of Nigeria, tells CNBC that emerging markets have a "short window" to fix internal issues, in order to reduce the impact tapering will have.
Editor: Malcolm Davidson +44 20 7542 6958. BRUSSELS/ FRANKFURT- A leading international think-tank urged the European Central Bank to loosen the purse strings further and buy euro zone government and corporate bonds to accelerate a weak recovery. Credit Suisse private bank co-heads confident of growth.
*Low internet penetration rates holds back Africa tech growth. DAKAR, Nov 11- When Abasiama Idaresit started a digital marketing firm in Nigeria's bustling economic capital three years ago, he quickly learned how brutal life can be in a market where tech startups are in their infancy.
ABUJA/ LAGOS, Oct 31- Sub-Saharan Africa's economic growth is expected to increase to 6 percent in 2014, from 5 percent this year, supported by investment in infrastructure and production capacity, the International Monetary Fund said on Thursday.
*Central bank raised concerns over Lawson's loans. LAGOS/ ACCRA, Oct 30- Pan-African lender Ecobank announced the departure of chairman Kolapo Lawson on Wednesday in an attempt to restore confidence after a series of blows to its reputation.
*Delivery fleet seeks to beat Lagos traffic. BERLIN, Oct 24- The online retailer Jumia, a would-be African Amazon, is betting that it can propel the continent's rising middle class consumers out of the street markets and straight onto its websites, missing out the department stores and shopping malls in between.
*Nigeria's Lagos has a GDP bigger than most African nations. LAGOS, Oct 23- A walk along the two kilometres of light rail that Lagos authorities have managed to build in three years gives a sense of how hard it is to impose order on one of Africa's most chaotic cities.
Olusegun Aganga, Nigerian minister of industry, trade and investment, says the Nigerian government has "an industrial revolution planned" as well as a "strong, robust" macro-economic background.
*Pirates often violent- International Maritime Bureau. LONDON, Oct 17- Pirate attacks off Nigeria's coast have jumped by a third this year with ships passing through West Africa's Gulf of Guinea, a major commodities hub, increasingly under threat from gangs wanting to snatch cargoes and crews.
*Pirates often violent- International Maritime Bureau report. LONDON, Oct 17- Pirate attacks off Nigeria's coast have jumped by a third this year with ships passing through West Africa's Gulf of Guinea, a major commodities hub, increasingly under threat from gangs wanting to snatch cargoes and crews.
*Lagos 21 million people produce 10,000 tonnes of waste daily. LAGOS, Oct 11- One thing Nigeria's megacity of Lagos, one of the world's largest, generates in abundance is trash.
PARIS, Oct 9- The Renault-Nissan Alliance and West African conglomerate Stallion Group have signed a preliminary agreement to start vehicle assembly in Nigeria and potentially create a major Nissan manufacturing hub for Africa.
LAGOS, Oct 4- Citigroup expects revenues from Africa to grow by 10 percent a year for at least the next five years on the back of soaring prosperity on the continent, the head of its sub-Saharan Africa business told Reuters on Friday.
LAGOS/ ABUJA, Oct 2- In Nigeria, as elsewhere, foreign exchange markets can be a barometer of internal strife, so when central bank governor Lamido Sanusi noticed a surge in dollar demand at forex bureaux in July, he feared something was amiss.
*About 25 pct of top office space vacant in Cairo- report. DUBAI/ LONDON, Sept 26- A flight by foreign companies from violent unrest in Egypt threatens to drive up vacancy rates at offices and malls and prompt international investors to shift funds to sub-Saharan real estate.
Africa's rapid economic growth has lured top American private equity firms to invest, including The Carlyle Group and Blackstone.
NEW YORK, Sept 24- Nigeria's fledgling sovereign wealth fund on Monday completed investment allocations for the 20 percent of the $1 billion it is setting aside to guard against commodity price shocks, its chief executive said.