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  • LAGOS, Nigeria— Financial crime agents arrested 21 bankers including senior executives of the Central Bank of Nigeria for the theft of $33 million worth of defaced naira currency notes, Nigerian officials said Monday. The fraud involved using cut-up pieces of newspaper to replace notes in Nigeria's naira currency that had been designated for destruction at...

  • *Boko Haram firmly in new leader's sights. ABUJA, May 29- New Nigerian President Muhammadu Buhari promised on Friday to eradicate the "mindless, godless" militants of Boko Haram and rescue hundreds of women and children held captive, including 200 girls taken from the town of Chibok a year ago. In his inaugural address as elected leader of Africa's most populous...

  • *Boko Haram firmly in new leader's sights. ABUJA, May 29- New Nigerian President Muhammadu Buhari vowed on Friday to eradicate the "mindless, godless" militant group Boko Haram and rescue hundreds of women and children held captive, including 200 girls taken from the town of Chibok a year ago. In his inaugural address as elected leader of Africa's most populous...

  • LAGOS, Nigeria— Nigeria's outgoing government has agreed to pay a debt of $800 million to resolve a months-long fuel crisis crippling the economy days before the inauguration of a new president in the country, oil suppliers said Wednesday. Chaos reigned Tuesday at Nigerian airports where most flights were cancelled. Nigeria— Africa's biggest oil producer—...

  • Correction: Nigeria-Fuel Crisis story Monday, 25 May 2015 | 8:34 AM ET

    LAGOS, Nigeria— In a story May 25 about Nigeria's fuel crisis, The Associated Press erroneously reported that the country produces more than 2 billion barrels of oil a day. Nigeria's leading cellphone provider urgently needs diesel to prevent countrywide shut-down. Nigeria's leading cellphone provider said Sunday it urgently needs diesel to prevent...

  • This country needs diesel to run its cellphones Monday, 25 May 2015 | 1:45 AM ET
    Nigeria's Muhammadu Buhari

    Nigeria's leading cellphone provider warns it needs diesel to prevent shutting down services countrywide.

  • LAGOS, Nigeria— Nigeria's leading cellphone provider said Sunday it urgently needs diesel to prevent shutting down services countrywide— the latest business hit by a months-long fuel crisis in Africa's biggest oil producer. Nigeria's woefully erratic electricity supply keeps businesses dependent on diesel generators. Nigeria produces more than 2...

  • Nigerian airlines cancel flights amid fuel crisis Saturday, 23 May 2015 | 10:06 AM ET

    LAGOS, Nigeria— Nigerian airlines grounded flights Saturday and radio stations were silenced as a months-long fuel shortage aggravated by striking oil tanker drivers worsened in Africa's biggest oil producer. Normally bustling roads in Lagos, a metropolis of 20 million, were half-empty and gas stations closed Saturday. Aero Contractors, one of Nigeria's...

  • ABUJA, May 19- Nigeria's central bank kept its benchmark interest rate at 13 percent on Tuesday, stressing the need to preserve foreign exchange reserves that have been depleted in recent months to support a weaker naira. At the bank's first policy meeting since the shock election victory of Muhammadu Buhari, who takes office as president on May 29, Governor...

  • Investment to Nigeria down by a third in first quarter Tuesday, 19 May 2015 | 11:38 AM ET

    LAGOS, Nigeria— Foreign investment to Nigeria fell by nearly a third with the United States a "key driver" of the decline in the first quarter of 2015, compared to the same period last year, the National Bureau of Statistics said. Capital importation to Africa's biggest oil producer totaled $2.67 billion for the opening quarter, the lowest in two years, the bureau...

  • DIARY- Emerging Markets Economic Events to May 28 Thursday, 14 May 2015 | 8:02 PM ET

    Greek Prime Minister Alexis Tsipras, Finance Minister Yanis Varoufakis, Deputy Finance Minister Dimitris Mardas, Economy Minister George Stathakis, Chief Executive of the European Financial Stability Facility and Deputy Director at the European Department at International Monetary Fund Pul Thomsen are among keynote speakers. PRAGUE- The "History of...

  • DIARY- Emerging Markets Economic Events to May 26 Tuesday, 12 May 2015 | 8:02 PM ET

    LONDON- Brazilian Finance Minister Joaquin Levy visits the United Kingdom and holds a press conference- 1645 GMT. SARAJEVO- Sarajevo Business Forum 2015. WASHINGTON- European Central Bank President Mario Draghi will give the Michel Camdessus Central Banking Lecture at the IMF- 0800 GMT.

  • DIARY- Emerging Markets Economic Events to May 25 Monday, 11 May 2015 | 8:02 PM ET

    LONDON- Brazilian Finance Minister Joaquin Levy visits the United Kingdom and holds a press conference- 1645 GMT. SARAJEVO- Sarajevo Business Forum 2015. WASHINGTON- European Central Bank President Mario Draghi will give the Michel Camdessus Central Banking Lecture at the IMF- 0800 GMT.

  • DIARY- Emerging Markets Economic Events to May 21 Thursday, 7 May 2015 | 8:02 PM ET

    BUCHAREST- Romania central bank Governor Mugur Isarescu presents the quarterly inflation report. LUSAKA- Bank of Zambia announces interest rate decision. ACCRA- Central bank of Ghana holds monetary policy meeting.

  • DIARY- Emerging Markets Economic Events to May 18 Tuesday, 5 May 2015 | 8:02 PM ET

    WASHINGTON- Federal Reserve Chair Janet Yellen and International Monetary Fund Managing Director Christine Lagarde participate in " Finance and Society" conversation before the Institute for New Economic Thinking Conference on Finance and Society hosted by the IMF- 1315 GMT. BUDAPEST- Central bank of Hungary publishes April policy meeting- 1200 GMT.

  • LAGOS, April 27- The road leading to the Lagos port, which handles nearly everything that Africa's biggest economy imports, is one of the most congested in a megacity whose traffic jams are legendary. Wide enough to accommodate only two lanes on either side, along it move the goods that Africa's top crude producer uses its huge oil receipts to buy-- everything from...

  • Nigeria's economy needs more diversification   Wednesday, 22 Apr 2015 | 11:50 AM ET
    Nigeria's economy needs more diversification

    Dr. Akinwumi Adesina, Nigerian minister for Agriculture, says that Nigeria needs to continue to diversify its economy even more.

  • Where to invest in Africa   Tuesday, 21 Apr 2015 | 1:30 AM ET
    Where to invest in Africa

    Miguel Azevedo, Citi's head of investment banking, says Nigeria is currently more interesting than South Africa in terms of investment potential

  • ABUJA, April 15- Oil firms keen to know how Nigeria's president elect Muhammadu Buhari plans to tax them could be waiting a long time as he makes ending corruption and reforming the opaque national oil company his most urgent sector priorities. Four party sources from Buhari's All Progressives Congress told Reuters the issue of fiscal terms, seen as crucial by...

  • Why one of the world's largest democracies is hot Thursday, 2 Apr 2015 | 3:11 PM ET
    Nigeria's Muhammadu Buhari

    Investors pushed up Nigerian securities following a historic election this week, but will the optimism last?