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Europe Top News and Analysis Nigeria

  • *Investors say Nigeria needs clearer, bold devaluation. *President Buhari is in London on medical leave. LAGOS/ LONDON, Feb 22- Nigeria's latest efforts to tweak its exchange rate policy have baffled investors who say the moves fall short of the currency devaluation they had hoped for and will not lure money back into the economy.

  • ABUJA, Feb 21- Nigeria's central bank took a step nearer to outright devaluation of the naira currency on Tuesday, providing 23 commercial banks with a combined $370.8 million at forward exchange rates up to 15 percent weaker than the official rate. On Tuesday, it said it sold dollars using one- and two-month forward exchange rates to commercial banks whose bids...

  • JOHANNESBURG— The surprise was finding that people dependent on candles, batteries, kerosene and fuel for generators in countries without a secure supply of electricity spend more on power than solar options. The founders of Dutch company Lumos knew they could do better: In Nigeria, for the cost of powering a small generator for two hours they offer enough solar...

  • *Nigeria hit by dollar shortage due to low oil price, FX curbs. ABUJA, Feb 20- Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. However, that did not necessarily mean the authorities were yet ready to allow a free-float for the naira...

  • LAGOS, Feb 20- Nigeria's deputy leader is making wide use of powers granted by President Muhammadu Buhari, who is on extended sick leave abroad, as the country seeks to avoid a debilitating power vacuum while it confronts its first recession in 25 years. The Nigerian stock exchange, already hit by recession, has fallen to a nine-month low on the uncertainty over...

  • LAGOS, Feb 17- Nigeria's deputy leader is making wide use of powers granted by President Muhammadu Buhari, who is on extended sick leave abroad, as the country seeks to avoid a debilitating power vacuum while it confronts its first recession in 25 years. The Nigerian stock exchange, already hit by recession, has fallen to a nine-month low on the uncertainty over...

  • Russia weakness does not make or break out company - How Heineken is strengthing its UK business

    Heineken CEO Jean-François van Boxmeer explains why Russia remains a difficult market, and also speaks about his company's business strategy in the U.K.

  • LAGOS, Feb 11- The founder of Nigeria's largest airline Arik Air, placed in receivership earlier this week, accused the government of seizing Arik to meet a political goal of creating a "national carrier" and said he would challenge the move in court. Arik is West Africa's biggest airline by passenger numbers but has been hard hit by Nigeria's currency crisis as its...

  • Qatar's Minister of Energy and the OPEC Conference President, Mohammed Bin Saleh Al-Sada (2nd L) and Secretary General of OPEC, Mohammad Sanusi Barkindo (2nd R) attend a press conference following the 171st Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria on November 30, 2016.

    Saudi Arabia over-delivered, but OPEC cut about 90 percent of the oil supplies it committed to take off the market.

  • LONDON, Feb 7- Emerging markets took a beating on Tuesday as a surge in political risks in Europe and a fall in Chinese reserves below $3 trillion boosted the dollar, with MSCI's equity index snapping a four-day winning streak. "With $3 trillion viewed by some as an important threshold, this decline will likely spark renewed debate over how long the People's Bank...

  • ABUJA, Feb 7- Nigeria is targeting economic growth of at least 7 percent a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years. Nigeria's economy is heavily dependent on exports of crude oil and is undermined by decades of endemic corruption, It has been hobbled by low global oil prices...

  • LAGOS, Feb 2- German carrier Lufthansa will not fly to the replacement air hub for the Nigerian capital of Abuja while the main airport is closed for repairs from next month, a company spokesman said on Thursday. While it is closed Abuja- bound passengers will have to fly to Kaduna and travel by bus to the capital, guarded by security, on a road where kidnappings have...

  • Late last year, Nigeria, Ghana, Benin, Togo and Ivory Coast unveiled a plan to reduce the amount of poisonous sulfur they would allow in fuel. That has caused uncertainty, particularly in Nigeria and Ghana, which consume more than half of the fuel used in the region. Nigeria is still drafting its own rules.

  • The court orders will last until Nigeria's anti-corruption agency concludes an investigation into how the current owners acquired oil prospecting license 245, according to the papers released on Thursday. The Economic and Financial Crimes Commission, Nigeria's anti-corruption agency, filed the papers to the court in the capital Abuja on Jan. 11.

  • The court orders will last until Nigeria's anti-corruption agency concludes an investigation into how the current owners acquired oil prospecting license 245, according to the papers released on Thursday. The Economic and Financial Crimes Commission, Nigeria's anti-corruption agency, filed the papers to the court in the capital Abuja on Jan. 11.

  • Workers prepare to remove an electoral poster of Gambia's outgoing president Yahya Jammeh on December 4, 2016.

    With the global narrative of uncertainty continuing to spin out in 2017, how will Africa fare?

  • *Has partnerships with 3 telecoms firms in Nigeria. LAGOS, Jan 20- Sony Music Entertainment sees big growth prospects for music streaming in Nigeria, thanks to falling internet data costs and a large, growing population, a senior executive told Reuters. Michael Ugwu, general manager for West Africa, said Sony Music had set up partnership deals in Nigeria with...

  • *Senate approves 2017 borrowing of 2.321 trillion naira. LAGOS, Jan 18- Nigerian lawmakers have adopted an official exchange rate of 305 naira per dollar for the 2017 budget but have asked the central bank to initiate measures to close the 40 percent spread with the black market, the deputy senate president said on Wednesday. But the gap with the parallel market is...

  • LAGOS, Jan 18- Nigerian lawmakers have adopted an official exchange rate of 305 naira per dollar for the 2017 budget but have asked the central bank to initiate measures to close the 40 percent spread with the black market, the deputy senate president said on Wednesday. But the gap of 40 percent to the parallel market is discouraging investment from overseas and...

  • KADUNA, Nigeria Jan 16- A new terminal at northern Nigeria's Kaduna airport is still under construction with cables hanging from ceilings less than two months before it is due to become an aviation hub when the capital's airport closes temporarily for runway repairs. Nigeria plans to shut Abuja airport for six weeks from March 8 to repair its runway and divert...