Europe Top News and Analysis Nigeria

More

  • *Nigeria suffering its worst economic crisis for decades. LAGOS/ ABUJA, Feb 10- Nigerian Finance Minister Kemi Adeosun plans to travel to China next week, aiming to negotiate a loan of up to $2 billion to help fund record budget spending, financial and government sources said on Wednesday. They also said Nigeria- which is suffering its worst economic crisis for...

  • LAGOS, Nigeria— Nigeria's aviation regulatory agency is suspending operation of all Sikorsky model S-76C++ helicopters following two crashes in six months in the West African country, the director general said Thursday. Another Sikorsky nose-dived Aug. 10 into a lagoon in Lagos, the commercial capital, killing six of the 12 people on board including the...

  • LAGOS, Nigeria— Nigeria's state oil company lost 267 billion naira in 2015, even as it tried to pump more oil to counter slashed world prices, the Nigerian National Petroleum Corp. said Thursday. Nigeria is Africa's biggest oil producer but imports most refined products because its refineries are inefficient. According to the report, profits came from the...

  • Attorney General Eric Holder is leading negotiations for MTN as the South Africa- based telecommunications giant tries to eliminate or reduce a $3.9 billion fine imposed against the company's Nigerian subsidiary, the Nigerian Communications Commission said Thursday. Spokesman Tony Ojobo said Holder "is leading MTN's legal team" in negotiations agreed by...

  • Oil has fallen from $107 to around $30 in the past 19 months. Furious production by the U.S. and OPEC led to an oversupply. In a recent research note, Goldman Sachs predicted "the path to a rebalanced market will be protracted and arduous."

  • LAGOS, Jan 30- Coca-Cola has bought a 40 percent stake in Nigerian juice and snack producer Chi Ltd, it said on Saturday, as it continues to expand in Africa to tap a young and fast-growing population. It already has a significant presence in Nigeria selling its fizzy drinks. Lagos- based Chi Ltd, whose owners had been considering a sale for some time, produces mostly...

  • NEW YORK, Jan 28- While airlines are in no rush to pass on fuel savings to passengers brought by the collapse in oil prices, the Houston travel market has left them little choice. Crude's 70- percent drop in the past 19 months has made the Houston travel market a rare point of downward pressure on airline revenues. On average, round-trip business and first class...

  • LAGOS, Jan 27- Nigeria is open to an amicable out-of-court settlement with South Africa's MTN over a $3.9 billion fine imposed on the cell phone operator, a top regulatory official said on Wednesday. After weeks of talks with MTN, which makes about 37 percent of its revenue from Nigeria, it cut the fine by 25 percent. Nigeria has been trying to halt the widespread use...

  • *Nigeria's currency in free fall due to oil slump. ABUJA, Jan 24- Food wholesaler Chioma Oluwaseun was sorting through the inventory in her warehouse to hike prices for imports, in line with a Nigerian currency that has lost a third of its value on unofficial "parallel markets" since last month. Even though the naira is plunging on the street, a result of the collapse of...

  • DIARY- Emerging Markets Economic Events to Feb 2 Thursday, 21 Jan 2016 | 7:02 PM ET

    MONDAY, JANUARY 25 ACCRA- Bank of Ghana announces rate decision- 1100 GMT. TUESDAY, JANUARY 26 JERUSALEM- The Government Companies Authority, which is a part of the Finance Ministry to hold its annual conference on the preformance of state-owned companies and to outline plans to privatise others. ANKARA- Central bank of Turkey will publish the minutes of its...

  • Cramer: Oil's ugly price war just got worse Wednesday, 20 Jan 2016 | 6:57 PM ET
    Unused tanks for the oil industry pile-up in a shop yard in the Permian Basin oil field on January 20, 2016 in the oil town of Andrews, Texas.

    Jim Cramer thinks the real war on oil prices has officially been launched, and U.S. oil companies are the biggest loser of all.

  • Nigeria’s dependence on oil Wednesday, 20 Jan 2016 | 10:20 AM ET
    Nigeria’s dependence on oil

    Heirs Holding chairman, Tony Elumelu, explains why the steep sell-off in oil is taking its toil on Nigeria’s economy.

  • ABUJA, Jan 19- True to his election promises, Nigerian President Muhammadu Buhari has gone all out on corruption, alleging mind-boggling sums plundered from state coffers and giving investigators license to pull in big hitters once thought untouchable. The first test comes on Wednesday with the opening of the trial of former National Security Advisor Sambo...

  • UAE moves to quash talk of OPEC emergency meeting Tuesday, 12 Jan 2016 | 8:31 AM ET
    Oil transfer pipes and storage silos at Fujairah port in the UAE.

    The UAE moved to quash talk of an OPEC emergency meeting, after Nigeria's oil minister said on Tuesday that a "couple" of members had requested a gathering.

  • Nigeria says OPEC members requested emergency meeting Tuesday, 12 Jan 2016 | 7:00 AM ET
    Nigeria says OPEC members requested emergency meeting

    The country's oil minister says a couple of members of the Organization of the Petroleum Exporting Countries asked to meet.

  • ABUJA, Jan 11- Nigeria's central bank is halting dollar sales to non-bank foreign exchange operators and letting commercial banks accept dollar deposits with immediate effect, its governor said on Monday, in an effort to shore up dwindling foreign reserves. Africa's biggest economy, an OPEC member state that depends on oil sales for about 95 percent of its...

  • Olam takes bigger bite into Nigerian wheat Monday, 11 Jan 2016 | 2:14 AM ET

    Olam is expanding its footprint in Africa with the $275 million purchase of BUA Group's wheat milling and pasta making assets.

  • Frontier markets down? Blame the index Wednesday, 30 Dec 2015 | 10:18 PM ET
    The famous Sri Lankan budget taxi, a three wheeler, drives through traffic in Colombo

    Frontier markets tumbled this year, but don't point the finger at weak currencies or oil, investors said. Instead, blame the index.

  • *Nigeria will wait for court to decide on MTN fine. The ministry spokesman contradicted a source in the Nigerian Communications Commission, who earlier said "appropriate action" would be taken against MTN if it failed to pay the fine by a Dec. 31 deadline for failing to disconnect users with unregistered SIM cards. Nigeria has been trying to halt the widespread use...

  • LAGOS, Dec 14- Shares in Tiger Brands' Nigerian unit jumped 9.6 percent in early Monday trades on the Lagos bourse after the South African food company said it had agreed a deal to sell its majority stake back to Dangote Industries Limited. Tiger Brands has not made money from Dangote Flour Mills since paying nearly $200 million for a 65 percent stake in the firm,...