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  • Local youths play on the beach beyond heavy lifting shipping cranes on barges moored off the shoreline in Luanda, Angola.

    Can diversification help boost a oil reliant economy? Angola may be about to provide a test case of that theory.

  • A worker inspect facilities on an upstream oil drilling platform at the Total oil platform at Amenem, 35 kilometers away from Port Harcourt in the Niger Delta in 2009.

    OPEC member Nigeria sees oil reaching $50, and insisted an oil production freeze is going to happen in spite of disagreement.

  • JOHANNESBURG, Feb 24- South African mobile phone operator MTN Group withdrew its lawsuit against Nigeria's regulator over a $3.9 billion fine and paid $250 million towards a possible settlement. A judge in Lagos last month gave both parties until March 18 to reach a settlement, after MTN had asked the court to arbitrate over the dispute, saying the Nigerian...

  • LAGOS, Feb 23- Nigeria's pegged exchange rate policy appears unsustainable and undermines government efforts to attract investment and diversify the economy away from oil, the chairman of local lender Stanbic said on Tuesday. "The greatest policy uncertainty... is an exchange rate policy regime that threatens the foundations of macroeconomic stability and...

  • JOHANNESBURG, Feb 19- South African telecoms firm MTN Group could end up paying a "reasonable" amount following talks with the Nigerian authorities over a disputed $3.9 billion fine for failing to disconnect unregistered SIM card users, two sources familiar with the matter said on Friday. A judge in Lagos last month gave both parties until March 18 to reach a...

  • *Africa's top oil exporter hopes for loan from China. LAGOS, Feb 18- Nigerian conglomerate BUA Group is in talks with China's Sinoma to build a steel plant in Nigeria and two cement plants in East Africa for $1.9 billion, its chairman said. He gave no details on the funding but Nigeria has been in talks with China's state export and import bank for a loan to spur...

  • *Big cities still growing despite slowing economies. JOHANNESBURG, Feb 14- Africa's biggest economies have been hammered by the collapse in commodity prices over the past 18 months but there are still investment bright spots to be found. In cities such as Lagos, Nairobi, Accra, Kinshasa and Johannesburg, growth remains robust and investors are prospering in the...

  • LAGOS, Feb 11- Nigeria's stock exchange, Africa's second-largest, is looking to attract investors spooked by a weak currency and oil price by offering more products ahead of a possible listing. "We would like to give exposure to asset classes that we are not necessarily trading," chief executive Oscar Onyema, a former Wall Street executive who returned home like...

  • Excess gas is burnt off at a pipeline at Rumaila oilfield in Basra, Iraq January 26, 2016.

    Winds that hinted at partially reversing the oil price rout appear to be dying down. A number of experts now see 2016 as another waiting game.

  • *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...

  • Persistent uncertainty about oil outlook: Pro

    Nigeria seeking loans shouldn’t come as a surprise says Manji Cheto, senior vice president at Teneo Intelligence.

  • Nigeria wants $3.5B in emergency loans

    Africa's largest economy asked the World Bank and African Development Bank for emergency loans.

  • 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...

  • Militant Islamist fighters parade on military vehicles along the streets of northern Raqqa province, June 30, 2014.

    Nigeria has called on the Muslim world to condemn the so-called Islamic State terrorist organization.

  • 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...

  • 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

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