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Europe Top News and Analysis Nigeria


  • *Global oil price dive hurts Nigeria badly. ABUJA, Sept 17- Nigerian central bank Governor Godwin Emefiele ruled out a naira devaluation on Thursday and told people not to panic about a government order which risks draining billions of dollars from the financial system. Then JP Morgan kicked Nigeria out of its influential Emerging Markets Bond Index last week...

  • LAGOS/ LONDON, Sept 16- Already feeling the pinch from slumping oil prices and slowing economic growth, Nigerian companies are finding it increasingly hard to get hold of foreign currency due to central bank restrictions and may struggle to repay their debts. Since 2007, Nigerian financial and energy firms such as FBN Holdings and Seven Energy have issued more...

  • *Low-cost airlines launch, expand in Africa. Fastjet is among a wave of low-cost airlines launching or expanding operations in Africa as they seek to capture middle-income travellers who are tired of dangerous road journeys but cannot afford major international carriers. Where low-cost routes have opened in Africa, prices have dropped by around 40 percent...

  • China ripple effect will hurt these currencies Wednesday, 9 Sep 2015 | 11:24 AM ET
    Yuan currency China

    China's yuan has stabilized, but risks remain for China's economy and currencies around the globe, says UBS's Jorge Mariscal.

  • *JP Morgan evicts Nigeria from key emerging market bonds index. LAGOS, Sept 9- Nigeria's stocks sunk on Wednesday after JP Morgan said it would eject Africa's biggest economy from its influential emerging markets bond index due to tough controls imposed to prevent a currency collapse. In a move that came earlier in the year than expected, JP Morgan said late on...

  • LAGOS, Sept 2- A year ago, computer science graduate Tolulope Komolafe was among the millions of young Nigerians unable to find full-time work. Fortunately, she was able to live with her brother in their Lagos home and avoid having to survive on her meagre income. Komolafe, 25, now works for Andela, a Lagos- based company that trains computer programmers and...

  • How long can the Saudis hang on with cheap oil? Wednesday, 26 Aug 2015 | 1:52 PM ET
    Workers at an oil facility near Riyadh, Saudi Arabia.

    Saudi Arabia derives 80 percent of its revenue from oil and has a budgetary "break-even" point almost double the current per-barrel price of $40.

  • Nigeria to introduce new rules to stop tax evasion Friday, 7 Aug 2015 | 12:52 PM ET

    LAGOS, Aug 7- Nigeria's Federal Inland Revenue Service said on Friday it would crack down on tax evaders by denying access to banking facilities for individuals and companies that failed to join its register. FIRS chairman Sunday Ogungbesan told a news briefing in Lagos there were more more than 440,000 companies in the country, which has Africa's biggest...

  • JOHANNESBURG, Aug 5- Africa's top mobile phone operator, MTN Group, gave a downbeat outlook for Nigeria, its biggest market, on Wednesday after losing high-end users to Gulf rival Etisalat. South Africa- based MTN, which reported a 10 percent decline in first-half earnings, is fighting to maintain its lead in Nigeria ahead of competitors such as Etisalat and...

  • U.S. fund managers tapping into African beer market Tuesday, 4 Aug 2015 | 3:25 PM ET

    Aug 4- Forget Milwaukee and Brooklyn- Lagos and Dar es Salaam are the new brewery hot spots, according to U.S. mutual fund managers as they tap Africa's emerging beer companies in pursuit of long-term returns on investment. Africa is expected to see the largest increase in the legal drinking age population by 2018, while in western Europe and North America, the...

  • ABUJA, Aug 4- Nigeria's President Muhammadu Buhari appointed a new group managing director of the state oil firm on Tuesday, a statement from the presidency said. Emmanuel Ibe Kachikwu was named as the new head of the Nigerian National Petroleum Corporation, which has been accused of failing to account for billions of dollars in the last few years.

  • How this billionaire investor plays China volatility Tuesday, 4 Aug 2015 | 6:44 AM ET
    China stock prices

    China's rocky stock market ride can benefit private equity players as companies seek funding from other sources, David Rubenstein says.

  • Oil dip triggers global trouble spots Tuesday, 4 Aug 2015 | 6:22 AM ET
    Oil dip triggers global trouble spots

    Helima Croft, RBC Capital Markets, discusses how cheap crude prices are impacting oil-focused economies and whether prices are headed lower from here.

  • Quarter of Earth seen living on just one continent Thursday, 30 Jul 2015 | 1:03 PM ET
    Indian passengers stand and hang onto a train as it departs from a station on the outskirts of New Delhi.

    The Earth will be quite a bit more crowded in 2050—with nearly 2.5 billion more people than now.

  • Nigeria tech enclave springs up in Lagos suburb Monday, 27 Jul 2015 | 7:52 AM ET

    LAGOS, July 27- At first glance, Yaba is like many other parts of Nigeria's sprawling commercial capital: a cacophony of car horns and shouting street vendors, mingling with exhaust fumes and the occasional stench of sewage. But in between the run-down buildings in this seemingly inauspicious part of Lagos, a city of around 21 million, tech start-ups are taking...

  • Ebola: Out of the news but still hitting Africa Thursday, 23 Jul 2015 | 8:58 AM ET
    A crowd enters the grounds of an Ebola isolation center in the West Point slum in Monrovia, Liberia.

    Ebola briefly returned to the headlines this week with a scare at a hospital in New York, but the deadly virus continues to claim victims in West Africa.

  • DIARY-Emerging Markets Economic Events to Aug 4 Tuesday, 21 Jul 2015 | 8:01 PM ET

    PRETORIA- South African Reserve Bank interest rate decision- 1300 GMT. ANKARA- Central Bank of Turkey to hold monetary policy committee meeting to set interest rates. JERUSALEM- Bank of Israel interest rate decision- 1330 GMT.

  • ABUJA, July 14- The four grey towers that form the headquarters of Nigeria's state oil company in the dusty capital, Abuja, feature tinted windows as opaque as the organisation inside, accused of failing to account for tens of billions of dollars. President Muhammadu Buhari, the 72- year-old sandal-wearing ascetic who swept to power this year on an...

  • Has the sun set on Africa’s growth story? Monday, 13 Jul 2015 | 1:51 AM ET
    Employees of a cocoa export company pile up sacks in a packaging factory in the Ivory Coast.

    Sub-Saharan Africa has been the darling of frontier market investors for several years. However, a combination of factors could see its appeal for investors wane.

  • JOHANNESBURG, July 10- The Nigerian government's ambitions for improving electricity supplies are "not remotely realistic", a report by experts advising the presidency says, an early blow to one of President Muhammadu Buhari's most important reform promises. Chronic power shortages are one of the biggest constraints on investment and growth in Africa's...