Nigeria | - Part 56

African Development Bank aims to lend Nigeria $4.1 bln for power and farming

LAGOS, Capital Markets in Africa:– The African Development Bank is looking to provide a total of $4.1 billion to Nigeria over 2016 and 2017, its president said on Monday, as Africa’s biggest economy seeks to bridge its budget deficit and improve weak infrastructure. Akinwumi Adesina said the funds would be used to develop the power and agriculture sectors in the west African country, which has slipped into recession for the first time in over 20…

OPEC Members Take Up Positions on Freeze Before Algiers Talks

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LAGOS. Capital Markets in Africa: OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free fall. A previous attempt to agree on an output freeze, including non-OPEC member Russia, collapsed in Doha in April when Saudi Arabia walked away because Iran refused to participate. This…

Nigeria’s Currency Woes a Boon for Top Palm-Oil Producer

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LAGOS, Capital Markets in Africa: Nigeria’s ban on importers accessing foreign exchange for certain products is proving a boon for the country’s biggest palm-oil producer as it stokes demand for domestic goods. Profit at Presco Plc, a Benin City-based manufacturer of the edible oil, more than doubled in the six months through June as sales jumped 60 percent to 7.5 billion naira ($24 million), according to results published in July. The outlook for the next four…

Nigerian Lawmakers to Probe Claim $17 Billion of Oil Stolen

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LAGOS, Capital Markets in Africa: Nigeria’s lower house of parliament ordered an investigation into whether $17 billion of fuel exports were stolen. Most of the oil and liquefied natural gas ended up in the U.S. and some went to China and Norway between 2011 and 2014, Johnson Agbonayinma, a lawmaker, told the House of Representatives in the capital, Abuja, on Thursday. The missing products include about 58 million barrels of oil and 727,000 metric tons…

OPEC Under Pressure to Act in Algiers as Surplus Triples

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LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

Richest African Says Nigeria Needs $15 Billion for Economy

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LAGOS, Capital Markets in Africa: Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to Aliko Dangote, Africa’s richest man. “Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote, a Nigerian national, said in a Bloomberg TV interview at the U.S.-Africa Business Forum in New York on Wednesday. “We’re having a problem as the reserves are low….

U.S. Companies Lag in Race to Tap Africa’s Growth Potential

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LAGOS, Capital Markets in Africa: That was the warning from political and business leaders who attended the second U.S.-Africa Business Forum in New York on Wednesday and dismissed an economic slowdown in the world’s poorest continent as a temporary blip. They highlighted the potential of its expanding middle class, untapped mineral riches and uncultivated arable land. U.S. President Barack Obama’s administration has reinforced the vision of an Africa on rise, spearheading a program to more than double…

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