Nigeria | - Part 58

Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount

LAGOS, Capital Markets in Africa: On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure. Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s…

Nigerian Police Rescue Oil Workers Seized Near Southern Oil Hub

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LAGOS, Capital Markets in Africa: Nigerian police rescued 14 oil workers kidnapped near the southern oil hub of Port Harcourt following a gun fight with the abductors, an official said. “The oil workers were rescued unhurt” after the gunmen abandoned them and fled during the gun battle with the police, Nnamdi Omoni, a police spokesman, said by phone from Port Harcourt on Monday. The 14 employees of Nestoil Ltd., a Nigerian company, were seized on Sept….

Nigeria Says Oil Output at 1.75 Million Barrels a Day and Rising

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LAGOS, Capital Markets in Africa: Nigeria’s oil output has reached 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to be restarted. Mediation with “traditional chiefs and rulers from the region is having positive impact on production,” Minister of State for Petroleum Emmanuel Kachikwu said Monday at a government economic management team meeting with private investors in Abuja. Output should reach 1.8 million barrels a…

Nigeria Next for Allan Gray’s Ndiritu After Zambia Triumph

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LAGOS, Capital Markets in Africa: A year ago, Nick Ndiritu, a portfolio manager at Cape Town-based Allan Gray Ltd., took a bet on the world’s worst-performing debt. The Zambian bonds Ndiritu bought at the height of the southern African nation’s currency crisis have returned 29 percent this year as the economy rebounded, helping to boost returns at the Allan Gray Africa ex-South Africa Bond Fund to almost double its peer average. Now Ndiritu is seeing value in local-currency…

Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut

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LAGOS, Capital Markets in Africa: Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped as much as 2.7 percent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in…

Nigeria to Sell $1 Billion in Eurobonds as Recession Bites

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Lagos, Capital Markets in Africa: Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday. The sale is part of government plans to borrow $5 billion from abroad for capital infrastructure projects to boost Africa’s largest economy. Already some $3 billion has been secured in low-cost, long-term loans from the World Bank and…

Funding Nigerian oil cash calls from debt key for economy: minister

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LAGOS, Capital Markets in Africa: Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, Finance Minister Kemi Adeosun said on Friday. The minister said the Nigerian National Petroleum Corporation (NNPC) had spent 110 billion naira ($360 million) on cash calls this month, which dwarfed the country’s 41 billion naira income from oil production over the…

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