Apparently, nobody knows. Check this out: The Nigeria Extractive Industry Transparency Initiative (NEITI) has described the records of the country’s crude production and export as unclear, saying that after 58 years of oil production, the country does not know exactly the quantity it produces. Speaking at the presentation of a research report on the Nigeria… Read More »
Reuters: Nigeria’s Senate approved a 4.608 trillion naira budget proposal for 2010 on Thursday, up from an initial 4.079 trillion naira spending plan proposed by the presidency. The budget assumes an average oil price of $67 per barrel and oil production of 2.35 million barrels per day. It also pegs the exchange rate at 150 naira… Read More »
Reuters: The bank expects economic expansion of 4.6 percent in 2011 and estimates the region grew by between 1.0 and 1.1 percent in 2009, said Andrew Burns, the bank’s manager of global macro economic trends.
Africa is a different place from how it is often portrayed in the popular media. Thanks to sound economic policies in many countries over the past decade or so, Africa has been able to withstand this crisis much better than has been the case in the past. The fact that the crisis hit Africa anyway does not… Read More »
Ms Ngozi Okonjo-Iweala, Nigeria’s former minister for finance, and currently a managing director of the World Bank: intra regional trade in Africa remains low and accounts for less than 10% of total trade . Between 1999 and 2006, for example, intra-African trade increased by an average of just 14 per cent per year, while trade… Read More »
For the first time in five years, no big US investment bank appears among the top nine sovereign bond bookrunners in Europe, according to Dealogic data compiled for the Guardian. Only Morgan Stanley ranks at number 10. Goldman Sachs doesn’t make the table. Goldman made it to number five last year and in 2006, and number… Read More »
Adewale Ajadi writes in NEXT: Is it not possible that in a heated polity Mrs. Yar’Adua sees herself as isolated and her husband as threatened; viewing each delegation that approached Saudi Arabia with the same cynicism that is abroad across the land and drinking from the same sectional cesspool from which the national psyche is… Read More »
A Lagos High Court has given nod to 80 aggrieved investors, bonded in a class action suit, to seek legal remedies against a Lagos asset management company, BGL Ltd., for an alleged N30 billion financial fraud in a private placement offer. In the nation’s first class action lawsuit in the margin loan crisis, Justice Charles… Read More »
Confusion over the names of two similar-sounding African countries may have helped boosted oil prices to near $80 a barrel this week as traders rushed to buy oil after reports of a military coup. A Reuters reporter received a flustered phone call from a hedge fund partner who had heard animated discussion in the market… Read More »