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Britain to add Nigeria’s naira to list of accepted trade currencies

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Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said. Britain voted ...

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Nigeria sues JP Morgan for $875 mln over Malabu oilfield deal

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Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and ...

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Nigerian stocks hit 9-year high in third straight day of gains

Stock market display board with opening bell

Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session. The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008. Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise. The central bank floated the naira for foreign investors in 2017, a move that has ...

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Nigeria: Crude Oil Price Hits U.S.$70 Per Barrel

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The price of brent crude oil rose to $70 per barrel yesterday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in United States and Canadian drilling activity that points to higher future output in North America. Brent sweet crude futures, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, ...

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Gas supply to Nigeria’s Escravos-Lagos Pipeline System restored

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Nigeria has fully restored the supply of gas on a pipeline affected by a fire last week, a spokesman for the state oil company said on Monday. Gas supply to several power stations was cut off because of the fire on the Escravos-Lagos Pipeline System near Okada in the southern state of Edo on Wednesday last week. The Nigerian National ...

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Nigerian power grid shut down by gas pipeline fire -ministry

Large power lines.

Nigeria’s electricity grid has been shut down by a fire on a gas pipeline, the ministry of power said in a statement on Wednesday. Gas supply to several power stations was cut off because of the fire on the Escravos Lagos Pipeline System near Okada in the southern state of Edo, the ministry said. “The sudden loss of generation due ...

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Fuel Supply Improves in Lagos, Scarcity Persists in Abuja

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Marketers attribute crisis to NNPC’s $6bn crude-for-product swap deal • Crude oil slips towards $65 as Forties Pipeline moves closer to restart Relief may be on the way for commuters as fuel supply to Lagos shows signs of improvement with queues at filling stations in the metropolis thinning out Tuesday. Vice-President Yemi Osinbajo had spent the Chrismas day touring Lagos ...

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Fuel crisis messes up Christmas in Nigeria

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Many motorists and commuters are stranded in Nigeria following an excruciating three-week fuel shortage. Long queues continue to form at petrol stations in major cities, occasioning a hike in pump price in places where the product was available. Many bus stages are jammed with passengers travelling for Christmas celebration, yet many commercial vehicles were held up in petrol stations. Motorists ...

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Nigeria’s Access Bank’s next frontier

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Nigeria’s Access Bank plans to grow its trade payment and settlement service over the next five years as foreign lenders faced with increased regulation at home cut their correspondent banking exposure to West Africa. So-called correspondent banking operations boomed over the last decade as commodity prices spiked and offshore lenders looking to tap into trade flows to Africa extended lines ...

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Nigeria’s hottest investment opportunities

Manufacturing

The past year has been one of economic progress for Nigeria, with Africa’s largest economy managing to crawl back into growth territory in the second quarter of 2017. Advertisement The Nigerian government has realised that it needs to make the country as attractive and lucrative as possible for offshore investors to bring their capital, skills and business trade into the ...

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