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Nigerians Split Over Negotiating with Oil Militants

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Nigeria’s government is trying to talk its way out of an unfolding crisis in its oil-producing Niger Delta region, but activists and traditional leaders are divided over whether negotiation is the best solution. The minister of state for petroleum, Emmanuel Ibe Kachikwu, says the government wants to work with the Niger Delta Avengers, a militant group whose months of attacks ...

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Nigeria:Africa’s richest man, Aliko Dangote shifts focus from cement to oil and gas

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Africa’s richest man, Aliko Dangote, plans to launch Nigeria’s first private crude oil refinery by 2019 while almost doubling his cement production on the continent by adding plants in eight countries as he shrugs off a regional economic downturn. Dangote told Reuters the $12 billion refinery would have a capacity of 650,000 barrels a day, cornering the market in Africa’s ...

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Nigeria: Why Economy Bleeds Despite Oil Exploration – Experts

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Experts in the country’s oil and gas sector, have accused the Federal Government and the oil communities of ignorance to contractual agreement signed before exploration and production in the region. This was as they attributed such dysfunction to policies and regulations supposedly meant to guide petroleum operations. Disclosing this at a workshop with journalists organized by Natural Resources Governance Institute, ...

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NIGERIA: Fitch downgrades Nigeria

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Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. The Outlooks are Stable. The issue ratings on Nigeria’s senior unsecured foreign-currency bonds have also been downgraded to ‘B+’ from ‘BB-‘. The Country Ceiling has been revised down to ‘B+’ from ‘BB-‘ and the Short-Term ...

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Nigeria: Oil Exports On Course Despite Militants’ Attacks

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Nigeria in May exported 1.89 million barrels per day, contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, a maritime intelligence firm showed that Nigeria’s crude oil exports in May dropped by just 62,000 barrels per day (bpd) from April, with exports still reaching 1.89 million bpd. Windward ...

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Nigeria:Investors cheer currency float but won’t rush back yet

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Nigeria’s swift one-step move to a floating currency has been welcomed by investors but most nonetheless will stay away until Africa’s biggest economy shows signs of recovering from damage inflicted by the 16-month old exchange rate peg. Nigeria this week finally ditched the peg that had throttled foreign exchange markets, led to widespread capital flight and caused its first quarterly ...

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Nigeria distributable revenues rose to 305 bln naira in May -finance ministry

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Nigeria’s distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday. Nigeria, an OPEC member with Africa’s biggest economy which relies on crude sales for about 70 percent of national income, has been ...

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Nigeria agrees one-month ceasefire with Delta militants, officials say

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Nigeria has agreed a one-month ceasefire with militants behind recent attacks on oil facilities in its southern Niger Delta, a petroleum ministry official said on Tuesday, as efforts continue to end the unrest that has pushed crude output to 30-year lows. Militants say they want a greater share of Nigeria’s oil wealth to go to the impoverished Delta region. Crude ...

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