President Jonathan Orders 30% Salary Cut for Nigerian Government Officials
March 17, 2015 Pressed by oil price fall in the last year, Nigeria has sought out extensive austerity measures to curb the adverse effects of lower oil revenues in the coming years by hiking taxes and cutting spend. The latest of these austerity moves, however, is targeted at slashing the spend of the ruling elite,
Could 2015 Be The Year Chinese Airlines Settle In Africa? –
March 16, 2015 In recent years, Chinese airlines have grown in Australia, North America and Europe. The only continent missing in their growth story is Africa. But it seem that could change this year with three Chinese airlines announcing plans to fly African routes. China Southern, which codeshares with regional carrier Kenya Airways, plans to
In 6 months, there’ll be power in all homes in Lagos || Fashola wants to show GEJ how it’s done
March 9, 2015 As his tenure nears its climax, Governor Babatunde Fashola wants to achieve something meaningful before leaving office… as well as prove a point to President Goodluck Jonathan. According to him, the President needs to know that power can be generated, hence, he wants to make a statement. However, his statement is dependent on something- the
Nigeria and its neighbours Big fish (or shark) in a small pond
March 9, 2015 HUGE jars of iridescent yellow liquid glow on almost every street corner in Cotonou, the commercial capital of Benin. Taxi drivers pull over to fill up their cars using a hose and funnel. Proper petrol stations, by contrast, stand empty. “It’s cheaper this way,” explains a taxi driver, as he tanks up
Nigeria’s Oil Assets are the Most Vandalized in the World
March 7, 2015 Nigeria’s Minister of Power, Professor Chinedu Nebo recently stated that the country records the highest number of vandalised oil pipelines, making it harder to achieve sustainable power supply. Nebo said this in Kainji, Niger State, at the unveiling of a 25 kilowatts (kW) hybrid renewable plant constructed by the National Power Training
How Money Looted In Africa Is Funding A Property Boom In London
March 7, 2015 Billions in public funds looted across Africa are finding their way into up-market properties in London through what The Independent terms as anonymous offshore companies that help corrupt officials from developing countries launder their money. The Independent estimates that some 36,342 high-end properties in London have been bought through fictitious companies in
FOREX Africa: Africa’s Debt Rising To Unsustainable Levels
March 5, 2015 As a frontier market, the countries of Africa represent both tremendous opportunities and tremendous risks. On the risk side of the ledger are all the usual complications of international trade and investment compounded by the problems inherent in a developing, emergent continental market consisting of 54 countries and 1.1 billion people –
How Nigeria’s National Oil Company Plans to Tackle local Fuel Scarcity
March 4, 2015 Nigerian state oil firm, NNPC plans to address the current fuel scarcity by importing 1 billion litres of fuel in March, according to a report by analysis website, Nairametrics. The NNPC Group MD, Dr Joseph Dawha, has already began supervising fuel stations within the capital city, Abuja, to restrict hoarding activities and anxiety
Fuel Shortages Hit Nigeria As Weaker Currency Hurts Importers
March 4, 2015 Oil-rich Nigeria’s main cities are facing acute gasoline shortages as importers feel the pinch of a plummeting local currency, tighter credit lines and unpaid government subsidies, oil traders and local industry sources said. As queues of double-parked cars stretch outside filling stations in the capital Abuja, empty tanks elsewhere are forcing consumers
Are Nigerians Rejecting the New N100 Note?
March 3, 2015 Nigerians, especially traders have expressed their discontent with the new N100 note, which they say is slowing down transactions in markets. Prior to the actual launch of the note, the Federal Government and the Central Bank of Nigeria received quite a number of backlashes on the announcement of its proposed introduction. Nigerians