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Nigeria’s Deal With China Will Not Solve Its Problems
By Kira Munk At a recent business forum hosted in Beijing, Nigeria secured $6 billion USD worth of investments from the Chinese government. An unfortunate by-product of these plans is that short-term economic gains are being sought out at the expense of long-term parity that could contribute to the stability of the relationship. With a weakening … Continue reading
More Troubles May Lie Ahead For Nigeria As MSCI Weighs Removal From Index
More troubles may lie ahead for Nigeria, Africa’s largest economy, as global equity index provider MSCI is considering dropping the nation from its benchmark Frontier Markets Index, which could put $500 million of equity investment under threat. On Thursday MSCI announced that it’s considering removing the country from its Frontier Markets Index, blaming currency restrictions imposed by … Continue reading
IMF Urges Nigeria To Devalue Currency As Its Economy Crumbles
The IMF is urging Nigeria’s Central Bank to devalue its local currency, the naira, and to remove curbs on access to foreign exchange as part of a package of aggressive economic policies in order to counter the impact of low oil prices, according to a statement released on Wednesday. Nigeria, Africa’s largest economy and largest crude producer, an OPEC member state, … Continue reading
Nigeria’s Fixation On Oil Kills Its Economic Potential
By Tolulope Ola-David Africa’s largest economy, Nigeria relies on sale of crude for about 90% of its foreign exchange earnings. The economy has been hit hard by the fall in global oil prices over the last year. Nigeria continues to bear the brunt of the fall in global oil prices. Oil accounts for nearly 70% of … Continue reading
Foreign Investors Pull Out Of Nigeria’s Equity And Bond Markets
By James Eugene Nigeria’s economic woes do not look like dispersing any time soon as foreign investors have have decided to reduce their commitment to invest in equities in the Nigerian Stock Exchange, according to the stock exchange’s recent report. The report (titled Domestic & Foreign Portfolio Participating In Equity Trading) indicated that total foreign … Continue reading
Nigeria’s Crude Troubles Leave Oil Investors Weary
By Jose Luengo-Cabrera With the formation of the Nigerian government still underway, uncertainty over reforms in the oil industry and macroeconomic mismanagement are making investors increasingly weary amid significant capital outflows and falling levels of FDI. More than four months after his inauguration in late May 2015, President Muhammadu Buhari finally submitted his list of … Continue reading
What Nigeria Can Do To Weather Low Oil Prices And Slow Economic Growth
By Kalu Ojah Ever since Nigeria started harvesting its petroleum endowment, its economy’s umbilical cord has avoidably been firmly tied to the volatility of this commodity’s price. This vulnerability is demonstrably reflected in that about 65% to 70% of annual government expenditure comes from oil revenues. Historically, it’s been as high as 90%. And every downturn … Continue reading
Market Meltdown Means More Pain For Oil-Producing Economies
By Zachary Fillingham Supply-side downward price pressure has been the story of global energy prices over the past year: newfound supply from the Shale Revolution, OPEC’s gambit of market-share grabbing inundation, and new supply coming online from Iraq and soon Iran. The result was a plunge in oil prices from $115 in mid-June 2014 to below … Continue reading
Nigeria’s Sovereign Credit Still At Risk Despite Smooth Presidential Election Transition, Fitch Says
Risks to Nigeria’s sovereign credit rating remain, despite a smooth transfer of power from March’s presidential elections, as the change of government creates uncertainty over its economic policy, Fitch Ratings said in a statement on Thursday. Muhammadu Buhari of the All Progressives Congress (APC) is set to succeed the incumbent Goodluck Jonathan as Nigeria’s president on May 29, following … Continue reading
Post-Election Violence: Is Wall Street Plotting To Destroy Nigeria? – OpEd
By Caleb Maupin The Nigerian elections, in which current president Goodluck Jonathan has lost to former military dictator Muhammadu Buhari, were highly contested. Violence broke out across Nigeria between supporters of the two candidates. Jonathan’s base of support is the Christian communities of the southern regions. Buhari’s base of support has been the Islamic regions. After … Continue reading
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