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Nigeria Faces Another Crisis As Govt Faces “Severe Financial Strain” With “Empty Treasury” To Pay For Fuel Subsidies
Nigeria is likely to be hit by fuel shortages in the approaching weeks as government funds run low and they won’t be able to support payments for gasoline subsidies, Bloomberg reports, citing the head of Seplat Petroleum Development. “In three weeks we will be back to scarcity because we simply don’t have the money to … Continue reading
Why Office Space In Lagos Is More Expensive Than New York
Originally posted on Quartz:
When you think about the most expensive offices space in the world, cities like New York and London,with their reputations as global financial centers, spring to mind. However, when it comes to pricing, Lagos, the commercial capital of Africa’s largest economy has managed to find a comfortable spot among them. Rentals for…
Will JPMorgan Remove Nigeria From Its EM Bond Index?
“JPMorgan Chase & Co. extended a deadline to decide whether to remove Nigeria from its emerging market bond indexes tracked by more than $200 billion of funds, as a new government in Africa’s biggest economy settles in,” Bloomberg reports. Back in January this year, JPMorgan said it would assess Nigeria’s suitability to remain in a … Continue reading
Mark Mobius: A New Way Forward For Nigeria?
A couple of years ago, many investors were optimistic about Nigeria and the stock market was booming, buoyed by strong economic growth and government reforms to improve the country. However, by 2014, the mood soured amid a series of unfortunate events, including the terrorist acts of Boko Haram, an Ebola outbreak and the weakening price … Continue reading
Deal Reached To End Fuel Crisis in Nigeria
Nigeria’s fuel wholesalers say they have reached a deal with the government to resume fuel distribution, ending a crisis that brought Nigeria’s economy to a standstill as airlines were forced to ground flights and banks to phone companies faced shutdowns. The Major Oil Marketers Association of Nigeria (MOMAN) said Monday following a meeting with Nigeria’s finance minister that it … 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
Nigeria: The Dynamics Of An Oil Crisis
By Daniel Djouder The new trend of low oil prices has rapidly escalated, carrying negative effects for producers and positive effects for the economies of importers, though these have been slow to become apparent. In this complex scenario, the oil-dependent country of Nigeria finds itself in a very peculiar position owing to a specific mix of … Continue reading
Nigeria’s 2015 Presidential Election: Four Possible Scenarios
By Stratfor Global Intelligence The controversial bid by Nigerian President Goodluck Jonathan to seek re-election has jeopardized Nigeria’s political stability. The Boko Haram insurgency in northeastern Nigeria, which pushed back presidential and national assembly elections from Feb. 14 to March 28 because of security concerns, has complicated this picture. Gubernatorial and state houses elections set for Feb. 28 were … Continue reading
Will Democracy Survive In Nigeria?
By Joseph Benzekri Nigeria’s deadly insurgent group Boko Haram declared its allegiance to ISIS on March 7, following what was reported to be female suicide bombings killing over 50 in Maiduguri. Much like ISIS, the equally nihilistic Boko Haram appears to be edging closer to its own caliphate in northern Nigeria. In light of increasing violence … Continue reading
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