ABUJA, Dec 17 (Reuters) – Nigeria has slashed its forecast
for economic growth in 2015 due to the plunge in global oil
prices, the finance minister’s budget presented to parliament on
The ministry now sees Africa’s biggest economy growing 5.5
percent in 2015, down from an earlier projection of 6.4 percent.
Oil accounts for the bulk of government revenue in Nigeria, but
global crude prices have almost halved over the last six months.
ABUJA (Reuters) – More than a million Nigerians displaced by an Islamist insurgency in the northeast may not be able to vote in the Feb. 14 presidential election unless the law is changed, the Independent National Electoral Commission (INEC) said on Monday.
Africa’s most populous nation faces what is likely to be its most closely fought election since the end of military rule in 1999, but the Electoral Act states that voters have to cast ballots in their home constituencies, an obstacle for refugees who have fled attacks by Boko Haram militants.
LAGOS/ABUJA, Dec 14 (Reuters) – Nigeria is suffering from a
plummeting currency, steep budget cuts, corruption scandals and
diving oil prices; yet all this is unlikely to decide a tight
race for the presidency.
In many other democracies, such turmoil would probably
propel the incumbent from office. A likely rise in inflation in
Africa’s biggest economy is unwelcome for President Goodluck
Jonathan, who is seeking re-election on Feb. 14 next year.
LAGOS/ABUJA (Reuters) – In a no-contest vote, Nigeria’s President Goodluck Jonathan was nominated as the ruling party’s leader for the February 2015 elections early on Thursday, while the opposition coalition was still voting for a candidate to take him on.
The upcoming presidential race is expected to be the closest fought since the end of military rule in 1999.
ABUJA, Nov 27 (Reuters) – Nigeria’s finance minister said on
Thursday that a significant portion of the billions of dollars
drained from the oil savings account over the past two years was
distributed to powerful governors instead of being saved for a
Nigeria, Africa’s biggest oil producer, is grappling with
financial difficulties owing to a 30 percent fall in the price
of oil since June, which has added pressure on the government’s
already depleted fiscal buffers.
ABUJA, Nov 25 (Reuters) – Nigeria’s central bank devalued
the naira by 8 percent and raised interest rates sharply on
Tuesday, as it sought to stem losses to its foreign reserves
from defending the currency against weaker oil prices.
The bank moved the naira’s target band to 160-176 to the
U.S. dollar, compared with 150-160 naira previously,
owing to prolonged naira weakness and high dollar demand.
ABUJA (Reuters) – Nigeria’s oil exports were disrupted after Shell’s (RDSa.L: Quote, Profile, Research) local unit shut a pipeline that carries a key grade after it discovered a leak on Saturday, the company said on Monday.
The pipeline carries one of Nigeria’s main export grades, Bonny Light BFO-BON. About six cargoes of the crude are exported each month, or around 180,000-200,000 barrels per day.
Nov 5 (Reuters) – A sharp drop in global oil prices has
raised the twin spectres of a potential currency devaluation and
budget shortfalls in Nigeria just as Africa’s biggest economy
gears up for a closely fought and costly presidential election
Nigeria, the continent’s top producer, relies on oil for
only 14 percent of its gross domestic product (GDP) but crude
makes up 95 percent of foreign exchange and about 80 percent of
government revenues, both of which have shrunk rapidly as Brent
crude lost more than a quarter of its value since June.
LAGOS/LONDON (Reuters) – A doctor in Nigeria’s oil hub of Port Harcourt has died from Ebola after treating a contact of a Liberian-American man who was the first recorded case of the virus in Africa’s most populous country, the Health Ministry said on Thursday.
Health Minister Onyebuchi Chukwu said in a statement that the doctor fell ill after treating a patient who was a contact of Patrick Sawyer, who died from Ebola in Lagos after flying in from Liberia last month.
LONDON/BENGHAZI, Aug 28 (Reuters) – Libya’s Waha Oil Co. has
resumed a small volume of Es Sider crude oil production, a
senior Libyan oil official said on Thursday in the latest sign
that output is improving despite unrest in the country.
The oil grade will be exported through the Es Sider port,
the country’s largest export terminal, which has reopened after
being closed for a year due to protests and maintenance.