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Oil: Nigerias greatest dilemma

Oil: Nigerias greatest dilemma

This week’s business column, is dedicated to the efforts of African countries in raising oil prices on the market. A case study of Nigeria.
Nigeria, the continent’s largest oil producer, is being carefully scrutinized by other members of OPEC, the organization of oil-exporting countries.

And for a good reason, Abuja is still lagging behind in implementing the joint decision of OPECmembers and their allies last December to reduce world oil production by 1.2 million barrels of oil per day from December 2018 to June 2019, in order to boost prices.

Moreover, meeting this Monday in Baku, Azerbaijan, the Member States and non Allied States postponed meeting until next June, the decision on a possible extension of the oil production framework agreement.

Nigerias NNPC plans to revamp

Nigeria’s state-oil firm Nigeria National petroleum Corporation (NNPC) said it plans to revamp its refineries to help Africa’s biggest crude oil producer to save billions of dollars on fuel imports and has hired Italy’s Maire Tecnimont to tackle the Port Harcourt plant.

Nigeria has 445,000 bpd of

Angola telecom giant maintains Africas

Isabel dos Santos, Africa’s richest woman and the daughter of Angola’s former president, has been re-elected to the board of Unitel, the Angolan telecoms company said on Tuesday.

The decision comes after speculation that dos Santos could have been ousted in a shareholder dispute at the company that dominates Angola’s

Christchurch shootings: Facebook gives

Facebook has said a live broadcast of last week's Christchurch attacks was viewed fewer than 200 times, as the firm faces growing criticism for failing to block the footage.

On Friday, a gunman live-streamed for 17 minutes an attack on two mosques that killed 50 people.

Facebook said the video was viewed 4,000 times in

South Africa hit by more power cuts as

South African state utility Eskom stepped up blackouts on Saturday as it lost 900 megawatts of electricity imports from neighbouring Mozambique, which was hit this week by a cyclone.

Eskom, which generates nearly all of the power for Africa’s most industrialised economy, said that it had cut 4,000 megawatts,

Border dispute to economic war: tables

Rwanda on Thursday dismissed accusations made by Uganda’s foreign ministry that it had imposed a trade embargo on bilateral trade with Uganda.

The accusations of an economic war are the latest installment of a diplomatic row that Rwanda says has lasted two years.

The rift came to a climax at the end of

Nigeria records more than 41,000 flight

Nigeria, faced with the challenge of punctuality in airports, cancelled more than 700 national and international flights and recorded more than 41,000 delays in 2018.

The figures are awing and have cost the Nigerian economy hundreds of billions of dollars in losses. 734 flights to all destinations were cancelled and

Nigerian entrepreneur makes handcrafts

For many people the presence of water hyacinths in rivers and lakes is a source of concern.

Not only do the hyacinths prevent sunlight from reaching other aquatic species, they also decrease water flow.

Fishermen view this invasive plant as a threat to their livelihood because they choke waters populated by

UK announces no-deal tariff plan

The government has announced that most imports into the UK would not attract a tariff in the event of a no-deal Brexit.

Under a temporary scheme 87% of imports by value would be eligible for zero-tariff access.

At the moment 80% of imports are tariff free.

Tariffs would be maintained to protect some industries,

South African bank Absa joins list of

South Africa’s Absa bank has become the latest multinational corporation to express interest in exploiting the Ethiopian market, following last year’s decision by reformist Prime Minister Abiy Ahmed to liberalise the economy.

Ethiopia has long prevented foreign ownership in economic sectors including

Do supermarkets know more about us than

When you buy something at the supermarket, what makes you pick one brand - or one product - over another?

Retailers invest huge sums trying to understand this decision-making process, or influence it, in a