Crude oil hits record highs: OPEC

Crude oil hits record highs: OPEC

Despite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June. Saudi Arabia and Iraq hit record or near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports. Riyadh and its gulf allies have opposed any reduction…

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The Naira is defenceless

The Naira is defenceless

The Africa Economist/Managing Director, Citi Bank, Mr. David Cowan has predicted a further devaluation of the naira, arguing that the value of the country’s external reserves is too low to sustain the defence of the currency. Specifically, Cowan said the Central Bank of Nigeria would once more devalue the naira towards the end of the year. He stated this yesterday at the EuroFinance conference in Lagos. Cowen said: “What the central bank is battling is…

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P&G ramps up operations in Nigeria

P&G ramps up operations in Nigeria

Procter & Gamble (P&G) Nigeria, a leading consumer goods manufacturing company has expressed further commitment to the Nigerian market, targeting new investments and expansion. The Company, which emerged the biggest American investor in Nigeria outside oil sector with acquisition of a $300 million plant in Agbara in 2014, says growth potential in Nigeria is huge. During the commissioning of its new head office on Issac John Street, Ikeja GRA, the Company said is a further…

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Nigeria’s E-commerce sector valued at $13 Billion

Nigeria’s E-commerce sector valued at $13 Billion

According to a survey done by This Day, a Nigerian-based business news website, the countries e-commerce sector has grown to reach nearly $13 billion in value as more and more people get connected to the internet in the West African country. The Nigerian government forecasts that over 80 percent of the country’s 177 million people will be able to access broadband mobile internet by the year 2018, while 20 percent of them will be connected…

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Ethiopia becomes Africa’s new FDI hotspot.

Ethiopia becomes Africa’s new FDI hotspot.

Report from Bloomberg News. Africa has a hot new investment destination and it’s not Nigeria. The buzz at the World Economic Forum on Africa, an annual summit of the continent’s rich and powerful, is all about Ethiopia, where the economy is flourishing and the government is embracing select foreign capital. Executives from General Electric Co., Dow Chemical Co., Standard Bank Group Ltd. and MasterCard Inc. attending the June 3-5 gathering in Cape Town all singled…

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Luxury brands warming to Africa

Luxury brands warming to Africa

According to A.T  Kearney, a global strategy and management consulting firm,  “Sub-Saharan Africa will be the big story by 2040, comparing it to China in 1987.” “It’s going to be a bumpy road getting there, but in another 30 years it could be the biggest, fastest, strongest, and most attractive region for retail in the world.” A.T Kearney compiled data in its Global Retail Index and sub Saharan Africa for the first time has showed actionable…

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