Mauritius’s economy should expand by 3.8% in 2017, against 3.5% in 2016. This was announced last Thursday by the National Statistics Institute of the country. The performance will mainly, according to the office, be driven by a boost in the manufacturing and construction sectors. According to the agency’s forecast, manufacturing production in Mauritius should rise 1.1% this year, in...

Shell Petroleum Development Company (SPDC) on Friday announced that it has shut down the Nembe Creek Trunk Line which exports Bonny Light crude oil, one of Nigeria’s crude oil grade. According to the Managing Director of SPDC, Osagie Okunbor (photo), the company is working to “remove a significant number of oil theft connections and repair any leaks on pipeline”. “SPDC will work with...

The Central Bank of Nigeria plans to start selling foreign exchange to the Bureau de Change (BDCs) market twice a week and boost their liquidity by 20%. “In line with its pledge to sustain liquidity in the foreign exchange market, the CBN will from Monday, April 3, 2017, commence twice a week FOREX sales to licenced Bureaux de Change in the country. Licenced BDCs are henceforth required to...

A spokesman to the Senate President, Bukola Saraki (photo), has said that Nigeria will forward its oil governance bill to the Senate on the 25th of next month. This is in line with efforts to overhaul the energy sector. “Barring any last minute changes, the Senate Joint Committee on Petroleum (Upstream, Downstream and Gas), will on 25th April lay the final report of the Petroleum Industry...

The Nigerian Government has initiated talks to secure a $150 million loan from the World Bank to kick-start the Mineral Sector Support for Economic Diversification (MinDiver) Project. This project aims to revive the ailing mining industry. Kayode Fayemi (photo), Minister of Mines and Steel Development, who disclosed this in Abuja, said that the Board of Governors of the World Bank is...

MTN Nigeria has paid the second tranche of the $1.7 billion fine it was imposed by the regulatory authority of the telecom sector for failing to deactivate unregistered SIM cards last year. According to a source at MTN, the firm made a payment of $98 million to the Nigerian government. The source noted that MTN Nigeria had before now paid N80 billion ($253.9 million) out of the total...

On the launching of the 2017 agricultural season, Mozambique’s president Filipe Nyusi, revealed that five million land titles, known as “Duireito de Uso e Aproveitament de Terra” or DUAT, will be granted farmers across the country. This was reported by Agence de Presse africaine. The Head of State explained that the provision of the DUATs to farmers proves that agro-processing and...

Kenyan firm Serianu Ltd revealed that five African countries have lost overall $895 million to cyber-crime. In a report released on March 29 and entitled "Achieving Cyber Security Resilience: Enhancing Visibility and Increasing Awareness", the company puts Nigeria as one of the biggest losers in this regard with losses amounting to about $500 million. The other countries listed are...

The International Monetary Fund has urged Nigeria to lift the remaining restrictions on foreign exchange and discard the current multiple exchange rate systems in use so as to revive the country’s economy. “Our directors urged the authorities to remove the remaining restrictions and multiple currency practices, thus unifying the foreign exchange market and helping regain investor...

Starting from next month, the Federal Government of Nigeria will commence the payment of $5.1 billion joint venture cash calls owed International Oil Companies (IOCs) in the country, according to the Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo). Speaking on the sideline of the first Nigerian Oil and Gas opportunity Fair organized in Akwa Ibom on Wednesday, the...