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Farooq

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MOSCOW, April 16 (Reuters) – A draft of an agreement prepared for the meeting between OPEC and non-OPEC member countries in Qatar on Sunday sees oil production being frozen at the January level until October, TASS news agency quoted the Azeri energy minister as saying on Saturday. The minister, Natig Aliyev, described the draft as […]

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DUBAI, April 16 (Reuters) – Saudi Arabia will only freeze the level of its oil production if all other major producers, including Iran, do so, Bloomberg reported on Saturday, citing Saudi deputy crown prince Mohammed bin Salman. He told Bloomberg the world’s largest crude exporter would cap its market share at about 10.3 million to […]

ABUJA, April 16 (Reuters) – Nigeria, which is going through its worst economic crisis in years, has not turned to the International Monetary Fund (IMF) for financial assistance because it is “not sick”, its finance minister said. Africa’s top oil exporter, which has the continent’s biggest economy, has been hit hard by the fall in […]

April 15, 2016 – By NairaFX IMF Managing Director, Christine Lagarde, who speaking at the opening press briefing of the fund at the 2016 Spring Meetings of the IMF-World Bank in Washington D.C., has asked that the Nigerian Federal Government look for assistance from international institutions that have the capacity to aid the Nigerian economy […]

JOHANNESBURG, April 15 (Reuters) – Falling commodity prices have pushed several African countries back into the embrace of the International Monetary Fund, which has an opportunity to push for reforms and inject transparency into opaque economies.  Top of the list is Angola, Africa’s second biggest crude producer and third largest economy, which has not borrowed […]

Angola is now the number one oil producing nation in Africa, taking over the position from Nigeria. In its latest monthly report, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s oil production fell by 67,000 barrels per day (bpd) in March. The report said Nigeria produced 1.677 million bpd in March, down from 1.744 […]

Agriculture’s contribution to Nigeria’s Gross Domestic Product (GDP) rose marginally from 23.86 per cent in the fourth quarter of 2014 to 24.18 percent, the Central Bank of Nigeria (CBN) has said. The CBN Governor, Mr. Godwin Emefiele, stated this during the Nigerian agricultural finance conference with the theme: “Catalyzing the diversification of Nigerian economy through […]

Experts have expressed fear about the new agreement signed by Nigeria to include China’s currency, Yuan in its foreign reserves. While they envisage many opportunities as result of the agreement, they hold several reservations. One reason for this is because China is investing in US treasury and are the largest purchaser of US treasury. They […]

April 14th 2016 In the last 48 hours, much has been made about the success of President Muhammadu Buhari’s trip to China. For some, it was about the ability to borrow or source cheaper funds and for others, it was the increased investments Chinese companies have promised to make in Nigeria’s potential growth sectors such […]

BEIJING, April 13 (Xinhua) — China is willing to join hands with Nigeria, the largest economy in Africa, to contribute to regional and world economic recovery and growth, Chinese Premier Li Keqiang said here on Wednesday. Li told visiting Nigerian President Muhammadu Buhari during a meeting in the Great Hall of the People that the […]