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Business

AfDB’s Economic Outlook shows decline in regional economies

Célestin-Monga

The African Development Bank (AfDB) has expanded its flagship publication, the African Economic Outlook, with five regional reports. The regional economic studies were released in Tunis (North Africa), Abidjan (West and Central Africa), Nairobi (Eastern Africa) and Pretoria (Southern Africa). “By offering regional approaches for the first time, we want to leverage the Bank’s expertise and give more depth of analysis ...

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NEITI hails National Assembly over petroleum bill

Waziri Adio

The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed steps by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill (PIGB). The decision of the Senate and the House of Representatives to consider the bill as priority resulting in its eventual passage is bold, courageous and progressive, says NEITI, given the challenges the bill has passed ...

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NEITI’s interventions saved extractive sector from collapse, says senator

Waziri Adio

The Chairman, Senate Committee on Federal Character and Inter-Governmental Affairs, Senator Tijjani Yahaya Kaura, says intervention of the Nigeria Extractive Industries Transparency Initiative (NEITI) in the management of the nation’s extractive sector has saved the sector from imminent collapse. Senator Kaura stated this recently in Abuja when NEITI appeared before the Committee to defend its 2018 budget proposal. Senator Kaura ...

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Nigeria’s oil revenues plunged by 55% to $24.8b in 2015 – NEITI

Waziri Adio

Nigeria’s oil and gas revenues plunged from $54.5 billion in 2014 to $24.8 billion in 2015, while the country’s oil production fell from 798 million barrels in 2014 to 776 million barrels in 2015, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed. According to the NEITI 2015 Oil and Gas Industry Audit Report, the total outstanding revenue from the ...

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The twists and turns around 34-year-old Ajaokuta Steel Company

Ajaokuta Steel

The steel industry is said to be the backbone of any nation. The industry will continue to serve as stimulus to national development and economic boaster to industrial growth of a country. The Ajaokuta Steel Company in Kogi State of Nigeria was envisaged to serve as the bedrock of the nation’s industrialisation. The idea of having a steel industry was ...

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35 N/Delta youths get N14m Shell business start-up grant

Igo Weli Shell

The Shell Petroleum Development Company (SPDC) on Thursday, December 21, 2017 gave cheques for N14 million to 35 graduates in its 2017 Regional LiveWIRE Entrepreneurial Programme. The News Agency of Nigeria (NAN) reports that the event took place in Effurun, Delta State. Each of the beneficiaries got N400,000 as a business start-up grant. The General Manager, External Relations of SPDC, ...

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Shell honoured for Nigerian content development

Shell Petroleum Development Company

The Petroleum Technologies Association of Nigeria (PETAN) has honoured Shell companies in Nigeria with the Aret Adams Award for Excellence in recognition of their “outstanding contributions to the development of local content in the Nigerian oil and gas industry.” PETAN, comprising 89 indigenous companies in the upstream sector of the oil and gas industry, announced the recognition at the 2017 ...

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African presidents draw consensus for inclusive growth at Africa 2017 Forum

Abdel Fattah el-Sisi

African presidents have reached a consensus to focus on regional integration, inclusive growth and youth empowerment in order to achieve continued and sustained growth on the continent at the Africa 2017 Forum in Sharm El Sheikh, Egypt. President of Egypt, Abdel Fattah Al Sisi, hosted African heads of state and business leaders including President of the Republic of Guinea Alpha Condé, ...

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Four Nigerian firms among 12 selected for ‘deal room’ at Africa 2017

Sharm El Sheikh

Twelve fast-growing African companies have been selected to win a place in the Deal Room – a special matchmaking platform for African companies – to be held at the Africa Forum 2017 on December 8 and 9 in Egypt. The selected companies will meet and pitch their business to leading investors, private equity firms and venture capital firms to secure funding ...

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Shell links Nigerian, Chinese suppliers in bid to develop local content

Shell

More than 20 Nigerian and 60 Chinese suppliers met in a strategic sourcing development forum in Shanghai mid-November 2017 in a recent effort by Shell Nigeria Exploration and Production Company (SNEPCo) to boost the capacity of indigenous vendors in the oil and gas industry. Coming shortly after the 4th edition of the Global Nigerian Forum in Aberdeen, Scotland, the latest event, ...

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