NewsWest Africa

Sun,25Sep2016

West Africa

Ghana to receive $500m World Bank guarantee for ENI gas

The logo of the World Bank at the main venue for the International Monetary Fund  and World Bank annual meeting in Tokyo. REUTERS/Kim Kyung-HoonThe World Bank will provide up to $500m to Ghana in the form of a partial risk guarantee for use if the country defaults on payments for gas from the Sankofa field, the state oil company said on Thursday.

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Nigeria says it is owed $12.7bn in undeclared oil exports

A man walks on oil pipelines near an oil flow station belonging to Agip Oil company in Obrikom, Nigeria. Photo: GEORGE OSODI/AP/SIPANigeria has said it is owed a total of $12.7bn by more than a dozen companies for allegedly not declaring exports of crude oil to the United States between 2011 and 2014, according to court documents seen by Reuters on Wednesday.

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Flour Mills of Nigeria targets more exports to Europe helped by a weaker naira

Egyptian workers load a truck with sacks of flour at a flour mill. Photo: Nasser Nasser/AP/SIPAFlour Mills of Nigeria has exported 10 percent of its locally processed soya bean products for the first time to feed mills in Europe and North Africa, its chairman said, helped by a weaker domestic currency.

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Nigeria must consider oil asset sales as foreign loans delayed, senate leader says

Nigeria's President Muhammadu Buhari (R) receive a letter of confirmation from the President of the Senate of Nigeria Bukola Saraki in Abuja, Nigeria, November 3, 2015. REUTERS/StringerNigeria must consider selling stakes in joint ventures with oil majors and other assets as talks to borrow abroad have not succeeded yet and would in any case not generate enough funds to stimulate economic recovery, the leader of the Senate said.

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Private equity in Africa loses its shine

A general view of the lobby outside of the Carlyle Group offices in Washington. Photo: REUTERS/Jonathan ErnstMajor private equity firms have seen a number of top management departures in Africa, individuals familiar with the matter said, as the funds grapple with investments hurt by a weak economy.

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Nigeria refuses petrol price rise despite crude and currency crises

People queue with their vehicles to buy fuel in front of a fuel station at Agege district in Lagos, Nigeria April 5, 2016. REUTERS/Akintunde AkinleyeNigeria will not increase its gasoline prices, President Muhammadu Buhari told his oil minister and state oil firm head, summoned to his villa last week, sources at the compound said.

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