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Drop in Oil Prices Unveils Vulnerability of Algerian Economy

Algerian authorities have finally been compelled to face the reality and admit the failure of their economic model based on crude oil exports and trade. Global oil prices have fallen sharply over the past years, leading to significant revenue shortfalls in many energy exporting nations, including Algeria, member of the OPEC. The falling prices of […]

Algeria’s Foreign Exchange Reserves fall to $109 bln in February 2017

Algeria is on course of depleting its coffers as its foreign exchange reserves continue to dwindle to stand at $109 billion dollars at the end of last February, said governor of Algeria’s central bank, Mohamed Loukal. Battered by the slump in oil prices, Algeria’s reserves followed a decreasing trend from $194 billion in 2013, $178 […]

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Nigeria: Buhari slims his schedule for further treatment

Nigeria’s president Muhammadu Buhari has reduced his working hours since he returned from medical leave, Voice of America reported. According to the US media, the development was likely to slow down the pace of economic reforms “advanced in his absence”. “Buhari was spending between one and four hours a day in his office to conserve […]

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Algeria supports oil freeze continuation as stocks diminish

Algeria has voiced its support for the extension of the oil production freeze agreement between OPEC and non-OPEC members as it believes that “stocks in Europe and Asia as well as in the US are diminishing” and “that will reassure the market.” Energy Minister Noureddine Boutarfa is optimistic that a “clear impact” of the deal […]

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Nigeria directs oil firms to relocate headquarters

Nigerian’s acting president, Yemi Osinbajo this weekend instructed the relocation of all International oil companies head offices in the West-African nation to the Niger Delta. Osinbajo told the Minister of state for Petroleum, Ibe Kachikwu to engage with the oil companies “on the way forward” over repeated calls for the companies head offices relocation to […]

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Uganda eyes 5.5% GDP in the year ending June 2018

Uganda’s economy boosted by lower borrowing costs and higher oil sector investments will grow by 5.5 percent in the year to June 2018, a budget paper on Monday showed. According to the budget framework, growth will be supported by a recovery in private sector credit due to the easing of monetary policy. Issuance of crude […]

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Nigeria: Exxon Mobil Closes Doors in Lagos over Workers’ Protest

U.S. oil giant Exxon Mobil’s headquarters in Lagos has been shut down, after protesters besieged the company’s offices, protesting the sacking of 150 Nigerian workers. The standoff is coming on the heels of a similar development on Wednesday in Upkenekang Community in Akwa Ibom, where angry youths disrupted the operations of the company over the […]

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OPEC Members Agree to Cut Oil Production by November

Members of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday reached an agreement to limit oil production to between 32.5 and 33 million barrels per day. According to energy ministers of Qatar and Nigeria, members of the Organization reached an understanding after a six-hour gathering in the Algerian capital, but deferred until November the […]

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Ghana: 27 Electoral Reforms to Ensure Credible Elections

Ghana’s Electoral Commission (EC) on Wednesday said it has adopted 27 electoral reforms to make this year general elections in the West African nation, more “transparent” and “credible.” “We are committed to ensuring an electoral process that guarantees people the right to cast their ballots without intimidation or violence,” Mrs Charlotte Osei, the EC Chairperson […]

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Nigeria Q1 Revenues Reach only 55 % of Goals

The Nigerian government failed to meet its revenue target for the first quarter of 2016, Reuters reported on Friday. Months of militant attacks on pipelines and oil infrastructure in the Niger Delta region have crippled production in Nigeria, Africa’s largest producer of crude. “Up to April we have not been able to meet our revenue […]

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