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Abuja Plans Talks with Oil-Rich Delta Avengers

Nigerian President Muhammadu Buhari on Sunday said his administration will continue to crackdown on militants attacking oil pipelines in the Delta but also announced talks with leaders in the region to address their grievances. “The recent spate of attacks by militants disrupting oil and power installations will not distract us from engaging leaders in the […]

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Nigeria: President Buhari Calls for Economy Restructuring

The Nigerian President Muhammadu Buhari on Wednesday said there was no better time to diversify the West African nation’s economy than now. The Nigerian leader said, in a message to the 56th Annual General Conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, that his administration was determined to ensure the […]

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Nigerian: Oil output down after pipeline attacks

Nigeria’s oil minister on Monday said the oil production of the west-African nation has fallen by almost 40 percent due to militant attacks on facilities in the Delta region. Crude sales from the Delta account for 70 percent of national income in Africa’s biggest economy but residents, some of whom sympathize with the militants, have […]

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Algeria: We are in Control Despite Low Oil Prices, PM

Prime Minister Abdelmalek Sellal minimized the effects of the low global hydrocarbon prices at the launch of the 17th edition of the International Show of Tourism and Travel in Algiers by claiming that “Algeria has been able to overcome the economic shock” and has “managed to safeguard national stability.” Prices have fallen from above $100 […]

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Angola to Restructure Oil Sector

The Angolan Government on Wednesday said it will restructure the state oil firm Sonangol to “increase efficiency and profitability.” According to the country’s oil Minister Jose Maria Botelho de Vasconcelos, Sonangol will continue to focus on exploration and production while two new entities will be responsible for regulation and administration. Jose Maria Botelho de Vasconcelos […]

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Angola: Sonangol Discovers New Offshore Reserves

One of Africa’s largest companies, the Angola National Oil Company (Sonangol) on Thursday said it has discovered a global-scale of oil and gas reserves in the Kwanza basin that could total 2.2 billion barrels of oil equivalent. The reserves include a block Sonangol owns with BP. BP-operated Block 24 contains an estimated 280 million barrels […]

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Algeria: Not bankrupt by low oil prices but ready for production freeze

Prime Minister Abdelmalek Sellal during his visit to Annaba, 600km east of Algiers, said the country is not “in bankruptcy” despite the low global oil prices because the country has “important assets” that would enable it surpass the price crisis. Algeria’s economy is dependent on hydrocarbons but Sellal said the country could count on the […]

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Libya: new long waited cabinet unveiled, divisions crack unity

Libya’s weak Presidency Council Sunday unveiled from the Moroccan city of Skhirat an 18-member cabinet amid confusion marked by rejection of the cabinet by two members who refused to endorse the new line-up. The new line-up comprises 13 Ministers and 5 State Ministers including 3 women. Saudi media “Al Arabiya” reports that former Gaddafi army […]

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Nigeria: Gov’t to chase 23,000 ghosts on payroll

Nigerian Minister of Finance, Kemi Adeosun on Thursday said 23,000 ghost workers unraveled in the Federal Civil Service in the West-African nation would be handed over to Economic and Financial Crimes Commission (EFCC). Adeosun stated this when she appeared before the Senate committee of Finance for budget defense on Thursday. According to her explanations, the […]

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Nigeria needs $1 bln budget support loan from AfDB

The African Development Bank (AfDB) on Tuesday said the federal government of Nigeria had requested a ‘Budget Support Loan’ of $1 billion to enable it fund the 2016 budget. The request comes as Africa’s largest economy grapples with a $15 billion budget deficit in the wake of the oil crash that has seen prices fall […]

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