Nigeria Non-oil Income Boost to Offset Oil Slump
13/04/2016Nigeria expects its non-oil revenues to nearly double this year as Africa’s top oil producer seeks to offset a slump in oil revenues.
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Nigeria expects its non-oil revenues to nearly double this year as Africa’s top oil producer seeks to offset a slump in oil revenues.
Nigerian Finance Minister, Mrs. Kemi Adeosun, has recently set out the government’s plan to reset the nation’s economy at a special programme organized by the Lagos Business School.
The Group Managing Director of state-owned oil firm NNPC Ibe Kachikwu, has recently said that Nigeria will get $200 million in hard currency from oil majors to pay for fuel.
South Sudan has recently introduced new bank notes to deal with the confusion caused by some denominations whose notes look alike, a senior official has said.
The President of the African Development Bank Group (AfDB), Akinwumi Adesina, has recently reaffirmed the commitment of the Bank to continue to support the growing Mozambican economy.
Stephane Richard, Chairman and CEO Orange French Telecommunications Company, Orange, is to invest 75 million euro ($85 million) in Nigerian e-commerce group, Africa Internet Group (AIG) and become a shareholder.
American investors have recently advised Zimbabwe to take advantage of its mineral resources and introduce a gold-backed currency, which could help attract international capital.
The International Monetary Fund (IMF) has recently emphasized the critical need for Nigeria to raise non oil revenues to ensure fiscal sustainability while maintaining infrastructure and social spending.
Kenya’s economic growth is expected to accelerate both this year and next, helped by low oil prices, improved agricultural output, a supportive monetary policy and infrastructure investments, the World Bank.
A Ghanaian firm, Energy Ghana, a subsidiary of Energy Media Group has recently launched a fuel rating app that will enable consumers to compare fuel prices charged by different supplies.