Niger Delta militants have clashed with Nigerian security forces after another attempt to sabotage oil infrastructure on Tuesday, local media report. The armed group blew up a barge that was being used to repair the Trans-Forcados Pipeline, a target of recurring attacks by militants operating in the heart of southern…
Economic growth in sub-Saharan Africa is expected to fall to 1.6 percent in 2016, but despite reaching the lowest level in two decades is expected to make a modest recovery in 2017. Real GDP is forecast to grow 2.9 percent in 2017, then rise to 3.6 percent in 2018. That’s…
African economies dependent on oil revenues continue to struggle with high supply levels and low prices, as representatives of OPEC nations meeting in Algeria Tuesday said it will be November before any decision to limit output and stabilize markets could have an impact on their ailing budgets. Nigerian Mohammad Barkindo,…
Nigerian President Muhammadu Buhari promised world leaders Wednesday that as the nation’s economy falters and seeks a recovery, Nigeria remains open for business – even as he faced new criticism at home. Buhari, speaking at the U.S. Africa Business Forum in New York, said the impact of falling prices on Nigeria’s…
Death toll rises from Tanzania’s 5.9 earthquake The death toll from a weekend earthquake in Tanzania continues to rise, with 16 fatalities and more than 250 injured. At least 800 buildings in Bukoba are damaged, according to news reports from AFP Africa and neighboring Uganda. The United States Geological Survey,…
President Yoweri Museveni of Uganda, on Tuesday celebrated thirty years in power. He is now on the last leg of his campaign to extend his rule by five more years. When he seized power in 1986, he promised to rule for four years and was famously quoted saying Africa’s problem…
Frank Kagabo is a freelance journalist.
From 2010 until mid-2014, world oil prices were fairly stable at around $110 per barrel. But over supply from oil producers coupled with weak demand from the Chinese and European economies drowned the world with cheap oil pushing the price further south to its lowest price ($30) since 2003 in…
Erukilede Julius is a legal practitioner, entrepreneur and energy professional.
A wide array of literature asserts the growing dominance of Africa in the coming decades. With the continent analogous to images of poverty, conflict and disease, the tides might be changing to a more economically developed Africa. However, the situation may also portend a case of overestimation of its potential….
Managing Nigeria’s excess oil revenue has never been easy. From Sani Abacha to Olusegun Obasanjo, many of Nigeria’s presidents have famously looted the country’s coffers made rich by oil money. From Nigeria’s independence in 1960 to the year 2006 an estimate $380-400 billion has been stolen by the country’s leaders….
In an exclusive, Reuters reported that a Nigerian reform proposal document shows that Nigerian President Muhammadu Buhari’s advisors have suggested that he totally overhaul the root and branch of Africa’s largest oil industry and increase borrowing to aid in paying off the $20 billion in outstanding government debts. This recommendation came…