Nigeria | - Part 59

S&P Downgrades Nigeria Further Into Junk as Oil Crisis Worsens

LAGOS, Capital Markets in Africa: S&P Global Ratings downgraded Nigeria further into junk territory as Africa’s most populous nation struggles amid low oil prices and severe shortages of foreign-exchange. S&P lowered Nigeria’s rating one level to B, five levels below investment grade and in line with Kyrgyzstan and Angola. The outlook was changed from negative to stable. “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive…

Oil Holds Below $44 as Libya, Nigeria Seen Adding to Oversupply

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LAGOS, Capital Markets in Africa: Oil held below $44 a barrel amid speculation the global crude glut will expand as OPEC members Libya and Nigeria prepare to boost exports within weeks. Futures fell as much as 0.6 percent in New York after losing 5.9 percent the previous two sessions. Libya’s state oil company on Wednesday lifted curbs on sales from three ports, potentially unlocking 300,000 barrels a day. Exxon Mobil Corp. was said to be ready to resume…

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart

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LAGOS, Capital Markets in Africa: Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was…

Guinness Nigeria to Export Beer to South Africa to Add Sales

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LAGOS, Nigeria, Capital Markets in Africa: Guinness Nigeria Plc plans to increase exports to improve sales and generate more foreign exchange as the country’s second-largest brewer battles to overcome an economic slump in its home market. The unit of London-based Diageo Plc will consider selling Guinness stout and the herbal drink Orijin in South Africa to boost the proportion of beverages it sends to international markets, Chief Executive Officer Peter Ndegwa, 48, said in a Sept. 9 interview at the company’s…

Nigeria: Policy Action in a Time of Stagflation

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian economy is currently between a rock and a hard place as policymakers grapple with stagflation i.e. the simultaneous emergence of negative economic growth and high inflation. Inflation has accelerated in 2016, outstripping all expectations to hit a decade-long high of 16.5% in June. GDP growth, meanwhile, turned negative in the first quarter of the year as the economy contracted by 0.36% year-on-year. With a recession looming, the…

Nigeria’s Biggest Miller Says Firms Face Huge Challenges

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LAGOS, Capital Markets in Africa: Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Africa’s most populous country are finding profits under pressure from a fall in crude prices, a weak naira and rising input costs. “Taken together, these factors have contributed to a perfect storm,” Chairman John Coumantaros told investors at a meeting in the commercial hub, Lagos, on Thursday. Flour Mills was able to “offset the impact” of…

Iran, Nigeria Have Right to Raise Oil Output, Algiers Host Says

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LAGOS, Capital Markets in Africa: OPEC and other producers can reconcile talks aimed at stabilizing the oil market with the prerogative of Iran, Nigeria and Libya to boost output, according to Algeria’s energy minister. “Iran has the right to increase production to the pre-sanctions level,” Algeria’s Noureddine Bouterfa said in an interview in Moscow Friday, after meeting his Russian counterpart Alexander Novak. “It is also the right of Libya, Nigeria to increase.” Bouterfa was shuttling between Moscow…

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