Anti-corruption associations on Monday threatened to take the Nigerian government to court in connection with a contract won by Italian oil major ENI to operate a neglected oil refinery. In early May, Nigeria’s junior oil minister Emmanuel Ibe Kachikwu announced that ENI had pledged a $15 billion investment deal, which included the repair, expansion and … Read more
Suffering from rampant inflation, stalled investment and mass layoffs, Nigeria is still gripped by one of the worst economic crises in its history. But for the first time in months, the West African economic giant is finally looking to exit its first recession in decades. On Thursday, parliament approved the government’s ambitious seven-trillion-naira ($23-billion) budget … Read more
Militant attacks on key oil facilities last year reduced Nigeria’s output by one million barrels per day, resulting in a revenue loss of up to $100 billion (94 billion euros), according to the government. “At the highest point of this last year, we were producing 1.2 million barrels, which means we were losing literally a … Read more