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AfDB pays $24 million to Increase Investment in West African Development Bank

The Board of Directors of the African Development Bank has approved a line of credit of €70 million and an equity investment of $24 million, to be granted to the West African Development Bank. The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness,

Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn

Nigeria got no revenue from crude oil export in the month of October despite an average daily oil production of 1.417 million barrels in the month of September, latest report by the Nigeria National Petroleum Corporation (NNPC) has shown. NNPC on its report to the Federation Account allocation Committee (FAAC) released at the weekend disclosed

UTM, Afreximbank Sign $5bn Financing MoU for Nigeria’s First Floating LNG

Nigeria’s marine and services group, UTM Offshore Limited, and the African Export-Import Bank (Afreximbank) on Tuesday in Abuja, signed a Memorandum of Understanding (MoU) to raise $5 billion for the development of Nigeria’s first floating liquefied natural gas (FLNG) project. The deal that is in two parts would see the continental bank raising $2 billion

Nigeria Regains Top Crude Oil Production Spot in Africa, Says OPEC Report

Nigeria has regained the top spot among crude oil producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November. The Organisation of Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December. The report said the figure showed an increment of 47,000 barrels