Nigeria

NIGERIAN OIL OVER DOUBLE 2017 BREAK-EVEN PRICE ACCORDING TO FITCH RATINGS by Alistair Galloway

According to Fitch Ratings Ltd., oil is projected to be sold at an average of $52.50/barrel in 2017, leaving eleven oil exporting countries with an unbalanced budget for the year. In an April 5 report, even after cuts in government subsidies and currency devaluations, these countries won’t have balanced government budgets in 2017.

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THE ONGOING STRUGGLE FOR NIGERIA by Alistair Galloway

Nigeria, whose population is roughly divided between Christianity and Sunni-majority Islam, is witnessing an ever increasing growth in Iranian-Shiite influence. From Nigerian independence in the 1960s, Saudi Arabia had taken the initiative to spread Sunni Islam in the country and so Iran’s burgeoning influence can be seen as a direct challenge with potential sectarian ramifications. There is, currently much dispute as to the proportion of the Nigerian population made up of Shiites, with disgruntled Sunni Muslims rejecting the figure of 20 million proposed by some. 

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BOKO HARAM ATTEMPTS LARGE SCALE ATTACK IN MAIDUGURI by Alistair Galloway

On Friday Boko Haram combatants led an assault on Maidugiru, targeting the Muna camp for displaced people, home to about 9,000 refugees, and other sites including a military checkpoint and several trucks loaded with export goods. Nigerian troops and local civilians acting in self-defence ultimately defeated the extremists. The conflict resulted in 11 casualties, including nine suicide bombers and two civilians.

 

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FOUR KILLED, SEVENTEEN INJURED IN TWIN SUICIDE BOMBING IN MAIDUGURI by Alistair Galloway

Two people and two female suicide bombers died on 16 January in a twin suicide bombing at the University of Maiduguri, and seventeen others were injured.  Boko Haram claimed responsibility for the attack in a video allegedly featuring an audio recording of leader Abubakar Shekau, who stated it was his ‘brothers’ responsible for the bomb.

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NINE NIGERIAN BANKS SUSPENDED FROM FOREIGN CURRENCY TRADING by Lewis McKinnon

According to reports, nine banks in Nigeria have been temporarily banned from trading foreign currency as a result of outstanding debt to the Nigerian government. It is believed that these nine banks are withholding USD $2.1bn that belongs to the state-owned energy companies, the Nigerian National Petroleum Company (NNPC) and the Nigeria Liquefied Natural Gas (NLNG). 

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PDP CONVENTION SHUT DOWN IN NIGERIA by Lewis McKinnon

Political tensions were ignited on 17 August over the People’s Democratic Party (PDP) Convention in Port Harcourt, Nigeria. The convention was to be held on 17 August at the Liberation Station in Port Harcourt, however it did not go ahead as security services closed off the venue and surrounding roads in the early hours of the morning. 

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