Nigeria: Five of Muhammadu Buhari’s biggest economic challenges March 31, 2015 Muhammadu Buhari has become the first opposition candidate to win a Nigerian presidential election, after incumbent Goodluck Jonathan conceded defeat today. The 72-year-old former military ruler was over 2m votes ahead of his rival with 35 of Nigeria's 36 states declaring results. According to Reuters, Buhari's All Progressives Congress (APC) have received a call from [...]
Nigerian instability weighs on sales at soap-maker PZ Cussons January 27, 2015 REVENUE at PZ Cussons tumbled 10.4 per cent to £387m in the six months to 30 November 2014, compared to the year before. Falling revenue had an adverse effect on pre-tax profits which were down 7.9 per cent in the same period to £40m. Revenues were particularly hit by the firm’s exposure to Nigeria which [...]
Falling Nigerian naira hits profit at PZ Cussons December 10, 2014 PZ CUSSONS, the owner of Imperial Leather soap and St Tropez self-tan, said yesterday that it suffered a drop in profits in the first half of the year as tough trading conditions in Africa and the devaluation of Nigeria’s currency, the naira, took its toll on sales. Nigeria is Africa’s largest oil exporter and the [...]
Bob Diamond’s fund Atlas Mara increases stake in Union Bank of Nigeria September 5, 2014 Former Barclays chief Bob Diamond's African investment vehicle has increased its stake in a Nigerian banking group by nearly 30 per cent as it bets on the success of the country's economy. Atlas Mara exercised an option to buy a 20.9 per cent stake in Union Bank of Nigeria from the Asset Management Corporation of [...]
New sums make the Nigerian economy the biggest in Africa April 7, 2014 THE NIGERIAN economy is nearly twice as large as official estimates previously suggested, making it Africa’s biggest, after a recalculation by the country’s statistical agency. The exercise has pushed the west African nation’s calculation of nominal GDP in 2013 to 80.2 trillion Nigerian naira (£295bn), far higher than the previous estimate of 42.4 trillion naira. [...]