A Week in Nigeria: 29 September

Highlights from Reuters coverage of Nigeria over the last seven days

Nigeria’s central bank governor, Godwin Emefiele, held the benchmark interest rate at 14 percent and expressed optimism about the $8.1 bln MTN dispute

In this week’s round-up: Shell’s struggles to shift strategy, a general strike and a tightly contested bellwether gubernatorial race in Osun.

  • The central bank kept its main interest rate at 14 percent, the record high it has maintained since July 2016, in a split decision that reflected the bank’s need to contend with both sluggish growth and accelerating inflation. The central bank governor, Godwin Emefiele, said three of the 10 members of the monetary policy committee who met voted to increase the rate by 25 basis points.
Onshore production has risen in recent years as a share of Shell’s output in Nigeria
  • PZ Cussons said its quarterly results were in line with expectations, even as volumes and margins in Nigeria remain under pressure. The soaps and cosmetics maker said new products and cost cuts helped offset challenging trading conditions in Nigeria for the quarter ended 31 August, but added that consumer disposable income in Africa’s most populous country remains subdued ahead of presidential and gubernatorial elections scheduled to take place in February and March respectively. The company has suffered from a slowdown in Nigeria, its largest market, forcing it to warn in July of a challenging year ahead after Africa profits declined sharply in the year to 31 May.

While the presidency expressed delight at the result, the opposition PDP alleged that the vote had been marred by violence and voter intimidation.

Nigeria bureau chief for Reuters. Ghanaian family, British accent. Ex-BBC, before that newspapers.