A string of deals with foreign firms to plug financing gaps in Nigeria’s oil industry will help unlock significant shut-in potential in the world’s eighth biggest exporter. Nigeria has signed deals worth -billion with Exxon Mobil and Total over the past week and is finalising a similar agreement with Royal Dutch Shell.
A new refinery in South Africa is likely to be the only one to go ahead in the short-term from a slew of projects proposed in sub-Saharan Africa, analysts say. Dozens of developments have been announced in recent years in countries including Angola, Nigeria and Zimbabwe but most will stay on the drawing board.
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/ 25 February 2008
A Nigerian tribunal will rule on Tuesday whether the election of President Umaru Yar’Adua was valid, a decision that could entrench a disputed government or tip Africa’s most populous nation into turmoil. Yar’Adua won a landslide victory in last April’s elections but observers accused the party of widespread vote-rigging.