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Nigeria: Oil revenue experiences drastic increment in 7 months.

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Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26bn in the first seven months of this year.

The country saw its oil export revenue rise by 30 per cent to $34bn in 2017 from $26bn in 2016, according to the new OPEC Revenues Fact Sheet released by the Energy Information Administration on Tuesday.



Nigeria, Africa’s top oil producer, had the sixth biggest revenue in the 15-member Organisation of Petroleum Exporting Countries, and the lowest per capital oil revenue last year.

Its rival, Angola, which earned an estimated $31bn in 2017, had a per capital oil revenue of $532. The southern African country earned $21bn in the first seven months of this year.

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The global oil benchmark, Brent crude, against which Nigeria’s oil is priced, rose to $66.87 per barrel at the end of 2017 from around $53 per barrel at the start of the year.

The increase in oil prices continued in 2018, with Brent climbing above $80 per barrel on May 17 for the first time since November 2014. It stood at $74.29 per barrel as of 4:00pm Nigerian time on Wednesday.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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Manufacturing Output Growth Slows Again in South Africa

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The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

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As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

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