CBN Upbeat about Further Naira Appreciation
The Central Bank of Nigeria (CBN) has expressed optimism that the United States dollar would crash further this week as it plan to carry out further interventions in the interbank market. Also, following its intervention through wholesale forex auction last Thursday, the CBN at the weekend revealed that of the $100million earlier offered at the interbank market to meet customers’ demands, authorised dealers were only able to pick $81.347million after an initial bid for $91million.
World Bank’s $250m SWEEP Project Coming –Minister
Minister for Women Affairs and Youths Development, Senator Aisha Jummai Alhassan has disclosed the approval of $250 million World Bank project tagged, “Strengthening Women Economic Empowerment Programme (SWEEP),” to boost government’s financial inclusion programme for grassroots women in Nigeria. The minister, who spoke as the leader of Nigerian delegation at the just concluded 61st Session of the Commission on the Status of Women in New York, canvassed the establishment of a conducive macro economic and labour market policy environment for women.
Goldman Sachs Warns Of Another Oil Glut In 2018
Leading global investment banking firm, Goldman Sachs, had warned that another downturn in global oil prices could come over the next three years, sparked by a new wave of supply stemming from mega projects that were planned years ago. It stated that these projects cost billions of dollars and take many years to bring online, and that many of them were initiated back when oil prices traded at $100 per barrel.
US-Nigeria Council Promotes Economic Diversification
A new business organisation, the US-Nigeria Council (USNC) is set to advance diversification and job creation in Nigeria. The Council plans to create partnerships between Nigerian and American businesses and forge a backbone of strong US-Nigeria relations, according to a press release by the Council.
2016 Budget: Adeosun Puts Capital Releases At N1tn
The Minister of Finance, Mrs. Kemi Adeosun, has put total capital releases to federal Ministries, Departments and Agencies (MDAs) for the 2016 budget at N1 trillion. The figure, the finance minister said, represented the highest ever budgetary releases in the nation’s annual funding for capital projects.
Dangote, Others Plunked $6bn In Lekki Free Zone In 2016
The largest manufacturing conglomerate in West Africa, Dangote Group, and other companies have invested $6 billion in Lekki Free Trade Zone (LFTZ) in the last one year. Likewise, the construction of Lekki Deep Sea Port, which was valued at $1.6billion, will take off next month as part of the plan to speed up industrial and manufacturing activities in the zone.
Agric Stakeholders Hail Ban On Highways Revenue Collection
The Federal Government has been commended by the Nigeria Agricultural Stakeholders Forum for the ban and enforcement of collection of revenues along federal highways. The forum made this remark recently when the Chairman, Alhaji Mohammed Tahif, addressed the media and specially commended Minister of Agriculture and Rural Development, Chief Audu Ogbeh, for writing the 36 state governors and security agencies on the enforcement of the ban on collection of levies/taxes on agricultural produce and agro-allied products on the highway.
Abuja Airport Runway For Another 18-Week Upgrade
As reconstruction of the Nnamdi Azikiwe International Airport (NAIA) enters its third week, the Federal Government has said another round of upgrade, which will span 18 weeks, is in the works. The NAIA is expected to open for operations on April 19, 2017. A top Presidency source told newsmen, in Abuja, yesterday, that the upgrade after April 19 would be done at night only. Quoting from a report of the Federal Government Coordinating Committee overseeing management of NAIA repair, closure and relocation, the Presidency official said unlike the six week reconstruction of the runway, the 18-week upgrade would not necessitate closure of the airport and will not disrupt flight operations.
Local Content: Boost To indigenous Capacity In Oil, Gas Industry
Before the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, which became law on April 22, 2010, and giving birth to the Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian oil and gas industry was dominated by International Oil Companies (IOCs), including briefcase businessmen, who relegated indigenous operators to the background. But the implementation of the NCDMB, according to stakeholders, has increased the number of technology-driven workspaces and capacity building by indigenous contractors who originally could not compete with foreign contractors.
Oil Swap Under-deliveries: Ontario Offers To Settle NNPC With Oghara Tank Farm
Ontario Oil and Gas Limited, which is one of the three oil marketing firms reportedly owing the Nigerian National Petroleum Corporation (NNPC) financial refunds for under-delivery of products in the defunct crude for product swap regime has offered to repay the corporation what it owes it with its petroleum products tank farm in Oghara, Delta State. But the corporation might have rejected the offer on the basis that the actual value of the tank farm in Oghara would not be enough to repay the total amount owed the NNPC by the company.