Nigeria Targets 2025 For Nuclear Power Plant
The Federal Government is desirous of tackling the pathetic power problem by building a nuclear power plant by 2025, Director-General, National Nuclear Regulatory Authority (NNRA), Prof. Lawrence Dim, has said. Although it is not the mandate of the agency to develop the plant, Dim said that information from the National Atomic Energy Commission (NAEC) indicated that the date was realisable.
CBN Boosts Forex Supply To Narrow Market Gap
The Central Bank of Nigeria (CBN) plans to boost dollar sales for school fee payment as well as overseas travel so as to reduce the premium paid on the black market and support the naira, a senior banker said on Saturday. The apex bank met with senior bankers at an industry event on Friday to discuss ways to address dollar shortages on the official market, one banker who attended the meeting told a foreign news outlet late on Saturday.
Kerosene Price Rises By 93%
Kerosene scarcity continued to worsen across major cities in the country as the National Bureau of Statistics (NBS) reports on energy prices for the month of January indicated that the average price per litre paid by consumers increased to N433.84 throughout the month, representing 93.19 percent.
OGFZA To License New Oil & Gas Free Zone In Delta
The Oil and Gas Free Zones Authority (OGFZA) is set to break new grounds with plans to license another Oil and Gas Free Zone in Delta State. After an inspection visit on Thursday to the proposed free zone, which is located in Okitigbo in Warri North, the Managing Director of OGFZA, Mr Umana Okon Umana, announced that he was impressed with the level of physical development of the proposed free trade hub and the readiness of its promoters, Awaritse Nigeria Limited (ANL), to acquire an oil and gas free zone status for it.
T-Bill’s Offer Overshot By N148.4 Billion, CBN Debits Banks With N362.4 Billion
The Federal Government’s debt strategy is now in full operation, as a N30 billion Treasury Bills (T-Bill) offering last week, was extended to N178.4 billion at 18.6 per cent, raising new deal worth N148.4 billion. The treasury operations’ plan showed that it would redeem a total of N1.23 trillion in 91, 182 and 364 days securities and simultaneously roll the same back, with only an addition of N15.8 billion in first quarter of 2017, but now a 321-day bill has overshot the February debt schedule.
Foreign Investors Intensify Demand For Nigeria’s Eurobond
For the second consecutive week, Nigeria’s Eurobonds traded on the London Stock Exchange appreciated in value as foreign investors intensified demand for the nation’s debt instrument. The five-year, 5.3% $500 million JUL 12, 2018, appreciated by $.40 (yield fell to 5.29 per cent). Also, the 10-year, 6.38% $500 million JUL 12, 2023 appreciated by $.71 (yield fell to 6.09 per cent). However, the 10-year, 6.75 % $500 million JAN 28, 2021 lost $19 (yield rose to 3.74 percent).
Growing The Economy Through Forex Allocation
While Nigeria faces shortage of foreign exchange, it is essential that critical sectors of the economy that would spur growth and development have access to dollars in order to speed up the recovery of the the nation’s economy. Last year, Nigeria was officially said to be in recession although the symptoms had been there for years. Many companies closed down as they were run over by imports and agricultural produce which many years ago was a major income earner almost became non existent.
PZ Cussons Leads Gainers, As NSE Records N8.6b Turnover
PZ Cussons Plc traded higher at the end of last week’s transactions on the Nigerian Stock Exchange. It led nine other with 21.29 per cent to close at N13.39 per share. Following PZ Cussons, last week, was Julius Berger Plc, adding 10.22 per cent to close at N38.39 per share. Other gainers in last week’s transactions include; Betaglas, Forte Oil, United Capital adding 10.22, 9.91 and 7.61 per cent to close at N36.45, N59.41 and N3.82 per share.
19 Nigerian Academics Conduct Research In Shell Sabbatical Programme – Official
No fewer than 19 academics from different universities in Nigeria have begun research attachments in several fields of study sponsored by Shell, a multi-national oil company. Bamidele Odugbesan, Shell spokesperson, made this known in a statement made available to the News Agency of Nigeria on Sunday in Port Harcourt.
Reps To Establish Agencies To Manage Nigeria’s 187trn Gas Reserves
In a move apparently designed to manage Nigeria’s 187 trillion Standard Cubic feet gas reserves, the House of Representatives Committee on Gas, last week, started a public hearing on two bills that would enhance gas management and attract foreign investors into Nigeria. To this end, two bills entitled: “An Act to establish the National Gas Resources Development Agency and Related Matters and An Act to establish the Nigeria Gas Processing, Marketing and Regulatory Board and Other Related Matters,” were presented by Frederick Agbedi, PDP, Bayelsa, to stakeholders in the oil and gas industry.
Seplat Boss Throws Weight behind Sale of National Assets
The Chief Executive Officer of Seplat Petroleum Development Company Plc, Mr. Austin Avuru, has stressed the need for the federal government to sell off its unproductive assets in order to raise the much needed capital to reflate the economy. Avuru said this while speaking at: “2017 Budget- Implications for Business and Tax,” organised by KPMG in Lagos at the weekend.