Nigerian Economy Shrinks In 2016 For First Time In 25 Years
Nigeria’s economy shrank for a fourth consecutive quarter in the three months through December and contracted for the whole year, the first such move since 1991. Gross domestic product in Africa’s most-populous country declined 1.3 percent in the quarter from a year earlier, after shrinking 2.2 percent in the previous three months, the National Bureau of Statistics said in an e-mailed statement Tuesday.
Nigeria Now Pumping 2.1m Barrels Of Oil Per Day, Says NNPC
The Nigerian National Petroleum Corporation (NNPC) has revealed that the country is now producing as much as 2.1 million barrels of oil per day. Speaking at the 2017 Nigeria oil and gas conference and exhibition, Makainti Baru, general managing director of the NNPC, said the ongoing negotiations with stakeholders in the Niger Delta is responsible for the surge. “Crude production has steadily increased to 2.1m b/d due to some strategic dialogue efforts embarked upon by the federal government in the Niger Delta,” Baru said.
Nigerian Economy Improved Slightly In 2016, But Remains In Recession — NBS
The Nigerian economy contracted by -1.15 per cent in 2016, but showed slight improvement overall, the National Bureau of Statistics said Tuesday. In its latest report, the NBS said the Gross Domestic Product contracted by -1.51 per cent, slightly better than the International Monetary Fund’s prediction of a -1.8 per cent contraction. The statistics agency said the GDP in the last quarter of 2016 contracted by -1.30 per cent.
Without Devaluation Or Free-Float, Naira Gain ‘Just A Stop-Gap’
The drastic appreciation of the naira must be supported with devaluation or proper free-float of the local currency, else, the gain will only be a stop-gap, Bloomberg is reporting. Quoting JP Morgan Chase and Renaissance Capital, Bloomberg said until Nigeria “devalues or makes a clear switch to a free-floating currency”, it “will struggle to lure back foreign investors”. Forwards suggest more declines to come, investors are shunning naira assets, and a web of alternative exchange rates only adds to the confusion over the currency’s real value.
Barkindo: OPEC Lost $1trn To Dwindling Oil Prices
Mohammad Barkindo, secretary-general of the Organisation of Petroleum Exporting Countries (OPEC), on Monday disclosed that the organisation lost $1 trillion to dwindling oil prices. Barkindo, who is in Nigeria on a four-day working visit, said this at a news conference organised by Ibeh Kachikwu, minister of state petroleum resources. According to him, the downturn, which lasted from 2014 to January 2016, meant that OPEC member countries could not earn about $1 trillion of oil revenue.
Zamfara Filling Stations Sell Petrol At N175/Ltr, Say We Can’t Run At A Loss
Filling stations in Zamfara have increased the pump price of petrol to N170 per litre, as against approved N145 per litre, blaming it on the need to make profit. The Kaduna zonal operations office of the Department of Petroleum Resources (DPR) had, last two weeks, sealed 13 filling stations in the state for selling the commodity above approved price. A check by NAN, however, shows that only few stations in the state are selling petrol at approved price of N145 per litre.
Zenith Bank’s Annual Profit Increased By 22.7% In 2016
Zenith International Bank Plc has declared a profit after tax of N129.65 billion and a final dividend of N1.77 per share for the financial year ended December 31, 2016. This is contained in the company’s audited report released by the Nigerian Stock Exchange, NSE, on Monday in Lagos. The News Agency of Nigeria reports that this was in contrast with N105.66 billion posted in the preceding period of 2015.
FIRS Seals Kabo Airlines, Others Over N200 million Tax Liabilities
The Federal Inland Revenue Services, FIRS, on Monday, sealed the offices of Kabo Airlines, Monaco Ventures Limited and Paki International Motors, all in Kano, over tax liabilities. Kabo Airlines owes N149,707,949.03 from the assessment year of 2004 to 2013. According to the head of the enforcement team in Kano, Bukar Gana, the airline’s liabilities are made up of Income Tax (IT) and Education Tax (ET).