OPEC Production Cut And Emerging Realities!
In a report done for BloombergMarkets by BaileyLipschultz on the 17th of February, 2017 (last week), the online media submitted that Shale drilling is on a row as the Organization of Petroleum Exporting Countries, OPEC cuts prices to keep crude oil above $50/barrel. In this week’s edition of Drillbytes, the details of the production cut and attendant stability hovering around $55/barrel is x-rayed with a note for Nigeria to use the emerging realities to buckle up in its quest to take advantage of the price relief.
Nigeria Plans Reduced Tariff For Oil And Gas Free Zone To Woo Investors
To attract fresh investments to Nigeria’s oil and gas free zones, the Oil & Gas Free Zones Authority, OGFZA, has announced plans to grant tariff cuts to prospective investors. The managing director of OGFZA, Okon Umana, who disclosed this on Saturday, said the process to bring a downward review of tariffs paid by investors in the oil and gas zones in the country has since begun. Mr. Umana was speaking during an interaction session with investors in Onne, Rivers State. The session became necessary following complaints by licensed investors about high tariffs applicable in the country’s free zones.
Forex Market Swells By $1.14 Billion In Two Weeks As CBN Inserts Fresh $100 Million
The Nigerian interbank foreign exchange market received another boost on Tuesday, with the further injection of $100 million by the Central Bank of Nigeria, CBN. The fund is the fourth intervention by the CBN in continuation of its effort to ease access to FOREX by Nigerians to meet their needs for tuition fees, medical bills as well as personal and basic transport allowance. The spokesperson of the CBN, Isaac Okorafor, said in Abuja, that the fresh injection of funds brings the total amount so far injected into the interbank FOREX market within the last two weeks to $1.138 billion for both forwards and invisibles.
Oil Marketers Meet NNPC, Others, Seek To Resume Petrol Importation
The three major oil marketers associations in Nigeria, Tuesday met with the Nigerian National Petroleum Corporation (NNPC), Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA), and expressed their willingness to resume importation of petroleum products, especially petrol.
FIRS Nets N27bn From ‘Tax Amnesty’, Registers 814,000 New Taxpayers
Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the agency realised N27.086 billion from the waiver of tax penalty and interest programme. The programme was introduced to allow defaulters regularise their relationship with the agency. Fowler disclosed this on Tuesday in Abuja during the oversight visit by the house of representatives committee on finance, according to a statement issued by Wahab Gbadamosi, the head of communications and servicom department at FIRS.
FG Releases Much-awaited Economic Recovery Plan, Wants Oil At 2.5mbpd By 2020
The federal government has finally released its economic recovery and growth plan (ERGP), which has been in the works since 2016. The document seen by TheCable is a medium term plan aimed at revamping the economy between 2017 and 2020. “The ERGP differs from previous plans in several ways. First, focused implementation is at the core of the delivery strategy of the plan over the next four years,” the document read. “More than ever before, there is a strong political determination, commitment and will at the highest level. Whilst all the MDAs will have their different roles in implementing the plan, a delivery unit is being established in the presidency to drive the implementation of key ERGP priorities.
Helicopter Operations Set To Boom On Lagos, Kaduna, Abuja Routes
Helicopter service operators in the country are set for a boom time on account of the temporary closure of the Nnamdi Azikiwe International Airport (NAIA), Abuja, for its runway repair. The operators, who are deploying both charter and shuttle service helicopters for different categories of people and pockets, on various routes inwards Abuja, are expecting to make it big with the traffic.
Nigerian Govt Issues Conflicting Advisory On U.S. Travel
The Minister of Foreign Affairs, Geoffrey Onyeama,, has said that no Nigerian with full valid entry visa has been denied entry to the U.S. contrary to reports. Mr. Onyeama, who stated this while fielding questions from journalists over the issue, said Nigerians were free to travel to U.S. as the country was not on the ban list. The minister said he was constantly in touch with the Nigerian Ambassador to the U.S. and the U.S. Ambassador to Nigeria, adding that there was no report on Nigerians being denied entry into the U.S.