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Jonathan Declares State Of Emergency In 3 Northern States

Nigeria: ...Probe NNPC for Abandoning Vessel in Brazil

Details: Category: ECONOMY; Published on Friday, 01 March 2013 14:50; Written by Admin; Hits: 319

The House of Representatives yesterday mandated the Committee on Petroleum Resources (Downstream) to investigate the NNPC on the rationale behind the prolonged stay of M.T TUMA vessel in Brazil.

The committee, which will report back to the house within six weeks, is expected to ascertain the role of individuals and companies connected with the vessel.

Dangote starts $115 mln cement project in Cameroon

Details: Category: ECONOMY; Published on Wednesday, 21 September 2011 15:35; Written by Reuters; Hits: 5396

YAOUNDE (Reuters) - Nigerian cement manufacturer Dangote began construction of a $115 million cement plant in Cameroon, and is eyeing another $585 million in investments in the central African country, state radio reported on Tuesday. The plant will be built in Cameroon's economic capital and port city of Douala and will produce some 1.5 million tonnes of cement per year, according to state radio, which added it was part of a

Nigeria Naira Falls to 3-Month Low; Dollar Supply Curbed at Sale

Details: Category: ECONOMY; Published on Tuesday, 20 September 2011 15:49; Written by Administrator; Hits: 5600

[Bloomberg] Nigeria’s naira depreciated to its weakest level in three months against the dollar after the central bank failed to meet lenders’ demands for the U.S. currency at an auction yesterday. The currency of sub-Saharan Africa’s second-biggest economy retreated 0.3 percent to 157.15 naira per dollar in interbank trading at 3:44 p.m. in Lagos, the lowest level since June 16, according to data compiled by Bloomberg. Nigeria sold

Nigeria Raises Benchmark Rate to Curb Inflation

Details: Category: ECONOMY; Published on Tuesday, 20 September 2011 15:42; Written by Bloomberg; Hits: 5235

[Bloomberg] Nigeria’s central bank raised its benchmark interest rate to the highest level in 2 1/2 years to help curb inflation as higher wages and increased liquidity in the banking industry threaten to drive up prices. The monetary policy rate was increased by half a percentage point to 9.25 percent, Governor Lamido Sanusi told reporters in the capital, Abuja, yesterday. The decision was in line with the median

Nigeria’s Economy: Inflation, GDP Growth and Jobs

Details: Category: ECONOMY; Published on Tuesday, 20 September 2011 10:51; Written by Emeka Chiakwelu; Hits: 6591

Nigeria’s grip on inflation rate is becoming consistent at third quarter with a single digit at 9.3 percent, and with an impressive economic growth rate at 7.72 percent in August. So far a significant development and good track record is brewing, for at the beginning of third quarter inflation rate was 9.4 percent in July, and the latest recorded 9.3 percent shows a slightly declining inflationary trend. But looking at the

Nigeria Stocks See Longest Weekly Losing Streak Since 2008 on World Growth

Details: Category: ECONOMY; Published on Friday, 09 September 2011 16:13; Written by Bloomberg; Hits: 6077

Nigerian stocks fell for a second straight day, extending the longest run of weekly losses since 2008, as oil declined and concern deepened the global economic recovery is faltering. The Nigerian Stock Exchange All-Share Index, which tracks the performance of 198 shares in Africa’s biggest oil producer,

Nigeria Central Bank Buys Yuan to Add to Reserves, Sanusi Says

Details: Category: ECONOMY; Published on Monday, 05 September 2011 17:59; Written by Bloomberg; Hits: 6303

Nigeria’s central bank is diversifying its foreign-currency reserves and plans to hold between 5 percent and 10 percent in Chinese yuan, said Governor Lamido Sanusi. Dollars and euros will remain an important part of the country’s $33 billion holdings, he said today in an interview broadcast on CNBC. A downgrade of the U.S.’s credit rating by Standard & Poor’s last month and financial turmoil in Europe “added urgency to start moving away at least

Wikileaks: How Bayelsa Governor, Silva used Joshua MacGyver to work against other Niger Delta Militants

Details: Category: ECONOMY; Published on Sunday, 04 September 2011 21:54; Hits: 7136

[elombah.com] Summary: Ambassador led an interagency team to Bayelsa September 27 for a one-day orientation trip to look at possible partnerships through a pilot program that would focus on youth needs and development (see septel on these issues), but also had the opportunity, on the three hour drive from Warri in Delta State to Bayelsa,s capital Yenagoa, to have a one-on-one with Governor Timipre Silva on current

Fundamentals Of Illegal Oil Bunkering In Nigeria - Wikileaks

Details: Category: ECONOMY; Published on Saturday, 03 September 2011 20:44; Written by elombah.com; Hits: 9418

[elombah.com] SUMMARY: Oil theft, widely referred to as "illegal bunkering" in Nigeria, represents a significant economic activity with serious ramifications for Nigeria's economy, security, democracy and environment. The widespread association of illegal bunkering with militant activity obscures some of the most detrimental aspects of this large-scale, unofficial sector of the economy. Oil theft ranges from siphoning off tiny quantities of crude oil from rusted

A New Trajectory For Nigeria’s Refineries: Turn-Around Maintenance (TAM)

Details: Category: ECONOMY; Published on Friday, 02 September 2011 00:29; Written by Godwin J. Igwe, Ph.D., PE; Hits: 7166

A turn-around is a planned, periodic shut down (total or partial) of a refinery process unit or plant, to perform safe and efficient maintenance and repair operations, overhaul, inspect, test, and replace process materials/equipment. It is a normal oil refinery industry housekeeping standard all over the world, except in Nigeria, where, for example, the Kaduna refinery did not receive any industry standard TAM for over 10 years. Think for a

Access Bank Nigeria to Conclude Intercontinental Purchase in October 2012

Details: Category: ECONOMY; Published on Thursday, 01 September 2011 19:40; Written by Bloomberg; Hits: 5564

Access Bank Plc of Nigeria will complete its acquisition of Intercontinental Bank Plc, a bailed- out lender, in October 2012, said Chief Executive Officer Aigboje Aig-Imoukhuede. The banks will become a “single entity” then, he said today on a conference call from Lagos, the commercial capital.

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