Nigeria: ...Probe NNPC for Abandoning Vessel in Brazil
- Details
- Category: ECONOMY
- Published on Friday, 01 March 2013 14:50
- Written by Admin
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
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- Category: ECONOMY
- Published on Wednesday, 21 September 2011 15:35
- Written by Reuters
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
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- Category: ECONOMY
- Published on Tuesday, 20 September 2011 15:49
- Written by Administrator
[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
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- Category: ECONOMY
- Published on Tuesday, 20 September 2011 15:42
- Written by Bloomberg
[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
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- Category: ECONOMY
- Published on Tuesday, 20 September 2011 10:51
- Written by Emeka Chiakwelu
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
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- Category: ECONOMY
- Published on Friday, 09 September 2011 16:13
- Written by Bloomberg
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
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- Category: ECONOMY
- Published on Monday, 05 September 2011 17:59
- Written by Bloomberg
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
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- Category: ECONOMY
- Published on Sunday, 04 September 2011 21:54
[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
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- Category: ECONOMY
- Published on Saturday, 03 September 2011 20:44
- Written by elombah.com
[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)
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- Category: ECONOMY
- Published on Friday, 02 September 2011 00:29
- Written by Godwin J. Igwe, Ph.D., PE
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
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- Category: ECONOMY
- Published on Thursday, 01 September 2011 19:40
- Written by Bloomberg
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.
Nigeria: Non-oil firms set to invest US$ 10 billion in Nigerian economy
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- Category: ECONOMY
- Published on Thursday, 25 August 2011 11:43
- Written by Administrator
About 166 non-oil indigenous companies have finalized plans to invest 1.5 trillion naira (about US$ 10 billion) in the Nigerian economy within the next 12 months, as a way of turning around the economic fortunes of the country, according to local media reports. “During our meeting with the organized private sector, we asked them to fill a survey form to indicate the sectors they want to invest in, and more importantly, the expected
Standard and Poor's as a political watchdog
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- Category: ECONOMY
- Published on Wednesday, 24 August 2011 23:27
- Written by Emeka Chiakwelu
The emergence of S&P as a political watchdog may weaken trust and confidence in the global market. There was a manifestation as Standard & Poor's downgrade US credit rating to ‘AA+’ from ‘AAA' . The revelation is that the mandate of Standard & Poor's is beyond financial observation and evaluation but also political. Among the numerous reasons given by S&P on the downgrading of the world largest economy is its cumbersome political
Naira Slips Most in 5 Months as Nigeria Lifts Exchange Curbs
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- Category: ECONOMY
- Published on Monday, 22 August 2011 20:46
- Written by Administrator
(Bloomberg) Nigeria’s naira depreciated the most since March after the central bank lifted curbs on dollar sales to foreign-exchange bureaus. The currency of sub-Saharan Africa’s second biggest economy weakened 1.4 percent against the dollar to 155.95, the biggest decline since March 10 on a closing basis, at 5:45 p.m. in Lagos. Foreign-exchange bureaus increased dollar purchases after Nigeria’s central bank said on Aug. 19 it removed a $1
Nigeria: Inflation at 9.4% and the state of the economy
- Details
- Category: ECONOMY
- Published on Friday, 19 August 2011 17:29
- Written by Emeka chiakwelu
A good and encouraging record trickled from National Bureau of Statistics that inflation rate receded to 9.4% in July, the lowest so far in three years. This is a significant improvement from persistent inflation that was surging upward that compelled the Central bank of Nigeria (CBN) to aggressively tighten monetary policy. As of June the inflation rate stood at 10.2% and this made the Sanusi's CBN to raise the interest rate
Nigeria Naira Slips to 7-Week Low at Sale as Dollar Demand Outpaces Supply
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- Category: ECONOMY
- Published on Wednesday, 17 August 2011 21:13
- Written by Administrator
(Bloomberg) Nigeria’s naira depreciated to a seven-week low against the dollar at a foreign-currency sale today, after the central bank failed to meet lenders’ demand for the U.S. currency for a 12th straight auction. The currency of sub-Saharan Africa’s second-biggest economy declined 0.2 percent to 151.35 naira per dollar at the auction, its weakest since the June 29 sale. It retreated 0.1 percent to 153.90 naira per dollar in interbank trading by
UK-design satellite imaging technology used by Nigeria
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- Category: ECONOMY
- Published on Wednesday, 17 August 2011 12:32
- Written by Administrator
Image sensors designed in the UK by e2v were launched into space on an Earth observation satellite which has been developed for Nigeria’s National Space Research and Development Agency. Surrey Satellite Technology Ltd (SSTL) integrated the e2v imaging sensors into a focal plane array for the NigeriaSat-2 satellite. The NigeriaSat-2 satellite will be used by Nigeria to map the country and to help in water resource management and disaster
Nigerian Inflation Slows to 9.4% in July, to Within Central Bank’s Target
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- Category: ECONOMY
- Published on Tuesday, 16 August 2011 13:31
- Written by Administrator
(Bloomberg) Nigeria’s annual inflation rate declined to 9.4 percent in July as the naira strengthened against the dollar, curbing the cost of imported food in Africa’s most-populous nation. Inflation slowed from 10.2 percent in June, the National Bureau of Statistics said in a statement distributed in the capital, Abuja, today. The Central Bank of Nigeria targets an inflation rate of less than 10 percent. The naira climbed 2.5 percent against the dollar
Nigeria's NNPC to reduce its stake in Brass LNG
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- Category: ECONOMY
- Published on Tuesday, 16 August 2011 08:11
- Written by Administrator
(Reuters) - Nigeria's state-oil company NNPC said on Monday it will reduce its stake in the long-delayed Brass Liquefied Natural Gas (LNG) project to 30 percent, from its current 49 percent, to secure much-needed investment. The state-owned company has offered 4 percent of its stake to LNG Japan, which is jointly owned by trading firms Sumitomo and Sojitz and 3 percent to Itochu . A further 2 percent was offered to a joint venture between
SacOil's potential in Nigeria and the DRC adds up to 28 pence a share, says Growth Equities
- Details
- Category: ECONOMY
- Published on Monday, 15 August 2011 17:53
- Written by proactiveinvestors.co.uk
A lone rig in the Niger Delta, home to one SacOil's hottest prospects
Growth Equities & Company Research today initiated coverage of Africa-focused SacOil with a buy recommendation and 28 pence a share price target. The punchy valuation (the current price is 5.74 pence) reflects the production potential
Billionaire Wiese Targeting Nigeria as Wal-Mart Seizes Foothold in Africa
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- Category: ECONOMY
- Published on Saturday, 13 August 2011 15:22
- Written by Bloomberg
South Africa’s biggest clothing company, Pepkor Ltd., plans to expand into Nigeria as retailers including Wal-Mart Stores Inc. (WMT) fight for a share of some of the world’s fastest growing retail markets. “Africa is awakening,” Pepkor Chairman Christo Wiese said in an interview in Cape Town on Aug. 10. “It’s a huge market of almost a billion people with huge resources and a young population. People spend when they’re young.” Pepkor,
