Tag "crude oil"

    ANALYSIS: What Brexit means for the Nigerian economy?

ANALYSIS: What Brexit means for the Nigerian economy?

After more than 1200 days after Britain voted to leave the European Union, the country still remains in the trading bloc, pondering exactly how to leave.Although the October 31 “do or die” Brexit deadline has been extended to January 2020, this is simply kicking the can further down the road. With the United Kingdom set for general elections on December [...]

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    BudgIT: Lagos, Rivers, Akwa Ibom can survive without federal allocation

BudgIT: Lagos, Rivers, Akwa Ibom can survive without federal allocation

BudgIT, a civic tech organisation, says only three states in the country can fund their expenditure without allocations from federal government.The organisation listed the states as Lagos, Rivers and Akwa Ibom.In a report titled "State of states 2019", BudgIt said 33 states in the country cannot finance their recurrent expenditure without federal allocations.It added that many states would have challenges [...]

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    Govs: Nigeria lost $1.3bn worth of crude oil within six months in 2019

Govs: Nigeria lost $1.3bn worth of crude oil within six months in 2019

Nigeria lost 22.6 million barrels of crude oil worth $1.35bn within the first six month of 2019, according to state governors.The governors were members of a 13-man ad hoc committee established by the National Economic Council (NEC) to investigate cases of oil theft in Niger Delta.The report of the committee, which was supported by findings from the Nigerian National Petroleum [...]

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    Falana: $12.7bn worth of crude oil stolen from Nigeria under Jonathan

Falana: $12.7bn worth of crude oil stolen from Nigeria under Jonathan

Femi Falana, human rights lawyer, says $12.7 billion worth of crude oil was stolen from Nigeria between 2011 and 2014.Goodluck Jonathan was president during the three years mentioned by the senior advocate of Nigeria (SAN).According to THISDAY, Falana made the comment on Thursday while speaking at the 40th anniversary celebration of the Petroleum and Natural Gas Senior Staff Association of [...]

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    Oil looking oversold heading into latest OPEC meeting

Oil looking oversold heading into latest OPEC meeting

There is a feeling of change within the strategy of how OPEC operates. This uncertainty has played a leading role behind the price of oil coming under relentless pressure over the past couple of weeks, in anticipation of the cartel’s meeting in Vienna this week.Concerns that OPEC and its non-member allies will increase production for the first time since late [...]

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    Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Kemi Adeosun, minister of finance, says Nigeria is focused on accelerating economic growth rate and will not be "complacent around the increase in oil prices".Speaking on Thursday in Abuja, Adeosun told a delegation of World Bank executives that the federal government is “optimistic and vigilant,” and is working to consolidate on the gains of increased revenue by spending more.The minister [...]

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    I can’t tell US what to do, says Buhari on low import of Nigeria’s crude

I can’t tell US what to do, says Buhari on low import of Nigeria’s crude

President Muhammadu Buhari says he did not discuss America's low patronage of Nigeria’s crude oil with US President Donald Trump during their meeting on Monday.He said this was because he “can’t tell the US what to do".The US, which used to be the largest importer of Nigeria's crude, reduced its import on increased exploration of shale.Trump recently attacked the Organisation [...]

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    Despite growth projections, IMF says Nigeria’s economy may ‘not be so lucky’

Despite growth projections, IMF says Nigeria’s economy may ‘not be so lucky’

The International Monetary Fund (IMF) says Nigeria's economy might not be so lucky despite the growth projections from various quarters.Giving his opening remarks at the unveiling of the 2018 World Economic Outlook on Tuesday, Maurice Obstfeld, IMF's chief economist, said commodity exporting countries will need to diversify their economies to boost further growth.With a 0.8 percent growth signalling an exit [...]

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    NNPC to Falana: We can’t disclose how much Nigeria earns daily from crude oil sales

NNPC to Falana: We can’t disclose how much Nigeria earns daily from crude oil sales

The Nigerian National Petroleum Cooperation (NNPC) has denied the request of Femi Falana, lawyer and human rights acvitist, seeking to know how much revenue Nigeria is getting daily from the sale of crude oil.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, 2015 [...]

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Kachikwu: ‘Oil firms must refine our crude locally’

Nigeria's quest to speed up refining crude oil locally has received a boost, with the Federal government announcing that all multinational oil firms will soon be barred from shipping out crude from the country.The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit (NIPS) titled [...]

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    By 2022, US may cut back crude oil import from Nigeria

By 2022, US may cut back crude oil import from Nigeria

The US may drastically reduce its import of crude oil from Nigeria by 2022.According to the US Energy Information Administration (EIA), the country is projected to become a net energy exporter in four years.In the newly released Annual Energy Outlook 2018, EIA said the transition from net energy importer to net energy exporter will not take place until 2050 in [...]

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    Naira untouched as stocks, crude oil record losses

Naira untouched as stocks, crude oil record losses

The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market.The naira appreciated against the dollar to exchange at N361/$ against Monday's exchange price of N363 to the dollar.The gain can be attributed to weekly interventions by the Central Bank of Nigeria (CBN) to make forex available to various segments of the [...]

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    Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Yakubu Dogara, speaker of the house of representatives, says the solution to incessant fuel scarcity in the country is the ability of the country to refine crude locally.He said this on Tuesday when he received executive members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.The speaker said until Nigeria is able to refine its [...]

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    Adeosun: We don’t care if oil prices rise or fall

Adeosun: We don’t care if oil prices rise or fall

Kemi Adeosun, minister of finance, says Nigeria has got to a point where it does not care if oil prices rise or fall.In an interview with Bloomberg, the minister said the country had learnt to live with oil prices at $45-$46 a barrel.As of 2pm on Friday, Brent crude, the international benchmark of crude oil was trading at $70.20.US West Texas [...]

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NPDC projects 300,000 bpd rise in crude oil production in 4 years

The Nigerian Petroleum Development Company (NPDC), says will increase its daily crude oil production by 3000,000 barrels per day (bpd) before 2022.The NPDC, an upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), currently produces about 200,000 barrels per day but projects an increase to 300,000 bpd in 2018 and an additional increase to 500,000 bpd before 2022.Maikanti Baru, group [...]

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    Oil prices hit $70 per barrel amid OPEC cuts

Oil prices hit $70 per barrel amid OPEC cuts

Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth and supply restrictions led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.NAN reports that brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel, up four cents from Tuesday.US West Texas Intermediate (WTI) crude futures were at 64.59 [...]

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Exchange Rates

November 28, 2019USDGBPEUR
INTERBANK306397354
LAGOS358475413
KANO359474413
PH360475412
ABUJA358476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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