Thursday, August 8, 2019

Tag "oil"

    Nigeria, not an oil producing economy

Nigeria, not an oil producing economy

BY FOLAWIYO KAREEM OLAJOKU It has long being said that oil is the mainstay of the Nigerian economy and often times, the budget of Nigeria is prepared in line with benchmark from the sale of the nation’s crude but according to a recent study by Afrinvest, a leading investment banking firm stated that, Nigeria is not an oil producing country but a [...]

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    Buhari: From 1978 till date, I’ve never lost interest in oil sector

Buhari: From 1978 till date, I’ve never lost interest in oil sector

President Muhammadu Buhari says since 1978 when he was named the minister of petroleum till date, he has not lost interest in the oil sector.Speaking in Warri, Delta state, on Thursday, the president said oil is God's favour to Nigeria, and the Deltans are fortunate to have such great resource in their custody.The President asked the people to reflect on [...]

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    Nigeria’s oil revenue rises by over 100% in one budget cycle

Nigeria’s oil revenue rises by over 100% in one budget cycle

Nigeria's oil revenue has recorded a jump of over 100 percent in 2018 alone.According to Udo Udoma, the minister of budget and national planning, Nigeria's aggregate revenue as at the end of September 2018, is 40 percent more than the revenues recorded in 2017."As at the end of the third quarter, Federal Government’s actual aggregate revenue wasN2.84 trillion, which is [...]

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    2019 polls: Niger Delta group faults comments on rigging

2019 polls: Niger Delta group faults comments on rigging

The  Niger Delta Ambassadors for Change (NDAC) has disowned Peter Orubebe, former minister of Niger Delta, on plans by the All Progressive Congress (APC) government to rig the 2019 polls.The group rejected his position even as it distanced the Niger Delta region from the claim.In a statement, Lucky Spiff, national president of the group, said Orubebe was quoted by several publications as [...]

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    It’s black Friday for oil as Brent crude hits all-year low of $58

It’s black Friday for oil as Brent crude hits all-year low of $58

It is a big bad black Friday for crude oil as prices continue to crash across the world.On Friday, Brent crude fell below the $60 per barrel benchmark to hit $58.92 for the first time in 2018, following fears of oversupply across the global oil market.Oil prices climbed as high as $85 a barrel only in October 2018, shedding more than [...]

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    Atiku: I don’t mind oil-producing states keeping 100% of the revenue

Atiku: I don’t mind oil-producing states keeping 100% of the revenue

Atiku Abubakar, candidate of the Peoples Democratic Party (PDP), says if he emerges president in 2019, he does not mind giving oil-producing states all the revenue from crude oil. Abubakar said this while responding to questions on restructuring in an interview with The Africa Report.He, however, said he would tax the states to maintain the federal government.Asked he was in favour [...]

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    NEITI to hold conference on remedial issues

NEITI to hold conference on remedial issues

The Nigeria Extractive Industries Transparency Initiative (NEITI) is set to hold a conference on resolving outstanding remedial issues in the oil, gas and mining sector.In a statement on Friday, Ogbonnaya Orji, director, communications and advocacy of NEITI, said experts across the extractive industries have been invited for the conference."Experts across the extractive industries value chain have been assembled to review the status [...]

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    There is ‘oil’ in education and health

There is ‘oil’ in education and health

In the past 40 years or more, Nigeria had been a mono-product country exporting crude oil. This is understandable.  Crude oil produces easy cash without much effort. Much effort would have been required if we had decided to refine the oil and sell the finished product.  The government has not made any sustainable effort to divert attention to other sectors [...]

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    Needs a new wife, fasts once a week, Nigeria is tough… 7 things Dangote revealed in FT interview

Needs a new wife, fasts once a week, Nigeria is tough… 7 things Dangote revealed in FT interview

Aliko Dangote has revealed that at 61, he is not getting any younger, and he is willing to take on a new wife.Speaking with David Piling in a Financial Times interview, Lunch with FT, the multi-billionaire, who is Africa's richest man, revealed a soft side of himself and talked tall about his ambitions to buy Arsenal Football club after successfully [...]

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    N2.2trn on debt service, fresh N1.6trn loan, rising oil dependence — 7 troubling facts about 2018 budget

N2.2trn on debt service, fresh N1.6trn loan, rising oil dependence — 7 troubling facts about 2018 budget

After six months in the 2018 fiscal year, President Muhammadu Buhari finally signed the 2018 budget of consolidation into law, thanks to a seven-month delay by the national assembly.The president revealed that the national assembly had inserted 6,403 new projects into arguably the last budget before the 2019 elections, while cutting down on some crucial projects.TheCable reviewed the key content [...]

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    IEA: Growth in OPEC production depends on Nigeria, two others

IEA: Growth in OPEC production depends on Nigeria, two others

The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]

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    Ghana vows to account for ‘every single bar of gold’ leaving the country

Ghana vows to account for ‘every single bar of gold’ leaving the country

In a bid to bring accountability and transparency to economic management of resources, the Ghanaian government has vowed to account for every single bar of gold leaving the country.It also promised to end smuggling by tightening controls, and ensure that 50% of total gold output is locally refined in the next five years.Mahamudu Bawumia, Ghana’s vice-president, told a regional meeting [...]

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    Oyegun: Buhari saved this country from economic doom

Oyegun: Buhari saved this country from economic doom

John Oyegun, national chairman of the All Progressives Congress (APC), says under the administration of President Muhammadu Buhari, the country no longer depends on oil to survive.Oyegun said this on Saturday at a rally which the APIC in Kogi organised to receive defectors.The APC national chairman explained that the Buhari administration has repositioned the country's economy as revenue now comes [...]

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    Central Bank of Nigeria steals the spotlight in January

Central Bank of Nigeria steals the spotlight in January

Investor sentiment towards the Nigerian economy was dealt a slight blow, after the MPC cancelled the January meeting due to their “inability to form a quorum”.Although the missed central bank meeting is likely to have little impact on the economy, it has the potential to reinforce market concerns over the nation’s poor policy management. An unwelcome return of political risk and uncertainty amid [...]

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    North desperate for oil over fear of restructuring, says Ekweremadu

North desperate for oil over fear of restructuring, says Ekweremadu

Ike Ekweremadu, deputy senate president, says the northern region of the country has no reason to be scared of restructuring as crude oil is fast losing its commercial value.According to Ekweremadu, the north is "desperately searching" for oil because of its fear of restructuring.He explained that the fear is unnecessary, as many countries that patronised Nigeria's oil have also discovered [...]

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    Deepening debate on oil exploration in the north

Deepening debate on oil exploration in the north

Like a planned incident, last week, three stories were coincidentally published by different newspapers on this subject; one by this author, deepening the debate on the viability of the renewed push for oil exploration in the frontier basins in the north.At the centre of the debate is still the prospect of a major oil find in the frontier basins.Oppositionists [...]

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Exchange Rates

August 08, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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