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OIL

Nigeria’s Oil Production to Get Boost as Shell Resumes Export

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With Shell’s Trans Niger Pipeline and the Forcados terminal returning as early as November, economists predict that Nigeria’s oil production would increase beyond 1.6 million barrels per day (bpd), helping to stabilize the government’s dwindling oil revenue.After repairs are finished, the Forcados Oil Terminal will restart export operations by the end of October, according to …

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NNPC

NNPC declares N674bn profit after tax for 2021

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The Nigerian National Petroleum Corporation Limited has declared a profit of N674 billion after tax for the 2021 Fiscal year.The NNPC announced the results via their twitter account on October 4th, 2022.The audited financial statements for 2021 have been approved by the Board, according to NNPCL. “NNPCL has progressed to a new performance level, from …

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CBN COMBATS INFLATION BY RAISING INTEREST RATES TO 15.5%

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In an aggressive move to combat inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) to  15.5 percent from 14 percent.Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, made the announcement yesterday during a press conference  following the conclusion of the 5th Monetary Policy Committee meeting in 2022 in Abuja. He announced an increase in the  Cash Reserve Ratio (CRR) to a minimum of 32.5% from 22.5 percent in July, while keeping the Liquidity Ratio at 30%.”Mr. Emefiele stated, “The committee unanimously voted to raise the MPR…The MPC voted to increase the MPR to 15.5, while maintaining the asymmetric corridor at +100 -700 basis points around the MPR. On why the rate was raised, he said, “Members deliberated the impact of the widening margin between the current policy rate of 14 percent and the inflation rate of 20.52 percent. “At this meeting, the option of reducing the policy rate was not considered as this would be gravely detrimental to …

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NAIRA

NAIRA CONTINUES FREE FALL AGAINST THE DOLLAR

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The naira/US dollar exchange rate fell by 0.69% on Thursday morning, September 29, 2022, to trade at N730/$1 in the parallel market, down from N725/$1 on Wednesday.According to information obtained from black market traders, this is the case.Similarly, the official Investors and Exporters window recorded a 0.01% depreciation to close at N436.37/$1 on Wednesday, September 28th 2022, from N436.33/$1 the previous session.Meanwhile, on Wednesday, September 28th, 2022, a total of $119.49 million was traded on the official market, a 20.17%  increased from $99.43 million traded on Tuesday.

Nigeria

Nigeria to receive investments to the tune of $618 million from AfDB, Islamic Development Bank and France

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The African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (FDA) have announced intentions to invest $618 million in Nigeria’s Digital and Creative Enterprises Programme (I-DICE) in an effort to increase funding for the country’s creatives.This information was presented by Dr. Akinwumi Adesina, head of the AfDB, during the Nigeria International Economic Partnership Forum held in conjunction with the 77th United Nations General Assembly in New York.According to the AfDB, the fund would assist 451 digital SMEs and 225 creative start-ups in the use of new technology. The AfDB chief added that the bank had invested 4.5 billion dollars in Nigeria thus far, and that the country remained an appealing investment destination. In addition, the International Fund for Agricultural Development and the IsDB provided $540 million to develop Special Agro-industrial Processing Zones in Nigeria to help unlock agricultural potential, boost food and agribusiness value chains, and make Nigeria more competitive. Adesina emphasized the importance of reducing Nigeria’s infrastructure deficit, citing the National Integrated Infrastructure Master Plan, which shows that Nigeria will require 759 billion dollars in total financing to support infrastructure over a 23-year period (2020-2043). Deutschepartners.com

NIGERIA’S NNPC BECOMES PRIVATE

Leave a Comment / Finance, Mergers , Expansions & Acquisitions, News Update / By

The official unveiling took place on July 19, 2022, at the presidential banquet hall in Abuja .The company’s operations will now be regulated by the Companies and Allied Matters Act (CAMA). The legal transition, based on the new Petroleum Industry Act (PIA), took effect July 1. The NNPC Limited was then floated with an initial …

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Oil

Oil Prices Fall Below $100, Nigeria’s Production Hit 1.158mb/Day

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Brent, the international benchmark for crude, fell below $100 per barrel on Tuesday as the latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d. Industry data indicated that Brent dropped in price by $7.72 or 7.21 per cent to close at …

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Quota

NIGERIA’S OPEC QUOTA SHORTFALL RAISES SERIOUS CONCERNS

Leave a Comment / Finance, Nigeria, Regulatory body report / By

Nigeria’s inability to meet the Organization of Petroleum Producing Countries, OPEC’s quota of 1.7 million raises serious economic concerns. The Nigerian National Petroleum Company NNPC Ltd, reported that Nigeria produces less than 1.5million bpd of the crude oil quota. This shortfall has resorted to borrowing to complement budget deficits, since oil is still the mainstay …

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Energy generation

Nigeria’s energy generation rises to 89,648MWh

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On Monday, May 23rd, 2022, Nigeria generated a total of 89,648.54MWh, a 5.2% increase over the 85,209.68MWh generated the day before. On Monday, power supply jumped by 5.2% to 88,390.76MWh, up from 84,045.52MWh the day before. This is According to the Nigerian Transmission Company (TCN).Despite the little increase, Nigeria’s energy generation remains below the 105 kMWh threshold  required for the country’s power supply to be stable.  Nigerians, in particular, continue to suffer from epileptic power supply, with three system outages  thus far in 2022, resulting in extensive blackouts across the country. Additionally, Nigeria’s energy generation peaked at 3,943.2MW, which is 5.1% higher than the 3,751.1MW peak recorded on Sunday, while off-peak generation rose to 3,424.8MW. Highlights (23rd May 2022) Peak generation – 3,953.2MW (+5.1%) Off-peak generation – 3,424.8MW (+1.9%) Energy generated – 89,648.54MWh (+5.2%) Energy sent out – 88,390.76MWh …

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