- Nigeria will be phased out of JP Morgan’s Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday after warning that currency controls were making bond market transactions too complex to meet its rules. The JP Morgan index has around $210 billion in assets under management benchmarked to it, supporting investor demand for the bonds it includes. In its response, the CBN said that while it would continue to ensure liquidity and transparency in Nigeria’s market, it sees the interest of Nigerians as paramount and will thus take decisions that will impact positively in the lives of all Nigerians.
- Following the many cases of rejection of Nigeria’s exported products mostly in European countries, the federal government has set up two committees to reduce the level of rejection of non-oil products exported from the country. The committees set up are the Trade Information, Export Procedure and Documentation committee; and the Capacity Building, Quality Standards and Compliance committee. Nigerian exports across the world face intense scrutiny, with the attendant rejection of many of such exports.
- Lekoil saw the start of production from the Otakikpo Marginal Field in Nigeria on OML 11. Following the successful re-entry of the Otakikpo-002 well, first oil flowed to surface on September 5, with production testing being conducted over the weekend. The Otakikpo-002 well produced from only the first of four planned production strings, and flowed oil at various choke sizes for over 24 hours at a peak rate of 5,703 bpd, significantly ahead of expectations.