Nigeria allegedly lost as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. ‘Production fell by 1M to 1.2M barrels a day at the peak of the attacks,’ Emmanuel Kachikwu, minister of state for petroleum, said Tuesday in a video clip on his Facebook page. This resurgence of armed conflict in the delta last year, combined with lower oil prices, blighted the economy and Nigeria suffered its
- The CBN sold ₦202.44 billion ($665 million) worth of treasury bills at an auction on Wednesday at yields lower than the inflation rate, the bank said on Thursday. The amount raised was more than ₦142.43 billion it had initially proposed, but it increased its offer due to the volume of demand by investors. The bank raised ₦140 billion in the 1-year treasury bill at 18.44 percent, shy of the 18.72 percent inflation rate for January and compared with 18.54
- Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget and national planning minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion ?The figure will depend on the (2017) budget approved by the National Assembly,?
- Despite recording the biggest increase in output among its peers in OPEC, Nigeria has again lost its Africa’s top oil producer status to Angola after it regained it in November last year. For nine months in 2016, Nigeria lagged behind its southern African counterpart in oil production on the back of the resurgence of militant attacks on oil facilities in the Niger Delta. OPEC, in its Monthly Oil Market Report for February 2017, which was released on Monday,
- Bank deposits rose marginally by ₦5.33 billion in January reversing the negative trend recorded in December 2016. However, the naira depreciated to its lowest level in the parallel market last week with the exchange rate rising to ₦506 per dollar in the market. Banks are mandated to keep 22.5 percent of their total deposit as a Cash Reserve Ratio with the CBN. Consequently, the regulator debits banks 22.5 percent of any increase in bank deposit for the month.
- Nigeria’s external reserves have risen by $4.7 billion or 20 percent in the past three months, according to the latest data from the CBN. Statistics on the regulator?s website on Sunday revealed that the foreign exchange reserves increased from $24.0 billion on November 9, 2016, to $28.7 billion on February 9, 2017. The data also showed that within two months, the reserves increased by $3.8 billion or 15.3 percent from $24.9 billion recorded on December
Acting President Yemi Osinbajo has nominated Walter Onnoghen as the substantive Chief Justice of Nigeria, in a move set to usher in the first southern head of the Supreme Court in three decades. The decision was announced in a tweet from President Buhari’s Twitter account shortly before noon on February 8. It came a day after Osinbajo’s office told online newspaper, Premium Times that Onnoghen’s name could still be forwarded before the February 10 deadline stipulated
- Nigeria has priced a $1 billion, 15-year Eurobond at 7.875 percent in an issue that is almost eight times subscribed, the finance ministry said on Thursday. The government will seek to have the paper listed on the FMDQ OTC Securities Exchange and the NSE, it said in a statement. The bond issue is aimed at helping finance a budget deficit exacerbated by lower oil prices and militant attacks in the crude-producing Niger Delta. The naira has also lost a third of
- Nigeria will increase customs duties for tomato imports and waive tariffs for some farming equipment to stimulate local production and investment in the agriculture sector, its trade and industry minister said on Wednesday. ?We are going to go up. We will be announcing what the new tariffs are but clearly, there is a new set of tariffs,? Okechukwu Enelamah told reporters, without giving details. Customs duties on some greenhouse equipment currently
- The CBN said on Tuesday that the monthly supply of dollars at its disposal had dropped to between $600 million and $700 million. While the bank had a stock of up to $3 billion monthly in 2013 and 2014, it said the forex scarcity that hit the country had left it with roughly $700 million. Deputy Governor, Sarah Alade, who appeared before an ad hoc committee of the House of Representatives in Abuja, explained that the forex scarcity was the reason why the regulator was