- No fewer than 313 mining companies have been sanctioned by the federal government over non-fulfilment of environmental obligations. Salim Salaam, a director of compliance at the mines and steel development ministry said the mining operators were issued sanction letters on March 20 for failing to conduct Environmental Impact Assessment, Environmental Protection and Rehabilitation Programme and the Community Development Agreement. Salaam said four of the mining
- The FG, the 36 state governments, and the FCTA currently owe foreign creditors a total of $11.41 billion, the DMO has said. Statistics obtained from the DMO on Monday showed that while the FG’s foreign debt stood at $7.84 billion as of December 31, 2016, the 36 states of the federation and the FCTA owed $3.57 billion. Of the country’s foreign debt, $7,988,221,870 came from multilateral agencies, including the World Bank and the African Development Bank. Another
- Nigeria?s amnesty programme which provides vocational training and stipends to former militants who attacked oil facilities in its Niger Delta energy hub is struggling with a shortfall of funds, a special adviser to President Buhari has said. The government has been in talks with militants to end the attacks which cut Nigeria?s output by 700,000 barrels a day for several months last year, reducing total production at that time to about 1.2 million
Nigeria?s inflation rate bucked the trend in February to fall to 17.78 percent, its lowest level in 15 months. This was driven by a slower rise in general price levels, the National Bureau of Statistics said on Tuesday. Inflation had risen to 18.72 percent in January, its 12th monthly rise and its highest level in more than 11 years, as Africa?s biggest economy grapples with an economic recession, a currency crisis and dollar shortages, brought on by low
- Nigerian banks have opposed a proposal by Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said. A banker with knowledge of the negotiations told Reuters that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the telecoms operator wants to convert into naira
- Nigeria, which again lost its Africa’s top oil producer status to Angola in January, has recorded further decline in its crude oil production, a new OPEC report indicates. OPEC, in its Monthly Oil Market Report for March 2017, put crude oil production from Nigeria at 1.526 million barrels per day in February, down from 1.533 million bpd in the previous month, based on direct communication. Production from Angola stood at 1.649 million bpd in February, up from
- Federal lawmakers aim to pass the 2017 budget by the end of March, the Senate president said on Tuesday, following a meeting with President Buhari. The budget lays out plans to pull Africa?s largest economy out of its first recession in 25 years, largely prompted by low global prices for the oil it produces and by attacks on energy facilities in the Niger Delta oil hub last year. Buhari had presented his record ₦7.298 trillion ($23.21 billion) budget
- A Nigerian court case in which Royal Dutch Shell and Italy?s Eni are seeking to have a government seizure of a long-disputed oilfield lifted has been adjourned until March 17, a judge said on Monday. The court in January ordered the temporary seizing of assets and the transfer of operations of the OPL 245 field owned by Shell and Eni, among others, to the federal government on request of the EFCC financial crime agency. The inquiry is investigating whether
The SBM Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot one of Nigeria’s primary delicacies – Jollof rice. This meal was chosen because it is a delicacy in every part of the country. We believe that this index gives a bird eye’s picture of national inflationary trends.
An SBM tally of these prices since the second half of 2016 has showed a quarter by quarter increase in the average national index– from
- Nigeria?s financial and telecoms regulators said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. Reuters quotes a banking source as saying that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. The two sides have not been able to agree on terms.