- The FG has signed an MoU with the Nigerian Agricultural Mechanisation and Equipment Leasing Company and U.S. manufacturer John Deere to supply 10,000 tractors to rural farmers across the country. The MoU was signed by Agriculture and Rural Development Minister Audu Ogbeh; NAMEL Director General, Hammed Adekunle; and the Managing Director, Sub-Saharan Africa of John Deere, Jason Brantley. Through the agreement, John Deere would set up assembling plants for tractors in the country, which would be delivered through 2,500 Agricultural Equipment Hiring Enterprises.
- Nigeria experienced a sharp drop in power after a gas pipeline rupture caused six power stations to halt operations temporarily, the electricity grid operator said, underscoring the chronic instability of the country’s power infrastructure. The Transmission Company of Nigeria, the grid operator, said the rupture on 15 June and “technical issues” at Shell gas wells the following day led to the stations being shut down in a measure known as load shedding aimed at averting a wider collapse. “With a total loss of 1,087.6MW into the grid, the transmission system has become quite fragile and TCN is working hard to avert a collapse of the system by engaging in load shedding,” said TCN spokeswoman Ndidi Mbah in a statement. Nigeria’s power output stands at around 4,000MW, according to the Nigeria Electricity System Operator.
- Trade in Nigerian crude remained restricted this week after yet more supply outages kept differentials under pressure. Despite the disruption to two out of the three major crude streams, two-thirds of the July programme was still available, Reuters reports citing traders. Six out of the seven cargoes of Qua Iboe originally scheduled to load in June has been delayed by at least five to six days by a power outage last week, while all nine of the July programme has been pushed back by about a week, with two cargoes being delayed into August, two trading sources said. The June programme originally contained seven cargoes, equal to around 222,000 barrels per day, while the original July programme contained nine cargoes or around 276,000 bpd.
- The European Commission has said a year-long ban of Medview airlines from operating in its airspace remains in force. According to the updated Air Safety List, a total of 119 airlines are banned from flying to any European Union member country. However, all air carriers from Indonesia contained in last year’s list were cleared. In 2017, the EC banned Medview aircraft because of unaddressed safety deficiencies. At the time, it said that “Med-View (Nigeria), Mustique Airways (St. Vincent and the Grenadines), Aviation Company Urga (Ukraine) and Air Zimbabwe (Zimbabwe) were added to the list due to unaddressed safety deficiencies that were detected by the European aviation safety agency during the assessment for a third country operator authorisation.” In order to continue operations on its Lagos-London route, the airline secured a wet lease from an EU-member state.
- The Strides Group acquired the mortgaged assets of the Rivers Vegetable Oil Company Limited over the weekend.The multi-billion naira deal was signed in Lagos by UBA Capital Trustees on behalf of a consortium of four banks consisting of Diamond, Guaranty Trust, UBA and Zenith. Strides chairman, Moritz Abazie said the deal will save 500 direct Nigerians jobs and a further 5000 indirect ones. He said the FMCG manufacturing plant would commence production in two months’ time.