The CBN on Wednesday raised more money from an auction of treasury bills than originally planned after it received subscriptions for almost four times the amount of debt initially on offer, traders said. The bank raised ₦215.88 billion ($686 million) at the auction, ₦75 billion more than planned, with the one-year paper accounting for most of the debt. Total subscription at the auction stood at ₦559 billion. Investors bid as much as 18.9 percent for the
Nigeria’s daily oil production will significantly increase by Q4 2018 when the Egina Project comes online. Total’s Deputy Managing Director and principal partner of the Egina Project, Ahmadu Musa-Kida, who said this at the celebration of the Egina manifold sail away in Port Harcourt on Tuesday, said that when completed, the Egina project would add 200,000 barrels per day to Nigeria’s daily crude oil production. According to the Chairman of Aveon Offshore
The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang said at a News Agency of Nigeria forum in Abuja. Federal lawmakers have fixed October as the deadline for the submission of the bill. Enang said the Federal Government was committed to meeting the deadline so as to take the country back to the annual budget cycle of January to December,
S&P affirmed Nigeria’s government bond ratings at ‘B/B’ with a stable outlook, citing oil sector improvements which it says will support higher economic growth, fiscal revenues, among other things. The rating firm says the stable outlook signals assessment that oil sector improvements will also support higher current account receipts over next 12 months as higher oil production will help increase foreign currency supply, keeping current account
Nigeria has started the sale of a ₦100 billion ($326 million) debut sovereign Sukuk on the local market to fund road infrastructure, the DMO said on Thursday. The seven-year Islamic bond which is structured as a lease will yield a 16.47 percent rental rate, payable semi-annually. Subscription for the bond, which is guaranteed by the government, will close on 20 September. The debut Sukuk was originally planned to go on sale in June for three days via book building.
Nigeria is very unlikely to join OPEC’s cuts in oil production before March. OPEC and other producers, including Russia, are reducing crude output by about 1.8 million barrels per day until next March in an attempt to support prices by cutting a glut of crude oil on world markets. Nigeria and Libya, whose output has been affected by political turmoil and attacks, are exempt from the agreement. “It is very unlikely that I see stability that convinces me with
Vice President Yemi Osinbajo announced on Monday that the Federal Executive Council had agreed to the concession Nigeria’s two biggest airports, Murtala Mohammed in Lagos and Nnamdi Azikiwe Airport in Abuja. Osinbajo also asked the private sector to report Ministries, Departments and Agencies of government stalling the implementation of the ease of doing business, saying naming and shaming was the only way to improve the country’s business environment.
The CBN will start issuing electronic certificates for capital imported into the country, in a bid to improve its currency transfer process, next week. The new certificate will replace a hard copy now issued when capital is imported. The regulator said the move would enhance transparency and efficient processing of foreign investment. Investors or companies are required by a 1995 law to get certificates within 24 hours declaring they have invested foreign currency
The FG under President Muhammadu Buhari, and the 36 states of the federation, as well as the FCT, have borrowed ₦7.51 trillion in the last two years, new data shows. The Punch reports that as of June 30, 2015, just a month after the current administration was sworn in, Nigeria’s total debt stood at ₦12.12 trillion. However, as of June 2017, the nation’s total debt had climbed to ₦19.63 trillion, the paper says, citing the latest debt statistics from
The Debt Management Office on Thursday started a national road show in Lagos in preparation for the issuance of a highly anticipated ₦100 billion non-interest bearing Sukuk bond. The DMO, in a statement issued in Abuja, said the road show led by the Director-General, Patience Oniha, would also be held in Kano, Kaduna and Port Harcourt. It said the team would be accompanied by its financial advisers, Lotus Capital Financial and FBN Merchant Bank. The roadshow