14 Nov

Daily Watch – CBN may lower MPC in 2018, Construction firms decry WHT uncertainty

  • Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. “I think this group of committed and responsible producers came together… and I think they will continue to do what it takes to take us to the next level,” United Arab Emirates Energy Minister Suheil al-Mazrouei told an international oil conference in Abu Dhabi. He said 158 million barrels
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13 Nov

Daily Watch – Ogun to host transit terminal to clear Lagos port, Gas flaring bonanza ramps up

  • Transportation minister, Rotimi Amaechi said cargoes from Lagos’ ports would be taken to Papalanto, a transit terminal in neighbouring Ogun State, through a narrow-gauge rail line after their clearance in order to ease a worsening congestion problem on the Apapa/Wharf access road as a result of ongoing rehabilitation work. Amaechi, who made the announcement during the World Maritime Day celebrations in Abuja, said the FG had reserved a transit terminal
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10 Nov

Daily Watch – Petrobras to fling Nigerian unit, Lagos-Abidjan road gets financial agreement

  • Nigeria plans to raise ₦710 billion ($2.26 billion) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office said on Thursday. Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with the NNPC. The government has considered selling stakes in these joint ventures for more than a decade. Responding to Moody’s downgrade of Nigeria’s
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09 Nov

Daily Watch – MTN escapes Senate censure, Tizeti to ramp up Express Wi-Fi by Facebook

  • The Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group’s Nigerian unit after the business was accused of illegally repatriating $14 billion to its parent. But the Senate report also asked the CBN to sanction Stanbic IBTC Bank “for improper documentation in respect of capital repatriation and loan repayments” on behalf of MTN. The upper house agreed in September last year to investigate whether Africa’s biggest
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08 Nov

Daily Watch – PMB tables ₦8.6t #Budget2018, Nigeria O&G costs 100% above global

  • President Muhammadu Buhari presented on Tuesday a 2018 budget of ₦8.612 trillion, the country’s biggest ever, to lawmakers. He said the budget was based on an exchange rate of ₦305 to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45 per barrel. The president said he was targeting 1 January 2018 for the passage of next year’s budget, adding that the deficit is expected to be ₦2.005 trillion and real economic
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07 Nov

Daily Watch – FG ‘ready’ to talk with Avengers, Nigeria bags ₦4.2t deficit in manufacturing

  • The Niger Delta minister said on Monday the government was ready to meet militants days after they called off a year-long ceasefire. Usani Uguru Usani asked the Niger Delta Avengers to be patient and said the government was pushing through development schemes in the southern territory where rights groups have long complained about poverty and pollution. The Avengers – whose attacks on energy facilities in the Niger Delta last year helped push Africa’s
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06 Nov

Daily Watch – 4.8m Nigerians face looming food crisis, Diamond to focus on home

  • The Niger Delta Avengers whose attacks on energy facilities in the Niger Delta last year helped push Nigeria into recession said on Friday it had ended its ceasefire. It announced a halt to hostilities in August 2016, although they carried out attacks in October and November last year. “Niger Delta Avenger’s ceasefire on Operation Red Economy is officially over,” the group said on its website. “Our next line of operation will not be like the
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03 Nov

Daily Watch – New FX bill scales second reading, Lagos most competitive state

  • President Buhari will present the 2018 budget to the National Assembly on 7 November, he said in a letter on Thursday, seeking to avoid the delays that have plagued previous budgets, not passed until well into the years they targeted. The letter was read in the House of Representatives by Speaker Yakubu Dogara. Each of Buhari’s budgets has set a record high level of spending, but economists say implementation, particularly on capital expenditure that is meant
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02 Nov

Daily Watch – Crude tracking to take off in 2019, New Abuja terminal to open in February

  • Nigeria was among the 10 economies showing the most notable improvement in the World Bank’s Ease of Doing Business list published on Tuesday. It rose 24 places in the ranking of countries to 145th place. Nigeria this year introduced initiatives aimed at improving the business environment, such as new systems to speed up the processing of visas for executives. Local and foreign business leaders have long complained that red tape, mismanagement and corruption
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01 Nov

Daily Watch – AfDB weigh Nigeria loan options, Access Ghana will grow ‘organically’

  • The African Development Bank said on Tuesday it could consider an additional $400 million for Nigeria to support its growth and recovery efforts and was in talks with the government on how to help it reinvigorate Africa’s largest economy. The bank had been in talks with Nigeria for around a year to lend $400 million, the second tranche of a $1 billion loan, to shore up the country’s budget deficit. On Monday, a vice president at the bank, Amadou Hott, had
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