The main subsidiary of the NNPC said on Monday it planned to increase production from fields in which it owns stakes to 300,000 barrels per day by 2018 from the current level of 180,000 bpd. The NPDC said the planned increase in so-called equity production was part of the NNPC’s “transformation.” NPDC, in a statement issued by its parent company, said production was expected to reach 400,000 bpd and 500,000 bpd by 2019 and 2020 respectively. NPDC, set up
Nigeria is pumping less than 1.8 million barrels per day of crude, its oil minister said on Friday, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output. The Organisation of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to support prices by cutting a glut of crude on world markets. Nigeria was at first exempted from the deal because its
The FG says it is considering tax credit as a way of driving a revised model for export expansion as well as attract investment in infrastructure. The Budget and National Planning Minister, Udoma Udo Udoma, speaking of the 23rd Nigeria Economic Summit, said “The amount we are spending on critical infrastructure is not enough. The country needs between 3 to 5 percent of its GDP in infrastructure, but we are currently doing 0.5 percent. We are trying to use tax
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.