8,000 APC delegates decide Buhari, Atiku, others’ fate today
The National Convention of the All Progressives Congress (APC) holds today at the Teslim Balogun Stadium, Surulere in Lagos. The party’s presidential candidate is expected to emerge at the end of the exercise.
National Publicity Secretary of the APC, Alhaji Lai Muhammed, has told Nigerians to expect the party’s presidential candidate either later today or early morning tomorrow. Read more
FG Unveils N45bn Sugar Project in North-west Nigeria
The federal government has inaugurated a N45 billion integrated, state-of-the-art sugar project in Sunti, Niger State, North-West Nigeria.
The project, wholly owned by Flour Mills of Nigeria Plc, (FMN) and comprising a 16,500 hectare sugarcane estate and mill, is part of the Ministry of Industry and Investment’s approved Backward Integration Programme (BIP) for the production of local sugar in line with the provisions of the National Sugar Master Plan. Read more
PDP Leaders Gather in Abuja for President’s Coronation
Three thousand and seventy three delegates of the Peoples Democratic Party (PDP) are expected to convene at the Eagle Square, Abuja, for the party’s national convention, which kicks off this Wednesday, to ratify President Goodluck Jonathan as the presidential candidate of the PDP by popular acclamation.
At the PDP convention, the party’s National Chairman, Adamu Mu’azu, who was appointed last January after the resignation of Bamanga Tukur, will also be ratified by the delegates. Read more
KPMG Report: $13bn High Speed Rail to Save Nigeria Road Maintenance Cost
Nigeria’s ongoing $13 billion high speed rail project that is expected to transverse 10 states in the country will help remove heavy freight from the country’s stressed roads and enable government save millions it spends on road maintenance, a report has stated.
Also, the report pointed out that if built, the $20 billion trans-Saharan natural gas project would be one of the world’s most expensive energy export programs, adding that it would provide a critical link between resource-rich areas in Africa and attractive markets in Western Europe. Read more
Infracos to enjoy tax holidays, others for broadband investments
The soon to be licensed Infrastructure Companies (Infracos) in the broadband spectrum will, among other incentives, get tax holidays of between five and seven years to cushion their investments.
This was one of the highlights of the Nigeria Investment meeting at the ongoing ITU World 2014 in Doha, Qatar. Read more
Nigeria’s Growth to Slow in 2015, Says Okonjo-Iweala
As Nigeria adjusts to falling crude prices, growth could slow by about a percentage point next year, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said.
Africa’s most populous nation is cutting spending on government travel and equipment, and raising taxes on yachts and private planes as oil prices hit five-year lows. Read more
NLNG to build $1.8b ship repair facility in Lagos
The Nigeria Liquified Natural Gas (NLNG) in collaboration with other investors are set to invest $1.8billion in ship repair and dry docking business in the country to boost the economy and increase trade.
The facility, according to its promoters, would be built in Badagary area of Lagos State because of its deep waters, human resources and proximity to other West African countries. Read more
ECB’s Quantitative Easing to Drive Foreign Portfolio Investments to Nigeria
Respite may yet come Nigeria’s way despite fears over possible outcome of next year’s election as the recent Quantitative Easing (QE) measures of the European Central Bank (ECB) and the expansionary measures of the Peoples Bank of China (PBoC) may lead to additional inflows of investment funds to Nigeria in the form of Foreign Portfolio Investments (FPIs) thus moderating yields.
The U.S. Federal Reserve’s decision to stop its quantitative easing following the recovery of the U.S. economy, fears over next year’s general election and the recent devaluation of the naira by the Central Bank of Nigeria (CBN), had made most foreign investors to pull out their funds and get out of Nigeria. Read more
CTIN to train artisans with N15bn
As part of its responsibility to reduce the rate of unemployment in Nigeria, the Cement Technology Institute of Nigeria, CTIN, is set to fund the training of Nigerian youths in the building sector with N15bn.
This was disclosed on Monday by the Chairman, Board of Trustees of CTIN, Alhaji Aliko Dangote at the signing of Memorandum of Understanding, MoU, between CTIN and Industrial Trust Fund, ITF, on the training of artisans and craftsmen in the construction industry. Read more
Defending naira hasn’t been easy, says Emefiele
The Central Bank of Nigeria (CBN) has listed some of the challenges it is facing defending the naira. CBN Governor, Godwin Emefiele said at the Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos that the naira/dollar exchange rate has been under pressure over the last couple of months.
He said in the days leading up to last month’s Meeting of the Monetary Policy Committee (MPC), the interbank rate closed at N173 to the dollar, and at the Bureau De Change, it was N176 to the dollar. But, he said, the CBN managed to keep the official Retail Dutch Auction System (RDAS) rate at slightly above N160 to the dollar. Read more
‘Foreign reserves lost $1.96b in November’
Data from the Central Bank of Nigeria (CBN) has shown that official reserves decreased by $1.96 billion last month to $36.8 billion. The decline, analysts at FBN Capital said, could be attributed to a fall in foreign exchange inflows following the sharp decline in the price of crude oil and the exit of some offshore portfolio investors at a time when demand was little changed.
Head, African Markets at FBN Capital, Olubunmi Ashaolu said the bi-weekly sales of foreign exchange at the CBN’s retail Dutch auction system (RDAS) declined by $700 million from the previous month to $2.29 billion. Read more
Oil and Gas
Exxon sees abundant oil, gas far into future
North America, once a sponge that sucked in a significant portion of the world’s oil, will instead be supplying the world with oil and other liquid hydrocarbons by the end of this decade, according to ExxonMobil’s annual long-term energy forecast.
And the “almost unspeakable” amount of natural gas found in recent years in the U.S. and elsewhere in North America will be enough to make the region one of the world’s biggest exporters of that fuel by 2025, even as domestic demand for it increases, according to Bill Colton, Exxon’s chief strategist. Read more
2015 Budget Set for Fresh Review as Oil Prices Touch Benchmark
Nigeria’s 2015 budget is set for another review as crude oil prices continue its cascade down the pit.
Crude oil prices struck fresh five-year lows in Asia on Tuesday, with analysts forecasting further falls owing to weak demand, a global supply glut and fewer production halts. Read more
Turkey Agrees to Buy LNG from Algeria for 10 Years
Turkey has agreed to import liquefied natural gas (LNG) from Algeria for 10 years, commencing Jan 1, 2015. Turkish Energy Minister Taner Yildiz said that the country will import 4.4 billion cubic meters (bcm) of LNG from Algeria per year via its LNG terminals. Currently, Turkey imports 4 bcm/year of LNG from Algeria and 1.2 bcm/year from Nigeria.
After a meeting with Algerian Energy Minister Youcef Yousfi in Istanbul, Yildiz said that the current LNG import agreement extended for 10 years. “We agreed on a fair price for the natural gas, which both countries will be beneficiary,” Yildiz said in a press briefing with his counterpart Youcef Yousfi. Read more
U.N. Agency Reports More Refugees on the Sea, and Fewer Welcome Shores
A surge of people, many of them fleeing war, are risking their lives to find sanctuary by sea, the United Nations refugee agency said Tuesday, rebuking governments that sought to keep out foreigners looking for asylum.
Since the beginning of this year, at least 348,000 people have crossed seas — or died trying — the agency said in a report, with data compiled from coastal authorities around the world. Nearly two-thirds of the refugees sailed across the Mediterranean en route to Europe, which the agency said was a marked increase from previous years. Read more
CIA torture report: China and North Korea quick to settle accounts
China and North Korea, two of the nations most often criticised by the US over human rights, have lined up to return fire after the Senate published its damning report on the CIA’s use of torture to interrogate captives suspected of terrorist involvement.
Even before the report had been released, China’s state news agency Xinhua carried an editorial saying the US “should clean up its own backyard first and respect the rights of other countries to resolve their issues by themselves”. Read more
UAE court convicts 11 for helping al Qaeda affiliate – papers
A United Arab Emirates (UAE) court convicted 11 men including UAE, Syrian and Comoros nationals of helping to form an al Qaeda affiliate and sending fighters to join Syrian rebel groups, newspapers reported on Wednesday.
Four Emiratis among the 11 were sentenced to life imprisonment in absentia by the state security division of the Federal Supreme Court on Tuesday, the National newspaper reported. Read more
The Netherlands: Dutch Refuse Call to Hand Malaysia Jet Inquiry to U.N.
Hunks of wreckage from the crash of Malaysia Airlines Flight 17 arrived Tuesday in the Netherlands as the Dutch government rejected a call to hand over the investigation of the disaster to the United Nations. The flight was shot down July 17 over territory held by pro-Russia rebels in eastern Ukraine, killing all 298 people aboard, most of them Dutch. A law firm representing 20 relatives of victims from four countries has criticized the Dutch investigation as too slow and urged that it be turned over to the United Nations. With difficulty salvaging evidence from the crash site, investigators have yet to identify six victims. Read more
Chinese firms seek $23 mln compensation in oil spill trial
A group of 21 Chinese firms are suing CNOOC Ltd and ConocoPhillips for compensation of over 141 million yuan ($22.80 million) for losses suffered due to oil spills at the duo’s operations in 2011, according to court documents.
Leaks at the Penglai 19-3 oilfield, a joint exploration project by the two oil majors, were first discovered in June 2011. The spills polluted 6,200 square km of water in the Bohai Bay area before the field was finally sealed in late October that year. Read more
Ebola outbreak: Virus still ‘running ahead of us’, says WHO
The Ebola virus that has killed thousands in West Africa is still “running ahead” of efforts to contain it, the head of the World Health Organization has said.
Director General Margaret Chan said the situation had improved in some parts of the worst-affected countries, but she warned against complacency. Read more
NERC and fresh hike in electricity tariff
Indications are that from December 1, 2015, electricity consumers all over the country may have to pay more for the product following an increase in the price of gas. This was the decision reached at a recent meeting between the Nigerian Electricity Regulatory Commission (NERC) and other stakeholders to review the Multi-Year Tariff Order (MYT02). According to NERC, the current price of gas is $3.30 per mmbtu as against the regulatory authorities’ assumption of $2.30. The Commission’s vice chairman, Mr. Mohammed Bello, said the price of gas, inflation, falling foreign exchange rate and power generation capacity were some of the factors considered before proposing the tariff review. Read more
Dolphins, First Bank return from Tunisia
The two teams that represented Nigeria at the just concluded FIBA Africa Champion Cup for Women in Sfax, Tunisia, Dolphins and First Bank, arrived in Lagos aboard an Air Maroc flight on Tuesday to the cheers of their fans.
Dolphins came fifth in the tournament, while First Bank came fourth. Read more
Agbim Backs Nigerian Clubs to Shine in CAF Tourneys
Captain of Nigeria’s ‘B’ team Chigozie Agbim has tipped the country’s four representatives to get as far as the finals of both Champions League and Confederation Cup next year.
The draw for the competitions will be staged in Cairo on Thursday. Read more
FIFA upholds Pinnick’s election
The world football governing body, FIFA, has upheld the election of the Amaju Pinick-led board of the Nigeria Football Federation. The decision of FIFA follows the submission of the NFF Electoral Appeals Committee made available to the Zurich-based international body at the close of last week.
The position of FIFA on the September 2014 election held in Warri was conveyed in a letter sent to the General Secretary of the NFF, Musa Amadu, dated December 9, 2014. Read more
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