In the news: CBN sees further growth in economy
The Nigerian National Petroleum Corporation will soon shut down three of its four refineries, according to the Group Managing Director, Dr. Maikanti Baru, has said.
The Benin Electricity Distribution Plc has announced the signing of a Memorandum of Understanding with Thames Energy Limited and the Delta State Government on the construction of a 20 megawatts power plant in the area.
Food/beverage stocks soared by 1.14 per cent on Wednesday, thus emerged the top-performing stocks as the Nigerian Stock Exchange capitalization appreciated by N23bn.
The naira weakened to 367 per United States dollar at the parallel market on Wednesday, after closing flat at 365/dollar in the past one week.
One of the joint venture partners in Aje field, offshore Lagos, said there was no oil lifting from the field in the second quarter of this year.
As the country exits recession, the Central Bank of Nigeria (CBN), said the economy will continue to improve in the days and years ahead.
The National Bureau of Statistics (NBS) said Nigeria’s total export value stood at N3,102 billion in the second quarter, representing a marginal increase over the first quarter.
About 50 per cent of the fabrication and integration of topsides of the floating, production, storage and offloading (FPSO) vessels of Nigerian Agip Exploration Limited (NAE)’s and Shell Nigeria Exploration and Production Company (SNEPCO)’s Zabazaba deepwater project and the Bonga South West Aparo (BSWA) deepwater project will be done by Nigerians.
Dangote Cement Plc, which is the most capitalised company listed on the Nigerian Stock Exchange (NSE), confirmed that it plans to acquire the entire share capital of PPC Limited-South Africa’s leading cement firm.
Nigeria, Togo, Ivory Coast and Benin Republic are expected to implement rules banning imports of petrol and other products with high sulphur content from December 1, 2017, after missing earlier deadlines.
An average of 700,000bpd of crude oil was deferred in 2016 due to pipeline sabotage, this brought Nigeria’s production down to as low as 1.3 million barrels per day from 2.2 million barrels targeted for the period.
With over N2trillion of non-performing loans (NPLs) in the nation’s financial services sector, stakeholders have advocated the promotion of effective credit risk operations through the deployment of quality and robust credit data management.
Nigeria is very unlikely to join OPEC’s cuts in oil production before March, its oil minister said on Wednesday.
Nigerian oil production, excluding condensates, is running at 1.6 million barrels per day (bpd), the country’s oil minister said on Wednesday.
Nigeria plans to sell 917.14 billion naira worth of treasury bills between Sept. 14 and Nov. 30, a central bank debt calendar for the fourth quarter showed on Wednesday.