In the news: External reserve hits 2 year high
The Federal Executive Council on Wednesday approved the 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which hopes to achieve seven per cent growth rate by 2020.
The Federal Executive Council on Wednesday approved the refinancing of the country’s domestic debts into treasury bills worth $3bn, as part of the overall strategy of government to reduce the cost of borrowing.
Egina oil field, a major deep water development in Nigeria, is expected to achieve first oil in the fourth quarter of 2018, with a capacity to increase the nation’s oil production by 200,000 barrels per day.
The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday.
A new report on Wednesday indicated that over N11tn meant to provide adequate electricity in the country was squandered under the governments of former Presidents Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan.
Pan Ocean’s Amukpe-Escravos Pipeline Project (AEPP) in Delta State, which is scheduled to come on stream before the end of the third quarter of 2017, will boost Nigeria’s crude oil exports by 160,000 barrels per day and also serve as an alternative to the much troubled Trans Forcados Pipeline (TFP) for oil companies operating in the western Niger Delta, the company has said.
By 2035, sub-Saharan Africa will have more working-age people than the rest of the world’s regions combined and this growing workforce will have to be met with jobs.
Following price gains recorded by most highly capitalized stocks, equity transactions on the trading floor of Nigerian Stock Exchange (NSE), remained upbeat yesterday, as investors’ wealth appreciated by N214billion in three trading days.
Then nation’s external reserve has risen to a two year high of $31.2 billion even as the naira yesterday appreciated to N367.5 kobo at the Investors & Exporters (I&E) window.
Nigeria plans to sell 62.43 billion naira ($171 mln) of treasury bills at an auction next Wednesday, the central bank said on Wednesday.