Nigeria Seeks Higher Production Quota Under OPEC+ Deal

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The price of crude oil skyrocketed by more than 7 per cent as the Organisation of Petroleum Exporting Countries and allies (OPEC+) agreed on Wednesday to stick to their plans of small output rise in April, defying calls for an increase in supply to the market even as prices rally to multi-year highs on Russia supply disruption fears. As of the time of filing this report, Brent was up 7.7 per cent or $4.50 to $115.9 per barrel while the United States West Texas Intermediate (WTI) was up by 7.2 per cent or $4.42 to $113 per

By Modupe Gbadeyanka President Muhammadu Buhari will address Nigerians through their representatives at the National Assembly on Thursday, December 10, 2020. The President will speak to a joint session of the parliament comprising the House of Representatives and the Senate on the spate of insecurity in the country. Recall that last week, at the lower chamber of the National Assembly, lawmakers summoned Mr Buhari to appear before them. This was because of the killing of over 40 rice farmers in Borno State by Boko Haram members. At the Senate, the President was again asked to sack the service chiefs, who

By Dipo Olowookere Shareholders of Ecobank Transnational Incorporated (ETI) have approved the issue of close to $400 million in convertible bonds proposed by the board of the leading African lender. This was done last Friday during the 29th Annual General Meeting and Extraordinary General Meeting, of the firm in Lomé, Togo, its headquarters. Proceeds of the exercise, the company said, would be used to strengthen its capital position and also create a Resolution Vehicle to manage Ecobank’s legacy loan portfolio and to optimise the maturities of the Group’s debt portfolio. “We are delighted with the strength of the support shown

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed that revenue from the petroleum sector dipped by 53.4 per cent to N251.86 billion in November 2022, as against the N540.31 billion recorded in the previous month. The CBN, in its latest monthly economic report for November 2022 released recently, blamed the decline on lower-than-expected earnings from petroleum profit tax and royalties. It also attributed the sharp drop to the accounting effect of the treatment of crude oil and gas inflows as operational components of the Nigerian National Petroleum Company (NNPC) Limited under the Petroleum Industry Act (PIA) 2021.

By Modupe Gbadeyanka Oyo State government has dismissed 662 workers from its workforce for various offences including certificate forgery. Also, it has wiped out about 2,021 fictional names on its payroll. Addressing newsmen on Tuesday in Ibadan, the state capital, the state’s Head of Service, Mr Soji Eniade, explained that the government took these decisions after the completion of a thorough verification exercise. Furthermore, he stated that at the last State Executive Council (SEC) meeting, the government discussed the need to restructure the civil and public service of the state in terms of quality and quantity. According to him, the

By Adeniyi Ogunfowoke Everyone has those days, the ones when you look in the mirror and just don’t love what you see. Whatever your skin issue is, there are ways to fix it that go beyond seeing dermatologists or applying moisturising creams. In fact, revamping your skin can be easier than all that. Sometimes all you have to do is to say goodbye to your skin hang-ups is to make simple dietary changes. This said, Jumia Food, Nigeria’s no 1 food ordering platform shares the things your skin is telling you about what you eat. Acne Foods that are high in

By Adedapo Adesanya The Naira showed no signs of regaining strength in the parallel market and the Peer-to-Peer (P2P) segments of the foreign exchange (forex) market, as it further depreciated against the United States Dollar on Tuesday, June 6. The Nigerian Naira weakened against the Dollar during the session by N2 in the black market to sell for N752/$1 compared with the preceding session’s rate of N750/$1. In the P2P forex window, the value of the Nigerian currency lost N5 against the greenback to settle at N770/$1, in contrast to the previous day’s value of N775/$1. However, in the Investors

On First Move, CNN’s Julia Chatterley interviewed the President of Emirates Tim Clark. Clark spoke about the Boeing 737 Max crisis and the uncertainty around Brexit. Following two fatal crashes, Boeing was forced to ground its 737 Max planes in March 2019. This affected airlines across the world, including Emirates. Clark believes it has disrupted Boeing and compelled the company to re-evaluate itself, “This will be a real disruptor to Boeing, it is. I think they will re-examine themselves, that’s what they should be doing, turning themselves inside out.” As well as affecting current flights, the grounding had an impact