Economy
Nigeria Will Flourish Very Soon—Osinbajo
By Dipo Olowookere
Vice President Yemi Osinbajo has expressed confidence that though Nigeria Economy is presently facing structural challenges, the Buhari government is confident that Nigeria will return to positive growth very soon.
He made this assurance on Tuesday September 27, 2015, at the Joint Nigeria-India Business Forum which was held sequel to the signing of Bi-lateral Agreement between the two countries, at Sheraton Hotel Abuja.
He stressed that this will be possible because the Nigerian Government has responded by adopting policies that will boost economic activities and lay a long term growth.
According to him, “Our vision is anchored on a paradigm shift in government toward transparency and accountability and making it easier to do business as we diversify the economy”.
Throwing more light he stated that, there will be replicating of the skill, scale and speed of infrastructure development, focusing especially on power, road and rail.
Noting that this business gathering is at a time that Nigeria is pursuing reforms in the oil and gas sector while undertaking major social investment to tackle poverty, inequality and promoting social inclusion; it is expected that these policies will in turn support the private sector and greater domestic and foreign investment.
He stated that, the visit of the Vice President of India and his delegation further cements the historical ties and underscores the importance of promoting business cooperation between the two countries, hoping that the two sides will use the opportunity to work out any outstanding business issues relating to bilateral and investments including access to credit lines.
In addition, he observed the need to speedily address people to people relations including cultural ties while making it easier to import and export goods and services to be exchanged between the two countries.
While commending the Indian delegation, he stated that, “Our trading engagement are of vintage quality” because, as of the 19th Century Indian traders were visiting Nigeria bringing textiles and spices and the Indian High Commission was established in Nigeria in 1958.
He further revealed that, Nigeria-India relation was given impetus for the signing of the Abuja declaration on Strategic Partnerships in October 2007 which covered a gamut of relations between the two countries, the partnership was further cemented by the visit of President Muhammadu Buhari to New Delhi in October 2015 for the third India- Africa Forum Summit.
Prof Osinbajo observed that, “These high level engagements have contributed to the strengthening our Bi-lateral Relations and providing a good basis for mutually beneficial business ties”.
He also noted that, with the change in Global Economic Landscape, India has become one of the global growth poles and is therefore gratifying that the volume of trade between the two countries have increased to about $17bn as at 2015.
The Vice President further said that the rise of India as a significant source of investment into Nigeria makes a compelling case for expanding such growth into other areas; in his words, “We should in this regard scale up the involvement of the private sectors of our two countries in enhancing growth and sustainable developments”, the appointment of Alhaji Aliko Dangote as the Co-President of the India-Africa Business Council is therefore satisfying indeed because the development will give a major boost to development, he surmised.
Concluding, the Vice President invited members of the delegation to take full advantage of the occasion, to initiate lasting business partnerships with Nigerian partners especially in the areas of information and technology, agriculture and agro-allied business, health matters including investment in health services sector, energy especially oil and gas; including renewable energies such as solar power, education including capacity building and entrepreneurship, science and technology, and services generally.
Earlier in his address, the Vice President of India, Mr Hamid Ansari expressed satisfaction with the initiatives that Nigeria has launched under the sagacious leadership of President Buhari, assuring the cooperation and partnership of India. He further expressed a strong desire of his country to expand its commercial engagement with Nigeria.
He observed that, Nigeria is an important partner for India’s energy security requirement, saying about 12% of her crude requirement comes from Nigeria; over 100 companies have made Nigeria their base to operate in West Africa employing quite a large number of Nigerians, covering diverse sectors of the economy.
The Joint Business Forum was jointly hosted by Abuja Chamber of Commerce and Industries, NACCIMA, Government of India, Confederation of Indian Industry (CII) and ASSOCHAM, India.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has once again trimmed its 2024 and 2025 oil demand growth forecasts.
The bloc made this in its latest monthly oil market report for December 2024.
The 2024 world oil demand growth forecast is now put at 1.61 million barrels per day from the previous 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, which is 900,000 barrels per day lower than the 1.54 million barrels per day earlier quoted.
On the changes, the group said that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
The oil cartel had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.
OPEC and its wider group of allies known as OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
Eight OPEC+ member countries – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – decided to extend additional crude oil production cuts adopted in April 2023 and November 2023, due to weak demand and booming production outside the group.
In April 2023, these OPEC+ countries decided to reduce their oil production by over 1.65 million barrels per day as of May 2023 until the end of 2023. These production cuts were later extended to the end of 2024 and will now be extended until the end of December 2026.
In addition, in November 2023, these producers had agreed to voluntary output cuts totalling about 2.2 million barrels per day for the first quarter of 2024, in order to support prices and stabilise the market.
These additional production cuts were extended to the end of 2024 and will now be extended to the end of March 2025; they will then be gradually phased out on a monthly basis until the end of September 2026.
Members have made a series of deep output cuts since late 2022.
They are currently cutting output by a total of 5.86 million barrels per day, or about 5.7 per cent of global demand. Russia also announced plans to reduce its production by an extra 471,000 barrels per day in June 2024.
By Aduragbemi Omiyale
A minority equity stake in Chappal Energies Mauritius Limited has been acquired by a Nigerian energy firm, Aradel Holdings Plc.
This deal came a few days after Chappal Energies purchased a 53.85 per cent equity stake in Equinor Nigeria Energy Company Limited (ENEC).
Chappal Energies went into the deal with Equinor to take part in the oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for Nigerian society and various stakeholders.
As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on July 17, 2024, Chappal and Total Energies sealed an SPA for the acquisition by Chappal of 10 per cent of the SPDC JV.
The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
“This acquisition is in line with diversifying our asset base, deepening our gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” the chief executive of Aradel Holdings, Mr Adegbite Falade, stated.
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
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