Oil Prices Crash Wednesday After Shortlived Gains

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Dipo Olowookere The London Stock Exchange (NSE) on Wednesday said a total of 360 companies operating in 32 countries in Africa under seven major sectors have been identified to be the continent’s hotcakes in 2019. In the report titled ‘Companies to Inspire Africa 2019’, it was said that Nigeria led with 97 companies, while Kenya followed with 66 organisations. According to the report, 23 percent of the companies are led by women, almost double the proportion in the 2017 report, with standout sectors having senior female executives in Healthcare & Education and Financial Services. The report pointed out that

**Says “Nigeria Ready for Business, Global Competition” By Dipo Olowookere Senate President, Mr Bukola Saraki, has disclosed that efforts were being made by the National Assembly (NASS), especially the Senate, to reform some obsolete laws dragging the growth of the Nigerian economy backward. Mr Saraki, speaking in Lagos last Sunday at the 11th Annual Business Law Conference of the Nigerian Bar Association (NBA) Section on Business Law, said this move was necessary to prepare the country’s economy for global market. He noted that at the resumption of the 8th NASS, which clocked two this month, the state of the Nigerian

By Ashemiriogwa Emmanuel Subscriptions for the Federal Government of Nigeria (FGN) savings bond for October 2021 have commenced and will end on Friday, October 8. The Debt Management Office (DMO), which sells the debt instrument to investors on behalf of the Nigerian government, commenced subscriptions for this month on Monday, October 4. The FGN savings bond is targeted at retail investors and it was designed to allow them to have instruments to invest in and earn profit for giving the government avenue to borrow from citizens. For this month, the debt office is offering the notes in the usual two

By Adedapo Adesanya The Oyo/Osun Command of the Nigeria Customs Service (NCS) has met 32 percent of its annual revenue target in the first four months of the year. This was disclosed by Customs Area Controller, Mrs Uche Ngozi, noting that the command generated revenue of over N20 billion into the coffers of the federal government in the period. As a revenue generating agency, the federal government gave the command an annual revenue target of N62.8 billion for 2020. The Customs boss, speaking at the Command’s headquarters in Ibadan, the Oyo State capital recently, said apart from ensuring that government

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By Aduragbemi Omiyale There is jubilation among pensioners in Nigeria as their latest payment has reflected the consequential increment promised by the Pension Transitional Arrangement Directorate (PTAD). The PTAD commenced the payment of the consequential adjustment to the pensioners under the Defined Benefit Scheme (DBS). This is in fulfilment of the promise made by the Executive Secretary of the agency, Ms Chioma Ejikeme, recently when she announced President Muhammadu Buhari’s approval for the implementation of the consequential adjustment with effect from May 2021. The monthly pay of the pensioners was increased after the federal government raised the minimum wage of

By Dipo Olowookere The Independent National Electoral Commission (INEC) has said it would deploy about 18,511 officials for the governorship election which holds in Edo State next month. The Commission disclosed that necessary steps are being put in place to ensure a free and fair poll in the state on September 10, 2016. Edo State has 18 local government areas; a total of 1,925,105 registered voters; 192 Registration Areas; 2,627 Polling Units and 4,011 Voting Points. According to INEC, the 18511 personnel will comprise one Returning Officer, 18 Local Government Area Collation Officers, 192 Registration Area Collation Officers and 263

By Modupe Gbadeyanka The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, has disclosed that Nigeria would review existing trade agreements at the Group of Twenty (G20) Summit taking in India. The top 20 economies of the world will gather in New Delhi, India between September 9 and 10, 2023. Nigeria is not a member of the group, but was invited by the Indian Prime Minister, Narendra Modi, to be on the sidelines of the event. President Bola Tinubu is leading the Nigerian delegation to the Summit. He and members of his team will participate in and deliver keynote