Business

Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd, have restarted production from the Awoba field which last contributed production to the Bonny Terminal in 2021 and was finally shut down in February 2022 due to evacuation issues and crude oil theft. Since the restart of the Awoba field by NNPC Ltd and it partners on April 13, 2024; production from the field has averaged 8,000 barrels per day and is expected to plateau at 12,000 per day at full ramp up within 30 days. Awoba is also expected to significantly boost gas supply to the power ...

The naira reversed the appreciation trend at the parallel section of the foreign exchange market on Friday. The local currency depreciated by 17.14 percent to N1,230 per dollar — from N1,050/$ on April 17. Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,200 and the selling price at N1,230 — leaving a profit margin of N30. “The price of the dollar against naira increased since yesterday, probably due to the fact that there has been an increased demand since yesterday,” Aliyu, a BDC operator, said. Meanwhile, the decline ended the upward trend of the naira at the street market since March 20, when the FX rate was N1,500/$. At the official window, the naira depreciated to N1,169.99 against the dollar on Friday — a 1.38 percent drop fro...

The International Monetary Fund has said addressing food insecurity should be an immediate priority for the Nigerian government. The IMF said this in its End-of-Mission statement issued after the completion of the IMF Staff 2024 Article IV Mission to Nigeria, a copy of which was obtained by journalists in Abuja on Tuesday. The end-of-mission statement includes statements by IMF staff teams that convey preliminary findings after a visit to a country. The statement said the new government inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over the years. It noted, “Addressing food insecurity is the immediate priority. The recent approval of a well-targeted and effective social protection...

The federal government said cooperation between Nigeria and Qatar in the area of gas-energy transition from non-renewable energy would strengthen ties across the global gas sectors of the two countries. Nigeria’s foreign affairs minister, Yusuf Tuggar, disclosed this in his lecture at the Doha Diplomatic Institute on the sidelines of President Bola Tinubu’s state visit to Qatar, according to a statement by Alkasim Abdulkadir, spokesman for the ministry. Mr Tuggar said the synergy between Nigeria and Qatar would foster gas diplomacy and energy transition from non-renewable energy and benefit the African continent and the world. Qatar and Nigeria are blessed with hydrocarbon deposits that place them at the centre of the new energy equation. While Qatar has the third-largest gas res...

The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Organization of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production.The two organizations came to this accord when the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers on Wednesday.Speaking at the event, al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: “Energy for Today, Energy for Tomorrow” because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.He disclosed that in spite of the pushback on oil...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent. CBN governor Yemi Cardoso, who chairs the MPC, announced the committee’s decisions on Tuesday after the meeting. Mr Cardoso said the asymmetric corridor around the MPR adjusted to +100 to 700 basis points from +100 to 300 basis points. The cash reserve ratio (CRR) was increased from 32.5 per cent to 45 per cent, while the liquidity ratio was retained at 30 per cent. The committee decision is centred around the current inflationary and exchange rate pressures, projected inflation, and rising inflation expectations. “Members are concerned about the persistent rise in the level of inflation and emphasised ...

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023. The NBS disclosed this in its December Consumer Price Index (CPI) and Inflation Report, which was released in Abuja on Thursday. According to the bureau, the figure is 0.98 per cent points higher than the 28.92 per cent recorded in December 2023. Similarly, the bureau said, on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent. It said on a year-on-year basis the headline inflation rate in January 2024 was 8.08 per cent higher than the rate recorded in January 2023 at 21.82 per cent. In addition, the repor...

The Central Bank of Nigeria (CBN) says it has released $500 million to various sectors to address the backlog of verified foreign exchange transactions. Hakama Sidi-Ali, CBN’s acting director of the corporate communications department, said this in a statement in Abuja. According to Ms Sidi-Ali, this comes barely a week after the apex bank paid approximately $2.0 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors. She said the CBN management was committed to settling all legitimate foreign exchange backlogs within a short time frame. Ms Sidi-Ali said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms. “As the governor said,...

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider,sponsored the Africa International Trade Exhibition (A.I.T.E 2023), held on 21 and 22September 2023 at the Hilton Hotel Midtown, New York, U.S.A. The event was themed “theimperatives of global trade for African SMEs as a game changer for the continent’s futureprosperity”.  Woven into the fabric of society, with the rich heritage of being the premier Bank in West Africa,FirstBank’s sponsorship of the event reiterated its commitment to being the bank of first choiceand financial gateway in supporting businesses to boost the growth and socio-economicdevelopment of the continent in today’s fast-evolving business landscape.  Notable personalities and dignitaries at the event include Dr. Dor...

FirstBank has launched an industry first Humanoid Robot at its Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) BranchThe robot is among the phased configuration of the bank’s state-of-the-art digitally led self-service branch  The Humanoid Robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff. In furtherance to its leading role in providing innovative financial solutions in Nigeria, First Bank of Nigeria Limited, Nigeria’s premier financial institution and leading financial inclusion services provider, has announced the launch of a Humanoid Robot, the first of its kind in the financial services space in Nigeria.  The robot is equipped with Video Banking and Artificial Intelligence (AI), taking on...