Local News

Lagos to Make the List of Oil Producing States in 2015

Indications emerged that Lagos State is set to join the league of oil producing states in the country in 2015. According to sources close to the state government, the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the field. A group led by Yinka Folawiyo Petroleum Company Limited took the FID to develop the first phase of the Aje shallow water oil field for $220m.

External Reserves Plunge by $5bn

According to statistics on the CBN website, the Central Bank of Nigeria’s decision to keep defending the falling naira from the nation’s external reserves has put the reserves in free fall, sinking by a massive sum of $5bn in 11 weeks, The latest CBN data showed that the foreign reserves balance, which was falling at the rate of $1bn every month, was now losing $1bn every week, confirming recent concerns raised about analysts over imminent devaluation of the naira.

Nigeria-France Bilateral Trade Hits €5.7b

The trade volume between Nigeria and France, in the last one year, has soared to €5.7 billion, the French Ambassador to Nigeria, Jacques Champagne de Labriole, has said.

Mr. Labroille, who made the disclosure, recently, at the formal signing of electrical distributorship agreement between Schneider Electric and Mikano, said that the trade relationship between the two countries was the highest so far in the history of Sub-Saharan Africa.

Why FG Plans to Review Laws of Revenue Generating Agencies

The   Federal Government of Nigeria has said that it is considering the review of laws setting up all revenue generating agencies in the country in order to ensure that the agencies’ operations are reconciled in line with current realities.

The Minister of State for Finance, Dr. Yerima Ngama, who made this disclosure, recently, said this will help in prompt remittance of revenue to the Consolidated Revenue Fund Account, as well as lead to an increase in the revenue accruing to the Federal Government.

Oil Theft: Jonathan says Nigeria is losing over ₦1b daily

Nigeria is currently losing between 60,000 and 80,000 barrels of crude oil to theft daily, the Federal Government of Nigeria has said.

The figure, valued at about ₦1.5 billion, was given, yesterday, by the President, Goodluck Ebele Jonathan, who was represented by the Minister of State for Finance, Dr. Yerima Ngama, at the Annual Banking and Finance conference. The themed of the conference was, ‘Upholding professionalism in the financial services industry: Supporting the economy.’

SEC Rolls Out Strategy For Capital Market Development

 
The Securities and Exchange Commission (SEC) has inaugurated a 10-year Market Master Plan Committee to articulate a development strategy for the Nigerian capital market. 
 
This strategy will cut across key areas such as investor protection and education, professionalism, product innovation and expansion of the role of the capital market in the development of the Nigerian economy. 
 
The Chairman of the committee, Mr.

Emerging Economies to Witness Acute Market Pressure

Developed economies are turning into global growth engines as some of their emerging-market counterparts decelerate amid “acute” market pressures, the International Monetary Fund (IMF) has said.

“Global growth remains subdued but its underlying dynamics are changing,” the IMF said in a report for leaders of the Group of 20 nations meeting this week in St. Petersburg, Russia.

“Momentum is projected to come mainly from advanced economies, where output is expected to accelerate.”

Nigeria-Indonesia Trade Hits $449m

The Indonesia Trade Promotion Centre (ITPC) said the volume of trade between Nigeria and Indonesia has hit a sum of $448.6 million. The centre also fixed a target to increase the trade figure by 12% in 2013.

The Director, ITPC, Pontas Tobing, explained that commerce between Nigeria and Indonesia has improved significantly compared to last year due to the cordial relationship that exists between the two countries.

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