President Muhammadu Buhari, yesterday tasked the private sector operators to take the lead in the efforts at resuscitating the nation’s ailing economy saying they hold the key to quick economic recovery. The president, who spoke at the 44th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), held in Abuja and attended by lawmakers and members of the Organised … Read More
FG Targets $10 Billion Earnings From Sale of Oil Assets
The governor of Central Bank of Nigeria, Godwin Emefiele, has disclosed that the country will soon commence the sale of about 15 per cent of its oil assets held by the Nigerian National Petroleum Corporation (NNPC), which is expected to yield an inflow of $10 billion to the country. This is part of efforts to reflate the nation’s receding economy. … Read More
FG Borrows N183billion In Treasury Bills
The Federal Government borrowed N183.24bn via Treasury bills at an auction on Wednesday, with mixed yields on all the tenors, data from Debt Management Office showed on Thursday. The DMO raised N48.10bn of three-month paper at 14 per cent, down from 14.38 per cent it sold at an auction on August 31. It also sold N48.45bn worth of the six-month … Read More
Natural Gas, Recipe For Fueling Nigeria’s Economy – PwC
As the President Muhammadu Buhari-led administration strives to rescue the nation’s economy with a focus on diversification, experts in the energy sector have continue to emphasise the need to deploy Liquefied Natural Gas (LNG) as a key component to hastening the initiative. There is no gainsaying that a good number of experts in the oil & gas industry perceived that … Read More
Lack of Investors’ Confidence Responsible for Economic Challenges – LCCI
The Lagos Chamber of Commerce and Industry, LCCI, yesterday, blamed the current lull in Nigerian economy on inability to regain the confidence of investors, both local and foreign, which had resulted in uncertainty in foreign exchange market. Director General, LCCI, Muda Lawal, who stated this in his comment on the state of the economy, said: “Regrettably, the instability and inconsistency … Read More
Economic Recession and the Petroleum Industry
The Nigerian economy has slipped into recession. The evidence is showing up in all the usual ways: slowing output growth, slumping purchasing-manager indexes, widening credit spreads, declining corporate earnings, falling inflation expectations, receding capital investment and rising inventories. The economic recession in the country has been blamed on the decline in crude oil prices, which led to reduction in the … Read More
Local Content Act To Prevent $80 Billion In Capital Flight
Hon. Emmanuel Okon, chairman of the senate committee on Local Content said during the inspection of a shipyard and fabrication complex operated by West African Ventures (WAV) at Onne in Rivers State that poor patronage of WAV shipyard, fabrication complex and marine facilities belonging to indigenous companies have worsened capital flight in the oil and gas industry. The committee has … Read More