Friday, June 05, 2020
Buhari sponsors Okonjo-Iweala for WTO top job
President Muhammadu Buhari has formally presented former finance minister, Ngozi Okonjo Iweala for consideration for the position of director general of the world trade organization, WTO. The president in a note dated June 4 sent from the Nigerian mission in Addis Ababa, said, “Nigeria is therefore pleased to request the support of esteemed AU member states as well as permanent missions and embassies in Addis Ababa, in favour of the candidacy of Dr Okonjo Iweala.”…Read more
Oil inches above $40 for first time since March in respite for Nigeria’s Naira
Brent crude is trading above $40 per barrel on Friday with hopes that OPEC would extend its oil production curb next week and with a forecast for a decline in US crude stocks while WTI traded at $37.63 a barrel as pressure eases for a Naira devaluation in oil dependent Nigeria. The international benchmark climbed above $40 a barrel in Asian trading for the first time since March 6, 2020, when OPEC and its allies failed at the meeting in the Austrian capital Vienna to agree on a deeper production cut against weak global oil demand. Read more
Senate probes N1.8tn spent on power sector intervention
The Senate Committee on Power said on Thursday that it had concluded plans to execute a three-day investigative hearing on the operations of the power sector since privatisation in 2013. Specifically, the panel said it had the mandate to unravel how the N1.8tn injected into the privatised power entities by the Federal Government in the last seven years was utilised. Read more
FG bars debtors from bidding for oil fields
Companies, including their promoters, indebted to the Federal Government will not be allowed to participate in the newly launched bid round for marginal oilfields, the Department of Petroleum Resources has said. The DPR, in a document obtained by correspondent, said applicants should demonstrate the ability to fully meet the objective of undertaking expeditious and efficient development of a marginal field. Read more
Firms expect further naira depreciation, dollar sells for N440
Business organisations in the country expect the naira to depreciate further in the next few months, a report by the Central Bank of Nigeria has said. The dollar on Thursday sold for N440 in the parallel market, as Bureau de Change operators were still awaiting CBN’s resumption of foreign exchange sale to them. Read more
Lagos-Ibadan Expressway, 2nd Niger Bridge ready 2022 –FG
The Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kaduna Expressway, among others, are to be completed in the first quarter of 2022, the Federal Government has said. It said the roads were grouped as essential infrastructure and projected to be delivered in less than two years. Read more
NNPC invests in power, medical, housing sectors
The Nigerian National Petroleum Corporation on Thursday said it was firming up its business portfolios in the power, medical, housing and other sectors in order to strengthen its profitability. Read more
GenCos loss N122.79b in five months to capacity challenges
Pioneer Executive Secretary of the Association of Power Generation Companies, Dr. Joy Ogaji, said while available capacity generation stood at 8,286.62 megawatts in May, average generation was 4,146.79 MW while stranded generation remained at 4,140 MW. Read more
FEC okays N1.7b as consultancy fee for Abuja second runway project
The Federal Executive Council (FEC) has approved the sum of N1.7 billion as consultancy fee for the construction of a second runway at the Nnamdi Azikiwe International Airport (NAIA), Abuja. Read more
Telcos, stakeholders rally government for post-COVID-19 support
In recognition of the huge role the telecommunication sector is playing especially during this coronavirus pandemic, players and other stakeholders in the industry have rallied the Federal Government for support, post-COVID-19. Read more
Lafarge Africa Assures Shareholders of Growth, Pays 100k Dividend
Lafarge Africa Plc has assured shareholders of improved performance and higher returns on their investments having significantly strengthened its balance sheet. The outgoing chairman of the company, Omobolaji Balogun, stated this at the company’s 61st annual general meeting (AGM) held in Lagos on Wednesday. Read more
COVID-19: Nigeria’s Response and Big Challenges
Five months into the global health emergency, our world has changed drastically. What began as a health crisis is now a major economic challenge of immense proportion. Huge job losses, business closures and sharp drop in crude oil prices are the immediate problems facing every nation on earth. No nation is unaffected by what is now the most devastating economic and social catastrophe of our time. Read more
As Airlines Prepare for Flight Resumption
There is one thing that is key as Nigerian airlines look forward to resuming flight operations on June 21. That is how to protect passengers from contracting coronavirus while boarding flights or while airborne. Read more
