The Japan International Cooperation Agency (JICA) has signed a loan agreement with the African Development Fund (ADF) designed to provide an Official Development Assistance (ODA) loan to the tune of 73.601 billion Japanese Yen (approx. US $700.9 million). The President, African Development Bank (AFDB), Dr Akinwumi Adesina, said that the Japan International Cooperation Agency (JICA) signed the loan agreement with African Development Fund (ADF).
Rising US Shale Oil Output Threatening OPEC Cut
Oil prices, long battered by a global glut in supply, have been rising recently as the market returns to balance on the back of a landmark deal between producers to throttle output, but surging shale oil production in the United States could throw a spanner in the works, OPEC said on Monday.
Crude prices fell as low as $35 per barrel at the start of 2016, but they have been rising since, reaching a three-year high of more than $70 per barrel last month, “on signs that production adjustments by OPEC and non-OPEC participating countries are balancing the market,” the
Organization of Petroleum Exporting Countries wrote in its latest monthly market report.
1,983 Containers Of Hibiscus Exported To Mexico - Isegbe
The Coordinating Director, Nigerian Agricultural Quarantine Service, NAQS, Dr Vincent Isegbe on Sunday said following the drive for high non-oil exports, the country has exported 1, 983 containers of hibiscus (Zobo) to Mexico alone, thereby generating $35 million within a short time in 2017.
Nigeria Finalises Plan For More Yams Export To UK, USA
Yam exporters in Nigeria have announced a plan to export another consignment of yam to the United State and the United Kingdom in the first quarter.
The Federal Government flagged off yam export to the UK and USA in July 2017 as part of government efforts to strengthen the naira and enhance the nation’s balance of trade.
Chairman, Technical Committee on Yam Export, Prof. Simon Irtwang, on Tuesday in Lagos said the yam exporters were finalising processes to make it a success.
Fuel Scarcity: Quit As Minister Of Petroleum Now, PDP Tells Buhari
The Peoples Democratic Party (PDP) on Sunday called on President Muhammadu Buhari to save Nigerians the trauma of sleeping in fuel stations by quitting as Minister of Petroleum Resources and allow competent hands to manage the affairs of the oil sector. The party in a statement issued by its National Publicity Secretary, Kola Ologbondiyan described as unpardonable, the failure of the Buhari Presidency to resolve its inflicted unabated fuel crisis, which had brought untold hardship to Nigerians.
Nigerian Foreign Exchange Market Receives $210m Boost From The Central Bank
The inter-bank Foreign Exchange Market has received 210 million dollars from Central Bank of Nigeria (CBN) to meet customers’ requests in various segments of the market. The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, said 100 million dollars was sold to authorised dealers in the wholesale segment of the market.
UK to Add Naira to List of Accepted Trade Currencies
Britain’s export finance agency will add the Naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The Naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said.
Seven-Up Delisted From The Nigerian Stock Exchange
Seven Up Bottling Company has been delisted from the Nigerian Stock Exchange after 32 years in the exchange.
A court order papers posted on the NSE website stated that all shares belonging to Seven-Up will be transferred to Affelka SA, the majority shareholder of the company.
Affelka had earlier offered to pay N112 to buy the company’s ordinary shares in November.
Nigerian Banks’ Assets Hit N34.6trn In 2017 – CBN
The total assets and liabilities of deposit money banks in Nigeria rose to N34.6 trillion, in 2017. This represented 9.2 percent increase over N31.683 trillion recorded at the end of 2016. The Central Bank of Nigeria (CBN), disclosed this in its Economic Report for fourth quarter 2017.
Oil Prices Drops Below $60 A Barrel For The First Time This Year
Oil prices dropped 10% this week, falling below $60 a barrel for the first time this year. Record U.S. oil production is raising crude inventories. The CNN reports that investors worry that demand won't keep pace with the increased supply.
U.S. crude producers pumped out an average 9.3 million barrels a day in 2017 and will average 10.6 million this year, according to a U.S. Energy Information Administration report this week.
Asia Stock Markets In Sharp Decline After US Falls
Major Asian markets suffered sharp losses on Friday, following another day of steep falls on Wall Street.
In a volatile week for global investors, Japan's Nikkei 225 index slid 2.3%, while China's Shanghai Composite slumped by 4.1%.
Earlier, the Dow Jones Industrial Average fell by more than 1,000 points for the second time this week.