Crude oil in the OPEC market has dropped more than a dollar hitting the lowest ebb since last July. The drop is surfacing after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about the demand recovery has slowdown due to the global pandemic of the coronavirus. Accordingly, Brent crude was going for $41.75 per barrel; slow down by 91cents or 2.1 percent as at 00:00hrs GMT, after its earlier slide to $41.51 recorded as the lowest since July 30 this year.
An English court has given Nigeria more time to appeal the $10 billion(7.52 billion pounds) arbitration case, after establishing a prima facie against Process and Industrial Development Limited (P&ID) in the Gas Supply Processing Agreement (GSPA). The Commercial Court ruling did not specify the length of the extension in the long-running dispute. According to the Judge, Sir Ross Cranston “In my view there is a strong prima facie case that the GSPA was procured by bribery."
Onne-Eleme port aka Onne Port situated on the Bonny River Estuary along Ogu Creek has become the first Nigeria Port Complex to receive the biggest gearless Maerskline vessels at the Federal Ocean Terminal (FOT). The vessel which arrived on August 15 is said to be 300 metres long, 48 metres wide and has a capacity of 9,971(TEUs). The Nigerian Ports Authority (NPA) Managing Director, Hadiza Bala-Usman represented by the Assistant General Manager Harbours, Captain Uduiguomen Eboreime expressed happiness for the safe arrival of the vessel and added that the NPA is determined to ensure that eastern ports remain attractive to shippers.
Following interventions made by the Central Bank Of Nigeria in the Investors and Exporters window on Wednesday, the naira exchanged to the dollar at the parallel market at N420/1$. As of Monday prior to CBN’s intervention, the naira exchange was N480/1$, prompting fears that the Naira was falling. The CBN announced through the Director, Corporate Communications Department, Mr. Isaac Okorafor that the CBN had decided to inject liquidity into the foreign exchange market.
In an effort to ensure food security for the Nigerian citizen, the Federal Government is set to provide 2.4 million households with the COVID-19 stimulus package soon.
A Senior Special Assistant (SSA), to the President on Agriculture, Dr. Andrew Kwasari stated this in an interview with newsmen on Sunday in Abuja. Kwasari was speaking while examining the Federal Government Projects hinged on Nigerian Economic Sustainability Committee (NESC), and the strategy deployed to secure the economy against the effect of the pandemic.
The former Chairman of, Manufacturers Association of Nigeria (MAN), Ogun State Chapter, Wale Adegbite has kicked against the Federal Government to move to increase the electricity tariff across the country. Adegbite made his stance known while speaking to newsmen in Ota, Ogun state, saying, the hike was unjustifiable. The Electricity Tariff takes effect from September 1st according to the Distribution Company of Nigeria (DIsCOs).
Data released by the National Bureau of Statistics (NBS) has shown that Nigeria's unemployment rate has risen to 27.1 percent in the second quarter of 2020 from 23.1 percent recorded in Q3 2018. The latest data by NBS on Friday indicates that about 21,764,614 (21.7) Nigerians remain unemployed. Nigeria's unemployment and underemployment rate (28.6%) combined is 55.7%. This shows the total number of Nigerians who are unemployed or underemployed as of 2020 Q2.
The Federal Executive Council (FEC) has approved $3.1 billion for the end-to-end automation of the Nigeria Customs Service (NCS). Nigeria's Minister of Finance, Zainab Ahmed disclosed this at the end of the FEC virtual meeting in Abuja on Wednesday. Mrs Ahmed said the concessionary period is 20 years and the funding is exclusively from investors with the revenue expected from his automation nailed at $176bn. The move by the federal government is in pursuance of diversification of the economy, and it is targeting $176 billion revenue from $3.1 billion concessionary investment for full automation of the operations of the NCS.
Telecommunication company, Airtel Africa has on Thursday announced a partnership with Standard Chartered Bank in a bid to expand its fintech business and providing its customers with better access to mobile financial services. In a statement by the Airtel Africa's Secretary, Simon O’Hara, "Standard Chartered and Airtel Africa will work together to co-create new, innovative products aimed at enhancing the accessibility of financial services and, ultimately, better serve people across Africa. In line with this, Airtel Money’s customers will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products amongst other services."
Members of Independent Petroleum Marketers of Nigeria (IPMAN) in Anambra State have threatened to shut operations following N13.6 million debt owed one of them by the Transport Company of Anambra State (TRACAS) since 2017. The body, on August 4, issued a 21-day ultimatum to the government to pay the debt and address other sundry issues raised by it. IPMAN chairman (Enugu depot) Chinedu Anayaso, who addressed reporters yesterday, said the shutdown, to start on August 25, would be total until all conditions were met.
The Federal Government has approved the reopening of international flights, asking airlines in the country to begin a gradual process of the resumption of international flights.
This comes after an intense review of the management of the COVID-19 pandemic and subsequent approval of the resumption of international flights and train services by the Presidential Task Force on COVID-19 (PTF).