Nigeria is to lose about 226,300,000 million barrels of oil production in 2019, representing about 27 per cent of its current year’s target. The loss is sequel to the Organisation of Petroleum Exporting Countries (OPEC) decision to cut the country’s production quota from January 1, 2019. According to an arrangement by the oil cartel, OPEC […]
Month: January 2019
Oil production slash, price drop threat to 2019 budget
The cut in the nation’s oil production quota by the Organisation of Petroleum Exporting Countries has twinned with the recent decline in prices to pose risks to the proposed 2019 budget, The Punch writes that the Nigerian economy is facing a double whammy of the drop in global oil prices and a reduction in the […]
OPEC sends fewest oil cargoes to United States in at least five years
OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show. Oil cargoes departing from OPEC nations to the United States fell to 1.63 million barrels per day (bpd) last month, down from 1.80 million bpd […]
LCCI blames CBN’s interventions for pressure on external reserves
The Central Bank of Nigeria’s (CBN’s) interventions in the foreign exchange (forex) market last year put pressure on the country’s external reserves, the Lagos Chamber of Commerce and Industry (LCCI) Director-General (DG) Muda Yusuf has said. According to him, this made the external reserves to drop from $47.5 billion in July to $43 billion as […]
Nigeria earns N808bn from VAT in 9 months – NBS
The National Bureau of Statistics (NBS), says the revenue generated from Value Added Tax (VAT) from sectoral distribution from first to third quarters of 2018 was N808 billion. VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. […]
Oil volatile, ends up 2 percent but demand concerns still weigh
Oil prices rose about 2 percent in choppy trading on Wednesday, supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil. Brent crude (LCOc1) futures gained $1.11, or 2.1 percent, to settle at $54.91 a barrel, after trading between $52.51 and $56.56. […]
Nigeria: Manufacturers see bleak outlook for budgetary process, inflation in 2019
The Manufacturers Association of Nigeria, MAN, has expressed fears that worse fate awaits the economy on the heels of a likely late passage of the 2019 budget. They also projected that developments in the global economy, especially in the area of interest rates and tightening commodity markets, would likely contract investment inflow to the country. […]
Minimum wage: NLC begins indefinite strike Jan. 8
Following the inability of the Federal Government to urgently transmit the bill on the new national minimum wage to the National Assembly, the Nigeria Labour Congress (NLC) has set Jan. 8 as date for the commencement of an indefinite nationwide strike. NLC President Comrade Ayuba Wabba said the strike would be inevitable if nothing happened […]
‘2019 will be tough if Nigeria Does Not Change Fiscal Federalism’
An economist, Chika Onuegbu, has said that the economic indicators in the country for 2019 are unfavourable to Nigeria, adding that the year will be very tough for the country. Onuegbu, who is the Chairman, Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Staff Association Committee on Petroleum Industry […]
Oil ends at 2-week high as traders eye signs OPEC output cuts
Oil futures on Wednesday shook off earlier losses to settle at their highest in two weeks, buoyed by a reported drop in December crude exports from Saudi Arabia, as the new year marked the start of output cuts by the Organization of the Petroleum Exporting Countries and its allies. Oil fell in early trading, fueled […]