Nigerian exports slowed for the first time in five months in March, the statistics office said on Wednesday, in line with a wider easing of the pace of growth in West Africa’s biggest economy following its emergence from a recession last year. Growth rates have bounced back since the third quarter of 2016, when the […]
Business
Nigeria records progress in Trade, according to National Bureau of Statistics
The increase in Nigeria’s export has caused total merchandise trade to hit N7.2 trillion in the first quarter of 2018, indicating an increase by 19.74 per cent over that of the fourth quarter of 2017 The country also recorded an increase in agriculture export against import within the period under review. The export value recorded […]
West African crude market under pressure due to plentiful supply
West African crude cargoes were slow to move on Tuesday as differentials remained high amid plentiful supply of both Nigerian and Angolan grades, trading sources said. Traders said buyers still considered prices as too expensive amid a flood of U.S. crude grades coming towards refining systems of oil majors and Chinese refineries. In Angolan grades, […]
Peugeot to start Nigeria assembly plant by Q1 -local partner
PSA Peugeot Citroen plans to start assembling cars in Nigeria by first quarter of 2019, via a joint venture with Africa’s richest man Aliko Dangote and five state governments, one of the local partners told Reuters. The joint venture, Peugeot Automobile Nigeria (PAN) Ltd, will assemble 3,500 units in its first year and ramp up […]
Oil falls 2 percent, U.S. crude hits lowest since early April
Oil prices fell about 2 percent on Monday, with U.S. crude touching its lowest level in nearly two months, breaking below technical support levels as investors kept selling amid growing U.S. production, possible global supply growth and nagging trade tensions. Brent crude futures (LCOc1) lost $1.50 a barrel, or 2 percent, to settle at $75.29 […]
Shell Says Nigeria Attacks Persist Even As Oil Output Recovers
In the African country of Nigeria, oil wells may be flowing again, but the country’s largest operator says attacks continue to put a brake on output. “Security in parts of the Niger delta remains a major concern with persisting incidents of criminality, kidnapping and vandalism as well as onshore and offshore piracy,” said Igo Weli, […]
West Africa Crude-Nigerian barrels struggle to find buyers
Nigerian crude cargoes found little buying interest on Monday, as differentials remained too high relative to the amount of oil available, trading sources said. NIGERIA * Just a handful of cargoes of June Nigerian cargoes were still up for sale, but the July programme was proving slow to move, trading sources said. * Differentials for […]
Russia breaches OPEC oil quota, seeks increase
Russia breached its oil-output quota agreed with OPEC for a third straight month as the oil producers’ alliance prepares for crucial talks this month on increasing supplies. Oil output averaged 10.97 million barrels a day last month, almost unchanged from a month earlier, data emailed on Saturday by the Russian Ministry of Energy’s CDU-TEK statistics […]
Nigeria central bank injects $331.41 million into currency market
Nigeria’s central bank said on Friday it had injected $331.41 million into the interbank foreign exchange market, continuing its efforts to boost liquidity and alleviate dollar shortages. The bank said the funds were allocated to companies in the agricultural, airline, petroleum and machinery sectors. The central bank is “buoyant enough to meet the foreign exchange […]
Oil retreats on stronger dollar, U.S. crude discount wider
A worker checks an oil pipe at the Lukoil-owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin NEW YORK (Reuters) – Oil prices retreated on Friday after the dollar rose on better-than-expected U.S. employment data, which pressured greenback-denominated commodities, including crude. U.S. West […]