Oil Industry
PIB: IPMAN commends National Assembly for inclusion of PEF
The Independent Petroleum Marketers Association of Nigeria has commended the National Assembly for the inclusion of the Petroleum Equalisation Fund in the newly passed Petroleum Industry Bill. The Public Relations Officer of IPMAN, Yakubu Suleiman, gave the commendation on Sunday in a statement. Suleiman said the legislative arm of government had demonstrated that it was sensitive to the yearnings of majority of Nigerians for a permanent solution to the energy problems in the country. He said the entire content of the bill as passed by the Senate would serve as a catalyst for the inflow of the much desired foreign direct investment to boost the economy. He said: “The much awaited Petroleum Industry Bill has come to ease Nigerians of the pains that necessitated the call for the Bill in the ...
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
